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☆ Feds busted a 'high-end' brothel network serving politicians and pharma execs. Apparent clients are wondering if they'll be next.
▼ + stars: | 2023-11-09 | by ( Sonam Sheth | ) www.businessinsider.com time to read: +5 min

The feds busted a "sophisticated" brothel network that serviced politicians, pharma executives, and other high-profile clientele. Clients worried that they would be arrested, while others urged people to "shut the fuck up and lawyer up." AdvertisementAdvertisementThe Justice Department announced charges Wednesday against three defendants accused of operating a "sophisticated" brothel network in the Boston area and in eastern Virginia. "I'm glad I never participated," the user wrote in the forum after laying out the requirements. A Justice Department spokesperson declined to comment when asked if prosecutors are planning on charging others connected to the brothel network.

Persons: —, — Han Lee, James Lee, Junmyung Lee —, Han Lee, Junmyung Lee, BTT, I'm Organizations: pharma, Service, Boston, Department, feds, Justice Locations: Virginia, Boston, Btt, Georgia, Massachusetts

☆ Justin Sun argues crypto winter is over and addresses the SEC charges against him
▼ + stars: | 2023-05-17 | by ( Talia Kaplan | ) www.cnbc.com time to read: +1 min

Crypto World reached out to the Securities and Exchange Commission for comment in response to Sun’s claim that the agency lost a lot of credibility on its crypto legal actions and a spokesperson pointed to a prior statement from SEC Chair Gary Gensler. When the SEC charged Sun and his companies in March Gensler said, “This case demonstrates again the high risk investors face when crypto asset securities are offered and sold without proper disclosure." “As alleged, Sun and his companies not only targeted U.S. investors in their unregistered offers and sales, generating millions in illegal proceeds at the expense of investors, but they also coordinated wash trading on an unregistered trading platform to create the misleading appearance of active trading in TRX,” Gensler's statement continued. “Sun further induced investors to purchase TRX and BTT by orchestrating a promotional campaign in which he and his celebrity promoters hid the fact that the celebrities were paid for their tweets.”

☆ Lindsay Lohan, Jake Paul Violated Investor-Protection Laws by Touting Crypto, SEC Says
▼ + stars: | 2023-03-22 | by ( Dave Michaels | ) www.wsj.com time to read: 1 min

WASHINGTON—U.S. regulators clawed back money that actress Lindsay Lohan and boxer Jake Paul earned by promoting cryptocurrencies, continuing a campaign of making examples of celebrities who tout digital assets in violation of investor-protection laws. Ms. Lohan, Mr. Paul and four other celebrities agreed to pay a combined $400,000 to settle the SEC’s investigation of their role in the promotion of crypto assets TRX and BTT. The SEC also alleged that Justin Sun , whose companies sold those digital assets, artificially boosted TRX’s trading volume in 2018 and 2019 by having his own employees buy and sell the token.

The SEC said Sun's activity generated tens of millions of dollars of illegal profit at other investors' expense. "This case demonstrates again the high risk investors face when crypto asset securities are offered and sold without proper disclosure," SEC Chair Gary Gensler said in a statement. Andrew Brettler, a lawyer for Lohan, said the actress did not know about the disclosure requirements until last March. The SEC has been ratcheting up efforts to crack down on the crypto industry, which Gensler has called a "Wild West" riddled with misconduct. It said Sun inflated apparent trading volume in TRX through extensive "wash trading," involving simultaneous or near-simultaneous purchases and sales with no real change in ownership.

Lindsay Lohan attends/performs during a photocall for "Speed The Plow" at Playhouse Theatre on September 30, 2014 in London, England. The Securities and Exchange Commission has unveiled fraud and unregistered securities charges against crypto founder and Grenadian diplomat Justin Sun, alongside separate violations against the celebrity backers of his Tronix and BitTorrent crypto assets, which included Jake Paul, Lindsay Lohan and Soulja Boy. The unregistered offer and sale charges, on the other hand, are similar to charges the SEC has unveiled against other crypto offerings and exchanges, including Genesis, Gemini and Do Kwon's Terraform Labs. “This case demonstrates again the high risk investors face when crypto asset securities are offered and sold without proper disclosure,” said SEC Chair Gary Gensler. Tron and his backers' alleged behavior was part of an "age-old playbook to mislead and harm investors," SEC enforcement chief Gurbir Grewal said in a statement.

☆ Crypto whizkid Justin Sun says he's working with FTX to find a 'solution' after Binance dumped its rescue deal
▼ + stars: | 2022-11-10 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Crypto whizkid Justin Sun said he and FTX are 'putting together a solution' after the Binance deal collapsed. FTX needs $8 billion and bankruptcy is likely without more capital, its CEO Sam Bankman-Fried said. Binance dumped its takeover deal for FTX saying the issues were beyond its ability to help. But he didn't say whether this would rescue FTX as a company or only provide support around the Tron-related tokens on the exchange. Bankman-Fried told FTX employees he was exploring all options for the company after the Binance deal collapsed, Reuters reported Wednesday.

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