Ninth Circuit joins Eleventh Circuit holding that social media marketers of financial products may be liable as sellers under Securities Law

By Paul Guirguis (US) on January 20, 2023 Posted in Litigation

The United States Court of Appeals for the Ninth Circuit recently issued an opinion in Pino v. Cardone Capital, LLC that followed the Eleventh Circuit ruling in Wildes v. BitConnect (see our March, 2022 post on that case here: Social media and cryptocurrency fraud), when it held that if a person promotes the sale … Continue reading

Social media and cryptocurrency fraud

By Susan Ross (US) and Paul Guirguis (US) on March 15, 2022 Posted in Fraud

Creators of fraudulent crypto assets beware. A recent court decision supported investors, creators and marketers of legitimate crypto assets, and the integrity of the crypto asset market as a whole. While the creator of BitConnect remains at large and is facing his own indictment for his role in the scheme that allegedly defrauded investors of … Continue reading

Crowdfunding: Advertising an offering’s terms on social media

By Caleb Segrest (US) on March 22, 2016 Posted in General

Background The Securities and Exchange Commission (“SEC”) adopted the final rules of Regulation Crowdfunding (the “Regulation”) on October 30, 2015. While the final rules have been adopted, they do not become effective until May 16, 2016. The Regulation is meant to expound upon Sections 4(a)(6) and 4A of the Securities Act of 1933 (the “Act”), … Continue reading