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Financial and Investment Fraud

This archive displays posts tagged as relevant to financial and investment fraud. You may also be interested in the following pages:

Page 1 of 50

COVID Frauds of the Week: PPP Loans for Fraudsters Who Like Nice Things

Posted  11/20/20
money in a spiral form with a bankroll of cash on top
It was another busy week for the DOJ, with at least 13 individuals charged for their attempts to defraud the Paycheck Protection Program out of cash meant to help real businesses with real employees, rather than to fund fraudsters’ extravagant lifestyles and idiotic, selfish behavior. Aditya Raj Sharma, 47, of Maple Grove, Minnesota—fake entrepreneur and apparent fan of swimming—was arrested and charged with...

SEC makes its annual whistleblower report to Congress – SPOILER ALERT: BEST YEAR EVER!

Posted  11/20/20
SEC-building
We already know it has been a banner year for the Securities and Exchange Commission's Whistleblower Program (fiscal year ending September 30).  As we previously reported, the record-breaking year included roughly $175 million in awards to 39 whistleblowers, with 15 awards in the month of September alone.  And this does not even include the $114 million blockbuster award the Commission made just three weeks ago,...

SEC Makes Whistleblower Award to Company Outsider

Posted  11/19/20
Securities and Exchange Commission building with logo zoomed in
The Securities and Exchange Commission continues to demonstrate its strong commitment to the agency's whistleblower program.  This past year was a record-breaking year by every measure, not the least of which was the roughly $175 million in awards the SEC doled out to 39 whistleblowers.  And just three weeks ago, the SEC made its largest award ever of $114 million, shattering the previous record $50 million award...

Sunshine State Local Elections Shine Light on How Dark Shell Company Data Can Be

Posted  11/18/20
By Sarah “Poppy” Alexander
top-secret-seal
Amidst the ongoing saga of the US national elections, Florida local elections may not have made much of a ripple.  But one small scandal in the Sunshine State reveals a lot about the ongoing problem the US has with shell corporations and their hidden ownership structures. The story is convoluted, as most shell company stories are.  A political donor, Proclivity, who had never donated money in Florida before,...

November 5, 2020

Lawrence Gerrans, the former CEO of medical device start-up Sanovas, was sentenced to over 11 years in prison following his conviction at trial on charges arising from his diversion of funds from Sanovas to his personal use, including by transferring nearly $3 million to shell companies he controlled.  During the criminal investigation, Gerrans provided false documents to the FBI, tampered with a witness, and violated a court-ordered bond condition.  ND Cal

Record-Setting Submissions: CFTC Whistleblower Program 2020 Annual Report Documents Increasing Popularity of Program

Posted  11/5/20
Commodity Futures Trading Commission seal on building
Every year, the Commodity Futures Trading Commission is required to report to Congress about the CFTC Whistleblower Reward Program, created by the Dodd-Frank Act, which pays awards to eligible whistleblowers who voluntarily provide the Commission with original information, about matters within the CFTC’s jurisdiction, that leads to the recovery of more than $1 million in monetary sanctions.  This week, the CFTC...

Catch of the Week: Guild Mortgage

Posted  10/30/20
stack of mortgage papers with gavel and money
We’re in the midst of a recession, 13 million Americans are out of work, GDP growth is slowing, and stock market volatility is approaching record-breaking levels. This recession is largely driven by the emergence of a mostly natural and random phenomenon, COVD-19, though there is plenty of blame to go around in how humans have reacted to the spread of the virus. This week’s catch of the week, however, harkens back...

SEC Makes Record Whistleblower Award of $114 Million

Posted  10/29/20
SEC-building
Following on the heels of a record-breaking year for SEC whistleblower awards, the SEC broke new ground yet again with its blockbuster award last week of $114 million.  It far exceeds the next highest award of $50 million the SEC made in June.  And it brings to $676 million to 108 whistleblowers the total tally to date of awards under the SEC Whistleblower Program. Other than its size, another notable feature...

A company about nothing: SPACs and fraud

Posted  10/27/20
By Sarah “Poppy” Alexander
Tablet showing trending stock
The hot retro design trend these days is not only slip dresses and tie-dye, but an once-obscure investment vehicle called a Special Purpose Acquisition Company or SPAC.  SPACs (aka “blank check” companies) are sweeping the nation as the darling of investors who wish to take a company public without the scrutiny of an IPO.

So what is a SPAC?

With due apologies to Seinfield, SPACs are companies about nothing. ...
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