$500,000 Federal Penalty from the CFTC: Ouch

According to a May 18th press release from the federal Commodity Future Trading Commission: The CFTC “issued an order filing and settling charges against respondent SummerHaven Investment Management LLC, a Connecticut commodity trading advisor and commodity pool operator, for engaging in wash sales and non-competitive transactions on the InterContinental Exchange and various Chicago Mercantile Exchange…

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New York Lawsuit in Air for Kodak

The New York Attorney General may sue Eastman Kodak Co. and CEO Jim Continenza, claiming violations of New York’s Martin Act, over a personal investment made in the company just days before Kodak received a $765 million loan for drug production to combat COVID-19. If you have been affected by or have knowledge of insider…

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SEC Charges S&P Dow Jones Indices for Failures Relating to Volatility-Related Index

The Securities and Exchange Commission announced this Monday that it “settled charges against S&P Dow Jones Indices LLC for failures relating to a previously undisclosed quality control feature of one of its volatility-related indices, which led S&P DJI to publish and disseminate stale index values during a period of unprecedented volatility.” This led to the…

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SEC Charges S&P Dow Jones Indices for Failures Relating to Volatility-Related Index

The Securities and Exchange Commission announced this Monday that it “settled charges against S&P Dow Jones Indices LLC for failures relating to a previously undisclosed quality control feature of one of its volatility-related indices, which led S&P DJI to publish and disseminate stale index values during a period of unprecedented volatility.” This led to the…

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SEC Crypto Enforcement Actions Steadily on the Rise

While crypto-related enforcement actions by the Securities Exchange Commission began in earnest in 2017, they reached their current peak in 2020. The SEC has brought in nearly $2 billion in penalties from these actions. Emma Newbery writes for The Ascent, “With almost 100 enforcement actions, the SEC is hitting back at crypto crime.” If you…

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Decentralized Finance Platform Fraud at Record High

A surge in the growth of decentralized finance platforms (“DeFi”) that lend cryptocurrencies has been matched by a record high in DeFi fraud cases. “Losses from DeFi-related hacks [have] already exceeded the $129 million taken for the whole of 2020. In 2019, there were no DeFi losses reported,” writes Reuters. If you have been affected…

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Apple Tech Management Company JAMF Makes $400MM Acquisition

Jamf, Apple’s standard enterprise management software, announced Tuesday its intention to acquire cloud data security firm Wandera in a $400 million deal. Dean Hager, CEO of Jamf, writes, “The combination of Wandera and Jamf will provide our customers a single source platform that handles deployment, Application Lifecycle Management, policies, filtering, and security capabilities across all Apple…

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Press Release: SEC Approves Registration of First Security-Based Swap Data Repository; Sets the First Compliance Date for Regulation SBSR

From the Securities Exchange Commission: Washington D.C., May 7, 2021 — The Securities and Exchange Commission today announced that it has approved the registration of its first security-based swap data repository (SDR). With today’s registration of DTCC Data Repository (U.S.), LLC (DDR), the security-based swap market now has the first SDR that can accept transaction…

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SEC Examines Retail Trading Firm Features and Archegos Capital

Gensler, Chairman of the SEC, spoke to the House Financial Services Committee Thursday about issues with modern virtual trading platforms. The Chairman said that the agency is examining the use of virtual marketing tools on retail trading platforms, such as Robinhood’s colored confetti feature. They are also reviewing new regulations resulting from the collapse of…

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