On May 7, 2021, the operator of a major pipeline system that transports fuel across the East Coast fell victim to a ransomware attack that resulted in a six-day shutdown. Over the following week, East Coast stockpiles of gasoline dropped by about 4.6 million barrels and gas prices surged to their highest levels in six
Financial
New Complaint – SEC v. Silver
By Jenny Yi
The SEC filed SEC v. Silver in the United States District Court, Southern District of New York on April 13, 2021, claiming Defendant Silver orchestrated and carried out a string of frauds to cover up tens of millions of dollars in losses on bad bets to keep his investment advisory business afloat. Specifically, the complaint…
New Complaint – SEC v. Horwitz
The SEC filed SEC v. Horwitz in the Central District of California on April 5, 2021, alleging that Defendant Horowitz violated federal securities laws in connection with fraudulent promissory notes issued by Horwitz’s company. Specifically, the complaint alleges violations of Sections 17(a) of the Securities Act, 10(b) of the Securities Exchange Act, and 10b-5 of…
New Complaint – Surefire Dividend Capital, LP v. Industrial and Commercial Bank of China Financial Services LLC
Plaintiff Surefire Dividend Capital, LP (“Plaintiff”) filed Surefire Dividend Capital, LP v. Industrial and Commercial Bank of China Financial Services LLC in the Supreme Court of New York for the County of New York on April 15, 2021, claiming at least $46,598,676.84 in money damages, along with its costs and attorneys’ fees. Specifically, the complaint…
New Complaint – Trinh Ngoc Pham v. The Church for the Healthy Self, A/K/A CHS Trust, et al.
Trinh Ngoc Pham v. The Church for the Healthy Self, A/K/A CHS Trust, et al. is a putative class action filed in the Superior Court of California seeking damages related to a church-based investment scheme propped up by Ponzi-type payments.
Plaintiff is an individual who invested into the defendants’ church under the impression that the…
Personal Jurisdiction – An Effective Defense As Illustrated by the Southern District of New York in Dismissing Ponzi Litigation
In a recent decision in Anderjaska v. Bank of America, N.A., et al., the Southern District of New York decided that three national banks were not subject to general jurisdiction in New York for allegedly aiding and abetting a Ponzi scheme.
Anderjaska highlights the utility of procedural mechanisms when defending against Ponzi-related allegations in a…
High Court’s Upcoming Decision May Have Major Impact on Foreign Arbitrations
On March 22, 2021, the U.S. Supreme Court granted a petition for writ of certiorari in Servotronics, Inc. v. Rolls-Royce PLC, a decision that will likely resolve a circuit split over the power of an arbitrator to issue third-party discovery subpoenas to obtain document discovery in foreign arbitrations.
The issue involves Title 28, Section 1782(a) of…
New Complaint – Elghossain v. Bank of Audi, et al.
Elghossain v. Bank of Audi, et al. was filed in the Southern District of New York on March 11, 2021, claiming that Plaintiffs were victims of a Ponzi scheme within the Lebanese banking system.
Plaintiffs are a married couple—both citizens and residents of the United States. The defendants are two Lebanese banks, Bank Audi and…
New Complaint – SEC v. George S. Blankenbaker, et al.
SEC v. George S. Blankenbaker, et al. was filed in the United States District Court for the Southern District of Indiana on March 31, 2021, seeking a permanent injunction enjoining the defendants from future trading, disgorgement of ill-gotten gains, and civil penalties.…
New Complaint – Peters v. Gallun, et al.
Peters v. Gallun, et al. was filed in the Central District of California on February 18, 2021, claiming civil damages for violations of securities law, breach of contract, and conversion.
Plaintiff is an individual working as a movie producer in California (“Peters”). The defendants are an individual acting as a business manager and equine sales…