- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jeff Dale2022-09-20T19:35:00
Software development company Sparkster and its Chief Executive Officer Sajjad Daya agreed to collectively pay more than $35 million and consent to a cease-and-desist order for the offer and sale of unregistered crypto securities, the Securities and Exchange Commission (SEC) announced Monday.
From April 2018 to July 2018, Sparkster and Daya conducted an unregistered securities offering of cryptocurrency tokens, raising $30 million from 4,000 investors from the United States and abroad, the SEC alleged in its order.
Without admitting or denying wrongdoing, Sparkster agreed to destroy its remaining tokens; request the removal of its tokens from trading platforms; and pay $30 million in disgorgement, approximately $4.6 million in prejudgment interest, and a $500,000 civil penalty.
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2022-09-16T14:30:00Z By Kyle Brasseur
To see a prominent representative from the CFTC accuse the SEC of “regulation by enforcement” might raise the eyebrow of some observers. But it shouldn’t—not when that’s the latter’s stated strategy.
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A decision by the Securities and Exchange Commission to close an investigation into the cash sweep program at Morgan Stanley may affect decision-making at other financial institutions under similar scrutiny.
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The U.S. Consumer Financial Protection Bureau (CFPB) signaled a softer regulatory approach last month, easing its investigation of financial firms following the U.S. government’s broader efforts under President Donald Trump to scale back regulatory enforcement on businesses. The agency reaffirmed this pivot as it will ease scrutiny of “Buy Now, ...
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A significant settlement in a U.S. tax fraud case against Credit Suisse contains numerous compliance lessons related to beneficial ownership and due diligence in mergers and acquisitions.
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