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Top Ten SEC and CFTC Recoveries of 2020

Posted  01/15/21
top ten list
Despite its many shortcomings, 2020 did bring great news for whistleblowers: record-breaking growth in the CFTC and SEC Whistleblower Programs, as well as massive enforcement actions by both agencies.  In this post, we will detail the Top Ten SEC and CFTC recoveries of 2020 in cases other than FCPA enforcement.  As detailed below, the SEC netted billions of dollars in penalties and restitution from companies accused...

Tagged in: Accounting Fraud, CFTC Whistleblower Reward Program, Cryptocurrency, Financial and Investment Fraud, Fraud in CFTC-Regulated Markets, Market Manipulation and Trading Violations, SEC Whistleblower Reward Program, Securities Fraud, Top 10,

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COVID Leaves Bags of Illicit Cash with Nowhere to Go

Posted  05/15/20
pinned money on a clothes line
Few people may have given much thought to the actual mechanics of money laundering beyond rooting (or not) for Skyler and Walt’s carwash business.  Many non-television criminals do, in fact, use otherwise legitimate small businesses to “launder” their money, mixing ill-gotten gains in with legitimate profits.  The shutdown of the international economy has thus had a surprising consequence: illicit funds have...

Tagged in: COVID-19, Cryptocurrency, Money Laundering,

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Catch of the Week: SEC Hits Actor Steven Seagal for Improper ICO Promotion

Posted  03/6/20
bitcoin currency
This week’s Catch of the Week goes to the SEC for securing over $300,000 recovery from actor Steven Seagal in connection with his alleged failure to disclose payments he received for promoting an initial coin offering (ICO) conducted by Bitcoiin2Gen (B2G).   The settlement is part of the SEC’s broader effort to combat the role of celebrities in promoting novel—and sometimes fraudulent—cryptocurrency...

Tagged in: Catch of the Week, Cryptocurrency, Financial and Investment Fraud, SEC Whistleblower Reward Program, Securities Fraud,

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Constantine Cannon Whistleblower Team’s Top-Ten “Staff Picks” of 2019

Posted  01/27/20
best of the year letters on a stamp
From cybersecurity, cryptocurrency, and “big data” to private-equity backed healthcare, private detention facilities, and the essential whistleblower experience – your prolific and relentless CC WB bloggers have chosen some of their favorite 2019 posts (and one from 2018) – don’t miss these insider-favorite gems!
    1. Your worst nightmare – private data exposed to the unscrupulous – could be curbed...

Tagged in: Cryptocurrency, Cybersecurity and Data Breaches, FCA Federal, FCPA, Importance of Whistleblowers, Money Laundering, Pharma Fraud, Tax Fraud, Top 10, Whistleblower Case, Whistleblower Rewards,

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The Latest on Cryptocurrency, Offshore Tax Avoidance and Money-Laundering, and Whistleblowing: A Report from OffshoreAlert Miami 2019

Posted  05/3/19
Hanging Hundred Dollar Bills on Clothes Line
“A diverse collection of the hunters and the hunted.” That’s how the Wall Street Journal described the OffshoreAlert Conference in 2009. The 2019 conference was no different, bringing together those who work in the offshore industry, the government enforcers who try to stop the unscrupulous among them, and the asset recovery professionals who pursue lost funds. Alongside them were whistleblowers and their...

Tagged in: CFTC Whistleblower Reward Program, Cryptocurrency, Financial and Investment Fraud, Importance of Whistleblowers, IRS Whistleblower Reward Program, Market Manipulation and Trading Violations, Money Laundering, Ponzi Schemes, SEC Whistleblower Reward Program, Securities Fraud, Tax Fraud,

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Federal Judge — CFTC Can Regulate “Cryptocurrency” Fraud

Posted  10/10/18
Cryptocurrency
In good news for investors, a Massachusetts federal judge recently ruled that the Commodity Futures Trading Commission (CFTC) has the authority to fight fraud in the booming virtual currency market. The decision follows on the heels of a ruling in New York where a different federal judge reached the same conclusion. Through the Commodity Exchange Act, Congress authorized the CFTC to fight fraud involving...

Tagged in: CFTC Whistleblower Reward Program, Court Decision, Cryptocurrency, Fraud in CFTC-Regulated Markets,

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Constantine Cannon Partner Mary Inman Moderates Panel "Is Bitcoin the Currency of Criminals or the Future of Money?"

Posted  06/29/18
Join Mary Inman, a partner in Constantine Cannon’s London office, on Monday, 2 July for a lively debate with other SME panelists and delegates of the question “Is Bitcoin the Currency of Criminals or the Future of Money?” Click here to read more and register for the MLROs.com event!

Tagged in: CC Lawyers, Cryptocurrency,

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SEC Launches “HowleyCoins.com” to Educate Investors on ICO Fraud

Posted  05/16/18
By the C|C Whistleblower Lawyer Team “If you’ve ever been tempted to buy into a hot investment opportunity linked with luxury travel, the Securities and Exchange Commission has a deal for you,” the agency announced in a press release today. But the referenced “HowleyCoin” offering is a sham. The Securities and Exchange Commission (SEC) designed HowleyCoin.com as a creative means of educating investors about...

Tagged in: Cryptocurrency, Securities Fraud,

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CTFC Brings Charges Over Fraud Involving Binary Options and “ATM Coin”

Posted  04/18/18
By the C|C Whistleblower Lawyer Team Today, the Commodity Futures Trading Commission (CFTC) announced charges against two individuals and four entities for engaging in a fraudulent scheme involving binary options and a virtual currency called “ATM Coin.” The CFTC also alleges that the defendants improperly accepted customer funds without first registering with the CFTC. Earlier this week, the United States...

Tagged in: Cryptocurrency, Fraud in CFTC-Regulated Markets, Regulatory Violations,

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Fraudster of the Week -- BitFunder Founder Jon E. Montroll

Posted  02/23/18
By the C|C Whistleblower Lawyer Team On Wednesday, the Securities and Exchange Commission filed a lawsuit against Jon E. Montroll and his former company, BitFunder, alleging violations of the anti-fraud and registration provisions of the federal securities laws. In parallel criminal proceedings, the U.S. Attorney’s Office for the Southern District of New York charged Montroll with perjury and obstruction of...

Tagged in: Catch of the Week, Cryptocurrency, Regulatory Violations, Securities Fraud,

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