State AGs Challenge Legality of New Dodd-Frank Regulatory Group
Three states have joined a lawsuit to challenge the constitutionality of the Financial Stability Oversight Council (FSOC), a Dodd-Frank-created regulatory body headed by the Treasury secretary. The...
View ArticleDid Netflix’s Facebook Posting Disclose Too Much — to Too Few?
People these days use Facebook to tell their “friends” about all kinds of things – a favorite TV show, a political bent, a new relationship and all kinds of other details about their lives. But recent...
View ArticleBitcoins: Online Currency’s Uncharted Frontier
Bitcoin – it sounds like a token you might use to play skeeball at a beachside arcade. It is actually a relatively new, virtual online “currency” being used for payments across the Internet. While some...
View ArticleTreasury Department: Bitcoin Dealers Are Regulated Under Money-Laundering Laws
Timothy Lee at Forbes magazine has reported today that the Financial Crimes Enforcement Network (FinCEN), a branch of the Treasury Department, has issued new guidelines on the legal status of Bitcoin...
View ArticleWhat’s at the Bottom of the ‘Robosigning’ Scandal?
The problematic practice of robosigning – whereby banks and other lenders improperly foreclosed on properties through formulaically processing foreclosure documents – has been much in the news over the...
View ArticleSEC ‘Likes’ Public Company Disclosures on Facebook and Other Social Media
Last December, we wrote about the U. S. Securities and Exchange Commission’s issuance of so-called “Wells” notices indicating that the agency was considering whether to bring enforcement proceedings...
View ArticleAre Investors Lining Up Behind Another and Better Bitcoin?
We have written previously about Bitcoin, the new form of “peer-to-peer” currency whose proponents expect to be a game-changer in the world financial markets. It’s not clear yet what Bitcoin’s ultimate...
View ArticleWhat Are the Feds Looking At? Bitcoin Industry, Stay Awake
On May 28, 2013, federal prosecutors unsealed an indictment charging seven men with allegedly operating an organization known as “Liberty Reserve,” which prosecutors allege was established for the sole...
View ArticleLaw Enforcers Place Online Payday Lenders in Their Cross Hairs
At least six federal agencies, including the U.S. Department of Justice (DOJ), the Consumer Protection Financial Bureau (CFPB), and the Federal Trade Commission (FTC), are currently coordinating a...
View ArticleSupreme Court Grants Cert to Resolve Circuit Conflict on Intent Required to...
On December 13, 2013, the United States Supreme Court granted a certiorari petition in a case that squarely poses the question of what the government must prove with respect to intent in order to...
View ArticleThe Bitcoin Bubble Hasn’t Burst Yet, But The First Signs Of Trouble Are Brewing
By: Karl Smith and Casselle Smith The value of Bitcoin, the hottest and most widely traded virtual currency, plunged a little over a week ago, after China’s central bank issued a statement that the...
View ArticleBitcoin Goes Mainstream
As followers of trends in e-commerce, our firm takes a keen interest in new e-payment methods. Last year, we predicted the Bitcoin would emerge as an innovative mode of currency for online...
View ArticleBanks Shy Away From Processing Marijuana Transactions in Colorado – Will...
Last Friday, the Department of Justice (DOJ) and the Department of Treasury, Financial Crimes Enforcement Network (FinCen), both published new guidance in connection with the legalization of...
View ArticleMy, What Long Arms You Have, Uncle
Here’s a visual: Uncle Sam extending his arms around the world, reaching out for his citizens, wherever they may be. He may resemble a candy-striped Gumby, with disproportionately long rubbery arms...
View ArticleOffshore Accounts? IRS is Watching
If you have unreported income from offshore accounts, now may be the best time to come forward and report those earnings; otherwise, you may be susceptible to criminal prosecution. The IRS initially...
View ArticleAre High Frequency Traders Playing Fast and Loose With the Rules?
When high frequency trading (HFT) first crept into the public consciousness, it related to primarily to the question of whether rapid, computer driven trading posed risks to the safety and stability of...
View ArticleThe Taxman Cometh for US Holders of Foreign Bank Accounts
U.S. citizens and residents with unreported assets abroad may be feeling a steady increase of pressure these days. The July 1, 2014 effective date of the Foreign Assets Tax Compliance Act (FATCA) is...
View ArticleBitcoin Equal to Money According to District Court Ruling
Is it possible to commit money laundering with virtual currency? At least one federal judge thinks so. Last month, U.S. District Judge Katherine Forrest refused to dismiss a money laundering charge...
View ArticleFATCA: Trapped by the Land of the Free?
The Foreign Account Tax Compliance Act (FATCA) has been billed as the U.S.’s bold effort to go after tax dodgers and cheats. The picture painted is that of greedy rich people secreting their fortunes...
View ArticleMore Money, More Problems – Another Billion Dollar Settlement for the DOJ
This summer BNP Paribas, one of the five largest banks in the world, agreed to a $9 billion settlement with the U.S. Department of Justice. The settlement figure may seem nothing short of economic...
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