‘Enforcement 40’ for 2020
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Alleged fraudster Elizabeth Holmes, the founder of Theranos, claims she suffered a “decade-long campaign of psychological abuse” from her former boyfriend and business partner Ramesh “Sunny” Balwani. Holmes’ attorneys said in a court filings unsealed over the weekend that they plan to introduce evidence in her trial this week that Balwani “controlled what [Holmes] ate, […]
SEC Announces Three Actions Charging Deficient Cybersecurity Procedures
The Securities and Exchange Commission today sanctioned eight firms in three actions for failures in their cybersecurity policies and procedures that resulted in email account takeovers exposing the personal information of thousands of customers and clients at each firm. The eight firms, which have agreed to settle the charges, are: Cetera Advisor Networks LLC, Cetera […]
Wilson Sonsini Adds Former Assistant U.S. Attorney Jessica Lonergan to Litigation Department | Wilson Sonsini
Most recently, Lonergan spent more than 10 years as an Assistant United States Attorney in the Criminal Division of the U.S. Attorney’s Office for the Southern District of New York. While in this position, she led more than 175 grand jury investigations and prosecutions involving bribery, Foreign Corrupt Practices Act violations, bank and wire fraud, […]
UK’s FCA says it is ‘not capable’ of supervising crypto exchange Binance | Financial Times
The UK financial regulator has conceded it is “not capable” of properly supervising Binance despite the “significant risk” posed by the cryptocurrency exchange’s products, which allow consumers to take supercharged bets. In a supervisory notice two months after starting a crackdown on the exchange, the Financial Conduct Authority — one of the most influential financial […]
Goldman Sachs mandates COVID vaccine to enter US offices
Goldman Sachs will require all employees to be vaccinated by Sept. 7, or will forbid them from working in the office, according to a memo obtained by The Post. The move comes after CEO David Solomon called all workers back to the office by June, saying work-from-home policies were an “aberration.” But now, employees who […]
Coinbase slammed for terrible customer service after hackers drain user accounts
After CNBC inquired about what happened to the couple, Coinbase sent Tanja an email on Aug. 20 that said the company “does not have the ability to reverse crypto transfers sent off our platform. Unlike traditional banks or credit card companies, once crypto currency transfers are confirmed on the blockchain, they are permanent.” “Because this […]
They Still Live in the Shadow of Theranos’s Elizabeth Holmes – The New York Times
As Ms. Holmes prepares to go to trial in federal court in San Jose, Calif., over allegations that she defrauded investors, doctors and patients — jury selection is scheduled for Aug. 31 — female founders said the ripple effects from the case could be felt anew. Many said they already had to prove that they […]
SEC Charges Healthcare Services Company and CFO for Failing to Accurately Report Loss Contingencies as part of Continuing EPS Initiative
The Securities and Exchange Commission today announced that Pennsylvania-based Healthcare Services Group, Inc. has agreed to pay $6 million to settle charges that the company engaged in accounting and disclosure violations that enabled the company to report inflated quarterly earnings per share (EPS) that met research analysts’ consensus estimates for multiple quarters. This is the […]
KEY TAKEAWAYS FROM TWO RECENT SEC CYBER-DISCLOSURE ENFORCEMENT ACTIONS | LinkedIn
The SEC has just stepped up its enforcement efforts for cyber-related disclosure failures by public companies — bigtime. To date, given the dearth of SEC enforcement actions charging cyber-related disclosure failures, commentators typically cite the SEC enforcement action against Altaba, formerly known as Yahoo!, as the most pertinent precedent and guide for heedful corporate disclosure counsel. But with […]
Crypto firms are rushing to hire former regulators as federal agencies look to tame the ‘Wild West’ industry
In the past few months, the biggest crypto exchange has brought on a small army of former regulators – including former acting Comptroller of the Currency Brian Brooks, Senate Finance Committee chair Max Baucus, IRS criminal investigator Greg Monahan, and California’s chief financial regulator Manuel Alvarez. Since May, Binance says they have added 110 new […]