Jack J. Kelly, Author at Compliancex

Top US regulators say crypto poses financial stability risks

Jack J. Kelly Cryptocurrency, Stabelecoins October 4, 2022

Top regulators on Monday recommended a series of new safeguards to ensure that a growing and unregulated cryptocurrency market doesn’t imperil U.S. financial stability. Among seven major recommendations, regulators called on Congress to pass legislation that would address the systemic risks caused by the ...Read More

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SEC Charges 2 Firms and 4 Individuals in Crypto Pump-and-Dump Scheme

Jack J. Kelly Cryptocurrency, Pump And Dump, Scheme, SEC, Securities and Exchange Commission October 3, 2022

The U.S. Securities and Exchange Commission (SEC) said Friday that it has filed charges against two firms and four individuals allegedly perpetrating a cryptocurrency pump-and-dump scheme. The two companies are Bermuda-based Arbitrade Ltd. and Canadian firm Cryptobontix Inc. The other defendants are their principals — Troy ...Read More

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Ex-CEO of Bankrupt Crypto Lender Celsius Withdrew $10M Weeks Before Company Froze Customer Accounts

Jack J. Kelly Bankruptcy, Cryptocurrency October 3, 2022

Alex Mashinsky, the embattled founder and former CEO of Celsius Network, removed $10 million from the now-bankrupt crypto lender weeks before Celsius halted customer withdrawals in June, the Financial Times reported, citing unnamed sources. Mashinsky, who resigned as CEO Sept. 27 Eastern time, withdrew the cryptocurrency in May, according ...Read More

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SEC Charges Kim Kardashian for Unlawfully Touting Crypto Security

Jack J. Kelly Celebrity, Cryptocurrency, Investors October 3, 2022

The Securities and Exchange Commission today announced charges against Kim Kardashian for touting on social media a crypto asset security offered and sold by EthereumMax without disclosing the payment she received for the promotion. Kardashian agreed to settle the charges, pay $1.26 million in ...Read More

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Two former eBay executives sentenced to prison for involvement in cyberstalking scheme

Jack J. Kelly Cyber Crime September 30, 2022

Two former eBay executives were given prison time Thursday for their involvement in a cyberstalking scheme that targeted a couple behind an e-commerce blog that was perceived as critical of the company. James Baugh, eBay’s former senior director of safety and security, was sentenced to almost five years ...Read More

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Barclays hit by $361 million U.S. penalty for ‘staggering’ blunder

Jack J. Kelly Penalties, SEC, Securities and Exchange Commission, Structured Products September 30, 2022

British lender Barclays agreed a $361 million penalty with U.S. regulators on Thursday for “staggering” failures that led it to oversell $17.7 billion of structured products, racking up further costs for an error that has blighted CEO C.S. Venkatakrishnan’s first year in charge. Barclays ...Read More

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Calendar of former official provides insight into SEC regulatory intent, Satoshi stumble

Jack J. Kelly Cryptocurrency, SEC, Securities and Exchange Commission September 29, 2022

The meeting schedule of a former official of the Securities and Exchange Commission provides a detailed roadmap into the agency’s thinking as it began to weigh how best to reign in the burgeoning digital-asset business, but it could also buttress the growing sentiment that ...Read More

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Binance Hires Compliance Chief From Crypto Rival Kraken

Jack J. Kelly Cryptocurrency September 29, 2022

Binance, the world’s largest cryptocurrency exchange by spot-trading volume, has snatched up the chief compliance officer from rival Kraken, as the industry continues to ramp up its compliance efforts. Steven Christie, who oversaw global compliance at Kraken for more than four years, joined Binance ...Read More

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$100 million New Jersey deli scheme leads to U.S. fraud charges

Jack J. Kelly Conspiracy, Fraud, Market Manipulation, Money Laundering, Wire Fraud September 28, 2022

Three men, including a father-and-son duo, were criminally charged on Monday with orchestrating a market manipulation scheme that briefly caused the owner of a tiny New Jersey deli to have a more than $100 million market valuation. Peter Coker Sr, 80, Peter Coker Jr, ...Read More

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Wall Street to Pay $1.8 Billion in Fines Over Traders’ Use of Banned Messaging Apps

Jack J. Kelly Banks, CFTC, Investigation, SEC, Securities and Exchange Commission, Trader, Trading September 28, 2022

Eleven of the world’s largest banks and brokerages will collectively pay $1.8 billion in fines to resolve regulatory investigations over their employees’ use of messaging applications that broke record-keeping rules, regulators said Tuesday. The firms include brokerage units of Bank of America Corp., Barclays PLC, Citigroup, Credit ...Read More

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