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A New York-based digital media company and its former managers consented to fines and other sanctions in settling a civil U.S. Securities and Exchange Commission complaint filed Thursday accusing them of inflating the firm's value by paying a marketer to generate more than 500,0000 downloads of the company's mobile app and other deceptive acts.
The U.S. Securities and Exchange Commission settled two actions involving initial coin offerings Friday by levying its first fines against unregistered ICOs and requiring the companies to properly register the tokens as securities, outlining what the regulator later referred to as “a path to compliance with the federal securities laws going forward.”
Financial technology startup GreenSky Inc. deceived investors by filing a misleading registration statement with the U.S. Securities and Exchange Commission in its initial public offering, shareholders argued in a proposed class action filed in New York state court that said stock prices tumbled after revised guidance was released months later.
The trustee for Bernie Madoff’s fraudulent investment firm asked the Second Circuit on Friday to allow him to claw back Ponzi scheme proceeds transferred from foreign Madoff feeder funds, saying the efforts are a domestic application of U.S. law even if the money was sent overseas.
The U.K. appears ready to move forward on regulating cryptocurrency-related assets, seeking what some attorneys describe as a measured approach that is likely to expand regulation to protect mom-and-pop investors from dicey crypto-backed investments, while trying to avoid dampening innovation in the underlying technology supporting digital assets.