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The allure of guaranteed profits from sophisticated crypto asset and foreign exchange trading served as the underlying predicate for the claims asserted by the Securities and Exchange Commission (“SEC”) against Ramil Palafox...more
On April 22, 2025, the Securities and Exchange Commission filed a civil enforcement action in the United States District Court for the Eastern District of Virginia against an individual and several related parties, alleging a...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: •An SEC action alleging an insider trading scheme and...more
One question I get asked frequently by potential clients who come in suspecting that they have been scammed is whether they might have been the victim of a Ponzi scheme. Ponzi schemes derive their name from Charles...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
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
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
September was an active month for Ponzi litigation with nearly a dozen new complaints filed alleging fraudulent investment activity. The SEC continues to drive Ponzi-related litigation; in addition to four enforcement actions...more
Courts often appoint receivers to manage the affairs of LLCs when the internal management is conflicted or broken. General equity receivers (as opposed to more limited receiverships such as deed of trust receivers) enjoy...more
This week, the Ninth Circuit considers whether a receiver in an SEC enforcement action is bound by an arbitration agreement signed by the receivership entity. GEOFF WINKLER V. THOMAS D. MCCLOSKEY, ET AL....more
Notable litigation filed during July 2023 includes: (1) O’Keefe v. Multicoin Cap. Mgmt. LLC; (2) Bledsoe v. Order of Magnitude Ventures LLC; (3) O’Keefe v. Farmington State Bank; and (4) SEC v. Tadrus....more
Since 2021, McGuireWoods’ Ponzi Litigation team has been tracking and posting case alerts on Ponzi-related complaints filed in federal and state courts throughout the country and analyzed key decisions that have the potential...more
A recent enforcement action from the Fort Worth Regional Office of the SEC reminds one of the agency's investor-protection mission and continued focus on those who deceive retail investors in the private offer and sale of...more
Chan v. Anthony, et al. was filed in the District Court for Denver County, Colorado on March 1, 2022, asserting claims under the Colorado Securities Act for securities fraud, investment advisor fraud, unlicensed broker/dealer...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
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
On November 23, 2021, the SEC issued an award of $400,000 to a whistleblower who voluntarily provided the SEC with original information that assisted the agency in bringing a successful enforcement action that resulted in the...more
Ninth Circuit Holds Loss Causation May Be Predicated on Information Potentially Available Under Freedom of Information Act; D.C. Circuit Upholds FINRA’s Permanent Ban of Broker Accused of Misconduct After Finding SCOTUS...more
Earlier this month, a superseding indictment was unsealed in the Southern District of New York, charging Pablo Rodriguez, Gutemberg Dos Santos, Scott Hughes, Cecilia Milan, and Jackie Aguilar for their roles in a...more
The U.S. Securities and Exchange Commission (SEC) recently charged two Maryland companies and their executives in a scheme that allegedly defrauded approximately 1,200 investors of more than $27 million. ...more
California Federal Court Denies Motion to Dismiss Securities Class Action Arising from Uber’s IPO; S.D.N.Y. Dismisses Ponzi Scheme Action Against HSBC Hong Kong for Lack of Personal Jurisdiction; Delaware Court of Chancery...more
The SEC and DOJ recently received positive news in two enforcement actions that had been challenged on grounds of extraterritoriality. These cases illustrate the ongoing judicial efforts to define the extraterritorial reach...more
This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between December 2018 and February 2019....more
On January 24, 2019, the United States Court of Appeals for the Tenth Circuit affirmed a decision by the United States District Court for the District of Utah holding that the Dodd-Frank Act of 2010 grants the Securities and...more
I report herein on 2018’s parade of reprobates, rapscallions and others generally lacking in moral hygiene. We reflect on a mother’s love, corruption in Venezuela, a disloyal employee, stealing from friends, a disgraced...more