Cryptocurrencies and Securities Fraud: In Need of Legal Guidance

Podgor, Ellen S.

doi:10.2139/ssrn.3413384

Cited by 4 publications

(2 citation statements)

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“…As for American academics, who have widely covered the topic of whitecollar crime, E. Podgor, professor of law at Stetson University College of Law, is one of the leaders on both quality and quantity. During the past two decades, she has covered a wide range of white-collar crime issues, starting with fraudulent bankruptcy and tax evasion and ending with extremely complicated schemes of insider trading and the alarming trend of whitecollar overcriminalization in America (Podgor, 2015;Podgor, 2021).…”

Section: Recent Research and Findingsmentioning

confidence: 99%

Globalization of White-Collar Crime: Far and Beyond National Jurisdictions

Lutsenko

Motyl

Tarasiuk³

et al. 2023

Cuest. Pol.

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The goal of the paper is to research the modern phenomenon of global white-collar crime, its socially harmful forms and to discuss methods of fighting such criminality internationally. In the course of the research, several general and special scientific methods were used. Special focus was laid on comparing models of enforcing economic crimes in different jurisdictions. A general overview of today’s interconnected economic systems is provided. A link between economic security and national (including information) security is explained. With reference to numerous publications on the issues of white-collar crime it is suggested that this topic is of significant practical meaning to national governments. Based on the example of several white-collar crimes, including tax evasion, money laundering and insider trading, a conclusion was made on the complexity of prosecuting economic offenses, when criminal activity goes beyond any national jurisdiction. Challenges of procedural nature, which relate to investigation and prosecution of such crimes, are discussed as well. As a general conclusion, it is argued that modern phenomenon of economic globalization significantly underlines the importance of the implementation of comparative, multi-jurisdictional research into the field of white-collar crime enforcement.

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Section: Recent Research and Findingsmentioning

confidence: 99%

Globalization of White-Collar Crime: Far and Beyond National Jurisdictions

Lutsenko

Motyl

Tarasiuk³

et al. 2023

Cuest. Pol.

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“…As we have analyzed in the introduction, the uses of cryptocurrencies are not always legitimate, and despite the apparent security offered by virtual currencies, we find the existence of their fraudulent use. Legislation has had to adapt (Teichmann and Falker 2020;Podgor 2019).…”

Section: Legislation Applicable To Cryptocurrencies In Europe and Spainmentioning

confidence: 99%

Cryptocurrencies and Fraudulent Transactions: Risks, Practices, and Legislation for Their Prevention in Europe and Spain

Bas

Rosal

Alonso

et al. 2021

Laws

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Cryptocurrencies have been developing very rapidly in recent years, and their use is becoming more and more widespread in different areas. The use of digital currencies for legal uses is advancing along with technological development, but, at the same time, criminal activities are also emerging to take advantage of this boom. The aim of this paper has been, first, to analyze the various ways in which individuals and criminal organizations have taken advantage of the phenomenon of cryptocurrencies to carry out fraudulent activities such as laundering money of illicit origin and, second, to provide an overview of the legal tools that have been developed in this regard in Europe and, more specifically, in Spain to combat these activities. Undoubtedly, cryptocurrencies bring great benefits to the economy, but it is also necessary to know the risks and abuses that have been developed to prevent them.

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Cryptocurrencies and future financial crime

et al. 2022

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Background Cryptocurrency fraud has become a growing global concern, with various governments reporting an increase in the frequency of and losses from cryptocurrency scams. Despite increasing fraudulent activity involving cryptocurrencies, research on the potential of cryptocurrencies for fraud has not been examined in a systematic study. This review examines the current state of knowledge about what kinds of cryptocurrency fraud currently exist, or are expected to exist in the future, and provides comprehensive definitions of the frauds identified. Methods The study involved a scoping review of academic research and grey literature on cryptocurrency fraud and a 1.5-day expert consensus exercise. The review followed the PRISMA-ScR protocol, with eligibility criteria based on language, publication type, relevance to cryptocurrency fraud, and evidence provided. Researchers screened 391 academic records, 106 of which went on to the eligibility phase, and 63 of which were ultimately analysed. We screened 394 grey literature sources, 128 of which passed on to the eligibility phase, and 53 of which were included in our review. The expert consensus exercise was attended by high-profile participants from the private sector, government, and academia. It involved problem planning and analysis activities and discussion about the future of cryptocurrency crime. Results The academic literature identified 29 different types of cryptocurrency fraud; the grey literature discussed 32 types, 14 of which were not identified in the academic literature (i.e., 47 unique types in total). Ponzi schemes and (synonymous) high yield investment programmes were most discussed across all literature. Participants in the expert consensus exercise ranked pump-and-dump schemes and ransomware as the most profitable and feasible threats, though pump-and-dumps were, notably, perceived as the least harmful type of fraud. Conclusions The findings of this scoping review suggest cryptocurrency fraud research is rapidly developing in volume and breadth, though we remain at an early stage of thinking about future problems and scenarios involving cryptocurrencies. The findings of this work emphasise the need for better collaboration across sectors and consensus on definitions surrounding cryptocurrency fraud to address the problems identified.

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Cryptocurrencies and Securities Fraud: In Need of Legal Guidance

Cited by 4 publications

References 0 publications

Globalization of White-Collar Crime: Far and Beyond National Jurisdictions

Globalization of White-Collar Crime: Far and Beyond National Jurisdictions

Cryptocurrencies and Fraudulent Transactions: Risks, Practices, and Legislation for Their Prevention in Europe and Spain

Cryptocurrencies and future financial crime

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