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Feds Oppose Overturning Guilty Verdict For Crypto Trader
by Gunnar Larson 20 Sep '24

20 Sep '24

Feds Oppose Overturning Guilty Verdict For Crypto Trader <https://www.law360.com/fintech/articles/1879995?nl_pk=d2b3e7ef-ab62-4a62-80…> By Aislinn Keely Federal prosecutors told a New York federal judge that the crypto trader convicted of fraudulently draining more than $100 million from platform Mango Markets is wrongly attempting to recast factual issues as legal questions in his bid for acquittal. Response attached | Read full article » <https://www.law360.com/fintech/articles/1879995?nl_pk=d2b3e7ef-ab62-4a62-80…> | Save to favorites » <https://www.law360.com/fintech/articles/1879995?nl_pk=d2b3e7ef-ab62-4a62-80…>

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Dechert Settles Aviation Exec's Hack Cover-Up RICO Claims
by Gunnar Larson 20 Sep '24

20 Sep '24

Dechert Settles Aviation Exec's Hack Cover-Up RICO Claims <https://www.law360.com/competition/articles/1880705?nl_pk=6416fd97-1dc4-4e0…> By Dorothy Atkins An airline mogul has cut a confidential deal with Dechert and two former partners of the firm to let them off the hook in his sprawling civil Racketeer Influenced and Corrupt Organizations Act lawsuit in New York federal court, the settling parties announced Thursday. Notice attached | Read full article » <https://www.law360.com/competition/articles/1880705?nl_pk=6416fd97-1dc4-4e0…> | Save to favorites » <https://www.law360.com/competition/articles/1880705?nl_pk=6416fd97-1dc4-4e0…>

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Google Accused Of Apple 'Stranglehold' In £7B Class Action
by Gunnar Larson 20 Sep '24

20 Sep '24

Google Accused Of Apple 'Stranglehold' In £7B Class Action <https://www.law360.com/competition/articles/1880355?nl_pk=6416fd97-1dc4-4e0…> By William Janes A consumer champion bringing a £7 billion ($9.3 billion) class action against Google told a tribunal Thursday that the tech giant has maintained a "stranglehold" on Apple devices through an illegal exclusivity deal with the iPhone-maker. Read full article » <https://www.law360.com/competition/articles/1880355?nl_pk=6416fd97-1dc4-4e0…> | Save to favorites » <https://www.law360.com/competition/articles/1880355?nl_pk=6416fd97-1dc4-4e0…>

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Texas Judge Tosses Crypto Co.'s SEC Challenge As 'Unripe'
by Gunnar Larson 20 Sep '24

20 Sep '24

Texas Judge Tosses Crypto Co.'s SEC Challenge As 'Unripe' <https://www.law360.com/fintech/articles/1880747?nl_pk=d2b3e7ef-ab62-4a62-80…> By Aislinn Keely A Texas federal judge found Thursday that blockchain firm Consensys can't sue the U.S. Securities and Exchange Commission for a determination that its MetaMask software doesn't offend securities laws because the agency's threat of enforcement and subsequent suit aren't final actions the court can review. Order attached | Read full article » <https://www.law360.com/fintech/articles/1880747?nl_pk=d2b3e7ef-ab62-4a62-80…> | Save to favorites » <https://www.law360.com/fintech/articles/1880747?nl_pk=d2b3e7ef-ab62-4a62-80…>

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Defunct Crypto Exchange Liable For Bitcoin Withdrawals
by Gunnar Larson 20 Sep '24

20 Sep '24

Defunct Crypto Exchange Liable For Bitcoin Withdrawals <https://www.law360.com/capitalmarkets/articles/1880707?nl_pk=abe82add-2a33-…> By Rachel Scharf A New York judge held Thursday that bygone cryptocurrency exchange Bitfloor improperly failed to return more than 200 of its customers' bitcoins upon shutting down in 2013, but said damages will be limited to the dollar value of the digital assets over a decade ago. Read full article » <https://www.law360.com/capitalmarkets/articles/1880707?nl_pk=abe82add-2a33-…> | Save to favorites » <https://www.law360.com/capitalmarkets/articles/1880707?nl_pk=abe82add-2a33-…>

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X Corp. Shuts Down Disability Bias Suit Over Musk Takeover
by Gunnar Larson 20 Sep '24

20 Sep '24

X Corp. Shuts Down Disability Bias Suit Over Musk Takeover <https://www.law360.com/mergersacquisitions/articles/1872235?nl_pk=a34c25b5-…> By Grace Elletson A California federal judge scrapped a proposed class action Wednesday alleging Twitter targeted employees with disabilities for termination following Elon Musk's takeover of the business, but left the door open for the former worker behind the suit to revise his claims. Opinion attached | Read full article » <https://www.law360.com/mergersacquisitions/articles/1872235?nl_pk=a34c25b5-…> | Save to favorites » <https://www.law360.com/mergersacquisitions/articles/1872235?nl_pk=a34c25b5-…>

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AI Helping Rise In UK Insurance Fraud, Report Shows
by Gunnar Larson 20 Sep '24

20 Sep '24

AI Helping Rise In UK Insurance Fraud, Report Shows <https://www.law360.co.uk/financial-services-uk/articles/1880334?nl_pk=a94fc…> By Joel Poultney Nearly one in five insurance claim handlers believe that many fraud claims now involve fake supporting documents created or altered using artificial intelligence tools, a new report shows. Read full article » <https://www.law360.co.uk/financial-services-uk/articles/1880334?nl_pk=a94fc…> | Save to favorites » <https://www.law360.co.uk/financial-services-uk/articles/1880334?nl_pk=a94fc…>

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Gov't Urged To Push Collective Defined Benefit Pension Plans
by Gunnar Larson 20 Sep '24

20 Sep '24

Gov't Urged To Push Collective Defined Benefit Pension Plans <https://www.law360.co.uk/financial-services-uk/articles/1880338?nl_pk=a94fc…> By Joel Poultney The U.K. government should push forward new collective pension plans with "bold and innovative" thinking to address Britain's retirement adequacy challenge, Hymans Robertson LLP said Thursday. Read full article » <https://www.law360.co.uk/financial-services-uk/articles/1880338?nl_pk=a94fc…> | Save to favorites » <https://www.law360.co.uk/financial-services-uk/articles/1880338?nl_pk=a94fc…>

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EU Wrong To Block Berlusconi's Bank Stake, Top Court Rules
by Gunnar Larson 20 Sep '24

20 Sep '24

EU Wrong To Block Berlusconi's Bank Stake, Top Court Rules <https://www.law360.co.uk/financial-services-uk/articles/1880347?nl_pk=a94fc…> By Najiyya Budaly Europe's highest court ruled Thursday that the European Central Bank was wrong to decide that a prior conviction for tax fraud prevented former Italian Prime Minister Silvio Berlusconi from holding a stake in a bank in the country. Read full article » <https://www.law360.co.uk/financial-services-uk/articles/1880347?nl_pk=a94fc…> | Save to favorites » <https://www.law360.co.uk/financial-services-uk/articles/1880347?nl_pk=a94fc…>

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As Trump Launches a Crypto Firm, FBI Reports Crypto Fraud Has Exploded to $5.6 Billion; Representing Almost 50 Percent of All Financial Fraud
by Gunnar Larson 19 Sep '24

19 Sep '24

https://wallstreetonparade.com/2024/09/as-trump-launches-a-crypto-firm-fbi-… By Pam Martens and Russ Martens: September 17, 2024 ~ Last Thursday, the Senate Banking Committee held a hearing on combating financial frauds against consumers. During the hearing, Senator Jon Tester of Montana held up his mobile phone and said: “Everyday, everyday, I either get an email or a phone call from somebody who’s trying to screw me out of my money.” According to the FBI, it is highly likely that a large number of the people trying to screw both you and Senator Tester out of your money are crypto fraudsters. On September 9, the FBI released its 2023 report on crypto fraud, which made the following findings: “In 2023, the Federal Bureau of Investigation (FBI) Internet Crime Complaint Center (IC3) received more than 69,000 complaints from the public regarding financial fraud involving the use of cryptocurrency, such as bitcoin, ether, or tether. Estimated losses with a nexus to cryptocurrency totaled more than $5.6 billion.” “While the number of cryptocurrency-related complaints represents only about 10 percent of the total number of financial fraud complaints, the losses associated with these complaints account for almost 50 percent of the total losses.” “The decentralized nature of cryptocurrency, the speed of irreversible transactions, and the ability to transfer value around the world make cryptocurrency an attractive vehicle for criminals, while creating challenges to recover stolen funds.” (Bold emphasis on the word “irreversible” was added by Wall Street On Parade.) “Once an individual sends a payment, the recipient owns the cryptocurrency and often quickly transfers it into an account overseas for cash out purposes.” Elsewhere in the report, the FBI delves a little deeper into why the irreversible nature of crypto transactions makes them a magnet for criminals. It writes: “Irrevocable Transactions that Move Quickly: A cryptocurrency transfer can occur anywhere. The only requirements for transmitting funds from a particular address is the associated private key (which functions like a password or a PIN) and an Internet connection. Third parties do not sit between, or authorize, transactions and transactions are irrevocable – meaning they cannot be reversed. Criminal actors connected to the Internet from anywhere in the world can also exploit these characteristics to facilitate large-scale, nearly instantaneous cross-border transactions without traditional financial intermediaries that employ anti-money laundering programs.” Let that sink in for a moment: no anti-money laundering compliance personnel that are required at banks in the U.S.; no ability to reverse transactions as banks can do to correct errors. This would seem to be an ideally formatted platform for criminals. The FBI report breaks down the amount of financial fraud by age group, with the finding that people over 60 years of age are the number one target for crypto fraudsters. These seniors account for $1.6 billion of the $5.6 billion lost to crypto fraud in 2023, or 29 percent of the total. Crypto Complaints to FBI Given the increasing role that crypto is playing in fraud against the most vulnerable citizens in the U.S., one has to seriously question Republican presidential candidate Donald Trump’s decision last evening to announce that he and his family are launching a crypto firm called World Liberty Financial. CNBC reported the following about the new crypto firm yesterday: “A copy of an early internal report, known as a white paper and obtained by CoinDesk, listed Barron [Trump] as ‘Chief DeFi Visionary,’ Eric and Donald Jr. as ‘Web3 Ambassadors,’ and Trump Sr. as ‘Chief Crypto Advocate.’ “But while the Trumps will receive compensation from the project, the platform itself is ‘not owned, managed, operated or sold’ by members of the Trump family. “[Steve] Witkoff, a real estate investor, and Eric Trump, executive vice president of the Trump Organization, are the two people calling the shots at World Liberty Financial, according to a person familiar with the project. Both are new to the crypto industry.” Witkoff was the individual who was playing golf with Trump at his golf club in West Palm Beach, Florida on Sunday when there was an attempted assassination of Trump – the second attempt since July. For more background on what’s behind Trump’s recent embrace of crypto, see our report: Donald Trump Gives a Speech on Not Letting China Win the Crypto Race – Not Realizing China Banned Crypto Mining and Transactions Four Years Ago.

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