Government Inquiries and Investigations
Jason de Bretteville
, chair of Stradling's White Collar Criminal Defense
practice group and co-chair of the firm's Enforcement Defense & Investigations practice group, was quoted in an article published in BioWorld MedTech
, “New DOJ Memo Avoids All-Or-Nothing Cooperation Credit Seen In Yates Memo.” The DOJ released a new memo stating that False Claims Act prosecutions offer partial credit for cooperation.
The SEC has settled charges a Washington D.C.-based crypto startup’s Initial Coin Offering was an unregistered securities offering without an applicable registration exemption. The SEC did not impose penalties against the company, Gladius Network LLC, which self-reported the ICO.
The Securities and Exchange Commission’s Division of Corporate Finance (Corp Fin) recently published its interpretation of various rules under the Securities Act with new Compliance and Disclosure Interpretations (CDIs). The CDIs reflect updates for the amendments to Rule 147, as well as Rules 503 and 504 of Regulation D. There were also a few CDIs related to Regulation A.
Earlier this month, the SEC’s Office of Investor Education and Advocacy issued an Investor Bulletin entitled “Investor Bulletin: Be Cautious of SAFEs in Crowdfunding.” The bulletin was meant to warn and educate retail investors – an individual investor who buys and sells securities for their personal account – about the dangers of investing in startups through a Simple Agreement for Future Equity (SAFE).
Businesses are increasingly using Initial Coin Offerings to raise capital – and the U.S. Securities and Exchange Commission has taken an interest. The commission recently issued a report concluding the coins offered in a high-profile ICO last year were in fact securities. The report serves as a warning to those using distributed ledger or blockchain technology to facilitate the raising of capital about the need to comply with securities laws.
White Collar Defense shareholder Jason de Bretteville and associate Kenny Hsu were published in the Westlaw Journal’s Corporate Officers and Directors Liability Expert Analysis section with their post mortem analysis of the Supreme Court’s December 6, 2016 decision in Salman v. United States.
Stradling attorneys Travis Brennan
and Katie Beaudin
published a client alert discussing the Attorney General's 2016 Data Breach Report which lays out the minimum baseline of data security measures for all companies under the information security law.