In Farage v. Associated Ins. Mgt. Corp., 2024 N.Y. Slip Op. 05875 (Nov. 26, 2024) (here), the New York Court of Appeals examined the enforceability of an insurance contract’s two-year suit limitation period. In a 4-3...more
12/9/2024
/ Apartments ,
Appeals ,
Bad Faith ,
Claims Adjusters ,
Compliance ,
Contract Terms ,
Denial of Insurance Coverage ,
Enforcement ,
Fire Damage ,
Insurance Industry ,
Motion to Dismiss ,
Multi-Family Housing ,
New York ,
Property Damage ,
Restoration Terms
The Bank Secrecy Act (“BSA”) and implementing regulations promulgated by the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) require that broker-dealers file a suspicious activity report (SAR”) with...more
12/3/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Broker-Dealer ,
Cease and Desist ,
Censures ,
Civil Monetary Penalty ,
Compliance ,
Enforcement ,
Filing Requirements ,
FinCEN ,
Popular ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Settlement ,
Suspicious Activity Reports (SARs)
“A third-party beneficiary … is a person or entity that receives benefits from a contract between two other parties, even though they are not a party to the contract.” The concept of a third-party beneficiary stems from the...more
The Currency and Foreign Transactions Reporting Act, also known as the “BSA,” enacted in 1970, established requirements for record-keeping and reporting by banks and other financial institutions. The BSA is designed to, among...more
7/16/2024
/ Anti-Money Laundering ,
Banks ,
BSA/AML ,
Compliance ,
Cryptocurrency ,
Enforcement ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Investors ,
Misleading Statements ,
Money Laundering Control Act (MLCA) of 1986 ,
Patriot Act ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs) ,
U.S. Treasury
Arbitration is an alternative form of dispute resolution where the parties voluntarily agree that a neutral person will resolve any legal disputes between them, instead of a judge or jury in a court of law. It is encouraged...more
By: Jeffrey M. Haber On many occasions, we have written about Ponzi schemes that have been the subject of enforcement actions brought by, and/or settlements with, the Securities and Exchange Commission (“SEC” or the...more
4/2/2024
/ Asset Freeze ,
Civil Penalty Fund ,
Crypto Exchanges ,
Cryptoassets ,
Disgorgement ,
Enforcement ,
Foreign Exchanges ,
Fraud ,
Freezing Order ,
Investment Advisers Act of 1940 ,
Investors ,
Permanent Injunctions ,
Ponzi Scheme ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Violations
It should come as no surprise that one of the goals of an investment fraud is the theft of customer funds for the scammer’s personal benefit. In legal parlance, this aspect of a fraudulent investment scheme is called...more
12/11/2023
/ Asset Management ,
Civil Monetary Penalty ,
Client Funds ,
Disgorgement ,
Embezzlement ,
Enforcement ,
Fiduciary Duty ,
Financial Adviser ,
Injunctive Relief ,
Investment Fraud ,
Misappropriation ,
Prejudgment Interest ,
Price Manipulation ,
Real Estate Investments ,
Securities and Exchange Commission (SEC)
In July of this year, we wrote about a fraud action involving the EB-5 Immigrant Investor Program (“EB-5 Program” or “Program”) (here). Under the EB-5 Program, investors are eligible for permanent residency status in the U.S....more
11/29/2023
/ EB-5 ,
Enforcement ,
False Statements ,
Foreign Direct Investment ,
Foreign Investment ,
Fraud ,
Fraud and Abuse ,
Immigrant Investor Program ,
Misleading Statements ,
Permanent Residence Cards ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Unregistered Brokers ,
Unregistered Securities ,
USCIS ,
Willful Misconduct
Affinity fraud is a type of investment fraud. In this form of fraud, the person committing the fraud preys upon members of an identifiable group, such as a religious or ethnic community, the elderly, or a professional group....more
10/25/2023
/ Asset Freeze ,
Enforcement ,
False Advertising ,
Fraud ,
Investment Advisers Act of 1940 ,
Investment Fraud ,
Ponzi Scheme ,
Pyramid Schemes ,
Restraining Orders ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934
We have often written about the SEC’s whistleblower program and, in particular, the success of the program with respect to detecting and preventing violations of the federal securities laws. The success of the program...more
10/10/2023
/ Cease and Desist Orders ,
Civil Monetary Penalty ,
Confidentiality Agreements ,
Dodd-Frank ,
Enforcement ,
Foreign Corrupt Practices Act (FCPA) ,
Investment Adviser ,
Non-Disclosure Agreement ,
Policies and Procedures ,
Restrictive Covenants ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Securities Fraud ,
Securities Violations ,
Severance Agreements ,
Whistleblower Protection Policies ,
Whistleblowers