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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:

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August 10, 2015

A New Hampshire investment advisor was sentenced to up to 7 years in prison for fraud. Richard M. Higgins plead guilty to one felony count of engaging in a course of conduct involving a scheme to defraud in connection with the purchase and sale of securities, and one felony count of a course of business that operated as fraud in connection with acting as an investment advisor. Beginning in late 2006 and continuing through August 2007, Higgins solicited investors for a pooled investment in the form of a limited partnership, making a number of false and misleading statements. Higgins then further defrauded the investors by providing them quarterly statements which regularly overstated the performance of their investments. NH

August 7, 2015

The FTC charged a data broker operation, including Sequoia One LLC and Gen X Marketing Group LLC, with illegally selling payday loan applicants’ financial information to a scam operation that took millions of dollars from consumers by debiting their bank accounts and charging their credit cards without their consent. According to the FTC’s complaint, the data broker enterprise bought loan applications from the operators of payday loan websites, and got others directly from consumers via their own payday loan websites. Instead of passing on those applications to legitimate payday lenders, the defendants sold the information to companies that raided the consumers’ accounts for at least $7.1 million. FTC

Wall Street Still Behaving Badly

Posted  05/21/15
By the C|C Whistleblower Lawyer Team In the wake of the Great Financial Crisis, there was both a public and private battle cry of "Never Again!"  Dodd-Frank was passed with its sweeping regulations to keep Wall Street in check, and federal and state enforcers went on regulatory rampage extracting 9 and10-figure settlements from a who's who list of the world's top financial firms.  Not many Wall Street...

April 16, 2015

A former retail insurance agent with Kilgore Insurance Agency, along with the agency’s owners, have been ordered to pay more than $3.5 million in restitution and interest for overcharging clients, mostly small business owners, by padding insurance premiums with hidden “agency fees.” MA

April 15, 2015

New York Attorney General Eric T. Schneiderman announced a $10 million settlement of a lawsuit filed against the auditing firm Ernst & Young LLP over its involvement in a financial statement fraud at the now-defunct investment bank, Lehman Brothers Holdings, Inc. That money will be distributed as restitution to investors in Lehman securities, along with some $99 million being paid by Ernst & Young to settle a private federal class action that relied in part on facts uncovered by the Attorney General’s investigation. No other law enforcement authority has brought an enforcement action in connection with the 2008 collapse of Lehman and today’s settlement resolves the first lawsuit brought against an auditor of a public company under New York’s securities laws. NY

March 13, 2015

Florida Attorney General Pam Bondi’s Office obtained a temporary injunction and asset freeze against World Mark Wholesale and Trade, LLC for allegedly engaging in a systematic scheme to defraud owners of timeshares throughout Florida and nationwide. FL

New Report Highlights Effectiveness of Private Sector Whistleblower Programs

Posted  03/12/15
By Marlene Koury A recent report shows internal whistleblower reporting programs are getting stronger and more effective.  As companies continue to invest in the development of these programs, whistleblowers are encouraged to report fraud and misconduct, providing higher quality tips than ever before.  But as concerns are being shared in record numbers, the report also notes organizations are often too slow to...

New York AG Proposes Financial Frauds Whistleblower Act

Posted  02/26/15
By the C|C Whistleblower Lawyer Team New York Attorney General Eric T. Schneiderman announced today proposed legislation to protect and reward whistleblowers who report on fraud or misconduct in the banking, insurance, and financial services industries.  Titled the Financial Frauds Whistleblower Act, the law would be modeled after the Dodd-Frank Whistleblower Program and provide whistleblower rewards of 10-30...

February 13, 2015

New York Attorney General Eric T. Schneiderman announced a felony indictment today charging Moazzam Ifzal “Mark” Malik with stealing over $250,000 from five investors by fraudulently soliciting them to invest in his purported hedge funds, including Seven Sages Capital, L.P. and Wolf Hedge LLC. Malik is accused of luring investors with false representations that he managed a multi-million dollar hedge fund that would guarantee high returns, and then diverted their monies for his own personal use. NY

February 13, 2015

A federal court ordered Scott M. Ross, formerly of Gilberts, Illinois, and his companies, Maize Capital Management, LLC and Maize Asset Management, LLC, to pay $6.7 million in restitution and civil penalties for defrauding investors, mishandling customer funds, and failing to register as a commodity pool operator.  CFTC
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