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In July 2024, the Fourth Circuit affirmed the denial of class certification for a group of Chinese investors who were allegedly duped into entering a Ponzi-like investment scheme to purchase two dozen golf courses and other...more
Multi-jurisdictional civil fraud matters often present multiple challenges that make the tracing and recovery of assets a complex, costly, and time-consuming investigative process. Making a fraud victim whole again requires...more
On June 25, 2024, the U.S. District Court for the Northern District of California denied motions by Umpqua Bank to decertify a class of alleged Ponzi scheme victims and for summary judgment on the class’s entitlement to...more
Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •44 AGs Rally for AI Safeguards, Endorsing New Commission...more
New York AG Letitia James has filed a lawsuit against cryptocurrency companies Nova Tech, Ltd and AWS Mining Pty Ltd., along with their founders and promoters, alleging that the companies operated illegal pyramid and Ponzi...more
District Court Declines to Stay Case Pending Resolution of FCA Causation Standard Issue Before Court of Appeals - Earlier this week, a Massachusetts federal judge denied a motion to stay proceedings filed by Medtronic,...more
Notable litigation filed during April 2024 includes Fielder v. Bullock. Fielder v. Bullock, No. 16-JCV-24-641 (Ark. Cir. Ct.). Plaintiff, individually, as Power of Attorney for his parents, and as Trustee of the...more
On March 14, 2024, the U.S. District Court for the Southern District of New York denied a motion by Citibank, N.A. for leave to file an interlocutory appeal of a bankruptcy court’s order denying a motion to dismiss fraudulent...more
On February 1, 2024, the U.S. Court of Appeals for the Sixth Circuit, in an unpublished opinion, held that a bank’s professional liability insurance includes coverage for a $32 million settlement payment the bank made to...more
Welcome to the latest issue of Bracewell’s FINRA Facts and Trends, a monthly newsletter devoted to condensing and digesting recent FINRA developments in the areas of enforcement, regulation and dispute resolution. This month,...more
Notable litigation filed during March 2024 includes SEC v. Sanchez, et al. and four related actions captioned Dottore v. FC Real Estate Development Co., Dottore v. Kensington Pointe Ltd., Dottore v. Seibert Enterprises, Ltd.,...more
In the House, lawmakers continue to make progress on the Clarity for Stablecoins Act (H.R. 4766). On March 19, at a press event hosted by Punchbowl News on the policy landscape for digital payments, outgoing House Financial...more
By: Jeffrey M. Haber On many occasions, we have written about Ponzi schemes that have been the subject of enforcement actions brought by, and/or settlements with, the Securities and Exchange Commission (“SEC” or the...more
Editor's Note: The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically...more
En febrero de 2024, el Tesoro de los Estados Unidos publicó la Evaluación Nacional de Riesgo de Lavado de Dinero (NMLRA) de 2024, que examina el entorno actual de lavado de dinero e identifica las formas en que los...more
On February 2024, the U.S. Treasury released the 2024 National Money Laundering Risk Assessment (NMLRA) which examines the current money laundering environment and identifies the ways in which criminals and other actors seek...more
McGuireWoods’ Ponzi Litigation team launched its Ponzi Perspectives blog in early 2021. Since that time, we’ve posted detailed case alerts of Ponzi-related complaints filed throughout the country and posted key decisions that...more
Publicly, Diamond Finance Co. (“Diamond”) provided car loans to individuals with less-than-stellar credit. While Diamond did have “some actual business,” its purpose “quickly became a front to lure unsuspecting investors.”...more
Each month we publish a roundup of the most important SEC enforcement developments for busy in-house lawyers and compliance professionals. This month, we examine: •The SEC’s approval of spot bitcoin ETPs; - •SEC charges...more
The Securities and Exchange Commission brought charges against Xue Samuel Lee, the co-founder of HyperFund, and Brenda Indah Chunga, also known as “Bitcoin Beautee,” the fund’s top promoter, for securities violations. ...more
Notable litigation filed during January 2024 includes: (1) Bajuri v. Shiba Prop, LLC, et al. and (2) SEC v. Lee, et al....more
California's Anti-SLAPP statute is intended to cut short lawsuits "brought primarily to chill the valid exercise of the constitutional rights of freedom of speech and petition . . .". Cal. Code Civ. Proc § 425.16(a) ...more
On the one hand, the year ended where it began. The legislation on stabelecoins and market structure that would provide a regulatory framework for digital assets has still not been enacted into law. And Securities and...more
In November 2023, almost 11,000 cryptocurrencies and digital tokens were listed on CoinMarketCaps.com. In addition, tens of thousands of non-fungible tokens (NFTs) are sold daily on various crypto exchanges and NFT platforms....more
Overall, 2023 was a tough economic year for the entire cannabis industry. And with lean economic times comes a myriad of bad behavior, and cannabis is no exception. Every year, I like to put out a list of the top cannabis...more