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Peiffer Wolf: We’ve Been Warning For 18 Months That GPB Capital Is A “Ponzi Scheme” - Madoff Lesson Not Learned? Law Firm Sounded Alarm In Mid-2019 Even As GPB Capital Got A Pass From Most On Wall Street And In Media; “Thousands Of Victims Needlessly Cleaned Out” By Delay In Action

Date 04/02/2021

Joseph Peiffer, managing partner, Peiffer Wolf Carr Kane & Conway, issued the following statement today on the filing of criminal charges against David Gentile, the chief executive of GPB Capital Holdings LLC, Jeffrey Schneider, the owner of GPB’s affiliate Ascendant Capital, and Jeffrey Lash, a former GPB managing partner:
Canadian Securities Regulators Warn Public About Trading Scam Using Fake Accreditation

Date 04/02/2021

The Canadian Securities Administrators (CSA) is warning the public about a trading scam advertised under the name of Mercury Crypto Invest (Mercury). Mercury posted a series of online advertisements, primarily on Kijiji, offering an investment opportunity to people across Canada.
ICI Global Response To European Commission Consultation On CSDR

Date 04/02/2021

The Investment Company Institute (ICI), the leading association representing regulated funds globally submitted a response to the European Commission's (EC) consultation on the settlement discipline regime under the Central Securities Depositories Regulation (CSDR).
New York Attorney General James Sues Private Equity Fund Manager For Ponzi-Like Investment Scheme That Defrauded Investors Out Of More Than $700 Million - Defendants Diverted Investor Monies To Pay Off Other Investors, Subsidize Luxury Travel And Purchase Ferrari - New York Investors Alone Invested More Than $150 Million

Date 04/02/2021

New York Attorney General Letitia James today filed a lawsuit against a New York private equity fund manager and five co-defendants for defrauding investors across the country out of more than $700 million through a Ponzi-like scheme that offered to pay investors generous monthly distributions they could never deliver. The suit — filed against New York City based investment advisor GPB Capital Holdings, LLC; two related entities involved in marketing the funds, Ascendant Capital and Ascendant Alternative Strategies; and three individuals, David Gentile, Jeffry Schneider, and Jeffrey Lash — charges the defendants with devising and executing a fraudulent scheme to enrich themselves at the expense of investors without ever delivering a profit to those who invested in the funds. Thousands of investors across the nation invested more than $1.8 billion in GPB funds, including more than 1,400 New Yorkers who invested more than $150 million, on promises of profits on private equity investments in portfolio companies that included automotive dealerships and waste management companies.
New York State Department Of Financial Services Lacewell Announces DFS Issues Cybersecurity Insurance Risk Framework - First Regulator In The Nation To Issue Specific Guidance For Property/Casualty Insurers Writing Cyber Insurance - Department Joins Law Enforcement Authorities Recommending Against Ransom Payments

Date 04/02/2021

Superintendent Linda A. Lacewell today announced the New York State Department of Financial Services (DFS) issued a new Cyber Insurance Risk Framework. The Framework outlines industry best practices for New York-regulated property/casualty insurers that write cyber insurance to effectively manage their cyber insurance risk. The Framework is the first guidance by a U.S. regulator on cyber insurance.

Canadian Securities Regulators Propose To Modernize Registration Information Requirements, Clarify Outside Activity Reporting And Update Filing Deadlines

Date 04/02/2021

The Canadian Securities Administrators (CSA) is proposing targeted changes to provide registered firms and individuals with greater clarity on what information is required as part of the registration process, while also improving the quality of information received by regulators. These changes are expected to result in a more efficient registration and oversight process.
Nadex Temporarily Amends Binary Contracts Strike Width

Date 04/02/2021

Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (“Act”), and Section 40.6(d) of the regulations promulgated by the Commodity Futures Trading Commission (the “Commission”) under the Act (the “Regulations”), North American Derivatives Exchange, Inc. (“Nadex”, the “Exchange”) hereby provides notice that due to increased volatility in the underlying markets upon which the Nadex contracts are based, Nadex made changes to the strike widths of various contracts during the week of February 1, 2021 as indicated in the Weekly Notice.
Intercontinental Exchange Announces 10% Increase To Its Quarterly Dividend

Date 04/02/2021

Intercontinental Exchange (NYSE: ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, announced board authorization of its first quarter 2021 dividend of $0.33 per share, up 10% from its previous $0.30 per share quarterly dividend in 2020.
MIAX Options And MIAX Pearl Options - Deprecation Of 10G LL Infrastructure And The Addition Of Two 10G ULL Switches

Date 04/02/2021

MIAX Options and MIAX Pearl Options will deprecate the 10G Low Latency (LL) switch infrastructure in June 2021. All 10G LL cross connects must be migrated to the 10G Ultra Low Latency (ULL) switch infrastructure. Moreover, coinciding with this migration, the 10G ULL infrastructure will expand to include 2 additional switches.
Digital Asset Shapes Future Of Interoperable Applications: Showcases Strong Adoption Of Open Source Smart Contract Language Daml - Daml Customer Base Tripled, Partner Ecosystem Doubled In Size In 2020

Date 04/02/2021

Digital Asset, the creators of the open source smart contract language called Daml, today announced the company experienced strong 2020 momentum, including strong user community growth, customer and partner expansion, and technology advancements. The milestones reflect the rising demand for Daml as more businesses worldwide realize the cost- and time-saving benefits of creating interoperable applications that can run across any traditional database or distributed ledger technology like blockchain.