Former Hertz Chairman and CEO Mark Frissora agreed to repay the car rental company nearly $2 million in incentive-based compensation stemming from charges that he facilitated fraudulent financial statements. The charges – related to a Securities and Exchange...
New York Securities Law Blog
Under Armour receives Wells notice amid SEC probe
In July, the U.S. Securities and Exchange Commission (SEC) sent Wells notices to Under Armour and two of its executives. The notices of possible enforcement action are part of a probe into the activewear company's accounting practices, which the SEC claims may have...
SEC issues notice seeking forensic tools for monitoring blockchains
The U.S. Securities and Exchange Commission (SEC) is looking for forensic tools to more closely monitor the crypto industry, particularly with regard to blockchain smart contracts. The regulator issued a notice on July 30, requesting solicitations from companies that...
FINRA sanctions target unauthorized solicitation of cryptocurrency investments
A former broker was recently sanctioned by the Financial Industry Regulatory Authority (FINRA) for allegedly engaging in outside cryptocurrency business activities. According to FINRA, the ex-Wells Fargo broker attempted to start a cryptocurrency company without first...
Former Refco CEO granted compassionate release from prison
Phillip Bennett, former CEO of Refco Inc., has won compassionate release from prison and is expected to be deported to the U.K. in the near future.His release comes amid concerns about the spread of COVID-19 in U.S. prisons. In his request for early release, Bennett...
11 Class Actions Claim Crypto-Asset Exchanges Violated Securities Laws
Enthusiasm for Bitcoin has factored largely in many decisions to invest in the cryptocurrency market. But according to 11 class actions filed on April 3 in the Southern District of New York, four crypto-asset exchanges and seven digital token issuers took advantage of...
Recent trends in FINRA disciplinary actions
As you may know, the Financial Industry Regulatory Authority (FINRA) is a self-regulating association that conducts investigations into its members with regard to securities law compliance. FINRA oversees disciplinary actions for its broker-dealer members who violate...
SEC wins injunction against Telegram’s new cryptocurrency
In a landmark digital currency ruling, a US District Judge in Manhattan has issued a preliminary injunction against Telegram. The Securities and Exchange Commission (SEC) initiated the lawsuit against Telegram in an attempt to bar the launch of the Company's Open...
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It’s unethical, but did you know it could be embezzlement?
Embezzlement occurs anytime someone misappropriates funds from an employer, whether the payoff is big or small. For some people, one small action--just this once--can lead to a series of bad choices that lead to criminal charges.What unethical scenarios qualify as...
