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On January 20, 2025, President Trump began his second Administration with an unprecedented wave of twenty-six (26) Executive Orders, including several that directly affect the U.S. Securities and Exchange Commission (“SEC”)....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 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
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
In November 2022, following a four-week trial, a Minnesota jury awarded approximately $564 million in damages to Robins Kaplan client Douglas A. Kelley in his capacity as trustee for the BMO Litigation Trust. It is the...more
On March 23, 2023, the U.S. Bankruptcy Court for the Southern District of Florida partially denied summary judgment to Deutsche Bank on, among others, claims for aiding and abetting conversion and breach of fiduciary duty,...more
Crypto Exchange Ends U.S. Operations, Swiss Bank to Expand Crypto Offerings - Late last month, Bittrex, a leading cryptocurrency exchange founded in Seattle, announced it was closing U.S. operations effective April 30,...more
On December 16, 2022, the U.S. District Court for the Northern California denied Umpqua Bank’s motion for summary judgment and granted class certification in a case asserting investors’ claims that certain bank employees...more
Happy New Year! While the holidays hopefully provided a chance to rest and recharge, things have not slowed down in the world of digital asset enforcement. We see a growing dedication of resources by government law...more
The North American Securities Administrators Association (NASAA), a non-governmental organization that recommends securities regulations for state adoption, has published proposed rules that would limit the ability of...more
Two plaintiffs in Miami-Dade County have filed a class action complaint against cryptocurrency platform Empires X Corp. and its founders based on an alleged Ponzi scheme. In Villanueva v. Empires X Corp., pending in Florida’s...more
This summer was a busy one for cryptocurrency regulators, with aggressive actions potentially signaling an increase in consumer protection compliance activity. In August alone, the New York Department of Financial Services...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...more
Ethereum Network Completes Transition to Proof of Stake Consensus - After years of development and delays, Ethereum’s long-awaited “merge” occurred this week, changing the network’s consensus mechanism from proof-of-work...more
A basic truism — you do not want to become the subject of a Justice Department investigation. The wheels of justice — prosecutors and law enforcement — can cause real harm to organizations and individuals that violate the...more
On June 30, the DOJ charged six individuals in four separate cases for a fraudulent NFT trading scheme. The first case alleged that an individual committed wire fraud and engaged in a conspiracy to commit international...more
IN THIS ISSUE - Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit; Federal Court of Appeals Dismisses Leading Fannie Mae and Freddie Mac Shareholder Lawsuits; NY Seeks Blockchain...more
Traditional Financial Firms Expand Reach into Cryptocurrency Sphere - Early this week, a major investment bank announced that it plans to launch a digital asset custody platform later this year. This announcement follows...more
State securities regulators saw a busy 2021, and 2022 looks to continue in much the same fashion. Some of the more active topics for regulators have included protecting senior investors, stopping fraudulent investment schemes...more
ACI’s and C5’s 10th Edition of Fraud, Asset Tracing & Recovery Miami conference is returning on January 24 – 25, 2022 in person! Deemed as the foremost, can’t-miss event for the Fraud community, it gathers the pre-eminent...more
US Bank and Trust Companies Move Forward with Cryptocurrency Services - This week Avanti Bank & Trust was granted a bank charter from the Wyoming State Banking Board. ...more
US Developments - Federal Reserve Publishes Observations From “FooWire” Project - The Federal Reserve published the results from its experimental project, “FooWire.” The project was an effort to build a simple payment...more
Ethereum Fork Implemented, Exchanges Expand Services, New Bitcoin Network Data - The Ethereum network’s Istanbul hard fork went forward late last week with the support of node operators, miners and cryptocurrency exchanges. ...more
U.S. Developments - Facebook Announces Formation of Calibra and Launch of Libra - On June 18, 2019, Facebook announced the launch of Libra, a new cryptocurrency designed to have a stable value and be widely accepted...more
This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between December 2018 and February 2019....more