News & Analysis as of

Ponzi Scheme

FTC Freezes Assets and Operations of Four Promoters of Cryptocurrency Investment Schemes

The Federal Trade Commission (FTC) recently sought and received a temporary restraining order (TRO) against four promoters of alleged pyramid schemes involving cryptocurrencies. The promoters were charged with violating the...more

US $2.6-Billion Fraud Judgment Awarded Against Former Sino-Forest CEO

by Bennett Jones LLP on

On March 14, 2018, the Honourable Justice Penny of the Ontario Superior Court (Commercial List Division) released a decision granting a US$2.6-billion judgment to the SFC Litigation Trust for fraud and breach of fiduciary...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

In what can only be deemed a major reversal, the White House has reportedly ordered its economic adviser and trade representative to study rejoining the Trans Pacific Partnership, just a year after yanking the US out of deal...more

IA Arrested On Bail For Continuing Fraudulent Scheme

by Dorsey & Whitney LLP on

A focus of a typical bail hearing is flight risk – is the person charged likely to return for the pending court proceedings and face the charges. Recently, a long established investment adviser was arrested on fraud charges....more

Cryptocurrencies, Blockchain and Ponzi Schemes

by Michael Volkov on

When you read and learn about cryptocurrencies (e.g. Bitcoin, Ripple, Ethereum), there are some commentators, politicians and others who characterize cryptocurrencies as a “Ponzi” scheme....more

FTC Cracks Down on Alleged Cryptocurrency Ponzi Schemes

by Weiner Brodsky Kider PC on

The FTC announced that it obtained a federal court order to shut down the activities of four individuals for allegedly operating cryptocurrency Ponzi schemes involving Bitcoin, Litecoin, and Jetcoin....more

2nd Circ. Raises Bar For US Jurisdiction Over Foreign Banks

On Feb. 9, 2018, the Second Circuit decided SPV Osus Ltd. v. UBS AG , affirming the dismissal of UBS AG and related and unrelated foreign financial management companies from litigation brought by alleged victims of the...more

BitConnect Promoters Targeted in Class Action Suits, Twice in One Week

BitConnect International, PLC had a somewhat unique business model, even for an industry known for its unconventional nature. On its face, BitConnect functioned as an exchange. However, the real purpose of the platform, and...more

Second Circuit Finds “Related To” Bankruptcy Jurisdiction in a Madoff Matter

The Second Circuit recently issued an important decision on a “related to” jurisdiction case arising out of the Bernie Madoff Ponzi scheme. SPV Osus, Ltd. v. UBS AG, 2018 U.S. App. LEXIS 3088 (2d Cir. Feb. 9, 2018). SPV...more

Second Circuit Affirms Dismissal Of Claims, Finding No Personal Jurisdiction Where Defendants Were Not "At Home" In The Forum And...

by Shearman & Sterling LLP on

On February 9, 2018, the United States Court of Appeals for the Second Circuit affirmed the dismissal of aiding and abetting claims against UBS AG, AIA LLC, and their affiliated entities and individuals. SPV Osus Ltd. v. UBS...more

CFTC Flexes Its Regulatory Muscle in a Case Involving a Virtual Currency

by Perkins Coie on

Just like the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) is actively policing the virtual currency market. On January 24, 2018, the CFTC announced an enforcement action against...more

Bridging the Week - January 2018 #4

CFTC Sues Unregistered Company and Promoters of Fake Virtual Coin for Alleged Fraud and Operating Purported Ponzi Scheme: The Commodity Futures Trading Commission disclosed that it filed an enforcement action on January 16...more

Agencies Indicate Efficient, Targeted Enforcement Priorities That Rely on Self-Disclosure

One year into the Trump administration, it remains difficult to forecast what lies ahead with respect to regulatory and white collar enforcement activity. Perhaps most instructive are recent public statements of officials at...more

Limiting Ponzi Scheme Recoveries in Bankruptcy: United States Supreme Court Declines to Review Fraudulent Transfer Ruling in Favor...

by Ward and Smith, P.A. on

The United States Supreme Court recently declined to review a decision from the United States Court of Appeals for the Fourth Circuit favorable to a bank regarding alleged fraudulent transfers to the bank. In doing so, the...more

CFTC’s Virtual Currency Task Force Files Suit To Shut Down Another Virtual Currency Scam

by Fox Rothschild LLP on

Last week we reported on a flurry of enforcement activity by the Commodities Futures Trading Commission’s “Virtual Currency Task Force” with respect to virtual current fraud schemes. On Thursday, January 18, the CFTC filed...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A look at Amazon’s newest concept—Amazon Go—a convenience store that opens in Seattle today complete with “shelves of food” found at other stores (including Whole Foods) but with nary a cashier in sight....more

Double Jeopardy Argument Fails in Ponzi Fraud

by Bennett Jones LLP on

In R. v. Samji, 2017 BCCA 415 [Samji], the B.C. Court of Appeal decided that a $33-million administrative monetary penalty (AMP) assessed by the province’s Securities Commission against a person who had run a massive Ponzi...more

FINRA 2018 Priorities Letter Released

by Burr & Forman on

FINRA recently published its 2018 Annual Regulatory and Examination Priorities Letter, which identifies opportunities for firms to improve their compliance, supervisory and risk management policies or programs. ...more

2017’s Bad Guys in Energy

by Gray Reed & McGraw on

Once again we look back at the continuing cavalcade of crooks, criminals, miscreants and, to put it kindly, morons the less intellectually gifted, who met justice face-to-face in 2017. This year’s class includes a preacher,...more

The Numbers Don’t Lie: The SEC Pursues a More Streamlined Enforcement Agenda

One of the most eye-catching items in the recently released 2017 Annual Report of the Enforcement Division of the Securities and Exchange Commission (SEC or the Commission) is the significant decline in enforcement activity...more

SEC Enforcement Division Releases 2017 Annual Report as Industry Looks Ahead to 2018

by Dechert LLP on

Stephanie Avakian and Steven Peikin, the new Co-Directors of the U.S. SEC Enforcement Division (“Division”), released a report on November 15, 2017, summarizing the Division’s enforcement activity for the fiscal year ending...more

Chris Lazarini Discusses Pro Rata Distribution of Assets in Receiver Case

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini discussed a case involving the repercussions of the multi-billion dollar Ponzi scheme of Thomas Petters related to the management of the Stewardship Credit Arbitrage Fund, LLC...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

AT&T’s chief is weighing in the DOJ’s call to sell CNN in order to make its deal with Time Warner go through, and, as Randall sees it, “selling CNN makes no sense”....more

Market Participants, Beware: New CFTC Authority to Police Underlying Commodity Markets Sounds Alarms Beyond Digital Currency...

by Kobre & Kim on

Last month, the U.S. Commodity Futures Trading Commission (CFTC) filed its first ever anti-fraud action targeting bitcoin trading. In CFTC v. Gelfman, the CFTC charged a company and its founder with fraudulently soliciting...more

Fintech Week in Review – October 2017

by Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

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