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:
January 21, 2022
Two unidentified whistleblowers were jointly awarded $37 million based on findings that they voluntarily provided key evidence to the government, which significantly contributed to the government’s understanding of the underlying wrong, and provided ongoing assistance during the government’s investigation. The award is based on amounts recovered in a successful enforcement action by the SEC, as well as a separate related action by a different, unidentified, agency. SECTop Ten Federal Financial Fraud Recoveries of 2021
Posted 01/21/22
January 20, 2022
Florida resident Mary Kathryn Marr was sentenced to 14 years in prison following her guilty plea on charges related to her role in a criminal enterprise that scammed victims into sending members of the conspiracy funds for fraudulent investments based on high-pressure “boiler room” tactics. The conspirators operated a network of bank accounts in the names of shell companies into which the boiler room agents, and sometimes Marr herself, instructed victims to send their money. The victims’ funds were then laundered through more bank accounts and sent overseas. Marr was also ordered to forfeit various assets, pay a fine of $1.5 million, and pay restitution of $14.5 million to victims. USAO MD FLJanuary 19, 2022
William S. Evans III, who did business as Turning Point Investments, together with his wife Francis Evans, have consented to entry of judgment against them requirement the payment of $17 million as restitution as the disgorgement of $10 million. Evans operated as an unregistered commodity pool operator, and marketed to customers with the promise that he would trade commodity futures on their behalf, making false statements about risks, the likelihood of profits, and his fees. In fact, Evans misappropriated customer funds for his personal use and to pay other participants in a Ponzi-like scheme. CFTCJanuary 14, 2022
Perry Santillo was sentenced to 17.5 years in prison and ordered to pay restitution of more than $100 million following his conviction on charges related to fraudulent investment schemes including the solicitation of funds through and for Lucian Development and City Capital Corporation. The Ponzi scheme, which operated over ten years, obtained at least $115.5 million from approximately 1000 investors. Santillo and his co-conspirators purchased the businesses of investment advisors and brokers around the country in order to find potential new investors, and used new investments to fund their lavish lifestyles and make interest and other payments to earlier investors. USAO WD NY (related co-defendant)Top FCPA Recoveries of 2021
Posted 01/14/22
January 10, 2022
The SEC has issued two awards totaling more than $4 million to three whistleblowers whose information and assistance helped bring about two successful enforcement actions. In the first order, a single whistleblower who reported internally before providing significant new information to the agency on an existing investigation was awarded $2.6 million. According to the SEC, the misconduct occurred overseas and would have been difficult to detect without the whistleblower’s tip. In the second order, two whistleblowers received a joint award of $1.5 million for providing substantial ongoing assistance. SECTop Ten SEC and CFTC Recoveries of 2021
Posted 01/7/22
Top Ten Whistleblower Awards of 2021
Posted 01/6/22
