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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.”
In 2012, President Obama signed into law the Jumpstart Our Business Startups Act (the JOBS Act), the stated purpose of which was to provide easier and simpler routes for small businesses to access capital markets without all the regulatory burdens imposed by the SEC on larger companies. In 2015, President Obama signed into law the Fixing America’s Surface Transportation Act (the FAST Act), to further ease small business’s access to capital formation. Another proposed refinement of the JOBS Act, JOBS Act 3.0, has been stalled in Congress but under the current regime, there are still plenty of potential regulatory and enforcement landmines of which both issuers and intermediaries, such as funding portals and platform hosts, need to be aware.
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Conducting Internal Investigations During the COVID-19 Pandemic
By Jacqueline C. Wolff, Scott T. Lashway, and Matthew M.K. Stein
In times of crisis, criminal activity — particularly crimes involving theft and fraud — tend to spike. There is no reason to believe that the Covid-19 pandemic and the unrest in the financial markets will be any different. An important difference for company counsel, however, will be in how the malfeasance, negligence or wrongdoing can be investigated.
Force Majeure and the Doctrine of Impossibility
By John Kelly
The COVID-19 pandemic is resulting in landlords and tenants closely reviewing a clause in their lease that was long considered unimportant boilerplate. Yes, we are referring to the “force majeure” provision.
New Normal Sets In for White-Collar Lawyers in the Virus Era
By C. Ryan Barber
In a practice that prizes in-person meetings, virtual communication has become commonplace.
The Importance of ‘Particulars’ in Criminal Fraud Cases
By Elkan Abramowitz and Jonathan Sack
This article discusses the standard for ordering a bill of particulars in the Second Circuit, drawing a comparison with the standard for civil fraud claims, and then describes a recent decision ordering a bill of particulars in the high-profile prosecution growing out of the Theranos blood-testing scandal. The decision in that case highlights the importance of seeking bills of particulars in fraud cases.
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