Showing posts filed under: Crime in the Suites by Steven Eichorn

October 3, 2017

SEC Continues to Focus on ICOs

A new enforcement initiative  by the Securities and Exchange Commission, part of its proclaimed efforts to address cyber-based threats and protect retail investors, indicates that the agency is including Initial Coin Offerings (ICOs) under its broad blanket of protection. Recent actions by the agency in the case of REcoin give more clues to its position… Read More

September 7, 2017

ICOs Facing an Uncertain Future in China and the U.S.

This week, in a joint statement issued by the People’s Bank of China, the securities and banking regulators, and other government agencies, the Chinese government declared that initial coin offerings (ICOs) constitute “illegal open financing behavior” and immediately froze all ICO activity.  The joint statement explained that the tokens issued in ICOs do not have… Read More

July 21, 2017

Why Banning Criminals from the Web Doesn’t Work

A few weeks ago, the Supreme Court issued a unanimous ruling in Packingham v. North Carolina, 137 S. Ct. 1730 (U.S. 2017) invalidating a state law outlawing registered sex offenders from accessing websites which could facilitate offender-minor direct communication.  While the majority opinion and concurrence seems grounded in, and specific to, sex offender restrictions, the… Read More

February 1, 2017

Will Clemency Continue?

There are many big policy changes happening in Washington these days and they receive appropriate press coverage. But, there are also many smaller changes that can have literally life changing effects on citizens, which are not generally reported in the media. One of those smaller changes is whether the Trump administration will revive a clemency program… Read More

March 30, 2016

Online Poker: A New Way to Bank?

In light of Tax Day (note that it’s on the 18th of April this year due to a holiday on the 15th) we want to point out a curious ramification from a federal case concerning online gambling, tax reports, and foreign accounts. In United States v. Hom [1], the defendant, John C. Hom, was an… Read More

September 8, 2014

The Hidden Regulatory and Licensing Consequences to a Conviction or Arrest

When it comes to a conviction, or even an arrest, the collateral consequences that are sometimes overlooked by client and counsel can be extremely damaging, especially when dealing with government agencies and programs. One such set of consequences is unique to contractors who do business with federal or state governments.  Because even a plea to… Read More

August 29, 2014

Collateral Damage: Criminal Convictions and the Lasting Consequences

  Prosecutors and often even judges do not appreciate the collateral consequences of a criminal conviction, regardless of whether it results from a trial or a plea agreement.  While the direct consequences of conviction are obvious – such as jail time, probation requirements, and fines – the collateral consequences are more insidious.  Yet sometimes those… Read More

July 11, 2014

NY Legalizing Medical Marijuana with the Compassionate Care Act

Severely ill patients in New York State are celebrating Gov. Andrew Cuomo’s signature of a bill that legalized medical marijuana in New York for many severely ill patients[1]. As noted by Assembly Speaker Silver in his remarks, “With this agreement, we are assuring access to that much-needed relief while ensuring the tightest possible regulation and… Read More

May 13, 2014

SEC Takes Proactive Approach to Cybersecurity

Last month, the Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) formally announced its cybersecurity initiative in a Risk Alert. The initiative followed up on OCIE’s announced prioritization of cybersecurity preparedness as part of its 2014 Examination Priorities. The initiative is also timely because the general public is becoming more conscious… Read More

February 21, 2014

Banks Shy Away From Processing Marijuana Transactions in Colorado – Will Anyone Step Up?

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 recreational marijuana in Colorado. Because marijuana use remains illegal under federal law, the banking industry is prohibited from servicing any marijuana-related bank accounts. This forces the recreational marijuana… Read More

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