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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 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 14, 2015

The SEC announced fraud charges and an asset freeze against central Texas-based Leroy Brown Jr. accused of telling false tales about his stockbroking experience to lure current and former US military personnel into investing with him.  According to the government, Brown through his firm LB Stocks and Trades Advice LLC falsely assured investors, including some stationed at nearby Fort Hood, that he had many years of experience in the securities markets when in fact he is not a licensed securities professional and his firm is not registered with the SEC, Financial Industry Regulatory Authority, or any state regulator, and they have no evident experience with investments.  SEC

Tagged in: Misrepresentations, Regulatory Violations, Securities Fraud,

March 31, 2015

The SEC charged Andrew Miller, the former CEO of Silicon Valley-based technology firm Polycom Inc., with using nearly $200,000 in corporate funds for personal perks that were not disclosed to investors.  The SEC separately charged Polycom in an administrative order finding the company had inadequate internal controls and failed to report Miller’s perks to investors.  Polycom agreed to pay $750,000 to settle the SEC’s charges.  SEC

Tagged in: Misrepresentations, Regulatory Violations, 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,

February 10, 2015

Craig S. Lax, former CEO of a ConvergEx, agreed to pay more than $783,000 and admit wrongdoing to settle charges he participated in a scheme that caused his company’s customers to pay substantially higher amounts than the disclosed commissions for buying and selling securities.  The company previously paid $107M and admitted wrongdoing to settle related charges.  In settling the SEC’s charges, Lax also agreed to be barred from the securities industry for at least five years.  SEC

Tagged in: Regulatory Violations, Securities Fraud,

January 29, 2015

Chicago-based International Capital Group, along with its two co-founders and former chief operating officer, agreed to pay more than $4.3M to settle charges they sold more than nine billion shares of penny stocks through purported stock-based loans, block trades, and other transactions without registering with the SEC as a broker-dealer as required under the federal securities laws.  SEC

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

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