News

FINRA Fines Companies for Crowdfunding Violations

By Jon-Jorge Aras / May 10, 2022
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FINRA has recently fined two registered funding portals, Wefunder and StartEngine, a combined $1.75 million for failing to comply with securities laws and regulations designed to protect crowdfunding investors.  Wefunder raised approximately $20 million more than they were permitted under FINRA’s current crowdfunding regulations. They also failed to promptly direct the transmission of funds to…

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US Treasury Issues Sanctions on a Virtual Currency Mixer

By David Rosenfield / May 9, 2022
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The US Department of Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Blender.io, a virtual currency mixer that is used in the Democratic People’s Republic of Korea (DPRK) to facilitate North Korea’s cyber activities and to engage in money laundering of stolen virtual currency.  This sanction was initiated after Lazarus Group, a DPRK cyber…

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CIA Launches SPAC as the SEC Enforces Stricter Regulations

By David Rosenfield / May 6, 2022
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The CIA’s venture capital company, In-Q-tel, has discretely launched a SPAC that aims to fuel significant returns for former CIA officers. This news is deemed important as the SEC has recently been cracking down on SPACs and initiating stricter regulations surrounding them.  This SPAC, titled Chain Bridge 1, is seeking to acquire a defense contractor…

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SEC To Expand Crypto Assets and Cyber Unit

By Christopher D. Warren / May 4, 2022
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As the crypto financial market evolves and develops, the Securities and Exchange Commission (SEC) is trying to catch up. Yesterday, the SEC announced 20 new positions designated to protect crypto investors from cyber-related threats and is expected to expand to more than 50 as the cryptocurrency market outperforms broad equity indices. As the SEC amps…

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Warren Law Group Wins FINRA Expungement

By Warren Law Group / April 29, 2022
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Warren Law Group’s client was wrongfully terminated from Citigroup Global Markets, Inc. for obtaining an SBA loan. WLG attorneys Jon-Jorge Aras and Christopher D. Warren successfully expunged Citigroup’s defamatory FINRA U5 and CRD disclosures and restored their reputation. If you have been wrongfully terminated and defamed for receiving COVID-19 pandemic relief, contact Warren Law Group…

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Welcome, David Szalyga as Corporate Associate!

By Warren Law Group / April 27, 2022
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Warren Law Group is proud to announce David Szalyga as our Corporate Associate. David focuses his practice on securities and corporate law, financial transactions, assists with tech startup companies, and regulatory compliance. David has recently received his MBA from the University of Cambridge and he has received a MA from Kings College and his JD…

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FINRA Regulatory Notice Regarding Complex Products

By Christopher D. Warren / April 26, 2022
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FINRA has released a new regulatory notice “reminding members of their sales practice obligations for complex products and options and to solicit comments on effective practices and rule enhancements.” Many ETF shareholders are wary of this new notice, stating that it is vague and has the potential to prevent innovation and investor recommendations. However, FINRA…

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NYS Senator Introduces Crypto Prosecution Framework

By David Rosenfield / April 25, 2022
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New York State Senator Kevin Thomas has prepared a bill outlining the framework for crypto-related prosecutions. The bill calls for defining, penalizing, and criminalizing fraudulent behavior in connection with cryptocurrencies.  Some of the charges set forth in the bill include failure to disclose the ownership of digital tokens, and if an individual or entity owns…

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Morgan Stanley in FINRA Arbitration Against Investment Firm

By Christopher D. Warren / April 21, 2022
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Disruptive Technologies, an investor with Morgan Stanley, alleged the firm leaked information regarding a large sale of Palantir Technology shares. The SEC and DOJ are looking into whether Wall Street firms, such as Morgan Stanely, favored specific clients by giving them inside information in block trades. Allegedly, the leak cost Disruptive Technologies tens of millions…

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