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Page 148 of 176

March 30, 2015

The SEC announced fraud charges against investment adviser Lynn Tilton and her New York-based Patriarch Partners firms accusing them of hiding the poor performance of loan assets in three collateralized loan obligation (CLO) funds they manage collectively referred to as the Zohar funds.  SEC

Tagged in: Misrepresentations, Securities Fraud,

March 27, 2015

New York-based brokerage firm Macquarie Capital (USA) Inc., a wholly owned subsidiary of global financial services firm Macquarie Group Limited, agreed to pay $15 million to settle SEC charges for underwriting a public offering o Puda Coal despite obtaining a due diligence report indicating that the China-based company’s offering materials contained false information.  Former Macquarie Capital managing director Aaron Black and former investment banker William Fang also agreed to pay $212,711 and $35,000, respectively, to settle charges they failed to exercise appropriate care in their due diligence review.  SEC

Tagged in: Misrepresentations, Regulatory Violations, Securities Fraud,

March 26, 2015

Chicago-based trading firm Global Fixed Income LLC, its owner Charles Perlitz Kempf and nearly two dozen companies and individuals who regularly bought and sold securities on behalf of Global agreed to pay nearly $5 million in disgorgement of profits and $1 million in penalties to settle SEC charges of failing to properly register with the SEC.  The settling companies included: Florida-based AGS Capital Group, Tennessee-based Banes Capital Management, Florida-based Big Star Capital, California-based Esso Ventures, New Jersey-based Etek Investment Management, New Jersey-based Finmark Resources, Kentucky-based Parker Paschal & Company, Florida-based PMK Capital Management, and Maryland-basedRLJ Fixed Income.  SEC

Tagged in: Regulatory Violations, Securities Fraud,

March 13, 2015

The SEC charged eight officers, directors, or major shareholders for failing to update their stock ownership disclosures to reflect material changes, including steps to take the companies private.  Each of the respondents, which included Berjaya Lottery Management (H.K.) Ltd., The Ciabattoni Living Trust; SMP Investments I, LLC and Shuipan Lin, the Chairman and CEO of China-based Exceed Company Ltd. SEC

Tagged in: Regulatory Violations, Securities Fraud,

March 4, 2015

The SEC charged Texas-based brokerage firm H.D. Vest Investment Securities with violating key customer protection rules after failing to adequately supervise registered representatives who misappropriated customer funds.  The company agreed to settle the charges by paying a financial penalty and retaining an independent compliance consultant to improve its supervisory controls.  SEC

Tagged in: Regulatory Violations, Securities Fraud,

March 2, 2015

The SEC announced it has suspended trading in 128 inactive penny stock companies to ensure they don’t become a source for pump-and-dump schemes.  The trading suspensions are the latest in a microcap fraud-fighting initiative known as Operation Shell-Expel in which the SEC Enforcement Division’s Office of Market Intelligence utilizes technology to scour the over-the-counter (OTC) marketplace and identify dormant companies ripe for abuse.  SEC

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

February 27, 2015

The SEC charged purported venture capital fund manager Gregory W. Gray Jr. and his firms Archipel Capital LLC and BIM Management LP with fraudulently using money from three investment funds to pay fictitious returns to investors in a different fund.  SEC

Tagged in: Misrepresentations, Ponzi Schemes, Securities Fraud,

February 19, 2015

The SEC announced insider trading charges against Scott Zeringue, alleging that while serving as vice president of construction operations at Baton Rouge-based The Shaw Group he traded company securities based on confidential information he learned on the job about an impending acquisition by Chicago Bridge & Iron Company.  SEC

Tagged in: Insider Trading, Securities Fraud,

February 19, 2015

New York City-based brokerage firm VCAP Securities and its CEO Brett Thomas Graham agreed to pay nearly $1.5M to settle charges they fraudulently deceived other market participants while conducting auctions to liquidate collateralized debt obligations.  SEC

Tagged in: Misrepresentations, Securities Fraud,

February 18, 2015

The SEC announced fraud charges and an emergency asset freeze against two operators of a Colorado-based pyramid and Ponzi scheme that promises investors extraordinary returns of 700 percent through a purported “triple algorithm” and “3-D matrix.”  According to the government, Kristine L. Johnson and Troy A. Barnes raised more than $3.8M since April 2014 from investors they enticed into buying positions in their company Work With Troy Barnes Inc. (d/b/a “The Achieve Community”) when their company had no legitimate business operations and they were merely paying purported investment returns to earlier investors.  SEC

Tagged in: Ponzi Schemes, Securities Fraud,

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