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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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By Gary Stein
Early returns are in, and they indicate that the Supreme Court’s decision in the so-called “Bridgegate” case will be an effective tool for pruning the wild overgrowth that has built up around the federal fraud statutes.
By Robert J. Anello and Richard F. Albert
The holding in Blaszczak significantly widens the scope of criminal insider trading. It also creates the anomaly of extending the criminal law beyond the SEC’s civil enforcement authority.
By Harry Sandick and Jacob Tuttle Newman
This article considers certain positions taken by DOJ in cases involving Roger Stone, Michael Flynn and the subpoenas duces tecum issued by the New York District Attorney’s Office in connection with its investigation into the Trump Organization.
By Bradley A. Marcus
Although the criminal prosecution of lawyer misconduct is nothing new, the recent indictment of a plaintiffs’ lawyer in Maryland and sentencing of two plaintiffs’ lawyers in Virginia illustrate the particular danger to attorneys who arguably cross the line during negotiations with potential litigation counterparties.