Jack J. Kelly, Author at Compliancex

FTX Wants Politicians, PACs to Return Donations—And May Sue to Recover Funds

Jack J. Kelly Bankrupt, Campaign Finance, Cryptocurrency, Fraud, Money Laundering, Political Contributions February 6, 2023

FTX told the political world Sunday the bankrupt crypto exchange wants its money back, after millions of dollars flowed into the hands of candidates and action committees under the direction of founder and former CEO Sam Bankman-Fried or others in his regime. FTX’s newly-appointed ...Read More

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McDonald’s Ruling Shifts Oversight Liability Focus to Corporate Officers

Jack J. Kelly Compliance, Investigation, Lawsuit, Risk, Risk Management, Scandal February 3, 2023

A judge’s decision to allow a shareholder lawsuit against a former McDonald’s Corp. human resources chief has put corporate executives on alert that they can be held personally liable for failing to oversee the biggest risks confronted by their companies. The ruling follows a series of Delaware ...Read More

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Elizabeth Holmes Attempted to Flee the Country After Fraud Conviction, Prosecutors Claim

Jack J. Kelly Conspiracy, Fraud, Investors, Scandal January 23, 2023

The disgraced Theranos founder has been sentenced to 11 years in prison after being convicted of conspiracy and fraud. Following her guilty verdict last year, Elizabeth Holmes reportedly tried to make a run for it and flee the country to Mexico, prosecutors allege in new court ...Read More

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Feds seize almost $700 million of FTX assets in Sam Bankman-Fried criminal case

Jack J. Kelly Assets, Bankruptcy, Cryptocurrency, Fraud January 23, 2023

Federal prosecutors seized nearly $700 million in cash and assets connected to Sam Bankman-Fried, primarily in the form of Robinhood shares that were owned by the FTX founder, a court filing revealed Friday. John Ray, who replaced Bankman-Fried as CEO to guide FTX’s restructuring, is ...Read More

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THE CRYPTO CULLING: Thousands of employees are getting the axe as companies face plunging valuations, scandals, and legal turmoil

Jack J. Kelly Bankruptcy, Cryptocurrency, Investigation, Investors, Layoff, Scandal, Securities and Exchange Commission January 17, 2023

In the early days of January, several major companies in the cryptocurrency industry, such as Genesis, Coinbase, Blockchain.com, and Crypto.com, announced plans to significantly reduce their workforces. For a few of these companies, such as Crypto.com and Genesis, this marks the second round of layoffs within ...Read More

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Crypto firms Genesis and Gemini charged by SEC with selling unregistered securities

Jack J. Kelly Cryptocurrency, Lending, Securities, Securities and Exchange Commission January 13, 2023

The Securities and Exchange Commission on Thursday charged crypto firms Genesis and Gemini with allegedly selling unregistered securities in connection with a high-yield product offered to depositors. Gemini, a crypto exchange, and Genesis, a crypto lender, partnered in February 2021 on a Gemini product called Earn, which touted ...Read More

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FTX Has Recovered ‘Over $5B’ in Assets, Bankruptcy Attorney Says

Jack J. Kelly Assets, Bankruptcy, Cryptocurrency January 12, 2023

Crypto exchange FTX has recovered more than $5 billion in different assets, not including another $425 million in crypto held by the Securities Commission of the Bahamas, a bankruptcy attorney said during a hearing Wednesday. There’s still a sum missing in what is owed ...Read More

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JPMorgan claims entrepreneur Charlie Javice duped bank into buying $175M startup

Jack J. Kelly Due Diligence, Fraud, Investigation, Lawsuit, Scandal January 12, 2023

JPMorgan Chase claims it was duped by a 30-year-old entrepreneur who lied about the number of college kids who were using Frank — a financial-planning site that the mega-bank bought for $175 million. JPMorgan Chase alleges that Charlie Javice, who was featured on the Forbes ...Read More

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NY Attorney General Sues Celsius Co-Founder For Fraud

Jack J. Kelly Bankruptcy, Cryptocurrency, Investors January 9, 2023

N.Y. Attorney General James believes that the Celsius co-founder and former CEO gave false statements to his customers. Mashinsky allegedly lied about the company’s financial situation and purposely concealed information from his customers. Consequently, Celsius investors lost millions of dollars while the company took ...Read More

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Crypto firms poised to spend more on compliance

Jack J. Kelly Compliance, Cryptocurrency, Department of Justice, FTC, Regulation, Regulators, Securities and Exchange Commission January 9, 2023

Crypto shops weary from last year’s sequence of unfortunate events likely have strenuous regulatory calisthenics waiting for them, and executives see compliance costs rising across the board. Why it matters: Regulators’ hawkish stance on the industry signals a coming torrent of enforcement action — one that ...Read More

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