Wall St. Cop Stakes Its Turf In 1st Crowdfunding Decision
Law360 (June 12, 2019, 10:54 PM EDT) -- The Financial Industry Regulatory Authority recently flexed its power to police crowdfunding websites with a panel's first litigated enforcement action against a funding portal, a move that laid out novel interpretations of the organization’s rules and set up a possible countersuit.
Seven years after Congress handed Wall Street regulators the responsibility of monitoring certain crowdfunding platforms, FINRA brought down the hammer last week on Silicon Valley startup DreamFunded and its CEO Manuel “Manny” Fernandez. FINRA accused them of misleading investors, promising more due diligence than they delivered and then falsifying documents in an attempt to show compliance.
The decision demonstrated that FINRA will apply...
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