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Page 145 of 176

June 9, 2015

Andrew L. Evans, a trader residing in Canada, agreed to pay more than $1 million to settle charges that through his firm Maritime Asset Management he shorted US stocks in companies planning follow-on offerings and then illegally bought shares in the follow-on offerings to lock in significant profits with little to no market risk. SEC

Tagged in: Market Manipulation and Trading Violations, Regulatory Violations, Securities Fraud,

June 5, 2015

Computer Sciences Corporation agreed to pay $190 million to settle SEC charges of manipulating financial results and concealing significant problems about the company’s contract with the UK’s National Health Service, the company’s largest and most high-profile contract.  Former CEO Michael Laphen agreed to return to CSC more than $3.7 million in compensation under the clawback provision of the Sarbanes-Oxley Act and pay a $750,000 penalty.  Former CFO Michael Mancuso agreed to return $369,100 in compensation and pay a $175,000 penalty.  SEC

Tagged in: Accounting Fraud, Damages and Penalties, Misrepresentations, Securities Fraud,

June 3, 2015

The SEC announced insider trading charges against four individuals stealing confidential information from investment banks and their public company clients in order to trade in advance of secondary stock offerings.  SEC

Tagged in: Insider Trading, Securities Fraud,

June 1, 2015

The SEC charged Miami investment adviser Phil Donnahue Williamson with running a Ponzi scheme under which he siphoned money from his Sterling Investment Fund and defrauded investors, including several local teachers and law enforcement officers.  SEC

Tagged in: Ponzi Schemes, Securities Fraud,

June 1, 2015

Merrill Lynch agreed to admit wrongdoing and pay nearly $11 million to settle charges that two of its entities used inaccurate data in the course of executing short sale orders.  SEC

Tagged in: Regulatory Violations, Securities Fraud,

May 28, 2015

The SEC announced fraud charges against William Quigley for allegedly fleecing investors and stealing money from Trident Partners Ltd., the brokerage firm where he worked as the director of compliance.  According to the SEC, Quigley was involved in a scheme to solicit investors to buy stock in well-known companies or supposed start-ups on the verge of going public, but the securities were never actually purchased for them.  Instead, after investors wired their funds to bank and brokerage accounts that Quigley set up and controlled, the money was quickly wired to a bank account in the Philippines or withdrawn in small increments from ATM machines in the vicinity of Quigley’s home and office.  SEC

Tagged in: Misrepresentations, Securities Fraud,

May 26, 2015

The SEC announced fraud charges against Adam S. Gottbetter, a securities lawyer who used his New York law office as the headquarters for planning and implementing market manipulation schemes.  According to the SEC, Gottbetter orchestrated promotional campaigns that touted the prospects of microcap companies and enticed investors to buy their stock at inflated prices so he and his cohorts could sell shares they controlled and reap massive profits.  Gottbetter agreed to pay $4.6 million to settle the SEC’s charges.  SEC

Tagged in: Market Manipulation and Trading Violations, Securities Fraud,

May 26, 2015

Deutsche Bank agreed to pay a $55 million penalty to settle SEC charges of filing misstated financial reports during the height of the financial crisis that failed to take into account a material risk for potential losses estimated to be in the billions of dollars.  SEC

Tagged in: Accounting Fraud, Misrepresentations, Securities Fraud,

May 21, 2015

The SEC announced fraud charges against Atlanta-based investment advisory firm Gray Financial Group, its founder and president Laurence O. Gray, and its co-CEO Robert C. Hubbard IV, for allegedly selling unsuitable investments to pension funds for the city’s police and firefighters, transit workers, and other employees.  SEC

Tagged in: Misrepresentations, Regulatory Violations, Securities Fraud,

May 20, 2015

The SEC announced fraud charges against the co-owners of a Manhattan-based brokerage firm.  The SEC alleges that as Arjent LLC and its UK-based affiliate Arjent Limited were approaching insolvency, chairman and CEO Robert P. DePalo attempted to keep the firms afloat and maintain his extravagant lifestyle by selling shares in a holding company called Pangaea Trading Partners.  DePalo along with managing director and co-owner Joshua B. Gladtke allegedly misrepresented to investors the value of Pangaea’s assets and how their money would be used – transferring the first $2.3 million raised in the offering directly to his own bank accounts and using it for his personal benefit.  SEC

Tagged in: Misrepresentations, Securities Fraud,

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