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Page 48 of 57

August 3, 2015

Houston businessman, Frederick Alan Voight, settled charges by the SEC that he operated a $114 million Ponzi scheme.  The SEC’s case charged Voight with defrauding more than 300 investors in multiple offerings of promissory notes issued by two partnerships he owns.  Voight has agreed to an asset freeze and to pay civil penalties and return allegedly ill-gotten gains in an amount to be set later by the court.  SEC

Tagged in: Misrepresentations, Ponzi Schemes, Securities Fraud,

July 31, 2015

The SEC charged Canadian citizen, Phillip Thomas Kueber, with conducting a scheme to conceal his control and ownership of microcap company, Cynk Technology Corp., to make it appear that the company had publicly-held shares.  According to the SEC’s complaint, the SEC suspended trading in the stock before Kueber could profit on the stock’s rise from 10 cents per share to over $21 per share. SEC

Tagged in: Misrepresentations, Securities Fraud,

July 30, 2015

The SEC charged two men and eight companies with defrauding investors who purchased the companies’ securities and so-called “charitable gift annuities.”  According to the SEC’s complaint, the two men, the CEO and CFO of Defendant 54Freedom, Inc., repeatedly misled investors regarding company prospects.   The alleged scheme raised at least $8 million from 125 or more investors over seven years.  In a parallel criminal action, the U.S. Attorney’s Office of the Northern District of New York announced on July 24th that it arrested one of the men on charges of fraud and money laundering related to the “charitable gift annuities.”  SEC

Tagged in: Misrepresentations, Securities Fraud,

July 21, 2015

The SEC charged three men, currently living in Israel, with defrauding investors by disseminating promotional e-mails exhorting readers to immediately buy purportedly hot stocks so they could secretly sell their own holdings at a substantial profit, a classic “pump and dump” scheme.  According to the allegations in the complaint, the men pumped the price of penny stocks by as much as 1,800 percent, permitting them to take over $2.8 million in trading profits.  In a parallel action, the Southern District of New York’s U.S. Attorney’s office has brought criminal charges against the three men.  SEC

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

July 14, 2015

The SEC charged 15 individuals and 19 entities for their roles in alleged schemes to manipulate the trading of microcap stocks.  The defendants include two microcap issuers (Warrier Girl Corp. and Nature’s Peak, formerly Everock, Inc.), six firms alleged to have acted as unregistered broker-dealers for customers wishing to conceal their stock ownership and manipulate the microcap market, owners and employees at these six firms, customers, and stock promoters.  Defendant Moneyline Brokers is alleged to have unlawfully operated as a broker-dealer for U.S.-based customers who engaged in “pump and dump” schemes.  SEC

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

July 14, 2015

OZ Management LP admitted wrongdoing and agreed to pay a $4.25 million penalty to settle charges that it provided inaccurate trade data to four prime brokers, causing inaccuracies in the brokers’ books and records and in data provided to the SEC in investigations.  SEC

Tagged in: Misrepresentations, Securities Fraud,

June 23, 2015

The SEC charged Gregg R. Mulholland, a microcap promoter, with illegally selling more than 83 million penny stock shares that he secretly obtained through at least 10 different offshore front companies.  Mulholland was previously charged by the SEC in 2011 for the fraudulent pump-and-dump manipulation of a sports drink company founded by Daniel “Rudy” Ruettiger, known for having inspired the motion picture “Rudy.”  In 2013, the SEC obtained a monetary judgment against Mulholland for more than $5.3 million. SEC

Tagged in: Misrepresentations, Regulatory Violations, Securities Fraud,

June 18, 2015

The SEC charged Norstra Energy, a Texas-based oil company, and its CEO, Glen Landry, with defrauding investors by making false and misleading claims about reserve estimates and drilling campaigns.  The SEC also charged Eric Dany, the author of a stock-picking newsletter, for his role in a fraudulent promotional campaign encouraging readers to buy Norstra’s penny stock shares.  SEC

Tagged in: Misrepresentations, Securities Fraud,

June 17, 2015

The SEC announced an enforcement action against Silicon Valley-based Sand Hill Exchange for illegally offering complex derivatives products to retail investors.  The violations were detected shortly after the offering process began, and with cooperation from the company the platform was shut down before any investor harm occurred.  Sand Hill and two associated individuals agreed to pay a $20,000 penalty to settle the SEC’s charges.  SEC

Tagged in: Misrepresentations, Regulatory Violations, Securities Fraud,

June 10, 2015

The SEC brought fraud charges against Nicholas Lattanzio claiming he posed as a hedge fund manager and defrauded small companies out of more than $4 million.  According to the SEC, Lattanzio falsely promised small businesses he would arrange project financing for them and generate substantial returns on money they invested in his Black Diamond Capital Appreciation Fund when instead he simply took investor money and spent it on himself and his family.  SEC

Tagged in: Misrepresentations, Securities Fraud,

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