In the wake of mounting crypto bankruptcies and federal investigations into the alleged misappropriation of crypto assets, among other possible wrongdoing by market participants, the U.S. Securities and Exchange Commission’s...more
On December 13, the U.S. Attorney’s Office for the Southern District of New York (the “U.S. Attorney’s Office”), the U.S. Securities and Exchange Commission (the “SEC”), and the U.S. Commodity Futures Trading Commission (the...more
12/16/2022
/ Campaign Contributions ,
CFTC ,
Criminal Investigations ,
Criminal Prosecution ,
Cryptoassets ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Equity Investors ,
Extradition ,
Money Laundering ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Trading Platforms ,
Wire Fraud
On November 29, U.S. Senator Ron Wyden (D-OR), Chairman of the Senate Finance Committee, sent requests for information to the CEOs of six of the largest crypto exchanges. The requests seek information about the safeguards...more
In an unwelcome reminder of the events that unfolded in the wake of the May 2022 crypto market collapse, Bahamian-based crypto exchange FTX is reportedly on the brink of collapse following an unexpected surge in...more
On July 21, the U.S. Securities and Exchange Commission (“SEC”) and the U.S. Attorney’s Office for the Southern District of New York announced parallel civil and criminal actions against a former product manager at Coinbase...more
8/1/2022
/ Coinbase ,
Criminal Conspiracy ,
Crypto Exchanges ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement Actions ,
Insider Trading ,
Money Laundering ,
Non-Fungible Tokens (NFTs) ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Violations ,
Wire Fraud
For months, Director Rohit Chopra warned that the Consumer Financial Protection Bureau (the “Bureau”) would sharpen its focus on repeat offenders. On April 12, 2022, the Bureau demonstrated its resolve, announcing charges...more
4/15/2022
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Counsel ,
Credit Reporting Agencies ,
EFTA ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Statutory Violations ,
TransUnion ,
Unfair or Deceptive Trade Practices
Congress opened 2021 by overturning one of President Trump’s vetoes for the first time. By large bipartisan majorities, the House and Senate overturned a presidential veto and enacted the 2021 National Defense Authorization...more
1/5/2021
/ Disgorgement ,
Enforcement Actions ,
Enforcement Authority ,
Kokesh v SEC ,
Liu v Securities and Exchange Commission ,
NDAA ,
Presidential Veto ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Statute of Limitations ,
Trump Administration ,
White Collar Crimes
While the past year, or even eighteen months, was short on landmark federal securities law decisions, there was significant activity on the part of private securities litigants. In 2018, plaintiffs filed 403 new federal...more
5/13/2019
/ China Agritech Inc v Resh ,
Class Action ,
Class Certification ,
Cyan Inc v Beaver Cty Emps Ret Fund ,
Cybersecurity ,
Emulex Corp. v Varjabedian ,
Government Investigations ,
Publicly-Traded Companies ,
Regulatory Violations ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Securities Regulation ,
Statute of Limitations ,
White Collar Crimes
Recent events have made it clear that there is an increased regulatory focus on the conduct of investment professionals in the wealth-management industry. ...more
Legislation passed by the U.S. House of Representatives threatens to shake up the Securities and Exchange Commission’s enforcement program in a historic manner....more
6/12/2017
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Dodd-Frank ,
Enforcement Actions ,
Financial Institutions ,
Financial Regulatory Reform ,
Government Investigations ,
Pending Legislation ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Wells Notice ,
White Collar Crimes
On 17 January 2017, the UK Serious Fraud Office (“SFO”),[1] the US Department of Justice (“DOJ”),[2] and the Brazilian Ministério Público Federal (“MPF”) announced an $800 million global settlement with Rolls-Royce plc and...more
1/23/2017
/ Angola ,
Anti-Corruption ,
Automotive Industry ,
Azerbaijan ,
Brazil ,
Bribery ,
Corporate Counsel ,
Corruption ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Energy Sector ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Government Officials ,
Kazakhstan ,
Oil & Gas ,
Penalties ,
Pipelines ,
Rolls-Royce ,
SFO ,
Thailand ,
UK ,
UK Bribery Act ,
White Collar Crimes
The constitutionality of the SEC’s in-house administrative proceedings is in doubt following the 10th Circuit Court of Appeals’ ruling in Bandimere v. SEC. In Bandimere, a three-judge panel held, by a 2-1 decision, that SEC...more
On May 19, 2016, the United States Attorney’s Office for the Southern District of New York and the Securities and Exchange Commission (“SEC”) announced insider trading charges against Las Vegas sports bettor William (“Billy”)...more
On May 10, 2016, the Treasury Department issued proposed regulations that, if approved, will require business entities formed in the United States that are owned by a single foreign person to obtain an employer identification...more
5/19/2016
/ Beneficial Owner ,
Business Entities ,
Employer Identification Number (EIN) ,
FinCEN ,
Foreign Ownership ,
IRS ,
Money Laundering ,
Mossack Fonseca ,
Offshore Funds ,
Panama Papers ,
Recordkeeping Requirements ,
Reporting Requirements ,
Tax Evasion ,
Tax Haven