‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInEverybody take the week off, Wall Street firm tells staff
No calls, no emails and no meetings. That’s the order this week from Aquiline Capital Partners to its staff. The private equity firm is putting all employees on vacation, people familiar with the matter said. It’s an unusual move intended to recognize employees and avoid burnout from the physical and mental pressure of the COVID-19 […]
July 28 Webcast: The Modernization of Communications and Corporate Investigations
Please join Emmanuel Ayuk, Veeral Gosalia, Irumire (David) Okhumale, and Alex Semertzides for this free webcast.
Visa says crypto-linked card usage tops $1 billion in first half of 2021
Visa said Wednesday that more than $1 billion worth of cryptocurrency was spent by consumers globally on goods and services through their crypto-linked cards in the first six months of the year. By comparison, Visa estimated crypto spending at only a fraction of that amount in the same periods last year and in 2019. The […]
Robinhood Wants You to Buy Robinhood Stock on Robinhood – WSJ
Robinhood Markets Inc. wants its users to buy stock. The online brokerage’s own, that is. The popular stock-trading app plans to set aside as much as 35% of shares in its coming initial public offering for individual investors, according to people familiar with the matter, a much larger retail allocation than in a typical deal. […]
Why Crime Could Kill Crypto – WSJ
One approach might be to make it harder to use or transfer cryptocurrency once stolen, much like suitcases filled with $1 million in cash are difficult to actually spend without getting noticed. The Biden administration is proposing to adopt the same requirement for crypto that all businesses have when they are paid more than $10,000 […]
SEC Investigating Former Chair of Auditing Industry Regulator – WSJ
The Securities and Exchange Commission is investigating whether the recently dismissed chairman of the auditing industry’s oversight board violated any rules in his handling of internal complaints at the regulator, according to people familiar with the matter. The SEC’s enforcement investigation is examining the actions of William Duhnke, who was dismissed from his job as […]
Not Your Standard Orange Grove: Non-Fungible Tokens & Securities Laws
With offerings across a growing number of online platforms and increased trading volume, NFT issuers, promoters, and buyers should consider the legal and regulatory implications relating to NFTs and federal securities laws. Throughout the first half of 2021, non-fungible tokens (“NFTs”) have continued to experience widespread adoption across a range of industries. Just last week, rights to […]
How the FBI Got Colonial Pipeline’s Ransom Money Back – WSJ
After Colonial Pipeline Co. on May 8 paid roughly $4.4 million in cryptocurrency to hackers holding its computer systems hostage, the Federal Bureau of Investigation followed the digital money. Over the next 19 days, court records show, a special agent watched on a publicly visible bitcoin ledger as hackers transferred the 75 bitcoins to other […]
Stablecoins Like Tether Should Face Regulators’ Scrutiny – Bloomberg
A money-market fund would never be allowed to follow such policies. The Securities and Exchange Commission permits money-market funds to use a $1 NAV under stable pricing conventions — valuing assets at amortized cost rather than at market price, and using “penny rounding” pricing — only on the condition that they limit their risk. Their […]
NFTs getting a closer look from FINRA
How hot is the NFT craze? It’s so hot that even Finra is trying to wrap its head around it. The Financial Industry Regulatory Authority — the non-government group that licenses broker dealers and accordingly polices it for infractions — is “taking a deep dive to understand NFTs and the implication for the regulation of […]