Financier Worldwide moderates a discussion on managing and mitigating fraud in Latin America between Tiffany Couch at Acuity Forensics, Kathalin Carvalho at Jabil Circuit, Inc., and Robertson Park at Murphy & McGonigle.
The Commodity Futures Trading Commission (“Commission”) recently entered an order finding that Coinflip, Inc. d/b/a Derivabit (“Coinflip”), an unregistered Bitcoin options trading platform, and its founder and CEO, Francisco Riordan (“Riordan”) violated Sections 4c(b) and 5h(a)(1) of the Commodity Exchange Act (“CEA”), and Commission Regulations 32.2 and 37.3(a)(1). The action is based on the Commission’s finding, for the first time, that “Bitcoin and other virtual currencies are encompassed in the definition [of ‘commodity’] and are properly defined as commodities.” The Commission made this finding without discussion other than to note that Section 1a(9) of the CEA defines “commodity” to include “all services, rights, and interests in which contracts for future delivery are presently or in the future dealt in.” The Commission did not impose penalties against either respondent.
Murphy & McGonigle's Robertson Park was quoted in a Bloomberg.com article,"New York Libor Trial Tests U.S. Ability to Do What U.K. Has Done."
Robertson Park quoted in Law 360 article, "1st UK Conviction Gives More Ammunition To Libor Plaintiffs." Monday's conviction of a former UBS AG trader over the manipulation of the London Interbank Offered Rate will hand U.S. class action plaintiffs another weapon to fire at big banks in their ongoing litigation over the benchmark interest rate, experts say.
Last month’s indictment by US law enforcement officials of former Fédération Internationale de Football Association (FIFA) officials and associated marketing executives continues to dominate the headlines. The US government alleges that the defendants violated US criminal statutes prohibiting bribery, racketeering (RICO), money laundering, and wire fraud through a long-running pattern of making, accepting, or facilitating corrupt payments connected to selecting host countries for FIFA-sponsored tournaments, and the sale of media and marketing rights for those events.1 Other international sports organizations – and the media and corporate sponsors who court them – should be concerned about where the authorities will look next.
Enforcement Defense Update: The Department of Justice (DoJ) today announced fines totaling $5.6 billion against five of the world’s largest banks related to the banks’ alleged manipulation of the foreign exchange markets (“forex”). The settlements are notable for a number of reasons; in particular, the settlements highlight the strong position the DoJ appears to be taking with respect to enforcement declinations and recidivism.