Crypto Biz Blames FaegreBD's Advice For $200K SEC Fine

Law360 (January 2, 2020, 5:54 PM EST) -- Faegre Baker Daniels LLP engaged in malpractice when it told two related cryptocurrency investment companies that their assets didn't qualify as securities, which led to a U.S. Securities and Exchange Commission investigation and a $200,000 fine, the companies' founder has claimed in Illinois state court.

FaegreBD should compensate Crypto Asset Fund LLC, Digital Capital Management LLC and their founder Timothy Enneking for an undetermined amount of damages and related legal bills after the firm's attorneys "provided inaccurate analysis and advice," according to their complaint filed on Tuesday in Cook County Circuit Court.

"Defendant owed plaintiffs a duty to provide legal advice, opinions and services...

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