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Ga. Judge Suggests Dismissal Bid Puts Cart Before Horse
by Gunnar Larson 26 Feb '24

26 Feb '24

Ga. Judge Suggests Dismissal Bid Puts Cart Before Horse <https://www.law360.com/banking/articles/1806446?nl_pk=feb6bbba-7878-4d39-be…> By Chart Riggall A Georgia federal judge considering whether to dismiss a lawsuit from a man who says he was wrongfully denied reimbursement for funds stolen from his bank account drilled counsel for a payment processing company Friday on why it had not used its most obvious argument in trying to have the case tossed. Read full article » <https://www.law360.com/banking/articles/1806446?nl_pk=feb6bbba-7878-4d39-be…> | Save to favorites » <https://www.law360.com/banking/articles/1806446?nl_pk=feb6bbba-7878-4d39-be…>

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Giuliani's Creditors Try To Make $148M Judgment Stick
by Gunnar Larson 26 Feb '24

26 Feb '24

Giuliani's Creditors Try To Make $148M Judgment Stick <https://www.law360.com/newyork/articles/1806385?nl_pk=ac5a3855-e47c-4403-be…> By Hilary Russ A pair of creditors of bankrupt former New York City Mayor Rudy Giuliani moved to ensure that their $148 million jury award against him will stick, filing a complaint on Friday in his Chapter 11 case that seeks to block him from discharging the debt. Complaint attached | Read full article » <https://www.law360.com/newyork/articles/1806385?nl_pk=ac5a3855-e47c-4403-be…> | Save to favorites » <https://www.law360.com/newyork/articles/1806385?nl_pk=ac5a3855-e47c-4403-be…>

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Citibank Looks To Dodge Ch. 7 Trustee's Fraud Claims
by Gunnar Larson 26 Feb '24

26 Feb '24

Citibank Looks To Dodge Ch. 7 Trustee's Fraud Claims <https://www.law360.com/newyork/articles/1806014?nl_pk=ac5a3855-e47c-4403-be…> By Emlyn Cameron Citibank has urged a New York federal judge to ax claims that the financial institution assisted with a Ponzi scheme involving a now-defunct sports and concert ticket broker, saying the Chapter 7 Trustee for the troubled business who brought the claims was assigned them to subvert a rule that would otherwise bar his case. Memorandum attached | Read full article » <https://www.law360.com/newyork/articles/1806014?nl_pk=ac5a3855-e47c-4403-be…> | Save to favorites » <https://www.law360.com/newyork/articles/1806014?nl_pk=ac5a3855-e47c-4403-be…>

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GameStop Can't Ditch Suit Over Data Sharing With Facebook
by Gunnar Larson 26 Feb '24

26 Feb '24

GameStop Can't Ditch Suit Over Data Sharing With Facebook <https://www.law360.com/cybersecurity-privacy/articles/1805464?nl_pk=3dfd2fd…> By Allison Grande A California federal judge has refused to shut down a putative class action accusing GameStop Inc. of unlawfully sharing its customers' personal information with Facebook, ruling that the video game retailer qualified as a "video tape service provider" covered by federal privacy law. Memorandum attached | Read full article » <https://www.law360.com/cybersecurity-privacy/articles/1805464?nl_pk=3dfd2fd…> | Save to favorites » <https://www.law360.com/cybersecurity-privacy/articles/1805464?nl_pk=3dfd2fd…>

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Jamie Dimon and Nine of His Top Executives at JPMorgan Chase Have Dumped Over $150 Million of their JPMorgan Stock in Last Two Months
by Gunnar Larson 26 Feb '24

26 Feb '24

https://wallstreetonparade.com/2024/02/jamie-dimon-and-nine-of-his-top-exec… By Pam Martens and Russ Martens: February 26, 2024 ~ According to Form 4 filed with the Securities and Exchange Commission by corporate insiders, ten of the key executives at the largest bank in the United States, JPMorgan Chase, have dumped more than $150 million in common stock in the bank this year. The sales come as the bank’s stock has been hitting all time highs while the scandals at the bank are also hitting unprecedented levels. The largest seller by far was the Chairman and CEO of the bank, Jamie Dimon. According to his Form 4, on February 22 of this year, Dimon sold 737,420 shares of the bank’s common stock for $135 million. The newly promoted Troy Rohrbaugh, who is now Co-CEO of JPMorgan Chase’s Commercial and Investment Bank (CIB), sold 75,000 shares on February 22 of this year for $13.7 million. Stacey Friedman, General Counsel at the bank, sold 6,030 shares on February 22 for $1.1 million. Peter Scher, Vice Chairman, sold 1,810 shares on February 16 of this year for approximately $324,000. Jennifer Piepszak, Co-CEO, Commercial and Investment Bank (CIB), on February 16, 2024, sold 1,648 shares for $295,000. Piepszak has been selling large chunks of the bank’s stock since 2019. Marianne Lake, CEO of the Consumer and Community Bank (CCB), on Feb 16 sold 4,459 shares for $798,000. Ashley Bacon, Chief Risk Officer (at a bank that is ranked by its regulators as the riskiest bank in the U.S.) sold 3,368 shares on February 16 of this year for approximately $602,856. Bacon has been selling large chunks of JPMorgan Chase stock since 2013. Mary Erdoes, who has been implicated in the Jeffrey Epstein sex trafficking scandal at the bank, but remains CEO of the Asset & Wealth Management unit, on January 16, 2024 sold 4,814 shares for $861,664. Erdoes has also been selling large chunks of JPMorgan Chase’s stock since 2010. This is how the New York Times reported Erdoes’ role with Epstein in August 2019: “When compliance officers at JPMorgan Chase conducted a sweep of their wealthy clients a decade ago, they recommended that the bank cut its ties to the financier Jeffrey E. Epstein because his accounts posed unacceptable legal and reputational risks. “Yet Mr. Epstein, who had been charged with sex crimes and pleaded guilty in 2008 to solicitation of prostitution, remained a JPMorgan client until 2013. “The main reason, according to six former senior executives and other bank employees familiar with the matter, was that Mary C. Erdoes, one of JPMorgan’s highest-ranking executives, intervened to keep him as a client.” Other key executives at JPMorgan Chase selling the bank’s stock this year included: Lori Beer, Chief Information Officer, sold 3,920 shares for $716,000. Doug Petno, previously the head of the commercial bank, but now reporting to Piepszak and Rohrbaugh, sold 3,267 shares of common stock in January and another 3,266 shares this month for a combined $1.1 million. It does not appear that Daniel Pinto, JPMorgan’s president and chief operating officer, has sold stock yet this year. However, Pinto has been selling large blocks of JPMorgan Chase stock since 2013. For example, on May 11, 2023, Pinto sold 113,640 shares of the bank’s common stock for proceeds of $15.4 million. In most cases, when an insider executes a transaction, he or she must file a Form 4 with the SEC within two business days following the transaction date. Transactions in a company’s common stock as well as derivative securities, such as options, warrants, and convertible securities, are reported on the Form 4. We will watch to see if other key executives report sales and if Dimon increases his sale of common stock. Dimon initially reported that he would be selling 1 million shares of his stock.

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Meta Unlikely To Beat Most Of BIPA Suit Over Voiceprints
by Gunnar Larson 26 Feb '24

26 Feb '24

Meta Unlikely To Beat Most Of BIPA Suit Over Voiceprints <https://www.law360.com/technology/articles/1806309?nl_pk=2bd720dd-746c-4744…> By Bonnie Eslinger A California federal judge on Friday said she's inclined to deny the bulk of Meta Platforms Inc.'s request to dismiss a proposed biometric privacy class action claiming the social media company collects and stores customer voiceprints through its Facebook and Messenger platforms in violation of Illinois' Biometric Information Privacy Act. Read full article » <https://www.law360.com/technology/articles/1806309?nl_pk=2bd720dd-746c-4744…> | Save to favorites » <https://www.law360.com/technology/articles/1806309?nl_pk=2bd720dd-746c-4744…>

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Fwd: [OpenRecords] Request FOIL-2024-040-00099 Submitted to Department of Education (DOE) Request Title: Mayor Adams Announces Lawsuit Against Social Media Companies
by Gunnar Larson 26 Feb '24

26 Feb '24

---------- Forwarded message --------- From: <donotreply(a)records.nyc.gov> Date: Sat, Feb 17, 2024, 9:03 AM Subject: [OpenRecords] Request FOIL-2024-040-00099 Submitted to Department of Education (DOE) To: <g(a)xny.io> Your request FOIL-2024-040-00099 has been successfully submitted to the Department of Education (DOE). The details of your request are shown below. Request Title: Mayor Adams Announces Lawsuit Against Social Media Companies Request Description: Dear Madam or Sir: New York City Mayor Eric Adams recently announced the filing of a lawsuit to hold five social media platforms – TikTok, Instagram, Facebook, Snapchat, and YouTube – accountable for fueling the nationwide youth mental health crisis: https://www.nyc.gov/assets/home/downloads/pdf/press-releases/2024/2024-02-1… xNY.io - Bank.org kindly seeks records pertaining to the lawsuit and Section 1. Subchapter 1 of chapter 1 of title 3 of the administrative code of the city of New York, section 3-119.5 ( https://intro.nyc/local-laws/2022-35) in relation to reporting on algorithmic tools used by city agencies . § 3-119.5 Annual reporting on algorithmic tools. a. For purposes of this section, the term “algorithmic tool” means any technology or computerized process that is derived from machine learning, artificial intelligence, predictive analytics, or other similar methods of data analysis, that is used to make or assist in making decisions about and implementing policies that materially impact the rights, liberties, benefits, safety or interests of the public, including their access to available city services and resources for which they may be eligible. Such term includes, but is not limited to tools that analyze datasets to generate risk scores, make predictions about behavior, or develop classifications or categories that determine what resources are allocated to particular groups or individuals, and does not materially affect the rights, liberties, benefits, safety or interests of the public. b. Each agency shall report to the mayor’s office of operations, or any other office or agency designated by the mayor, no later than December 31 of every year, every algorithmic tool that the agency has used one or more times during the prior calendar year. c. Each agency shall provide the following information about each algorithmic tool reported pursuant to subdivision b of this section: 1. The name or commercial name, and a brief description of such algorithmic tool; 2. The purpose for which the agency is using such an algorithmic tool; 3. The type of data collected or analyzed by the algorithmic tool and the source of such data; 4. A description of how the information received from such algorithmic tool is used; 5. Whether a vendor or contractor was involved in the development or ongoing use of the algorithmic tool, a description of such involvement, and the name of such vendor or contractor when feasible; and 6. The month and year in which such algorithmic tool began to be used, if known. d. The mayor’s office of operations, or any other office or agency designated by the mayor, shall compile the information received pursuant to subdivisions b and c of this section and report it to the mayor and the speaker of the council, disaggregated by agency. Thank you, Gunnar -- Gunnar Larson xNY.io - Bank.org 917-580-8053 Requester's Contact Information *Name:* Gunnar Larson *Title:* Co-Founder *Organization:* xNY.io - Bank.org *Email:* g(a)xny.io *Phone Number:* Not provided *Fax Number:* Not provided *Street Address (line 1):* 406 West 25th Street *Street Address (line 2):* Not provided *City:* New York *State:* NY *Zip Code:* 10001 You can view the request and take any necessary action at the following webpage: https://a860-openrecords.nyc.gov/request/view/FOIL-2024-040-00099.

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Your Freedom of Information Law ("FOIL") Request FOIL-2023-095358-021587 - Robinhood BitLicense Records Appeal - NY-DFS
by Gunnar Larson 26 Feb '24

26 Feb '24

---------- Forwarded message --------- From: Gunnar Larson <g(a)xny.io> Date: Wed, Feb 21, 2024, 2:21 PM Subject: Fwd: Your Freedom of Information Law ("FOIL") Request FOIL-2023-095358-021587 - Robinhood BitLicense Records Appeal - NY-DFS To: Mazza, Stephanie (DFS) <Stephanie.Mazza(a)dfs.ny.gov> Cc: Reader, Shaun <sreader(a)curtis.com>, <letitia.james(a)ag.ny.gov>, Harris, Adrienne A (DFS) <Adrienne.Harris(a)dfs.ny.gov>, < Recordsaccessofficer(a)dfs.ny.gov>, <cypherpunks(a)cpunks.org> In accordance with Public Officers Law § 89(4), xNY.io - Bank.org elects to appeal this determination to withhold the Robinhood BitLicense Records. Turn this matter as we will, any side whatsoever appears to require obstruction of justice. We further demand NY-DFS send xNY.io - Bank.org an update on the aforementioned appeal within five (5) business days. Reserving all rights, xNY.io - Bank.org is seeking relevant relief in California on Robinhood. Warm regards, Gunnar ---- SENT VIA EMAIL Email: G(a)xny.io February 21, 2024 Mr. Gunnar Larson xNY.io – Bank.org 406 West 25th Street New York, NY 10001 Re: Freedom of Information Law (“FOIL”) Tracking No. 2023-095358 Dear Mr. Larson, I write in response to the FOIL request that you submitted to the New York State Department of Financial Services (“Department”), which has been assigned the above-referenced tracking number and reads as follows: Dear Madam or Sir: On August 2, 2022 the Superintendent of Financial Services Adrienne A. Harris announced that Robinhood Crypto, LLC (“RHC”) would pay a $30 million penalty to New York State for significant failures in the areas of bank secrecy act/anti-money laundering (“BSA/AML”) obligations and cybersecurity that resulted in violations of the Department’s Virtual Currency Regulation (23 NYCRR Part 200), Money Transmitter Regulation (3 NYCRR Part 417), Transaction Monitoring Regulation (23 NYCRR Part 504), and Cybersecurity Regulation (23 NYCRR Part 500). xNY.io - Bank.org would like to 1. receive any and all records related to NY-DFS' investigation of Robinhood Crypto. Including (but not limited to) records concerning the bespoke Supervisory Agreement Robinhood Crypto has with the Department of Financial Services mentioned here: https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202208021. 2. In addition, xNY.io - Bank.org seeks any and all records concerning New York's approach to Robinhood Crypto and Goldman Sachs compliance programs mandated by the United States Department of Justice, Criminal Division, Fraud Section and Money Laundering and Asset Recovery Section mentioned here: https://drive.google.com/file/d/1Yx88RMoeLyyfbNK0RtPl4r- m8N21_1Sp/view?usp=drivesdk. 3. Finally, xNY.io - Bank.org seeks records concerning New York's regulatory approval of Robinhood Crypto engaging a fine of $30M to implement heightened controls and additional procedures and policies relating to electronic surveillance and investigation, due diligence on transactions or clients and the use of third-party intermediaries across business units; and enhancing anti-corruption training for all management and relevant employees. To the extent the request is reasonably described, the Department construes the request as seeking the records, correspondence, and work product exchanged between Robinhood and the Department in accordance with the Department’s August 1, 2022 Consent Order (“responsive records”). The records that you seek relate to an ongoing Department investigation. Accordingly, your request is denied pursuant to Public Officers Law § 87(2)(e)(i) (the “law enforcement exemption”), which excepts from disclosure records that are compiled for law enforcement purposes and that, if disclosed, would interfere with law enforcement investigations. The purpose behind the law enforcement exemption is to protect an agency’s investigative process from being compromised by revealing the scope and nature of an agency's investigation before an investigation is complete. See Matter of Pittari v. Pirro, 258 A.D.2d 202 (2d Dep’t 1999). It also bears noting that the law enforcement exemption applies to both civil and criminal investigatory files. See Madeiros v. Dep’t of Educ., 30 N.Y.3d 67 (2017). In this instance, releasing the requested records would interfere with the Department’s investigative process. Thus, the Department is not disclosing the records that you request pursuant to Public Officers Law § 87(2)(e)(i). Moreover, in addition to withholding the responsive records pursuant to Public Officers Law § 87(2)(e)(i), the Department also is withholding the responsive records pursuant to Public Officers Law § 87(2)(a), which specifically exempts from disclosure records exempted by a state or federal statute. The applicable statutory provision is N.Y. Banking Law (“Banking Law”) § 36(10), which states, in pertinent part, that reports of examinations and investigations and correspondence and memoranda concerning or arising out of such examinations and investigations are confidential and shall not be made public. The statute fosters open communication between the Department and its regulated institutions, a necessity for effective regulation of financial institutions, by ensuring that records transmitted to the Department in connection with its supervision of a financial institution are protected from disclosure. The responsive records that were transmitted between Robinhood and the Department in connection with the Department’s supervision of Robinhood as a licensed money transmitter pursuant to New York Banking Law, constitute correspondence and reports concerning and arising out of an investigation and are, therefore, required to be kept confidential and exempt from disclosure under Banking Law § 36(10). The expectation that records transmitted to the Department will remain confidential is essential to encouraging candor and open communications between the Department, its regulated entities, and the entities undergoing regulatory review that submit such records. Release of such sensitive records, albeit responsive records, may have a chilling effect on the willingness of regulated entities to share information and cooperate with supervisors to resolve issues, and thus confidentiality is critical to the Department’s ability to perform its regulatory mandate and purpose. Accordingly, the exemption set forth in Public Officers Law § 87(2)(a) via Banking Law § 36(10) covers the responsive records. In accordance with Public Officers Law § 89(4), you may appeal this determination to withhold the records within 30 days by sending an email to FOIL.Appeals(a)dfs.ny.gov. Very truly yours, Stephanie Mazza Associate Attorney ---------- Forwarded message --------- From: <Stephanie.Mazza(a)dfs.ny.gov> Date: Wed, Feb 21, 2024, 1:26 PM Subject: Your Freedom of Information Law ("FOIL") Request FOIL-2023-095358-021587 To: <G(a)xny.io> Dear Mr. Larson: Attached please find the Department's determination regarding the aforementioned FOIL request. Because your request has been answered, your request is now closed. Tracking Number:FOIL-2023-095358-021587

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Sirius XM Subscription Suit Booted Back To NY State Court
by Gunnar Larson 26 Feb '24

26 Feb '24

Sirius XM Subscription Suit Booted Back To NY State Court <https://www.law360.com/newyork/articles/1806141?nl_pk=ac5a3855-e47c-4403-be…> By Pete Brush A Manhattan federal judge on Thursday granted a request by the New York attorney general's office to proceed in state court with claims accusing Sirius XM of deceptive subscriber retention practices, rejecting the company's bid to litigate in federal court. Order attached | Read full article » <https://www.law360.com/newyork/articles/1806141?nl_pk=ac5a3855-e47c-4403-be…> | Save to favorites » <https://www.law360.com/newyork/articles/1806141?nl_pk=ac5a3855-e47c-4403-be…>

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Trump-Tied SPAC Adds NY Fraud Judgment To Risk Factors
by Gunnar Larson 26 Feb '24

26 Feb '24

Trump-Tied SPAC Adds NY Fraud Judgment To Risk Factors <https://www.law360.com/newyork/articles/1806092?nl_pk=ac5a3855-e47c-4403-be…> By Elaine Briseño Digital World Acquisition Corp., which is seeking to merge with Donald Trump's social media company, has included a new warning for investors in a regulatory filing following the former president's $453.5 million fraud penalty in New York state court. Read full article » <https://www.law360.com/newyork/articles/1806092?nl_pk=ac5a3855-e47c-4403-be…> | Save to favorites » <https://www.law360.com/newyork/articles/1806092?nl_pk=ac5a3855-e47c-4403-be…>

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