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Page 146 of 176

May 14, 2015

The SEC charged Sean R. Stewart, a managing director at a prominent investment bank, with routinely tipping off his father Robert K. Stewart with confidential information about future mergers and acquisitions involving clients of two investment banks where he has worked during the past few years. The elder Stewart, a certified public accountant and CFO of a technology company, cashed in on the tips by placing and directing highly profitable securities trades ahead of at least a half-dozen merger and acquisition announcements. The scheme generated approximately $1.1 million in illicit proceeds in a four-year period. SEC

Tagged in: Insider Trading, Securities Fraud,

May 14, 2014

Nationwide Life Insurance Company agreed to pay an $8 million penalty to settle SEC charges it routinely violated pricing rules in its daily processing of purchase and redemption orders for variable insurance contracts and underlying mutual funds. SEC

Tagged in: Regulatory Violations, Securities Fraud,

May 11, 2015

The SEC charged a self-described retirement planning firm, Novers Financial and its principals Christopher A. Novinger and Brady J. Speers with falsely telling customers that interests in life settlements they offered and sold were “guaranteed,” “safe as CDs,” and “federally insured.” In addition to the charges against Novers Financial and the two principals, the SEC charged ICAN Investment Group LLC and Speers Financial Group LLC for acting as unregistered broker-dealers. SEC

Tagged in: Misrepresentations, Regulatory Violations, Securities Fraud,

May 6, 2015

The SEC filed fraud charges against four former officers of Wilmington Trust for intentionally understating past due bank loans during the financial crisis. According to the SEC, the former officials improperly excluded hundreds of millions of dollars of past due real estate loans from financial reports filed by Wilmington Trust in 2009 and 2010, violating a requirement to fully disclose the amount of loans 90 or more days past due. The former Delaware-based bank holding company was acquired by M&T Bank in May 2011 and paid $18.5 million in September 2014 to settle related SEC charges of improper accounting and disclosure fraud. SEC

Tagged in: Accounting Fraud, Misrepresentations, Securities Fraud,

 April 29, 2015

The SEC charged the hedge fund advisory firm Alpha Titans LLC along with its principal Timothy P. McCormack and general counsel Kelly D. Kaeser with improper allocations of fund assets to pay undisclosed operating expenses.  To settle the SEC’s charges, Alpha Titans and McCormack agreed to pay disgorgement of $469,522, prejudgment interest of $28,928, and a penalty of $200,000.  Lesser agreed to pay a penalty of $75,000.  SEC

Tagged in: Securities Fraud,

April 22, 2015

Real estate investment firm W2007 Grace Acquisition I Inc., which is indirectly owned by one or more private equity funds affiliated with The Goldman Sachs Group Inc., agreed to pay $640,000 to settle SEC charges relating to its failure to make eight required SEC filings.  SEC

Tagged in: Regulatory Violations, Securities Fraud,

April 22, 2015

The SEC announced a whistleblower award of roughly $1.5 million to a compliance officer who had a reasonable basis to believe that disclosure to the SEC was necessary to prevent imminent misconduct from causing substantial financial harm to the company or investors.  This is the second award the SEC has made to an employee with internal audit or compliance responsibilities.  Whistleblower Insider

Tagged in: SEC Whistleblower Reward Program, Securities Fraud, Whistleblower Case, Whistleblower Eligibility, Whistleblower Rewards,

April 20, 2015

BlackRock Advisors LLC agreed to pay a $12 million penalty to settle SEC charges it breached its fiduciary duty by failing to disclose a conflict of interest created by the outside business activity of a top-performing portfolio manager.  According to the SEC, Daniel J. Rice III was managing energy-focused funds at BlackRock when he founded Rice Energy, which later formed a joint venture with a publicly-traded coal company that eventually became the largest holding in the $1.7 billion BlackRock Energy & Resources Portfolio, the largest Rice-managed fund. Whistleblower Insider

Tagged in: Regulatory Violations, Securities Fraud,

April 16, 2015

The SEC charged New York City-based financial advisor Michael J. Oppenheim with stealing at least $20 million from customers to fund his own brokerage accounts and then squandering the bulk of the money in highly unprofitable options trading.  SEC

Tagged in: Securities Fraud,

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