Jack J. Kelly, Author at Compliancex

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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Mark Cuban: Wash Trading And The Crypto Crisis

Jack J. Kelly Cryptocurrency, Fraud, Pump And Dump, Scandal January 9, 2023

Billionaire Mark Cuban recently shared his thoughts about what could possibly cause the next crypto implosion: wash trading. During a recent interview with TheStreet, Cuban – who also is a well-known cryptocurrency investor – didn’t hold back in saying that 2023 will also be a year ...Read More

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Prevailing crypto winter wipes over 70,000 Bitcoin millionaires during entire 2022

Jack J. Kelly Bitcoin, Cryptocurrency, Investors January 3, 2023

The rise of Bitcoin (BTC) and other cryptocurrencies in recent years has created a new class of wealthy individuals, many of whom had made their fortunes by buying into the market early and adopting ‘HODLing‘ strategies. However, the past year has seen the market experience a ...Read More

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FTX’s Sam Bankman-Fried pleads not guilty to criminal fraud charges

Jack J. Kelly Cryptocurrency, Investigation, SEC, Securities and Exchange Commission, Wire Fraud January 3, 2023

FTX founder Sam Bankman-Fried pleaded not guilty to criminal charges Tuesday and is set to face a trial in October, which is expected to be one most high-profile white collar fraud trials in recent years. Bankman-Fried appeared in US District Court in New York ...Read More

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