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Lebanese sleeper agent loses challenge to 40-year sentence
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The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts - April 2021 | Skadden, Arps, Slate, Meagher & Flom LLP
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Over $1 6B in Total Value Locked in Bancor Protocol, an Ethereum Protocol Enabling Automated, Decentralized Token Exchange
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A New York judge has tossed a lawsuit filed against
Bancor, or
BProtocol Foundation, that claimed the sale of unregistered securities, according to an Order Granting Motion to Dismiss received by CI.
Judge Alvin Hellerstein dismissed the case and the Plaintiff’s offer to re-plead was denied.
BProtocol Foundation (Bancor) is organized under the law of Switzerland, with offices in Zug, Switzerland, and Tel Aviv, Israel. In 2017, Bancor raised about $153 million in a token offering.
According to company representatives, the ruling is decisive as Judge Hellerstein canceled an oral argument that had been scheduled. The ruling may impact other cases that seek to apply US securities law to digital offerings that sold outside the US.
David Hu of International Investment Group Pleads Guilty to Defrauding Clients and Investors in $100 Million Ponzi-Like Scheme
Posted on 02/03/2021
According to the press release, “Audrey Strauss, United States Attorney for the Southern District of New York, announced that DAVID HU, a managing partner and the chief investment officer of the New York-based investment advisory firm International Investment Group (“IIG”), pled guilty today before U.S. District Judge Alvin K. Hellerstein to investment adviser fraud, securities fraud, and wire fraud offenses in connection with an over $100 million scheme to defraud IIG’s investment advisory fund clients and investors. Throughout the course of more than 10 years, HU perpetrated the scheme by, among other fraudulent actions, creating fictitious investments and overvaluing investments used to generate funds to pay off earlier investors in a Ponzi-like manner. In connection with his plea agreement, HU has also agreed to forfeit mo