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Securities Fraud Enforcement Actions Initial Coin Offering (ICOs)

Cornerstone Research

SEC Enforcement of Cryptocurrency Dropped 30% in the Last Year of the Gensler Administration

Cornerstone Research on

Enforcement during Gensler administration was considerably higher than during the previous administration. The Securities and Exchange Commission (SEC) brought 33 cryptocurrency-related enforcement actions in 2024, the...more

Oberheiden P.C.

The SEC Investigation Process: An Overview

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The U.S. Securities and Exchange Commission (SEC) investigates companies, brokerage firms, and individuals for a broad range of statutory and regulatory violations. These investigations can lead to civil or administrative...more

Proskauer - Blockchain and the Law

SEC Brings Charges against Individuals Behind Allegedly Fraudulent Unregistered Digital Asset Securities Offering

On February 1, 2021, the U.S. Securities and Exchange Commission (SEC) announced that it had brought charges against several individuals involved in an alleged scheme to induce investors to transfer more than $11 million to...more

Oberheiden P.C.

Defending Against Securities Fraud Litigation Triggered by an SEC Investigation

Oberheiden P.C. on

For public and private companies in all industries, the risk of being targeted in a U.S. Securities and Exchange Commission (SEC) investigation is a very real concern. As new and innovative securities offerings continue to be...more

Polsinelli

Another One Bites The Dust - SEC Charges Issuer and CEO in Fraudulent ICO

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The U.S. Securities and Exchange Commission (SEC) recently announced charges against Boon.Tech and its chief executive officer for fraud and registration violations in connection with a $5 million initial coin offering (ICO)...more

K&L Gates LLP

Voluntary Disclosure: Newsflash August 2020

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A government inquiry can result in serious consequences for a company or individual. Our new podcast series, Voluntary Disclosure—brought to you by the lawyers in our investigations, enforcement, and white collar practice—is...more

Polsinelli

Blockvest Receives “Terminating Sanctions” For Misconduct In SEC Lawsuit Over Illegal ICO

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The SEC successfully landed another blow in its ongoing battle with Blockvest, LLC for alleged securities fraud and the sale of unregistered securities. ...more

Foley Hoag LLP - White Collar Law &...

White Collar Year in Preview: SEC Enforcement Trends in 2020

Editors’ Note: This is the first in our start-of-year series examining important trends in white collar law and investigations in the coming year. Up next: a look at trends in health care enforcement. Look for additional...more

Polsinelli

Wind of Change - The Year FinTech Came in From the Cold - Polsinelli BitBlog: Year End Edition

Polsinelli on

Digital assets and Blockchain technologies which were once described as the tools of criminals, are now a key part of efforts by traditional financial services firms to transform their businesses and innovative firms looking...more

Polsinelli

BitBlog Weekly Update

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The Polsinelli BitBlog Weekly Update begins with the U.S. Securities and Exchange (“SEC”) settlement with an issuer of securities, who managed to both illegally offer securities, and create an unlicensed exchange to trade...more

Orrick - On the Chain

The SEC Can’t Keep Kik-ing the Crypto Can

Orrick - On the Chain on

On June 4, 2019, the SEC sued Kik Interactive Inc. (“Kik”), a privately held Canadian company, in the Southern District of New York, alleging that Kik’s offer and sale of $100 million worth of Kin tokens in 2017 constituted...more

Perkins Coie

Blockchain Week in Review - June 2019

Perkins Coie on

U.S. Developments - SEC Sues Social Media Company Kik over Digital Coin Offering - The Securities and Exchange Commission (“SEC”) sued Kik Interactive Inc. (“Kik”) in federal court in Manhattan this week, arguing that...more

A&O Shearman

Southern District Of Florida Dismisses Claims Against Individual Defendants Related To Initial Coin Offering For Failure To...

A&O Shearman on

On May 13, 2019, Judge Robert N. Scola, Jr., of the United States District Court for the Southern District of Florida dismissed all claims asserted against four individual defendants under Sections 12(a)(1) of the Securities...more

Hanzo

Hanzo's 2018 FINRA AND SEC Regulatory Compliance Year in Review

Hanzo on

From Elon Musk’s tweets to Floyd Mayweather and DJ Khaled’s promotion of cryptocurrencies, 2018 was, to say the least, an interesting year in regulatory enforcement news. Even if all you do is win, win, win, no matter what,...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities Litigators - December 2018

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between September 2018 and October 2018. ...more

Proskauer - Blockchain and the Law

Airfox and Paragon Settle with SEC for Unregistered ICOs: Civil Monetary Penalties Imposed; Rescission and Registration Required

On November 16, the SEC announced that it settled charges against CarrierEQ, Inc. (“Airfox”) and Paragon Coin, Inc. (“Paragon”) for securities offering registration violations in connection with their respective initial coin...more

Akin Gump Strauss Hauer & Feld LLP

Developments in Cryptocurrency in 2018

• The U.S. Securities and Exchange Commission (SEC) staff made official statements regarding when a token may or may no longer be a security • The SEC continued to bring actions related to cryptocurrency offerings against...more

Jones Day

Case Alleging Cryptocurrencies Are Securities Can Proceed to Trial

Jones Day on

The Situation: Federal prosecutors have asserted that two cryptocurrencies sold in initial coin offerings ("ICOs") are "securities" for purposes of federal securities laws in a criminal indictment alleging fraud against the...more

Akin Gump Strauss Hauer & Feld LLP

Increased SEC Enforcement Action and Litigation In the Cryptocurrency Space

As the U.S. Securities and Exchange Commission (SEC) stated previously, it is continuing to scrutinize and commence enforcement actions against companies, advisors and investors involved in the offering of cryptocurrencies...more

Sheppard Mullin Richter & Hampton LLP

Recent Development in Regulatory Enforcement of Digital Securities

In a flurry of activity and confluence of developments, the SEC, FINRA and a Brooklyn federal judge have commenced actions and made rulings that continue to define the regulatory framework and obligations surrounding the sale...more

Proskauer - Blockchain and the Law

Another SEC Enforcement Action against Allegedly Fraudulent ICO

On May 29, the SEC announced that it had secured injunctive relief halting an allegedly “ongoing fraud” involving an unregistered, non-exempt ICO that raised as much as $21 million in cryptoassets. The SEC’s complaint...more

Robinson+Cole Data Privacy + Security Insider

Cryptocurrency Debit Card Startup Founders Indicted

The U.S. Attorney’s Office in the Southern District of New York has announced that a federal grand jury has returned an indictment against three Florida men who co-founded cryptocurrency company Centra Tech, Inc. The...more

Fenwick & West LLP

SEC Enforcement Trends: Highlights from Securities Enforcement Forum West 2018

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The Securities Enforcement Forum West 2018 brought together current and former senior U.S. Securities and Exchange Commission and U.S. Department of Justice officials, securities enforcement and white-collar attorneys,...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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More than 3 years after admitting to cheating on diesel emissions tests, Volkswagen appears poised to oust CEO Matthias Muller—likely in favor of former BMW exec Herbert Diess....more

A&O Shearman

Criminal And Civil Charges Filed In Connection With Initial Coin Offering By Centra Tech

A&O Shearman on

On April 2, 2018, the U.S. Department of Justice (“DOJ”) and Securities Exchange Commission (“SEC”) announced criminal and civil charges against two startup co-founders for allegedly defrauding and conspiring to defraud...more

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