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☆ DOJ and SEC unveil charges in $1.9 billion cryptocurrency fraud scheme
▼ + stars: | 2024-01-29 | by ( Dan Mangan | ) www.cnbc.com time to read: +3 min

The Department of Justice on Monday announced criminal charges against two people and the guilty plea of a third person for orchestrating a $1.9 billion cryptocurrency Ponzi fraud scheme known as HyperFund, among other names. Lee, a 35-year-old also known as Xue Lee, is charged with a single count of conspiracy to commit securities fraud and wire fraud. Chunga, who also is known as Bitcoin Beautee, pled guilty Monday to one count of conspiracy to commit securities fraud and wire fraud, for which she faces the same possible maximum sentence. Chunga separately agreed to settle civil charges by the SEC for violating the anti-fraud and registration provisions of U.S. securities laws. The SEC complaint says she received more than $3.7 million from both the HyperFund platform and from investors.

Persons: Nicole Argentieri, Erek Barron, Sam Lee, Rodney Burton, Brenda Chunga, Lee, Xue Lee, Burton, Chunga, Beautee, HyperFund Organizations: U.S . Department of Justice, Washington , D.C, The, Justice, Securities, Exchange Commission, DOJ, U.S, Attorney, United Arab Emirates, SEC Locations: Washington ,, HyperFund, Maryland, Australian, Dubai, United Arab, Miami, Severna Park , Maryland

☆ Appeals court upholds 'pharma bro' Martin Shkreli lifetime ban from drug industry
▼ + stars: | 2024-01-23 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

A federal appeals court Tuesday upheld a lifetime ban on "pharma bro" Martin Shkreli from working in the pharmaceuticals industry as well as an order to pay up to $64.6 million in disgorged profits for blocking competition to the drug Daraprim. His lawyer, Benjamin Brafman, in a statement to CNBC on the appeals court decision, said, "The lifetime ban is too severe." In its eight-page ruling, the appeals court noted that Shkreli argued that Manhattan federal court Judge Denise Cote "abused" her discretion in imposing a lifetime ban on him from the drug business. "The district court found, and Shkreli does not dispute, that Shkreli's illegal scheme was "egregious, deliberate, repetitive, long-running, and ultimately dangerous." "Given his strategic decision in the district court, there is no injustice to Shkreli by us declining to address his new argument."

Persons: Martin Shkreli, pharma bro, Shkreli, Benjamin Brafman, Brafman, Denise Cote, —, Peluso Organizations: Turing Pharmaceuticals AG, pharma, U.S, Circuit, New, Federal Trade Commission, CNBC, FTC, Vyera Pharmaceuticals, Phoenixus, Mr Locations: New York, California, Manhattan

☆ Meet Allison Greenfield, the law clerk driving Trump bonkers at his fraud trial
▼ + stars: | 2023-12-03 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +18 min

In Donald Trump's civil fraud trial, however, his attorneys have spent a disproportionate amount of time — and ire — on Allison Greenfield, the judge's principal law clerk. Notes and whispersDuring the trial, Greenfield is quiet. AP Photo/Seth WenigBecause of the enormous public interest in the Trump trial, it's held in the New York civil court's large ceremonial courtroom. AdvertisementEarly in the trial, Engoron issued a gag order forbidding Trump — and later his attorneys — from disparaging his staff, including Greenfield, citing numerous threats. A New York Law Department representative said a list of her cases was "not readily available."

Persons: Donald Trump, Arthur Engoron's, Allison Greenfield, —, Donald Trump's, Arthur Engoron, Letitia James, — Engoron, James, Alina Habba, Habba, James didn't, Hillary Clinton, Greenfield, Engoron, Christopher Kise, Clifford Roberts, Jesus M, Suarez, Trump, Chris Kise, Seth Wenig Greenfield, interposes, Alison R, Democratic Sen, Chuck Schumer, Schumer, they're, Seth Wenig, it's, It's, Trump's, Ruth B, Kraft, Falcon Rappaport, Berkman, Engoron's, hasn't, she'd, Images Greenfield, George B, Daniels, Bill Clinton, Jaffe & Asher, Gregory Galterio, Jaffe, Cardozo, Johnny Depp, Amber Heard, Anna Sorokin, Anna Delvey, Sorokin, Donald Trump Jr, Brendan McDermid, he's, — Greenfield, Greenfield didn't, Kise, Laura Italiano Organizations: Service, New, Trump —, Trump Organization, AP, Democrat, Republican Party, Democratic, Trump, Falcon, Truth, Images, Cardozo School of Law, New York University, US, Jaffe &, New York Police Department, New York Law, Engoron, American Civil Liberties Union, Business, Democratic Party, West Side Democrats, Grand Street Democrats, Hell's, Democrats, Village Independent Locations: Greenfield, New, Manhattan, New York, Engoron, York, SLU

The nine justices are due to hear arguments in an appeal by President Joe Biden's administration of a lower court's decision restricting the SEC's in-house tribunal system. Circuit Court of Appeals in 2022 ruled that the SEC's in-house proceedings violate the U.S. Constitution's Seventh Amendment right to a jury trial and infringe on presidential and congressional powers. The SEC, which enforces various U.S. laws that protect investors, pursued 270 new in-house proceedings in the fiscal year that ended on Sept. 30, compared to 231 in federal court. The court in 2018 faulted the way the SEC selected its in-house judges, and in April made it easier for targets of agency actions to mount challenges in federal court. The Supreme Court is expected to rule by the end of June.

Persons: Andrew Kelly, Joe Biden's, George Jarkesy, Jarkesy, Andrew Chung, John Kruzel, Will Dunham Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Rights, U.S, Supreme, Securities, Exchange, Circuit, SEC, Patriot28, U.S . Consumer, Thomson Locations: Washington ,, New Orleans, Constitution's, Houston, disgorge, New York, Washington

☆ SEC's in-house enforcement powers at risk in US Supreme Court case
▼ + stars: | 2023-11-28 | by ( Andrew Chung | ) www.reuters.com time to read: +6 min

The case involves hedge fund manager George Jarkesy, who the SEC fined and barred from the industry after determining he had committed securities fraud. Critics of the agency have argued that its in-house system gives it the unfair advantage of prosecuting cases before its own judges rather than before a jury in federal court. The case could make it harder for the SEC weed out bad actors in the securities industry, legal experts said. The court in 2018 faulted the way the SEC selected its in-house judges, and in April made it easier for targets of agency actions to mount challenges in federal court. The FINRA case - a constitutional challenge to its structure brought by Utah-based Alpine Securities Corp - is currently before another federal appellate court and eventually could come to the Supreme Court.

Persons: Andrew Kelly, Joe Biden's, George Jarkesy, Jarkesy, infringes, Benjamin Edwards, Edwards, FINRA, James Park, Andrew Chung, Will Dunham Organizations: U.S . Securities, Exchange Commission, SEC, Washington , D.C, REUTERS, Exchange, Circuit, 5th Circuit, Financial Industry Regulatory Authority, University of Nevada, Consumer, U.S, Constitution, Patriot28, Securities, Jarkesy, Alpine Securities Corp, Supreme, UCLA School of Law, Thomson Locations: Washington ,, New Orleans, Constitution's, Las Vegas, Houston, disgorge, Utah

☆ Trump isn't getting a jury in his $250 million civil fraud trial because his lawyers failed to ask for one
▼ + stars: | 2023-10-02 | by ( Madison Hall | Jacob Shamsian | ) www.businessinsider.com time to read: +4 min

Former President Donald Trump was entitled to receive a jury trial in his New York civil fraud case. AdvertisementAdvertisementFormer President Donald Trump won't receive a jury trial in his $250 million civil fraud case in New York because his lawyers never asked for one. Trump's trial in his civil fraud case began on Monday morning in a downtown Manhattan courtroom, where the embattled former president made a surprise appearance. AdvertisementAdvertisementNew York Attorney General Letitia James asked for a trial without a jury in Donald Trump's civil fraud case. The New York civil fraud trial against Trump could last until December 22, though it could end sooner.

Persons: Donald Trump, Trump, he's, —, Letitia James, Eric, Donald Jr, Arthur Engoron, general's, Donald Trump's, James, didn't, Engoron, Alina Habba Organizations: Service, New York, Trump, Trump Organization, Trump Organization —, New, New York Attorney Locations: New York, Manhattan, York

☆ Trump and family deny responsibility for fudging Trump Org numbers in previously unseen deposition video shown by New York AG at trial
▼ + stars: | 2023-10-02 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +7 min

AdvertisementAdvertisementLawyers from the New York Attorney General's office confronted former President Donald Trump in court Monday, showing a previously unseen deposition video where he denies responsibility for the property valuations in his own company. Moments earlier, Kevin C. Wallace, the attorney general's office lawyer presenting the opening statement, had shown a different deposition video of Weisselberg. Another lawyer from the attorney general's office asked if he was familiar with GAAP. The juxtaposition got to the heart of New York Attorney General Letitia James's lawsuit against Trump, Eric Trump, Donald Trump Jr., Weisselberg, and executive Jeff McConney. Cohen is scheduled to testify as a witness against Trump later in the New York trial, which is set to last until December 22.

Persons: Donald Trump, Eric, Don Jr, Trump, —, Allen Weisselberg, Kevin C, Wallace, Weisselberg, Letitia James's, Eric Trump, Donald Trump Jr, Jeff McConney, Letitia James Getty, Jean Carroll, Michael Cohen, Cohen, James, Jason Miller, Steven Cheung, doze, Chris Kise, Arthur Egoron, who's, Arthur Engoron, Engoron Organizations: Service, New York Attorney, Trump Organization, Trump, York, New York, Wharton Locations: New York, Manhattan, Florida

☆ Trump is turning his $250 million fraud trial into a presidential campaign event
▼ + stars: | 2023-10-02 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +7 min

Donald Trump has attacked the civil fraud case against him as political. AdvertisementAdvertisementFormer President — and 2024 Republican presidential frontrunner — Donald Trump has long complained that the legal cases against him are political. The New York Attorney General's $250 million civil fraud trial that began Monday morning, he says, is a "witch hunt." One of Trump's lawyers, Alina Habba, lambasted New York Attorney General Letitia James, an elected Democrat. The attorney general's lawsuit alleges that Trump, Eric Trump, Donald Trump Jr., and two other Trump Organization executives are liable for fraud for misrepresenting the values of the company's property in financial statements submitted to banks for loans.

Persons: Donald Trump, —, — Donald Trump, General's, Trump, Letitia James, Arthur Engoron, who's, Steven Cheung, Jason Miller, Alina Habba, Habba, James, Eric Trump, Donald Trump Jr, Bryan Woolston Kevin C, Wallace, didn't, Cheung, Miller, Engoron, Hillary Clinton, James Comey, Donald M, Middlebrooks, Seth Wenig Middlebrooks, Michael Cohen, Donald Bender Organizations: Service, Republican, The New York, New York, New, Trump Organization, Trump, AP, Democratic National Committee, Supreme Locations: Manhattan, New York, Florida, York

☆ West Virginia’s Redneck Army Refuses to Stay Buried - The New York Times
▼ + stars: | 2023-07-21 | by ( Cassady Rosenblum | ) www.nytimes.com time to read: +2 min

Today Blair Mountain is just that: a mountain. While many battlefields are the object of exhaustive study and veneration — places and times when power wobbled and blood was shed — Blair Mountain is still largely unexplored. Despite a burst of recent interest, for most West Virginians, the story of Blair Mountain barely even exists. My family has lived more or less continuously in West Virginia since our patriarch, John Hinkle, settled his brood near Seneca Rocks around 1760. By the 2020 census, West Virginia had shrunk enough to lose one of its three congressional seats, partially because people keep fleeing.

Persons: Blair, John Hinkle, Ken Hechler, Joe Manchin Organizations: —, Army, West Virginians, Big Branch Locations: West Virginia, Seneca Rocks, Washington, Chicago

☆ U.S. Virgin Islands seeks at least $190 million from JPMorgan Chase in Jeffrey Epstein case
▼ + stars: | 2023-07-14 | by ( Dan Mangan | ) www.cnbc.com time to read: +6 min

The government of the U.S. Virgin Islands in a court filing Friday estimated that it will seek damages of at least $190 million from JPMorgan Chase in a lawsuit accusing the big bank of facilitating sex trafficking by its former long-time customer Jeffrey Epstein. The Virgin Islands also said it wants an order requiring JPMorgan to take a series of steps to protect young women and girls from other predators in the future. The filing says the Virgin Islands wants at least $150 million in civil penalties alone. JPMorgan in its own court filings has accused the Virgin Islands itself of being "complicit in the crimes of Jeffrey Epstein." Last month in the same court where the Virgin Islands is suing the bank JPMorgan agreed, without admitting wrongdoing, to pay $290 million to victims of Epstein to settle a suit by one of his accusers.

Persons: Jeffrey Epstein, Epstein, Jed Rakoff, Jeffrey Epstein's, JPMorgan Chase, Ariel Smith, Smith, Patricia Wexler, JPM, Virgin, Sergey Brin, Bill Gates, Lex Wexner, Glenn Dubin, Donald Trump, Bill Clinton, Prince Andrew of Great Organizations: New York State Division, Criminal, Services, Reuters, U.S . Virgin, JPMorgan Chase, Virgin, JPMorgan, Virgin Islands, Google, Microsoft, Limited Brands, Deutsche Bank, New York state's Department of Financial Services Locations: U.S, Manhattan, United States, Virgin, Eastern, Prince Andrew of Great Britain, Florida, New York

☆ US Supreme Court to decide legality of SEC in-house enforcement
▼ + stars: | 2023-06-30 | by ( Andrew Chung | ) www.reuters.com time to read: +3 min

FILE PHOTO: The U.S. Supreme Court is seen in Washington, U.S., June 29, 2023. The case represents the latest legal attack against the actions of the SEC, which enforces various federal laws that protect investors. The Supreme Court, which has a 6-3 conservative majority, has signaled skepticism toward expansive federal regulatory power. The justices in 2018 faulted the way the commission selected its in-house judges, and in April allowed targets of actions by the SEC and other regulators to immediately mount challenges to agency processes in federal court. The SEC charges against Jarkesy and his firm proceeded before an in-house judge.

Persons: Joe Biden’s, Evelyn Hockstein, George Jarkesy, Jarkesy, Paring, hemming Organizations: Reuters, U.S, Supreme, Securities, Exchange Commission, REUTERS, SEC, Patriot28, Circuit, Jarkesy Locations: Washington , U.S, Houston, disgorge, Constitution’s, ”

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.

☆ Former Boston Celtics star Paul Pierce settles with SEC over crypto violations
▼ + stars: | 2023-02-17 | by ( Rohan Goswami | ) www.cnbc.com time to read: +3 min

The action against Pierce involves his public statements about EthereumMax, or EMAX, the same crypto security product that the SEC charged influencer Kim Kardashian with unlawfully touting. Pierce is also barred from promoting any crypto asset securities for three years, the SEC said. Pierce's social media support for EthereumMax also involved allegedly misleading the public about his EMAX holdings, according to the SEC. Pierce allegedly shared misleading screenshots of his EMAX holdings and profits, the SEC said, without disclosing that his personal holdings were actually far lower. A federal class action lawsuit naming Pierce, Kardashian, Floyd Mayweather Jr., and other EthereumMax boosters was dismissed in December.

☆ Sam Bankman-Fried gave $2.5 million to a leading political ethics watchdog. The group says it can't give the money back because officials already spent it.
▼ + stars: | 2022-12-08 | by ( Dave Levinthal | ) www.businessinsider.com time to read: +10 min

The Campaign Legal Center fights against lawlessness and unethical behavior in politics. Brendan Quinn, a spokesperson for the Campaign Legal Center, says the nonprofit organization cannot return or give away Bankman-Fried's money because the money is already spent. Asked whether the Campaign Legal Center would consider disgorging an amount of money equivalent to what Bankman-Fried contributed, Quinn noted that the Campaign Legal Center is not a political candidate or committee. The Campaign Legal Center has not yet provided Insider a copy, first requested December 2, of the most recent IRS 990 tax document filed by Campaign Legal Center Action, its advocacy arm. Former President Donald Trump has been a frequent target of the Campaign Legal Center's legal and ethics efforts.

☆ Thieves keep stealing money from Kanye West's old 2020 presidential campaign account
▼ + stars: | 2022-11-03 | by ( Dave Levinthal | ) www.businessinsider.com time to read: +5 min

Ye's 2020 presidential campaign account still has lots of money in it. A letter from Kanye West's 2020 presidential campaign committee to the Federal Election Commission. Federal Election CommissionSeparately, West's campaign reported a "fraudulent charge" of $233.98 on July 17 related to a campaign committee payment to Verizon. A campaign finance disclosure from Kanye West's 2020 presidential campaign to the Federal Election Commission. Now known as Ye, West's 2020 presidential campaign was a decidedly quixotic effort that gained far more attention than it ever did votes.

☆ Co-defendant in SEC civil fraud complaint against fake billionaire Justin Costello agrees to settle case
▼ + stars: | 2022-10-28 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

The Securities and Exchange Commission has agreed to settle a civil lawsuit against a man accused of five separate penny stock pump-and-dump schemes, court filings revealed on Friday. The man, David Ferraro, is accused of using his prolific Twitter account to assist a second defendant, former federal fugitive Justin Costello, on the stock schemes. But the indictment refers to Costello's unidentified, unindicted co-conspirator with Ferraro's initials, engaging in the same conduct that the SEC complaint alleges. Ferraro agreed to settle the SEC's case without admitting or denying the allegations. A judge still needs to sign off on the SEC's proposed agreement to close the case, which doesn't apply to Costello.

After James announced the lawsuit, Trump in a social media post called the action "Another Witch Hunt." NEW YORK CRIMINAL PROBEThe Trump Organization is set to go on trial on Oct. 24 on New York state criminal tax fraud charges. Legal experts said Trump may have violated at least three Georgia criminal election laws: conspiracy to commit election fraud, criminal solicitation to commit election fraud and intentional interference with performance of election duties. A California federal judge said on Wednesday in a separate lawsuit that Trump had knowingly made false voter fraud claims in a Georgia election lawsuit, according to emails the judge reviewed. read moreIt is not immediately clear what ramifications Trump could face from the ruling.

☆ A congressional campaign committee just reimbursed a dead lawmaker for travel mileage
▼ + stars: | 2022-10-12 | by ( Madison Hall | ) www.businessinsider.com time to read: +3 min

Rep. Jim Hagedorn's principal campaign committee just refunded him more than $1,100 for mileage. The Friends of Hagedorn campaign committee refunded Rep. Jim Hagedorn, a Republican lawmaker from Minnesota, more than $1,100 for "mileage" on September 20, a report filed Monday with the Federal Election Commission indicates. By that measure, Hagedorn's campaign reimbursed him for about 1,937 miles of travel. Thomas Datwyler, the custodian of records and treasurer for the Friends of Hagedorn committee, did not respond to Insider's request for comment. But as of September 30, Hagedorn's campaign committee still had about $141,000 cash on hand, according to federal records.

☆ 'The Midnight Club' review: Mike Flanagan adapts Christopher Pike's tale of terminal teens in another 'Stranger Things' wannabe
▼ + stars: | 2022-10-07 | by ( Review Brian Lowry | ) edition.cnn.com time to read: +3 min

CNN —The curse of “Stranger Things” means every sci-fi/macabre concept involving teenagers will seemingly have its day on TV, with “The Midnight Club” as the latest example. The diverse makeup of the key group and approach to things like LGBTQ rights give “Midnight Club” a contemporary feel, despite its foundation in the past. As for the broader secrets, “Midnight Club” is in no hurry to disgorge those, perhaps hoping curiosity will pull viewers into a second season. Stranger things have happened, but if not, this could be the latest series in this genre that struggles to keep the midnight oil burning. “The Midnight Club” premieres October 7 on Netflix.

☆ Explainer: Trump was sued by New York's attorney general. What legal woes does he face?
▼ + stars: | 2022-09-21 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +6 min

NEW YORK ATTORNEY GENERAL CIVIL SUITNew York Attorney General Letitia James said her office uncovered more than 200 examples of misleading asset valuations by Trump and the Trump Organization between 2011 and 2021. James accused Trump of inflating his net worth by billions of dollars to satisfy loan terms and get better insurance coverage. NEW YORK CRIMINAL PROBEThe Trump Organization is set to go on trial on Oct. 24 on New York state criminal tax fraud charges. read moreAlvin Bragg, the Manhattan district attorney, has also been investigating whether Trump misled lenders and others about asset valuations. Legal experts said Trump may have violated at least three Georgia criminal election laws: conspiracy to commit election fraud, criminal solicitation to commit election fraud and intentional interference with performance of election duties.

☆ Mitt Romney officially ends his 2012 presidential campaign by transferring $92,000 in leftover cash to his Senate coffers
▼ + stars: | 2020-09-02 | by ( Dave Levinthal | ) www.businessinsider.com time to read: +5 min

Dozens of zombie congressional campaign committees together are sitting on nearly $200 million, NBCLX reported. More than half of the Romney presidential committee's remaining $92,000 was transferred to his US Senate committee, which reported about $325,000 cash on hand as of June 30. Asked why it took so long for Romney's campaign to shut down, a former Romney campaign official said it's a "several years' long process to shut down a presidential campaign committee." Obama terminated his 2012 presidential campaign committee more than two years ago, on July 15, 2018. Santorum's 2012 presidential committee owes about $450,000, while his 2016 presidential committee remains about $520,000 in arrears.

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