‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInCoinbase Transactions Under Review by U.S. Sanctions Enforcer – WSJ
Cryptocurrency exchange Coinbase Global Inc. said its services may have been used by individuals, entities or jurisdictions subject to U.S. sanctions regulations and has disclosed the activity to a federal agency. The largest U.S.-based cryptocurrency exchange, which on Thursday filed to go public with the Securities and Exchange Commission, in a regulatory filing said it […]
What’s Ahead at the SEC? | The D&O Diary
President Biden’s nominee to head the SEC, Gary Gensler, faced a grilling today before the U.S Senate banking committee as his nomination proceeds through Congress. Although the outcome of his nomination technically remains uncertain, his eventual confirmation seems likely. With that possibility in mind, it seems timely to look ahead at some of the issues […]
Registration of Commodity Brokers-Dealers, Salespersons, and Investment Advisors Doing Business Relating to Virtual or “Crypto” Currency–NYAG
New York Attorney General Letitia James issues this alert to remind industry members that people and entities dealing in virtual or “crypto” currencies that are commodities or securities in the state of New York, and who do not qualify for an exemption, must register with the Office of the Attorney General. Failure to do so […]
New CFP Board Enforcement Chief Brings Separation of Functions
His hiring and the board’s rearrangement of its enforcement structure involved a separation of the responsibilities that go into any given investigation into a CFP professional’s conduct. Sporkin’s team manages the detection, investigation and prosecution of alleged violations of the board’s Code of Ethics and Standards of Conduct, while General Counsel Leo Rydzewski handles the […]
Who Should Launch SEC’s “Power to Destroy”??
The vast majority of these investigations are not urgent, as evidenced by their current “five-year best” average duration of “only” 21.6 months. And many SEC investigations are completed without the need to issue subpoenas at all. For those exceptionally rare cases requiring urgent subpoena power, today’s technology and streamlined internal procedures can easily enable commissioners […]
Senate Panel Sets Date for Gensler SEC Nomination Hearing | ThinkAdvisor
The Senate Banking Committee has scheduled for March 2 a nomination hearing for Gary Gensler, President Joe Biden’s nominee to head the Securities and Exchange Commission. Gensler, former head of the Commodity Futures Trading Commission, faces numerous tasks once confirmed by the Senate, with the Reddit GameStop squeeze likely front and center. Source: Senate Panel Sets Date […]
Charles Schwab Taps Jones Day Partner to Lead New In-House Regulatory Group | Corporate Counsel
Westlake, Texas-based financial services firm Charles Schwab has hired Jones Day partner Shamoil Shipchandler to serve as the chief counsel for its new regulatory group.Shipchandler, who is based in Dallas, said in an interview Tuesday that he starts at the company Jan. 25. He leads the firm’s newly created risk and regulatory group. That group oversees […]
SEC Suspends Trading in Multiple Issuers Based on Social Media and Trading Activity
As part of its continuing effort to respond to potential attempts to exploit investors during the recent market volatility, the Securities and Exchange Commission today suspended trading in the securities of 15 companies because of questionable trading and social media activity. Source: SEC.gov | SEC Suspends Trading in Multiple Issuers Based on Social Media and […]
Stephanie Avakian, Former SEC Enforcement Director, Rejoins WilmerHale | WilmerHale
WilmerHale is pleased to announce that Stephanie Avakian, most recently Director of the Securities and Exchange Commission’s Division of Enforcement, is rejoining the firm as Chair of its Securities and Financial Services Department and member of the Management Committee. Stephanie will rejoin the firm later in the year and will have a wide-ranging public company […]
Elizabeth Holmes denies destroying evidence in Theranos case
“The reason that the government has built its case on this teetering card house of irrelevant evidence is that it lost—or, worse, did not want to analyze preindictment—the actual evidence of testing results in this case,” Holmes’ attorneys argued. However, prosecutors allege that Theranos executives destroyed the LIS system that proved her blood-testing product was […]