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Bitcoin Investment Vehicles Beware – The SEC is Watching

The Securities and Exchange Commission (SEC) recently charged the co-owner of two Bitcoin-related websites for publicly offering shares in the ventures without registering the securities under the Securities Act of 1933 (the...more

Genzyme First Circuit Decision

In a huge victory for Massachusetts-based biologics manufacturer Genzyme Corporation, the First Circuit Court of Appeals on June 5, 2014 affirmed the District Court’s dismissal of a multi-million dollar shareholder class...more

SEC, Bitcoin and Unregistered Offerings

Bitcoin has been a much discussed item recently. The virtual currency is a digital representation of value that is traded and can serve as a medium of exchange. There are websites that use it. At one time there was a stock...more

New York AG Action Targets Out-Of-State Retail Installment Obligation Finance Companies

On April 30, New York Attorney General (AG) Eric Schneiderman announced that four out-of-state companies alleged to have financed retail installment obligations (RIOs) at rates in excess of the state’s usury cap agreed to...more

SEC Files Another Settled Insider Trading Case

Insider trading continues to be a key priority in the new get tough enforcement era. Last week closed with the filing of an insider trading action centered on the BP oil spill in the Gulf of Mexico. This week begins with...more

Judge Denied Bank of America’s Motion to Dismiss $850M Mortgage Fraud Case

Last week, Magistrate Judge David S. Cayer of the U.S. District Court for the Western District of North Carolina denied Bank of America’s motion to dismiss the Security and Exchange Commission’s claims against it in SEC v....more

Corporate and Financial Weekly Digest - Volume IX, Issue 14

In this issue: - SEC Requests Comment on FINRA Rules - CFTC Issues Interpretation Regarding Auditor Independence Standards - OTC Derivatives Regulators Group Issues Report to G20 - NFA...more

SEC Wins Freeze Order Over “Cloud Computing” Pyramid Scheme

The “cloud” is a current focus for investors. There is cloud computing, cloud storage and new firms with cloud services. And the Commission discovered a “cloud” investment program that promised a 100% return in 100 days and...more

Prudential Regulators Announce Coordinated Action Against Technology Service Provider

Recently, the OCC released a formal agreement it entered with the FDIC, the Federal Reserve Bank of St. Louis, and a banking software company to resolve allegations of unsafe and unsound practices relating to the software...more

ASIC puts insider trading under the microscope

The Australian Securities and Investments Commission (ASIC) has announced that its new $43.7 million next generation market surveillance system has become operational. The system, known as Market Analysis Intelligence (MAI),...more

Federal District Court Holds Bitcoin Is Money, SEC Can Pursue Bitcoin-Based Securities Charges

On August 6, the U.S. District Court for the Eastern District of Texas held that the court has subject matter jurisdiction over the SEC’s claims that a Texas man and his company defrauded investors in a Ponzi scheme involving...more

Bitcoin Scheme Worthy of Charles Ponzi

On July 23, 2013 the Securities and Exchange Commission ("SEC") announced it was bringing charges in a Texas federal court against Trendon Shavers for allegedly using a Bitcoin Ponzi scheme to defraud investors between...more

Court Maintains Bitcoin-Related Investment Scheme Is A Security Under The Federal Securities Laws

In response to the SEC’s first civil complaint arising from online virtual currency trading, alleged Bitcoin Ponzi schemer Trendon Shavers recently challenged the district court’s authority to hear the case. ...more

A Tale of Caution: Know Your Intellectual Property Rights

On 17 May, Mrs Justice Asplin delivered a judgment in the Chancery Division of the High Court of Justice. The dispute concerned intellectual property rights in hedge fund computer software that was the "cornerstone of the...more

A PowerPoint Sample for Business Trial Lawyers

The Association of Business Trial Lawyers recently asked Cogent Legal to prepare the graphics for a presentation on mock trials. The panel consisted of some of the best jury consultants in the country exploring the factors...more

The Litigation Graphics Lesson in the "Wealth Inequality in America" Video

I always like to share examples of what I consider powerful graphics to give attorneys ideas on what’s possible to create for use in litigation. This morning, I was struck by a video going viral that describes economic...more

SEC Speaks: Agency Takes Back-To-Basics Approach In Face Of Changing Leadership, Congressional Mandates And New Technologies

The annual “SEC Speaks” conference, in which Securities and Exchange Commission (SEC) representatives review the agency’s efforts over the past year and preview the year to come, was held on February 22-23, 2013. A...more

Morgan Stanley Sued Over $110 Million in Mortgage Loans

On September 28, an RMBS trustee sued a Morgan Stanley unit in the Supreme Court for the State of New York, alleging that Morgan Stanley sold RMBS backed by defective mortgage loans. The trustee asserts that Morgan Stanley...more

Manhattan Federal Judge Denies UBS’s Motion to Dismiss FHFA Suit

On May 4, the Honorable Denise Cote of the Southern District of New York denied UBS Americas Inc.’s (“UBS”) motion to dismiss the Federal Housing Finance Agency’s (“FHFA”) complaint against it for violations of the Securities...more

“Expert Networks” Under Investigation: Insider Trading Probe Into The Use of Consultants May “Ensnare” Hedge Funds, Mutual Funds,...

The Wall Street Journal reported on November 20 that a far-ranging insider trading probe into the use of outside expert consultants has the potential to “ensnare consultants, investment bankers, hedge-fund and mutual-fund...more

The SEC’s Insider Trading Case Against a Clinical Trial Physician: Lessons For Physicians, Investors, and Public Companies

On November 2, 2010, the Securities and Exchange Commission (“SEC”) brought an action for insider trading against a physician involved in an investigational drug clinical trial based on the alleged use of confidential...more

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