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Chicago Cryptocurrency Trader Pleads Guilty to Stealing $3 Million in Litecoin and Bitcoin

Joseph Kim, a young Chicago trader just pleaded guilty to stealing $3 million worth of cryptocurrency from the firm that employed him and investors. The case, which involves charges of wire fraud, is the first criminal prosecution for cryptocurrency related violations in the city. The 23-year-old trader who…
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A Pre-ICO Deal You Cannot Miss? Meet The SEC’s Brainchild, HoweyCoins

If you exchanged an official email with any SEC employee recently, you have seen the banner for Howeycoins Travel Network. And if you like to get in on a profitable deal, you probably thought, “well, if the SEC is endorsing them, these guys must be legit.” Perhaps you…
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Georgia Court Ruling Diminishes Protocol Protections for Brokers

Ever since it was implemented, brokers have relied on the Protocol for Broker Recruiting to be able to take some of their clients with them when they leave a firm, but a recent ruling by a state court in Georgia might jeopardize the Protocol’s protections. The Appeals court’s…
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Massachusetts Watchdog Targets Broker-Dealers’ Inadequate Oversight of Private Placements

The head of Massachusetts’ state securities regulatory body, Secretary of the Commonwealth William F. Galvin, issued a public statement announcing an inquiry into the practices of some of the top local broker-dealers related to private placement investments. These funding rounds of securities, which are not sold through a…
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FINRA Regulatory Notice Encourages Members to Disclose Participation in Any Cryptocurrency-related Activities

FINRA has announced it will increase its scrutiny of the cryptocurrency market. As several regulatory bodies endeavor to establish their jurisdiction over the crypto space, FINRA will now boost its oversight of registered firms’ participation in its burgeoning market. In a new regulatory notice, the self-regulatory organization asked…
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WELLS FARGO Will Pay $480 Million to Settle Fraud & Insider Trading Class Action Brought by Shareholders

Wells Fargo will pay $480 million to resolve fraud and insider trading allegations brought in a class action in California. According to the plaintiffs, top executives at the bank engaged in insider trading after employees were directed to create millions of accounts under customer names, without the customers’…
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