Ugh Oh
Gotta Go
Gary
SEC ‘deeply regrets’ errors in crypto case, asks judge to waive sanctions after misleading statements
https://finance.yahoo.com/news/sec-deeply-regrets-errors-crypto-155522562.html
Attorneys for the Securities and Exchange Commission apologized to a judge on Thursday for misrepresenting facts used to secure a restraining order and asset freeze against a crypto firm.
In a filing submitted to the U.S. District Court of Utah, in response to the judge’s order to show cause for its misstep, the SEC attorneys wrote that the commission “deeply regrets these orders” and promised to conduct mandatory training for staff members involved in the investigation.
“I fully appreciate the extraordinary responsibility entrusted to the SEC when enforcing federal securities laws,” wrote SEC enforcement chief Gurbir Grewal. “I understand that the division fell short of these standards in this case, and I apologize for that shortfall.”
The rare rebuke of the agency stemmed from litigation filed by the SEC in July against the crypto firm Digital Licensing Inc., or DEBT Box. In the complaint, the SEC alleged that the project had defrauded investors out of nearly $50 million.
Gurbir Grewal born June 23, 1973 is an American attorney and prosecutor who is currently the Director of the Division of Enforcement for the Securities and Exchange Commission. Grewal joined the SEC this year after a distinguished career as a state and federal prosecutor in New York and New Jersey. He dismissed concerns that some have expressed about a former prosecutor leading an agency that has only civil and regulatory authority.
Aggressive Use of Prophylactic Remedies Including Admissions of Wrongdoing
The longest and most detailed portion of Grewal’s remarks was his announcement that the Enforcement Division will “recommend aggressive use” of “prophylactic” remedies, particularly for “recidivist” violators of the securities laws.
WHY DIDN’T GREWAL GO AFTER RECIDIVIST JAMIE DIMON ? WHY DIDN’T DO ANYTHING ABOUT JP MORGAN AND EPSTEIN IN THE VIRGIN ISLANDS?
A Big Picture Look at Our Major Wall Street Corruption Stories of 2023
The year 2023 will go down in U.S. banking history as the year in which the fastest bank runs in U.S. history occurred, producing the second, third and fourth largest banking failures in U.S. history in the span of seven weeks. Losses of more than $32 billion from these failed banks hit the Federal Deposit Insurance Fund (FDIC). Adding to the regulatory hubris, the largest and riskiest bank in the U.S., JPMorgan Chase, was allowed by its compromised regulators to become even riskier by gobbling up the failed First Republic Bank while JPMorgan Chase got an unexplained $50 billion 5-year loan from the FDIC at an undisclosed interest rate to sweeten its purchase of the failed bank. And, what good is a banking crisis if the Fed can’t pony up yet another bank bailout fund, this time with loans of up to
The ruling by Chinese courts against Imperial Pacific
are noteworthy for its ties to US agencies, Tether, and even Wirecard. Casino operators with ties to Tether, Wirecard busted for money laundering.
https://protos.com/imperial-pacific-casino-operators-with-ties-to-tether-wirecard-busted-for-money-laundering/
Trump removed from Maine ballot
WORLD’S RICHEST
Tech billionaires saw their wealth grow by 48% or $658 billion, propelled by intense hype around artificial intelligence. No one did better than Elon Musk, who recaptured the title of world’s richest person from French luxury tycoon Bernard Arnault. The Tesla Inc. chief executive officer netted an additional $95.4 billion through Thursday’s close, bolstered by the success of Tesla and SpaceX, after losing $138 billion in 2022. His net worth is now more than $50 billion above Arnault’s after a global slowdown in demand for luxury goods dented shares of LVMH Moet Hennessy Louis Vuitton SE.