Agency Judges’ Job Protections Take Hit in Boost for Trump Power
The Merit Systems Protection Board issued a ruling that allows the Trump administration to dismiss non‑partisan administrative judges without cause or prior warning. The decision argues that civil‑service protections impede the president’s Article II authority to oversee agencies that shape policy. While the board framed the ruling around immigration judges, it creates a precedent that could extend to all agency administrative law judges. The affected judges have appealed the decision to the U.S. Court of Appeals for the Federal Circuit.
SEC Targets Auditing ‘Bad Actors’ With New Enforcement Team
The U.S. Securities and Exchange Commission announced a new enforcement unit, dubbed the “SOX Group,” to pursue misconduct among auditors. The move follows a recent budget reduction for the independent board that traditionally monitors audit quality. A federal job posting...
Bankman-Fried’s Mom Told to Not Call Court on Son’s Behalf
Sam Bankman‑Fried’s mother, former Stanford law professor Barbara Fried, attempted to intervene in his post‑conviction proceedings by contacting the court for additional time to file papers. U.S. District Judge Lewis Kaplan rejected her request, stating she lacks legal standing despite...
Trump Lawyer Rebuked at ABA for Saying DOJ in a ‘Better Place’
At an American Bar Association white‑collar conference in San Diego, Trump defense attorney John Lauro sparked a heated exchange by claiming the Justice Department is "in a better place" than a year ago. His remarks were met with sharp rebukes from...
SEC Announces Dismissal of Civil Enforcement Action Against Nader Al-Naji and Relief Defendants
The U.S. Securities and Exchange Commission filed a joint stipulation to dismiss, with prejudice, its civil enforcement action against Nader Al‑Naji and several affiliated entities, including Intangible Holdings, Firestorm Media, Viridian City, and the DeSo Foundation. The dismissal is case‑specific...
SEC Seeks to Transfer $24 Million Bittrex Settlement to Treasury
The U.S. Securities and Exchange Commission is seeking court approval to move the $24 million it collected from a 2023 settlement with the now‑defunct crypto exchange Bittrex to the Treasury. The settlement arose after the SEC alleged Bittrex operated without registering...
Walmart Names Erin Nealy Cox as New CLO – The Texas Lawbook
Retail giant Walmart has named former Dallas prosecutor Erin Nealy Cox as its chief legal officer, effective April 13, 2026. Cox, who has served as a partner at Kirkland & Ellis in Dallas since 2021, brings extensive litigation and regulatory...
Do Your Insider Trading Policies Cover The Prediction Markets? Should They? | Regulatory & Compliance
Prediction markets now let participants wager on public‑company events such as stock price moves, earnings‑call language, regulatory outcomes, and management decisions. Although these contracts are structured as event‑based instruments rather than traditional securities, they still rely on the same underlying...
Lever the Predictions – Bloomberg
Bloomberg’s opinion piece highlights the growing use of prediction markets like Polymarket for real‑time geopolitical risk assessment, noting that users in the Middle East consult the platform to decide whether to seek shelter. The article underscores how these markets now...
Exxon Planned Texas Move Shows Delaware No Longer Corporate King
Exxon Mobil announced a proposal to reincorporate in Texas, leveraging the state’s recent overhaul of corporate statutes. The move marks a strategic shift away from Delaware, long considered the default jurisdiction for U.S. public companies. Unlike Tesla or Zynga, Exxon’s...
Legal Battle Intensifies over £3bn Bitcoin Haul Seized by British Police
London police seized roughly 61,000 bitcoin, now worth about £3.2 billion, after a fraud case involving Zhimin Qian that victimised over 128,000 Chinese investors. The haul represents the largest confirmed cryptocurrency seizure by law enforcement worldwide. Victims are challenging the Treasury’s...
US Solar Firm’s Lawyer Sentenced to 11-Year Prison Term for Ponzi Scheme Role | Reuters
Federal judge in Sacramento sentenced Ari Lauer, the outside counsel for DC Solar, to more than 11 years in prison for his role in a $912 million Ponzi scheme. Lauer pleaded guilty to 23 counts, including bank and wire fraud, just...
McGuireWoods Adds Former SEC Regional Director and Leading Accountant & Auditor Defense Lawyer in L.A. – McGuireWoods
McGuireWoods announced the addition of Gary Leung, former SEC Los Angeles regional director, and Jodi Lopez, a nationally recognized accountant and auditor defense lawyer, as partners in its Los Angeles office. The hires expand the firm’s securities enforcement and regulatory counseling capabilities....
Polymarket Enlists Palantir, TWG AI to Monitor Sports Bets – Bloomberg
Polymarket is partnering with Palantir Technologies and TWG AI to monitor its sports‑betting contracts for suspicious activity. The firms will screen participants against banned‑list databases and flag potential insider‑trading violations. This monitoring system will be deployed on a new U.S.-regulated...
Is Anti-ESG Illegal?
The Bloomberg opinion piece highlights a growing legal paradox around environmental, social, and governance (ESG) investing, where opposing lawsuits arise depending on how ESG is interpreted. In Texas, plaintiffs sued American Airlines for allegedly pursuing ESG goals, while in Seattle...
Paul Hastings Hires Securities Litigation Co-Chair, Partner From A&O Shearman | Law.com
Paul Hastings announced the addition of securities litigation partners Daniel Laguardia and Patrick Hein from A&O Shearman in San Francisco. Laguardia, previously co‑head of securities and shareholder litigation and managing partner of A&O Shearman’s California offices, will serve as co‑chair...
Did SCOTUS Just Strip FINRA’s Regulatory Immunity? | LinkedIn
The U.S. Supreme Court in a recent decision appears to have removed the long‑standing claim of regulatory immunity that the Financial Industry Regulatory Authority (FINRA) and other self‑regulatory organizations have relied on. The ruling, issued in a case unrelated to...
SEC Senior Trial Attorney Emmett Murphy Rejoins King & Spalding in New York – King & Spalding
J. Emmett Murphy has rejoined King & Spalding as a partner in its Business Litigation practice in New York. He returns from the SEC, where he served as a senior trial attorney in the Division of Enforcement since 2023. Murphy’s...
SEC, CFTC Weigh Move to Same Washington Building Complex Near Capitol – Bloomberg
Wall Street’s two primary regulators, the SEC and the CFTC, are evaluating a joint move into a single building complex near the U.S. Capitol, adjacent to Union Station where the SEC currently resides. The proposal does not involve merging the...
SEC Enforcement Division Revises Its Playbook: What the Updated Manual Signals About Enforcement Practices and Defense Strategy
The SEC Enforcement Division has updated its manual to require two‑level, director‑level approval before a Wells notice can be issued. This formalizes a practice that previously existed informally, potentially creating a bureaucratic bottleneck that slows investigations toward charging decisions. The...
MrBeast Video Editor Fired From Beast Industries Following Kalshi Insider Trading Probe – Decrypt
Beast Industries, the media arm behind YouTube star MrBeast, terminated video editor Artem Kaptur after an internal probe linked him to insider trading on the prediction‑market platform Kalshi. Kalshi’s surveillance flagged Kaptur’s near‑perfect trades on low‑odds contracts that corresponded with...
Jeffrey Steinfeld Joins White & Case as a Partner in Los Angeles | White & Case LLP
White & Case LLP has bolstered its Global Litigation Practice by adding Jeffrey Steinfeld as a partner in Los Angeles. Steinfeld is a first‑chair trial and appellate lawyer renowned for securities litigation, corporate governance, and white‑collar defense. He has led...
Chaotic Prediction Markets, Like Gambling, Need Reining In – Bloomberg
Bloomberg argues that U.S. prediction markets operate without a clear federal framework, exposing traders to manipulation similar to unregulated gambling. It calls on Congress to amend the 1936 Commodity Exchange Act to define event contracts, separating legitimate market-driven bets from...
Donald Trump’s Crypto Legacy in Two Words: Paul Atkins
The Trump administration, led by Treasury officials Paul Atkins and Selig, is drafting the first U.S. crypto framework that explicitly addresses decentralized finance. The proposed rules would let major exchanges such as Kraken, Coinbase and Crypto.com register with a federal...
Bradley Adds Scott F. Mascianica and Andrew Bastnagel to Government Enforcement & Investigations Practice Group | Insights & Events |...
Bradley Law is expanding its Government Enforcement & Investigations practice by hiring partner Scott F. Mascianica in Dallas and counsel Andrew Bastnagel in Washington, D.C. Both attorneys come from Hilgers PLLC, where Mascianica led the firm’s enforcement practice. The hires...
Eversheds Sutherland Continues Litigation Growth with Addition of Securities Enforcement Partner Ellen Connell | Firm News
Eversheds Sutherland announced that Ellen Connell has joined its Litigation Practice Group as a partner, bolstering the firm’s securities enforcement capabilities. Based in Washington, DC, Connell will focus on complex, high‑stakes regulatory investigations. The hire expands the firm’s global investigations...
SEC, Apex Spar Over Off-Channel Communications Sweep Settlement
A Texas broker‑dealer, Apex Clearing Corp., told a Fifth Circuit appeals court that the SEC imposed harsher settlement terms on it than on other firms targeted in the agency’s Biden‑era crackdown on off‑channel communications. The SEC denied Apex’s request to...
Prediction Markets, Insider Trading, and the Return of First Principles — Anderson Insights
On February 25, 2026 the CFTC’s Division of Enforcement issued Advisory No. 9185-26 after two enforcement actions against KalshiEX for misuse of nonpublic information and fraud in event contracts. The advisory clarifies that insider‑trading principles rooted in misappropriation theory apply...
How ‘Tipper X’ Helped Bring Down Wall Street’s Insider Trading
The FBI’s Operation Perfect Hedge used hedge‑fund manager Tom Hardin, known as “Tipper X,” as a covert informant to infiltrate a sophisticated insider‑trading network. Hardin was instructed to abort meetings if suspects altered plans, but he persisted, even attending a...
Ex-Moelis Banker to Plead Guilty in Global Insider Trading Case – Bloomberg
Former Moelis & Co. investment banker Benjamin Taylor will travel from France to the United States to plead guilty to providing confidential deal information to a multinational insider‑trading network. The ring, uncovered in a 2019 indictment, operated across the US,...
SEC V. Morocoin and the ‘Schrödinger’s Asset’ Dilemma – McGuireWoods
The SEC filed a lawsuit against Morocoin Tech Corp., three investment clubs and four crypto‑trading platforms, accusing them of a fraudulent token offering that promised outsized returns and left retail investors empty‑handed. The complaint highlights a novel legal question: whether...
Venture Fraud | NBER
The NBER study compiled the first large‑scale dataset of 614 U.S. venture‑capital‑backed startups that faced fraud charges since 2000. It shows VC‑backed firms are 54% more likely to be charged with fraud than comparable non‑VC firms in a public‑company subsample....
SEC Obtains Final Consent Judgment as to Senior Executive of Brazilian Company Charged with Fraud
The U.S. Securities and Exchange Commission secured a final consent judgment against Fernando Passos, former executive vice president of finance and investor relations at IRB Brasil Resseguros. Passos allegedly fabricated a press release and shareholder list claiming Berkshire Hathaway had...
Florida Man Arrested in Alleged $328M Crypto Ponzi Scheme
Federal prosecutors announced the arrest of Christopher Alexander Delgado, a 34‑year‑old from Apopka, Florida, accused of orchestrating what may be the largest crypto‑linked Ponzi scheme in U.S. history. Authorities allege Delgado siphoned roughly $328 million from investors through fraudulent cryptocurrency offerings....
A Long-Overdue Reform: The SEC’s New “Open Jacket” Disclosure Policy
The SEC has introduced Section 2.3 of its new Enforcement Manual, requiring staff to disclose any salient, probative evidence to recipients of Wells notices, subject to confidentiality limits. This “open jacket” policy obligates the agency to be forthcoming about the investigative...
Wall Street Cop Jay Clayton Says Self-Reporting Firms Can Avoid Prosecution – Bloomberg
Manhattan US Attorney Jay Clayton announced a new self‑reporting program that lets companies avoid criminal prosecution if they promptly disclose fraud or market‑integrity violations. Eligible firms must fully cooperate with investigators, commit to three years of ongoing disclosure, and compensate...
Former Lottery.com Execs Get Civil Penalties in SEC Fraud Case
Two former Lottery.com executives, CFO Ryan Dickinson and CRO Matthew Clemenson, pleaded guilty to securities fraud for allegedly inflating the company's revenue. A federal judge approved SEC civil penalties, including bans from serving as directors or officers of public companies....
The Next American Unwinding – Barron’s
The Commodity Futures Trading Commission’s enforcement activity on digital assets has sharply contracted, dropping from 58 actions in 2024 to just 13 in 2025. Many ongoing crypto investigations were closed without any claims, and staff who survived a wave of...
Sam Bankman-Fried Is Waging a Campaign for a Pardon—But Trump Will Not Grant One, Says White House | Fortune
Convicted crypto fraudster Sam Bankman‑Fried has turned to a MAGA‑styled social media campaign, urging President Donald Trump to grant him a presidential pardon. The effort follows Trump’s recent pardons of high‑profile financial‑crime figures, including Binance founder Changpeng Zhao. A White...
Prosecuting Insider Trading in the AI Era – Business Law Today From ABA
The article examines how artificial‑intelligence tools are reshaping insider‑trading prosecutions. Defendants may argue that AI‑generated analysis, rather than material nonpublic information (MNPI), drove their trades, invoking a routine‑strategy or diversification defense. It also explores the “mosaic theory,” suggesting AI can...
SEC Obtains Final Consent Judgments as to Joseph C. Lewis, Carolyn W. Carter, Patrick J. O’Connor, and Bryan L. Waugh...
The SEC entered final consent judgments against Joseph C. Lewis, his girlfriend Carolyn W. Carter, and pilots Patrick J. O’Connor and Bryan L. Waugh for alleged insider trading. Lewis, as majority owner of a biotechnology investment fund, obtained material nonpublic...
CFTC Taps Ex-Prosecutor, ‘Billions’ Adviser for Enforcement
The U.S. Commodity Futures Trading Commission announced that David Miller will become its enforcement director on March 2, succeeding a period of heightened scrutiny over derivatives trading. Miller, a former federal prosecutor, has spent the last several years as a...
WisdomTree Gets SEC Nod for 24/7 Tokenized Money Market Fund – Bloomberg
WisdomTree received SEC exemptive relief to issue tokenized shares of its $730 million Treasury Money Market Digital Fund. The approval lets investors buy and sell shares at a constant $1 price around the clock, rather than the traditional once‑daily NAV pricing....
SEC Says Former Edison Nation Executives Made False PPE Claims
The U.S. Securities and Exchange Commission has filed a fraud action against former Edison Nation chief executive Christopher B. Ferguson and former chief strategy officer Brian P. McFadden, alleging they fabricated purchase‑order data for personal protective equipment during the early...
Financial Crime’s Forgotten Statute: SDNY Rediscovers a Powerful Tool | Law.com
U.S. Attorney’s Office for the Southern District of New York has revived the rarely used Section 225 of the federal fraud statutes, filing the first indictments under the provision in a decade. The recent cases—First Brands and United States v....
Kalshi Clears ‘Backlog’ of Suspicious Activity, Plans to Disclose Actions Against Insider Trading – Decrypt
Kalshi, a regulated U.S. prediction‑market platform, has finished reviewing a backlog of suspicious trading activity. The effort, led by new head of enforcement Robert DeNault, uncovered multiple potential insider‑trading violations and other rule breaches. Kalshi plans to publicly disclose the...
DOJ Increasingly Wielding False Claims Act to Target Cybersecurity Misrepresentations | Law.com
The U.S. Department of Justice is intensifying its use of the False Claims Act to pursue cybersecurity misrepresentations, noting a “significant upward trajectory” in such cases. In the past year, the DOJ secured $52 million through nine FCA settlements involving cyber‑related...
Reliance, Misplaced: Restoring the Text of the Antifraud Provisions of the Federal Securities Laws in SEC Enforcement Actions
The SEC enforces the broad antifraud provisions of the federal securities laws as powerful tools, often proceeding without showing that investors relied on deceptive statements. Historically, the Commission has treated reliance as irrelevant, a stance rooted in a 1949 dicta...
SEC Charges Texas Startup and Former CEO In Connection With Alleged Fraud in $4.2 Million Stock Offering
The SEC has charged Texas‑based startup C‑Hear, Inc. and its former chief executive, Adena Harmon, with securities fraud over a $4.2 million private stock offering. Between 2019 and 2023, the company raised capital from at least 48 investors while allegedly misrepresenting...
Money Awards to SEC Over Pump-and-Dump Scheme Upheld on Appeal
The First Circuit upheld nearly $43 million in disgorgement awards against five defendants in a penny‑stock pump‑and‑dump scheme. The court found internal records clearly demonstrated each participant’s share of the illicit profits. The case is being sent back to the District...
