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On the heels of two enforcement actions announced in the first weeks of January, the U.S. Commodity Futures Trading Commission announced fraud charges against yet another company operating in the virtual currency space. The enforcement action alleges that Las Vegas-based My Big Coin Pay Inc., a virtual currency wallet and platform, misappropriated more than $6 million from its customers for “personal expenses and the purchase of luxury goods,” including a home, jewelry and fine art. “As a result, MBC customers have lost most, if not all, of their funds due to defendants’ fraud and misappropriation,” the commission’s Jan. 16 complaint filed in Massachusetts federal court reads. The complaint was shared publicly by the CFTC after a period of being under seal.
By Marjorie J. Peerce, Dennis Burke and Maya Salah
This article addresses the history of Form I-9 and current initiatives underway by DHS.
By Jacqueline C. Wolff and Brian S. Korn
The New Routes for Access to Capital and the Potential Legal and Regulatory Risks
Although the business community lauded the arrival of new crowdfunding laws, the enforcement community has had a different take on them. As stated in 2017 by then Deputy Attorney General Rod Rosenstein: “The potential downside of crowdfunding is that it occurs outside the watchful eye of a regulated banking and financial industry. Unregulated websites therefore provide a platform for criminals to defraud potential investors.”
By Telemachus P. Kasulis
As the DOJ expands its mismarking inquiries beyond stocks and bonds and into areas like private equity, recent cases illuminate the increasing need for robust internal controls designed to eliminate the incentives for an employee or manager to overvalue assets.
By Juliet Gunev
New Developments In Och-Ziff FCPA Settlement As Brooklyn Judge Grants Victim Status to Former Investors In Restitution Claim over Lost African Mining Venture