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CFTC scores $2.5M penalty in first bitcoin enforcement action

A federal district judge in Manhattan has imposed $2.5 million in penalties against Nicholas Gelfman and his firm, Gelfman Blueprint, Inc., for operating a bitcoin-based Ponzi scheme that defrauded investors out of more than $600,000. The court’s order resolves the fir

Toshiba asks justices to clarify when a domestic transaction is necessary but not sufficient under Morrison

Toshiba Corporation wants the Supreme Court to reverse a decision by the Ninth Circuit holding that a group of pension funds could re-file their putative securities fraud complaint against the Japanese company because the district court’s misreading of Morrison&nb

Stolen inspection lists lead to guilty plea of former PCAOB official

The U.S. Attorney’s Office for the Southern District of New York has announced that a former PCAOB inspections leader and KPMG executive director has pleaded guilty to participating in a scheme designed to improve KPMG’s performance in PCAOB inspections.

Commission sharpens focus on market data and access fees

The Commission unanimously decided to set aside certain data fees charged by NYSE Arca, Inc. and Nasdaq Stock Market LLC to market participants because the exchanges failed to demonstrate that the fees were fair, reasonable, and not unreasonably discriminatory, as required b

Former BDO accountants who predated audit work suspended by SEC

The SEC has suspended three former accountants of BDO USA, LLP for creating misleading audit documentation by signing incomplete work papers in the audit of a New York insurance company, a practice known as "predating." The senior manager on the audit was suspended

CFTC settles with spoofer who pleaded guilty to federal criminal charges

The CFTC announced that it brought a settled administrative proceeding against Kamaldeep Gandhi who admitted to participating in a scheme to place spoofed orders in numerous futures contracts. Gandhi also has pleaded guilty to related federal criminal charges. In addition to

SEC reopens comment period on Dodd-Frank security-based swaps proposals

By a 4 to 1 vote, the Securities and Exchange Commission has authorized the re-opening the comment period on three proposals relating to security-based swap dealers and major security-based swap participants. Chairman Jay Clayton and Commissioners Hester Peirce and Elad Rois

HSBC settles RMBS fraud charges for $765M

HSBC will pay $765 million to settle claims related to its securitization, issuance, and marketing of residential mortgage-backed securities (RMBS) between 2005 and 2007. In an action brought under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, the

Commission floats simplification of CPO and CTA rules

The CFTC proposed six sets of amendments to its rules for commodity pool advisers (CPOs) and commodity trading advisers (CTAs) contained in Part 4 of the Commission’s regulations. The changes would clarify certain exemptions from registration, bolster bad actor disqual

Court orders letter justifying approval of SEC/Musk consent judgment

The district court sitting in Manhattan has ordered that the SEC and Elon Musk file a joint letter explaining why the court should approve a proposed consent judgment. In the brief order, the court noted that requesting such letters is a regular practice and part of its duty

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