Archive for October 2019
Part 4: Highlights from LACBA’s 52nd Annual Securities Regulation Seminar – SEC Division of Corporation Finance Update
Panel: SEC Division of Corporation Finance Update This U.S. Securities and Exchange Commission (SEC) Division of Corporation Finance Update Panel at LACBA’s 52nd Annual Securities Regulation Seminar discussed recent developments, including regulation reduction and other initiatives of the SEC Division of Corporation Finance. Jonathan K. Layne, Gibson, Dunn & Krutcher served as the moderator. The…
Read MorePart 3: Highlights from LACBA’s 52nd Annual Securities Regulation Seminar – Enforcement Developments
Panel: Enforcement Developments This Enforcement Developments Panel focused on a review of U.S. Securities and Exchange Commission (SEC) and U.S. Department of Justice (DOJ) national and regional enforcement trends and priorities. John F. Hartigan, Partner, Morgan Lewis & Bockius, LLP served as the moderator. The panelists were Nicola T. Hanna, U.S. Attorney for the Central…
Read MorePart 2: Highlights from LACBA’s 52nd Annual Securities Regulation Seminar – Legislative, Regulatory and Legal Developments in Securities Laws
Panel: Legislative, Regulatory and Legal Developments in Securities Laws This Legislative, Regulatory and Legal Developments in Securities Laws Panel discussed recent developments in securities laws from the U.S. Securities and Exchange Commission (SEC) General Counsel’s perspective, John W. Avery, Deputy Solicitor SEC Office of the General Counsel. Simon Lorne, Vice Chair, Millennium Management LLC, moderated…
Read MorePart 1: Highlights from LACBA’s 52nd Annual Securities Regulation Seminar – SEC Chair Jay Clayton’s Opening Remarks
U.S. Securities and Exchange Commission (SEC) Chair Jay Clayton delivered Opening Remarks from Washington DC by video. SEC Chair Jay Clayton highlighted the following SEC achievements on regulatory and policy fronts: Regulation Best Interest: The Broker-Dealer Standard of Conduct: The SEC has adopted final rules that establish a standard of conduct for broker-dealers when they…
Read More6 Part Series: Highlights from LACBA’s 52nd Annual Securities Regulation Seminar
I attended the informative and enjoyable 52nd Annual Securities Regulation Seminar (Seminar) sponsored by the Business & Corporations Law Section of the Los Angeles County Bar Association and the U.S. Securities and Exchange Commission (SEC), and co-sponsored by the California Department of Business Oversight and FINRA at the Millennium Biltmore Hotel in Downtown Los Angeles. …
Read MoreSEC Office of Investor Education warns Investors to Beware of Spoofed websites
On October 23, 2019, the U.S. Securities and Exchange Commission (“SEC”) Office of Investor Education and Advocacy issued an Investor Alert to warn investors about phony Certificates of Deposits (CDs) promoted through internet advertising and “spoofed” websites. What are spoofed websites? In this case, they are websites that mimic the actual sites of legitimate financial…
Read MoreSEC wins Final Judgment of nearly $7 Million against PlexCoin ICO Scammers
Brief Background According to the U.S. Securities and Exchange Commission’s (“SEC”) complaint filed December 1, 2017, Dominic Lacroix, Lacroix’s business partner Sabrina Paradis-Royer, and Lacroix’s company PlexCorps aka PlexCoin, an unincorporated entity (collectively “Defendants”), fraudulently raised $15 million from thousands of investors worldwide. The fraud included failure to file a registration statement, promises of astronomical returns…
Read MoreTelegram Promises not to Offer, Sell, Deliver or Distribute its Cryptocurrency until at least February 2020
According to a Stipulation and Consent Order (“Order”) filed with the United States District Court, Southern District of New York on October 18, 2019, Telegram has agreed that it will not offer, sell, deliver, or distribute Grams, its cryptocurrency, at least until its Court Hearing on February 18 and 19, 2020. The Order also states:…
Read MoreSEC’s Letter to Judge Castel hints that Telegram is seeking an End-Run around the Rules
In a letter to Judge Castel dated October 17, 2019, the U.S. Securities and Exchange Commission (“SEC”) responded to Telegram Group Inc. and TON Foundation Inc. (collectively “Telegram”), the SEC explained why Telegram’s Opposition to the SEC’s Emergency Application for Preliminary Injunction is just an attempt to skirt the rules. The Court should grant the…
Read MoreTelegram’s Bold Response to the SEC: You do not know what a Security is
On October 16, 2019. Telegram’s counsel, Skadden, Arps, Slate, Meagher & Flom LLP filed its response to the SEC’s emergency application for preliminary injunction. Telegram claims that the SEC unreasonably refused to enter into a stipulation and documents requested by the SEC implicate serious data privacy issues The Response states that Telegram has agreed to…
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