Posts by Lahdan Rahmati, Esq.
Part 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…
Read MoreBresee Foundation Gala 2019: An overview and why you should know about Bresee
I was invited to attend the Bresee Foundation Gala 2019. I had a blast because the host, Kim Cardwell-Harvey, kept the crowd entertained with her fun approach to fundraising. Read more details after the jump: What is Bresee Foundation? It is all about helping the kids. The Bresee Foundation (“Bresee”) started in 1982 in hopes…
Read MoreCrypto Invest Summit 2019 in Los Angeles: Summary and Pictures
Name of Event: Crypto Invest Summit (CIS) 2019 Date of Event: October 15-16, 2019 Location of Event: Los Angeles Convention Center Number of Persons Attending: 200 (on October 16, 2019) Gold Sponsors: etoro, Vertalo, Casperlabs, innovesta, Ownera, Totle Summary On October 16, 2019, I attended two panel discussions at CIS 2019 on a beautiful in…
Read MoreOIG’s General Statement on the SEC’s Management and Performance Challenges
On October 7, 2019, the Office of Inspector General, an internal office of the U.S. Securities and Exchange Commission (SEC), issued a Statement on the SEC’s Management and Performance Challenges (Statement). What type of Regulatory Oversight does the SEC provide? The SEC is charged with overseeing more than 26,000 registered market participants, including investment advisers,…
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