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National Law Journal

SEC Chair Gensler Defends Embattled Private Fund Adviser Rule After 5th Circuit Defeat

"What we did in [the private fund adviser] rule, I think, was to help investors in private funds get quarterly statements on their fees, performance and any side deals with other investors," Gary Gensler said. "We thought and believed that it was within the law."
3 minute read

New York Law Journal

Terraform, Do Kwon to Pay $4.5B in Penalties in Settlement Agreement With SEC

The SEC accused Kwon of fleecing investors for billions from 2018 until May 2022 through the purchase and sale of interconnected crypto assets.
2 minute read

National Law Journal

SEC's Pursuit of Private Fund Adviser Appeal May Depend on Agency's Larger Agenda, Securities Lawyers Say

Regarding a potential appeal, the SEC says that it "will determine next steps as appropriate."
4 minute read

National Law Journal

Supreme Court Takes Up Facebook's Appeal of Investors' User Data Scandal Suit

The question before the justices is whether public companies must disclose on Form 10-K to the U.S. Securities and Exchange Commission any risk that has occurred even if that event "presents no known risk of ongoing or future business harm."
3 minute read

New York Law Journal

Overreach and Misrepresentation: The SEC's Pursuit of Emergency Relief in 'DEBT Box'

A discussion of the "saga" surrounding 'SEC v. Digital Licensing Inc., d/b/a DEBT Box.' The authors examine how an aggressive attempt to halt alleged fraud evolved into a case of regulatory overreach.
11 minute read

National Law Journal

Financial Services Group Sues SEC, Seeks Disclosure of Agency's Enforcement Procedures

The agency has denied the request for documents, saying they are exempt from the Freedom of Information Act because their disclosure "could reasonably be expected to interfere with enforcement proceedings."
3 minute read

National Law Journal

Ex-HF Foods Execs Reach SEC Settlement Amid Securities Fraud Allegations

Zhou Min Ni, who served as the CEO or Co-CEO of HF Foods from 1997 until February 2021, and Jian Ming "Jonathan" Ni, who served as the chief financial officer from 2015 to 2019, agreed to the settlement without admitting or denying the allegations of the SEC's securities fraud complaint.
3 minute read

New York Law Journal

New York Attorney General Sues Over Alleged $1 Billion Crypto Fraud

The lawsuit, filed in Manhattan state court, claims the defendants preyed on people's faith, focusing on Haitian and other immigrant communities. Victims were targeted through prayer groups and through social media, sometimes in Creole, according court papers.
3 minute read

The Recorder

Coinbase Hit With New Securities Class Action Amid Battle With SEC

A proposed class action, filed by Rosen Law Firm, accuses the crypto exchange company Coinbase of selling unregistered digital asset securities on its platform and failing to register the company as a broker-dealer with the SEC and state regulators.
3 minute read

National Law Journal

5th Circuit Strikes Down SEC's Private Fund Advisers Rule

The U.S. Securities and Exchange Commission exceeded its statutory authority, the appeals court says.
3 minute read

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