Client Alert March 3, 2021

The Corporate Transparency Act: Is it Actually Helpful for Private Parties?

  • The U.S. Corporate Transparency Act (CTA), part of the recently-passed National Defense Authorization Act (NDAA), has broken new ground by requiring beneficial owners of U.S. corporate entities to register with U.S. government authorities.
  • While the CTA appears to shut out private parties – such as creditors and victims of fraud – from accessing such information, there may be potential creative ways to work around this roadblock, bringing creditors one step closer to a substantial recovery of their assets.
  • Nevertheless, creative creditors and their counsel might be able to obtain this information through certain channels to cut off escape routes for debtors and fraudsters, and obtain more complete recoveries.

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Publications March 2, 2021

Calvin Koo Pens Article in Wealth Briefing Asia on the Legal Risks for Asia-Pacific Investors Interested in Bitcoin

Bitcoin’s rise in price has coincided with its rise in attractiveness for a growing number of investors, including ultra-high-net-worth individuals (UHNWIs). However, UHNWIs and their advisers should be wary of potential legal exposure as legal regimes are evolving around the world, including in Asia-Pacific, Kobre & Kim’s Calvin Koo writes in Wealth Briefing Asia.

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Publications March 2, 2021

Benjamin Sauter Speaks with Cointelegraph on U.S. State vs Federal Digital Currency Regulation

Days before New York reached a settlement with digital currency trading platform Bitfinex after a long investigation, Ripple Labs registered as a business in Wyoming, underscoring the Swiss-cheese state of U.S. digital currency regulation and Wyoming’s effort to become the country’s digital currency center. Kobre & Kim’s Benjamin Sauter analyzed the current regulatory framework when he sat down with Cointelegraph.

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Publications March 2, 2021

Sean Buckley and Amanda Tuminelli on Pretrial Release Strategies for Wealthy Defendants in Law360

Ghislaine Maxwell became the latest in a string of defendants held in pretrial detention in part because of her significant financial resources. With home confinement being more comfortable and allowing easier coordination with counsel, what can wealthy defendants do to make pretrial release more likely? Kobre & Kim’s Sean Buckley and Amanda Tuminelli explain in an article for Law360.

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Publications March 2, 2021

Kobre & Kim Lawyers in CoinDesk Op-Ed: The Dangers of Calling the GameStop Rally “Market Manipulation”

The rise and fall of GameStop, Dogecoin and other meme stocks have left day traders and institutional investors angrily accusing each other of market manipulation. However, as Kobre & Kim’s Benjamin Sauter, Steven Perlstein, William McGovern and David McGill explained in an op-ed for CoinDesk, both sides may come to regret this shortsighted argument.

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Publications February 23, 2021

Benjamin Sirota, Nicholas Surmacz and Joshua Huang on Antitrust and Offensive Investigations in Part 2 of “Antitrust” Podcast Series

Around the world, government-led antitrust actions and associated private litigation—such as the ongoing “techlash” phenomenon in the United States—are on the rise.   Many companies naturally view this trend as creating risk and possible exposure.  But companies are also advised to consider how to deploy antitrust tools offensively.

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Publications February 19, 2021

Kobre & Kim Lawyers in Bloomberg Law: New Wire Fraud Theory Targets Securities and Digital Currency Traders

As a result of recent developments, U.S. regulators and prosecutors are “armed with a new tactic” to use criminal wire fraud charges to target securities and digital currency traders, Kobre & Kim’s David McGill, Jonathan Cogan, Sean Buckley and Benjamin Sauter wrote in an article for Bloomberg Law.

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Publications February 5, 2021

Benjamin Sauter Explains Precedent-Setting Digital Currency Recovery Case

A precedent-setting case has shown how recovering stolen digital assets may now be even easier than traditional asset recovery. Kobre & Kim’s Benjamin Sauter, who took part in that case, spoke with Forkast News about the case’s impact on the wider industry.

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Publications February 4, 2021

David McGill Discusses Implications of GameStop Rally with Compliance Week

As U.S. financial regulators meet to discuss the wild market swings in GameStop and other stocks, Kobre & Kim’s David McGill told Compliance Week that what happened may just be “the tip of the iceberg.”

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Publications January 29, 2021

Evelyn Sheehan and Jason Short on New U.S. AML Risks for High-Net-Worth Individuals and Politically Exposed Persons

As part of the recent National Defense Authorization Act (NDAA), the Anti-Money Laundering Act of 2020 substantially expands the United States’ anti-money laundering (AML) regime, which may pose far-reaching implications to high-net-worth individuals (HNWIs) and politically exposed persons. Kobre & Kim’s Evelyn Sheehan and Jason Short spell out the consequences in an article for Law360.

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Publications January 29, 2021

Andrew Lourie on Market Manipulation and the Legal Risks Facing Gamestop Traders

Reddit users’ efforts to squeeze short sellers by driving up the stock price of Gamestop has drawn the attention of regulators. Kobre & Kim’s Andrew Lourie, a former U.S. Department of Justice lawyer focused on market manipulation, analyzed what legal action may follow when he sat down with Yahoo Finance.

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Publications January 28, 2021

Steven Kobre Joins Managing Partner Roundtable on Addressing COVID-19 Challenges

Kobre & Kim co-founder Steven Kobre joined the New York State Bar Association’s Managing Partner Roundtable on January 21, 2021 to discuss how law firm managing partners are combatting the multifaceted challenges posed by COVID-19. Mr. Kobre joined fellow managing partners from McGuireWoods, Steptoe & Johnson, Boies Schiller Flexner, Patterson Belknap Webb & Tyler, Ropes & Gray, Robinson & Cole and Hogan Lovells.

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Client Alert January 28, 2021

Keeping Offshore Assets Offshore

  • Prevailing case law in BVI and Cayman has historically not allowed injunctions to be granted by the offshore courts unless there is an existing claim against the defendant within the jurisdiction of the Court granting the injunction.
  • Fortunately, that position has changed in the Cayman Islands and now in BVI, with claimants, including those from onshore jurisdictions such as Hong Kong and the People’s Republic of China, able to obtain “free-standing” injunctive relief in both offshore jurisdictions.
  • With the advent of the new law in BVI, and the continuing willingness of the Cayman Islands’ Courts to make protective orders, victims of fraud are now in a better position than they have ever been to guard against a defendant’s dissipation of its offshore assets whilst they are waiting for a judgment.

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Publications January 26, 2021

Wealth Talk: Farrington Yates on Using U.S. Insolvency for Cross-Border Information Gathering

It may be surprising to learn that there can be a broad overlap between U.S. bankruptcy law and litigation involving high-net-worth individuals (HNWIs), but as Kobre & Kim’s Farrington Yates explained in the tenth episode of Kobre & Kim’s series with Family Wealth Report on global challenges facing HNWIs, the available tools can be powerful.

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Publications January 25, 2021

Benjamin Sirota, Daniel Zaheer and Michael Ng on the Intersection of Antitrust and Intellectual Property

Though often perceived as opposing forces, antitrust and intellectual property (IP) law are now converging in courtrooms around the world. How can in-house and general counsel navigate cases where one must balance free competition with limited monopolies? Kobre & Kim lawyers Benjamin Sirota, Daniel Zaheer and Michael Ng, discussed the intersection of IP and antitrust with Richard Levick in the first episode of the In House Warrior podcast’s three part “Antitrust” series.

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