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McGuireWoods’ Ponzi Litigation team launched its Ponzi Perspectives blog in early 2021. Throughout the past four years, we’ve tracked and posted case alerts on Ponzi-related complaints filed in federal and state courts throughout the country, analyzed key decisions that have the potential to influence controlling law, and posted practical considerations for financial institutions to consider when facing claims from defrauded investors or court appointed receivers and trustees. This 2024 year-end round up …

A flurry of activity in the Fifth Circuit this holiday season left clients asking the same questions about the Corporate Transparency Act (CTA): “Do we report Beneficial Ownership Information?” “If so, when is the deadline?” “Will this Act survive judicial review?”

On April 2 and 3, 2024, senior U.S. Securities and Exchange Commission officials convened at the SEC Speaks Conference in Washington, D.C., to discuss the SEC’s accomplishments in fiscal year 2023 and announce its priorities for 2024. Highlights from the Division of Enforcement included the Staff’s continued use of enforcement sweeps to shape market behavior; how self-reporting and cooperation can positively impact the resolution of matters; an aggressive approach to …

McGuireWoods’ Ponzi Litigation team launched its Ponzi Perspectives blog in early 2021. Since that time, we’ve posted detailed case alerts of Ponzi-related complaints filed throughout the country and posted key decisions that have the potential to influence controlling law on Ponzi-related issues involving financial institutions. This 2023 year-end round up summarizes the cases and opinions analyzed throughout the year and highlights anticipated trends for 2024.

On Feb. 21, 2024, FinCEN published a Small Entity Compliance Guide to assist entities — including financial institutions — in complying with the Corporate Transparency Act’s Beneficial Ownership Information Access and Safeguards Rule, which took effect on Feb. 20, 2024. McGuireWoods provided an overview of the rule in a previous Subject to Inquiry blog post.

On December 23, 2023, New York Governor Kathy Hochul signed the New York LLC Transparency Act (“NYLTA”), which requires LLCs to disclose beneficial ownership information (“BOI”) to the New York Department of State. Effective December 21, 2024, the NYLTA will impose separate BOI reporting requirements on New York LLCs, which are also subject to the reporting requirements under the federal Corporate Transparency Act (“CTA”). McGuireWoods has published prior alerts on the CTA generally, the use …

Notable litigation filed during November 2023 includes: (1) BB & MB WDF, LLC v. Seare, et al.; (2) Day v. Heppner, et al.; (3) Scura v. Heppner, et al.; and (4) Commodity Futures Trading Comm’n v. Young, et al.

The Corporate Transparency Act (“CTA”) was enacted in 2021 as part of the Anti-Money Laundering Act of 2020. The CTA requires certain business entities (“Reporting Companies”) to report beneficial ownership information (“BOI”), and, for entities created or registered on or after January 1, 2024, information with respect to any individual who directly files the document creating the Reporting Company (“Company Applicant”), to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”).

The Corporate Transparency Act (“CTA”) was enacted in 2021 as part of the Anti-Money Laundering Act of 2020, requiring certain business entities (“Reporting Companies”) to report beneficial ownership information (“BOI”), and, for entities created or registered on or after January 1, 2024, information with respect to any individual who directly files the document creating the Reporting Company (“Company Applicant”), to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”).

In 2021, the Corporate Transparency Act (“CTA”) was enacted as part of the Anti-Money Laundering Act of 2020, requiring certain business entities (“Reporting Companies”) to report beneficial ownership information (“BOI”) to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”). FinCEN issued the final rule implementing the CTA’s reporting provisions on September 29, 2022. Effective January 1, 2024, these new reporting provisions put the onus of reporting beneficial ownership information …

September was an active month for Ponzi litigation with nearly a dozen new complaints filed alleging fraudulent investment activity. The SEC continues to drive Ponzi-related litigation; in addition to four enforcement actions brought last month, previous SEC litigation precipitated several complaints filed by investors and court-appointed receivers. Consistent with the trends discussed in Ponzi Perspective’s Midyear Roundup, the majority of actions filed in September involved real estate investment schemes and targeted solicitation …

… public companies with their reporting obligations under the Securities Exchange Act of 1934, including Forms 10-K, 10-Q and 8-K, Section 16 reports and DEF 14A (proxy statements), as well as with Regulation FD and Regulation G compliance. Team members prepare insider trading policies, develop training programs and assist with other aspects of securities transactions engaged in by company officers, directors and significant security holders, including 10b5-1 plans and Rule 144 …

Following the Pennsylvania Supreme Court’s approval of a cause of action for aiding and abetting fraud, businesses risk being held liable for customers’ misconduct, with the potential for increased Ponzi scheme-related litigation.

… contact.McGuireWoods’ securities and compliance team assists private and public companies in capital-raising efforts through private and public offerings, and assists public companies with their reporting obligations under the Securities Exchange Act of 1934, including forms 10-K, 10-Q and 8-K, Section 16 reports and DEF 14A (proxy statements), as well as with Regulation FD and Regulation G compliance. We prepare insider-trading policies, develop training programs and assist with other …