US SEC charges three with fraudulently manipulating securities
The Securities and Exchange Commission (SEC) Monday charged three men for their roles “in orchestrating fraudulent manipulative securities trading schemes” which resulted in a $100 million valuation for a New Jersey deli and a $120 million valuation for a separate shell company. The SEC’s complaint states that Peter L. Coker Sr., Peter L. Coker Jr. and [...]
Biden administration publishes framework for regulation of cryptocurrency, NFTs
The Biden administration Friday published the “First-Ever Comprehensive Framework for Responsible Development of Digital Assets” in line with a March executive order obligating government agencies and sectoral regulators to conduct research on the effects of cryptocurrencies on consumer protection and the risks and benefits of deploying a Central Bank Digital Currency (CBDC). The framework encourages [...]
NY federal judge denies AT&T summary judgement in SEC leak lawsuit
A New York federal judge Thursday denied summary judgement in a case filed by the US Securities and Exchange Commission (SEC) against AT&T, Inc. (AT&T) and company executives Christopher C. Womack, Kent D. Evans and Michael J. Black. Judge Paul A. Engelmeyer denied both parties’ motions for summary judgment and specifically found “overwhelming evidence, documentary [...]
Former US congressman Stephen Buyer charged by SEC with insider trading
The Security and Exchange Commission (SEC) Monday filed charges against former US congressman Stephen Buyer for insider trading. The SEC’s complaint states that when “Buyer left Congress in 2011 and set up a consulting company called the Steve Buyer Group,” in both 2018 and 2019 Buyer used material non-public information from two clients “to trade securities [...]
New York passes new gun law in response to US Supreme Court ruling
The state of New York, in an emergency session Friday, passed a new gun law in response to the US Supreme Court ruling in New York State Rifle & Pistol Association v. Bruen, which struck down some key parts of the requirements for the carrying of concealed firearms in the state. The new law removes the [...]
Australia court rules that Google must pay politician in defamation case
The Federal Court of Australia ordered Google to pay politician John Barilaro, A$715,000 Monday in a landmark defamation case. The court determined that YouTube videos from content creator Jordan Shanks, also known as “friendlyjordies,” calling Barilaro “corrupt” and mocking Barilaro’s Italian heritage violated Australia’s defamation laws. According to the ruling, Shanks statements led to “relentless, [...]
US appeals court rules SEC can keep stock market data regulation
The US Court of Appeals for the District of Columbia Circuit Monday ruled the Securities and Exchange Commission (SEC) can keep its revised regulations on how stock market data is collected, consolidated, and disseminated. In 2020 the SEC introduced the new Market Data Infrastructure Rule. The rule “modernize the national market system for the collection, [...]
US SEC and Wells Fargo Advisors settle anti-money laundering charges for $7M
The US Securities and Exchange Commission (SEC) Friday announced its order in which Wells Fargo Advisors, the St. Louis-based broker-dealer, agreed to pay USD 7 million in order to settle anti-money laundering charges against it, along with a censure and a cease and desist order. The charges against Wells Fargo Advisors resulted from “failing to [...]
Fifth Circuit holds SEC in-house adjudicatory process violates right to jury trial
The US Court of Appeals for the Fifth Circuit Wednesday held that the Securities and Exchange Commission’s (SEC) in-house adjudication violated the petitioner hedge fund manager’s Seventh Amendment right to a jury trial. The court found that Congress unconstitutionally delegated too much power to the SEC and statutory removal of in-house judges used in the [...]
California Superior Court Judge Maureen Duffy-Lewis Friday entered a verdict to enjoin California’s Senate Bill 826 (SB 826) after finding that the law violated Article I, Section 7 of the California Constitution. The law, enacted in October, 2018, requires publicly held corporations in California to have one or more female directors for boards with four or [...]
