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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.
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Biden Administration Corporate Enforcement Policies More Symbolism than Effective Reform
By Robert J. Anello and Richard F. Albert
By undoing some of the higher profile policy changes of the prior administration that many perceived as business-friendly, the current administration has served notice on the business and financial community of a return to practices characteristic of a more aggressive enforcement regime.
With ‘Great Resignation’, Corporations Need to Prepare for the Great Investigation
By Veeral Gosalia
Major crisis events, such as political uprisings or financial downturns, are typically followed by an increase in fraud in the business sector and heightened risk to corporate IP and other sensitive information. Anecdotally, this seems to be proving out again in the recent and ongoing fallout from the pandemic. Even before this Great Resignation movement, corporations across the globe were reporting increases in suspicious activity, data leakage, IP theft and other data risks stemming from departing employees and remote workers.
Potential Criminal and Civil Penalties of Digital Asset Exchanges
By Nola B. Heller and Samson Enzer
This article discusses the potential criminal and civil penalties that companies can face if their employees engage in insider trading in digital assets, and suggests several measures that exchanges can take to reduce their exposure from such risks.
Feds Jumping Into Corporate Privacy and Cybersecurity Enforcement
By David Saunders and Julian L. André
The past 12 months have seen a steady drumbeat of action by federal law enforcement and regulatory agencies of which in-house counsel should take note. Whether new guidance, regulation, investigations, or enforcement activity, the message is clear: The federal government is paying close attention to how companies are handling and protecting their data — especially consumer and sensitive data.
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