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Misappropriation Investment Funds

Sheppard Mullin Richter & Hampton LLP

Payday Lender Ordered to Pay $39 Million in Misappropriated Funds Suit

On June 29, a Florida court issued a final judgment against a Miami-based payday lender and its CEO resolving allegations that the defendants misappropriated investor funds. According to the complaint, the business...more

WilmerHale

COVID-19: Lessons from the Second Wave of Securities Fraud Class Actions

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While the global pandemic may have disrupted many industries, it has not stopped plaintiffs from continuing to file COVID-19-related securities fraud class actions under Section 10(b) of the Securities Exchange Act. As we...more

Kramer Levin Naftalis & Frankel LLP

SEC Accuses Issuer and CEO of Violating Whistleblower Protection Laws to Silence Investor Complaints

On Nov. 4, 2019, the Securities and Exchange Commission (SEC) filed an amended complaint against Collectors Café and its CEO, Mykalai Kontilai, to add charges against defendants for alleged violations of whistleblower...more

Kramer Levin Naftalis & Frankel LLP

SEC Staff Issues No-Action Relief Under Custody Rule

The SEC staff has issued a no-action letter to Madison Capital Funding LLC, allowing the registered investment adviser to conduct certain loan syndication activities despite its inability to comply with certain requirements...more

Latham & Watkins LLP

English High Court Confirms the Strict Duty of Full and Frank Disclosure

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English High Court confirms that without notice applicants are under an onerous duty to satisfy the requirement of full and frank disclosure. In the recent cases of Fundo Soberano de Angola & ors v. Jose Filomeno dos...more

Bass, Berry & Sims PLC

Chris Lazarini Discusses Recoupment of Civil and Criminal Penalties under Bankruptcy Code

Bass, Berry & Sims attorney Chris Lazarini discussed a case in which the defendant – who had pleaded guilty in a criminal case to one count of fraud under the Commodity Exchange Act (CEA) and one count of money laundering,...more

Nossaman LLP

SEC Cyber Unit Increases Efforts to Regulate Crypto-Currency

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Based on how 2017 ended, entities and individuals in the crypto-currency markets should expect increased scrutiny from the United States Securities and Exchange Commission (“SEC”) in 2018. The SEC’s Cyber Unit commenced its...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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The SEC’s apparent preference for administrative proceedings as a venue for its enforcement actions continues to draw criticism. H.R. 3798 is now pending in the House of Representatives. The bill is tilted the “Due Process...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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The SEC prevailed on two summary judgment motions. One centered on a manipulation action. The other was against an attorney who facilitated a prime bank fraud. The Commission also filed: An action against UBS tied to its...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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September 30th Madness dominated this week. The drive for stats was evident as the Commission stacked up cases like cord wood at a pace seldom seen. Twenty-two municipal bond actions were filed in one swoop; an insider...more

Seyfarth Shaw LLP

SEC Charges EB-5 Fund Operators and Finders

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The Securities and Exchange Commission (the “Commission” or “SEC”) has become increasingly active in enforcing alleged violations of U.S. securities laws arising under the EB-5 Immigrant Investor visa program. EB-5...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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This week Senator Elizabeth Warren forwarded a 13 page letter to SEC Chair White regarding her performance in office. The letter highlighted what it calls a “significant gap” between the promises of Ms. White at the time she...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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The Commission filed and insider trading case in tandem with the Manhattan U.S. Attorney’s Office against a father and son based on repeated trades in advance of deal announcements even after FINRA initiated an investigation...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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The debate over waivers WKSI waivers and other similar provisions continued this week. The Commission granted a WKSI waiver to Deutsche Bank despite a guilty plea to criminal felony charges but only over the dissent of...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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Four SEC Commissioners addressed the annual SEC Speaks Conference, reviewing recent agency initiatives and tracing potential paths for the future. The SEC also brought another FCPA action, a misappropriation case and an...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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The Commission recently filed an amicus brief defending its Dodd-Frank whistleblower rules. Those rules specify that the anti-retaliation provisions of those amendments to the Exchange Act protect those who chose not to...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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The SEC named ratings giant Standard & Poor’s in three actions this week and one of its senior executives in another. The firm settled all three actions, admitting to a series of facts but not violations of the law in one...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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The Second Circuit took center stage this week, handing down a decision which reversed the insider trading convictions of two remote tippees. The decision circumscribes tippee liability by defining the elements of a claim and...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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Rengan Rajaratnam settled his insider trading case with the SEC this week, consenting to the entry of a permanent injunction and agreeing to pay disgorgement, prejudgment interest, a civil penalty and to be barred from the...more

Dorsey & Whitney LLP

This Week In Securities Litigation (Week ending July 18, 2014)

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The SEC’s insider trading probe regarding the House Ways and Means Committee and a senior staff member, also involves 44 investment funds and other entities, according to a Bloomberg news report citing recently filed court...more

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