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“#What you need to know about Theranos, Elizabeth Holmes’ trial” This could get bloody. Opening statements are set to be delivered Wednesday in the trial of Elizabeth Holmes, the founder of defunct blood testing company Theranos who prosecutors say became the world’s youngest self-made female billionaire by lying to investors about her company’s technology. The…
“#Kraft Heinz to pay more than $62M to settle SEC charges” Kraft Heinz and two former executives have agreed to pay more than $62 million to settle charges they falsified supplier contracts to achieve cost savings in a multi-year accounting scheme, the Securities and Exchange Commission said Friday. The food company engaged in an array…
“#Ex-CEO of tech startup HeadSpin accused of bilking investors out of $80M” Federal authorities on Wednesday charged a co-founder and former chief executive of HeadSpin with defrauding investors out of as much as $80 million by overstating the Silicon Valley startup’s revenue and other key financial metrics. Manish Lachwani was accused of lying to HeadSpin investors from 2018 to…
“# Google bans 8 ‘deceptive’ crypto apps from Play Store ” Google has delisted eight allegedly fraudulent mobile apps from its Play Store that were duping crypto enthusiasts by charging fees for an illegitimate cloud mining service. Fraudulent mobile applications have now become a popular method to mislead unwary users with high success rates. Trend…
“#Sotheby’s sues art dealer over alleged fake Diego Giacometti works” They claimed to be peddling works from a famed Swiss sculptor — but their story had more holes than a slice of cheese, a lawsuit claims. The Sotheby’s auction house is demanding a Florida art seller and his wife pay back $7 million after it…
“# UK-based independent legal team to tackle international crypto disputes ” Crypto experts across the United Kingdom’s legal industry have announced the launch of the Crypto Fraud and Asset Recovery (CFAAR) network, aimed at providing redressal against crypto-related fraudulent activities. The group includes a diverse range of professionals such as “lawyers, barristers, forensic accountants, corporate…
“#SEC boss Gary Gensler has few regulatory bullets on crypto: lawyer” Gary Gensler’s ambition to regulate the “Wild West” of cryptocurrencies is on a collision course with something he can’t regulate: more than seven decades of case law. That was the consensus among securities lawyers with whom I spoke following Gensler’s pronouncement last week that…
“#Hobby Lobby sues Christie’s over seized $1.6M ‘Epic of Gilgamesh’ tablet” Venerable London-based auction house Christie’s is the target of an ongoing lawsuit brought by Hobby Lobby, which alleges that the auction house knowingly sold the arts and crafts chain a 3,500-year-old “Epic of Gilgamesh” tablet that had been smuggled out of Iraq and, as a…
“#Nikola founder Trevor Milton charged with fraud, lying to investors” Trevor Milton, the founder of electric-truck startup Nikola, was indicted Thursday on charges of securities fraud for lying to investors about “core aspects” of the business. The US Attorney’s Office in Manhattan accused Milton, who resigned as chairman of Nikola in September, with misleading investors,…
“# Bitmart seeks restraining order to prevent hackers from selling fake BSV ” The owner of crypto exchange Bitmart has filed a bid for pre-arbitration injunctive relief to prevent Chinese hackers from making illicit transfers using fraudulent Bitcoin SV (BSV) on its platform. According to a July 26 report, GBM Global Holdings, Bitmart’s owner, filed…