On December 13, federal prosecutors announced criminal fraud and money laundering charges against Sam Bankman-Fried (SBF) in the wake of the collapse of FTX Trading Ltd. (FTX), the crypto asset trading platform that SBF...more
On December 8, the Securities and Exchange Commission (SEC) issued new guidance for publicly traded companies, advising them to disclose their exposure and risk in the cryptocurrency market to investors....more
A recent decision out of the District of New Hampshire underscores the risks proprietary cryptocurrency issuers face and provides ammunition to the SEC in its continued quest to classify cryptocurrencies as securities subject...more
The Supreme Court’s decision to hear CPA Michelle Cochran’s appeal represents the latest challenge to the Security and Exchange Commission’s in-house adjudicatory structure and could set the stage for a larger ruling on the...more
On September 21, the Securities and Exchange Commission (SEC) announced charges against Cheetah Mobile, Inc.’s CEO and former president for insider trading, even though the questionable trades occurred under a 10b5-1 trading...more
Two recent judicial developments create questions about the constitutionality of the SEC’s in-house judicial system. First, on May 16, the Supreme Court agreed to hear the case of Michelle Cochran, an accountant facing...more
A complaint recently filed by the SEC against Vale S.A., a Brazilian mining company with U.S.-traded American Depository Receipts (ADRs), signals an increased risk of enforcement actions targeting misrepresentations and...more
Judge Paul Wallace of the Delaware Superior Court issued a recent opinion in Diamond Fortress Technologies, Inc. v. EverID, Inc., clarifying the treatment of cryptocurrency assets when calculating damages. The opinion also...more
On March 17, the Financial Industry Regulatory Authority (FINRA) issued a notice, clarifying when chief compliance officers (CCOs) will face liability as supervisors under FINRA Rule 3110. Under Rule 3110, member firms are...more
Recent commentary by Diana Tani, an assistant regional director with the SEC, at the Securities Enforcement West web conference emphasized the agency's focus on data-driven investigations. Two areas targeted for recent...more