Regulatory

Hyperrr.com GmbH: Public Warning (Switzerland)

Public Warning by the Swiss Financial Market Supervisory Authority that Hyperrr.com GmbH is "suspected of conducting unauthorised activities in the financial market".

SEC v. Avraham Eisenberg: Complaint (‘$116M Crypto Fraud’)

Complaint alleging the defendant "drained approximately $116 million from a crypto asset trading platform known as Mango Markets after manipulating the trading price and volume of the “MNGO token,” a so-called “governance token” of Mango Markets that was purchased and sold as a crypto asset security" in U.S. Securities and Exchange Commission v. Avraham Eisenberg at the U.S. District Court for the Southern District of New York.

Nexo Capital Inc.: $22.5M Fine (‘Unregistered Crypto Offering’)

Administrative Order by the U.S. Securities and Exchange Commission imposing a civil money penalty of $22.5 million on Nexo Capital Inc., described as a Cayman Islands-domiciled provider of "crypto asset-related financial products and services", for an unregistered securities offering.

Crowd Tech Ltd. et al: Suspension & Prohibition (Cyprus)

Public Notice by the Cyprus Securities and Exchange Commission that it has imposed restrictions on Petros Zachariades regarding Crowd Tech Ltd., suspending him from exercising" voting rights" and prohibiting his involvement in "management duties".

Karl Cini: Prohibition (Malta)

Public Notice by the Malta Financial Services Authority that it has prohibited Karl Cini "from accepting any new positions" while "criminal proceedings against Mr. Cini are ongoing".

Brian Tonna: Prohibition (Malta)

Public Notice by the Malta Financial Services Authority that it has prohibited Brian Tonna "from accepting any new positions" while "criminal proceedings against Mr. Tonna are ongoing".

SEC v. Stephen Braverman: Braverman’s Motion to Dismiss (‘$37M Crypto Fraud’)

Defendant Stephen Braverman's Motion to Dismiss in U.S. Securities and Exchange Commission v. Arbitrade Ltd., of Bermuda; Cryptobontix Inc., of Canada; Troy R.J. Hogg, of Canada; James L. Goldberg, Stephen L. Braverman, and Max W. Barber, as Defendants, and SION Trading FZE, of the United Arab Emirates, as Relief Defendant, at the U.S. District Court for the Southern District of Florida.

SEC v. Terrance Reagan et al: Complaint

Complaint alleging securities fraud involving broker-dealers in the United Kingdom and USA in U.S. Securities and Exchange Commission v. Terrance Reagan and Nathaniel Clay at the U.S. District Court for the Southern District of New York.

GFG Ltd.: £280K Fine (Guernsey)

Public Notice by the Guernsey Financial Services Commission that it has imposed a fine of £280,000 on GFG Limited (in Voluntary Liquidation) for "the firm’s failure to meet the minimum criteria for licensing under the Protection of Investors (Bailiwick of Guernsey) Law, 2020".

CFTC v. Avraham Eisenberg: Complaint (‘$100M Crypto Fraud’)

Complaint alleging "a manipulative and deceptive scheme to artificially inflate the price of swaps offered by Mango Markets, a decentralized digital asset exchange, culminating in the misappropriation of over $100 million from the platform" in Commodity Futures Trading Commission v. Avraham Eisenberg at the U.S. District Court for the Southern District of New York.

SEC v. Andrew DeFrancesco et al: Complaint (‘Securities Fraud’)

Complaint alleging securities fraud involving entities in several jurisdictions, including the Bahamas, Canada, and USA, in U.S. Securities and Exchange Commission v. Andrew DeFrancesco, Marlio Mauricio Dioaz Cardona, Carlos Felipe Rezk, Nikola Faukovic, and Catherine DeFrancesco, described as "resident of Miami Beach, Toronto, and Gstaad, Switzerland", at the U.S. District Court for the Southern District of New York.

SEC v. Cooper Morgenthau: Complaint & Proposed Judgment (‘$5M Fraud Against Cayman Entities’)

Complaint (and Proposed Judgment) alleging the defendant "stole more than $5 million" from his employer, African Gold Acquisition Corp., and from investors in Strategic Metals Acquisition Corp. I and Strategic Metals Acquisition Corp. II, all of the Cayman Islands, in U.S. Securities and Exchange Commission v. Cooper J. Morgenthau at the U.S. District Court for the Southern District of New York.

Suzanne Collins: Public Statement (Isle of Man)

Public Statement by the Isle of Man Financial Services Authority regarding Suzanne Margaret Collins and her conduct as "Head of Compliance" of Corporate Options Limited, later known as Parcville Limited.

Parcville Ltd.: Public Statement (Isle of Man)

Public Statement by the Isle of Man Financial Services Authority "concerning the regulatory investigation of the Isle of Man Financial Services Authority in respect of Parcville Limited, formerly known as Corporate Options Limited, and the associated outcomes", including the imposition of prohibitions on Gerald Chase, Paul Chase, and Lee Murphy.

CFTC v. Glen Point Capital Advisors LP et al: Complaint (‘$30M Fraud’)

Complaint alleging "a deceptive and manipulative scheme to illegally trigger payouts on two large option contracts totaling $30 million" that, inter alia, involved a Cayman Islands-domiciled feeder fund in U.S. Commodity Futures Trading Commission v. Glen Point Capital Advisors LP, Glen Point Capital LLP, and Neil Phillips, described as having "a last known residence in the United Kingdom", at the U.S. District Court for the Southern District of New York.

SEC v. Francisley da Silva et al: Complaint (‘International Pyramid Scheme’)

Complaint alleging "an international pyramid scheme case involving a fake crypto asset trading and mining company" in U.S. Securities and Exchange Commission v. Francisley Valdevino da Silva, a citizen and resident of Brazil; Ramon Antonio Perez Arias, Juan Antonio Tacuri Fajardo, and Jose Ramiro Coronado Reyes at the U.S. District Court for the Southern District of New York.

SEC v. Danske Bank A/S: Complaint & Proposed Judgment (‘Estonian Fraud & Money Laundering’)

Complaint and Proposed Judgment alleging "Danske, directly and through its branch in Estonia, provided banking services to suspicious customers despite knowing there was a high degree of risk that such customers were potentially engaged in money laundering" in U.S. Securities and Exchange Commission v. Danske Bank A/S, described as "a Danish multinational banking and financial services corporation headquartered in Copenhagen, Denmark", at the U.S. District Court for the Southern District of New York.

‘More Misstatements by FTX CEO John Ray,’ claims Bahamas regulator

Media Release by the Securities Commission of the Bahamas to "once again correct key misstatements made by Mr. John J. Ray III, the representative of the U.S. FTX debtors, which do not appear to be concerned with facts but rather, appear intended only to make headlines and advance questionable agendas".

CFTC v. Sam Bankman-Fried et al: Complaint (‘FTX Crypto Fraud’)

Complaint alleging crypto-related fraud involving FTX Group in U.S. Commodity Futures Trading Commission v. Samuel Bankman-Fried, FTX Trading Ltd., d.b.a. FTX.com, of Antigua and Barbuda, and Alameda Research LLC at the U.S. District Court for the Southern District of New York.

Kevin Poole: CI$14.7K Fine

Enforcement Notice by the Cayman Islands Monetary Authority announcing that a fine of CI$14,700 has been imposed on Kevin David Poole for "Knowingly or wilfully supplying false or misleading information to the Authority in relation to an application submitted to theAuthority on behalf of a managed insurance company".

Global Core Insurance SPC: CI$78K Fine

Enforcement Notice by the Cayman Islands Monetary Authority announcing that a fine of CI$78,150 has been imposed on Global Core Insurance SPC for regulatory breaches, including those regarding solvency.

Artex Risk Solutions (Cayman) Ltd.: CI$95K Fine

Enforcement Notice by the Cayman Islands Monetary Authority announcing that a fine of CI$95,409 has been imposed a fine of Artex Risk Solutions (Cayman) Limited for regulatory breaches, including "Knowingly or wilfully supplying false or misleading information to the Authority in relation to an application submitted to the Authority on behalf of a managed insurance company at the relevant time".

Julius Baer International Ltd. et al: £18M Fine & Industry Bans

Public Notice by the United Kingdom's Financial Conduct Authority that it has imposed a fine of £18 million on Julius Baer International Limited "for failing to conduct its business with integrity, failing to take reasonable care to organise and control its affairs and failing to be open and cooperative with the FCA" and banned "Gustavo Raitzin, former Regional Head for Bank Julius Baer, Thomas Seiler, former BJB Sub-Regional (Market) Head for Russia and Eastern Europe and JBI non-executive director, and Louise Whitestone,former relationship manager on JBI’s Russian and Eastern European Desk".

‘New FTX CEO misrepresented our FTX crypto transfer actions,’ claims Bahamas regulator

Media Release by the Securities Commission of the Bahamas claiming that, in Chapter 11 bankruptcy filings in the U.S., "the new CEO of FTX Trading Ltd. misrepresented" the Bahamas regulator's decision "to transfer all digital assets of FTX into digital wallets under the exclusive control of the Commission for the benefit of clients and creditors of FDM [FTX Digital Markets Ltd.]".