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Misrepresentations

This archive displays posts tagged as relevant to fraudulent misrepresentations in financial transactions and financial markets. You may also be interested in the following pages:

Page 51 of 60

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

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

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

June 5, 2015

Computer Sciences Corporation agreed to pay $190 million to settle SEC charges of manipulating financial results and concealing significant problems about the company’s contract with the UK’s National Health Service, the company’s largest and most high-profile contract.  Former CEO Michael Laphen agreed to return to CSC more than $3.7 million in compensation under the clawback provision of the Sarbanes-Oxley Act and pay a $750,000 penalty.  Former CFO Michael Mancuso agreed to return $369,100 in compensation and pay a $175,000 penalty.  SEC

May 28, 2015

The SEC announced fraud charges against William Quigley for allegedly fleecing investors and stealing money from Trident Partners Ltd., the brokerage firm where he worked as the director of compliance.  According to the SEC, Quigley was involved in a scheme to solicit investors to buy stock in well-known companies or supposed start-ups on the verge of going public, but the securities were never actually purchased for them.  Instead, after investors wired their funds to bank and brokerage accounts that Quigley set up and controlled, the money was quickly wired to a bank account in the Philippines or withdrawn in small increments from ATM machines in the vicinity of Quigley’s home and office.  SEC

May 26, 2015

Deutsche Bank agreed to pay a $55 million penalty to settle SEC charges of filing misstated financial reports during the height of the financial crisis that failed to take into account a material risk for potential losses estimated to be in the billions of dollars.  SEC

May 21, 2015

The SEC announced fraud charges against Atlanta-based investment advisory firm Gray Financial Group, its founder and president Laurence O. Gray, and its co-CEO Robert C. Hubbard IV, for allegedly selling unsuitable investments to pension funds for the city’s police and firefighters, transit workers, and other employees.  SEC

May 20, 2015

The SEC announced fraud charges against the co-owners of a Manhattan-based brokerage firm.  The SEC alleges that as Arjent LLC and its UK-based affiliate Arjent Limited were approaching insolvency, chairman and CEO Robert P. DePalo attempted to keep the firms afloat and maintain his extravagant lifestyle by selling shares in a holding company called Pangaea Trading Partners.  DePalo along with managing director and co-owner Joshua B. Gladtke allegedly misrepresented to investors the value of Pangaea’s assets and how their money would be used – transferring the first $2.3 million raised in the offering directly to his own bank accounts and using it for his personal benefit.  SEC

May 11, 2015

The SEC charged a self-described retirement planning firm, Novers Financial and its principals Christopher A. Novinger and Brady J. Speers with falsely telling customers that interests in life settlements they offered and sold were “guaranteed,” “safe as CDs,” and “federally insured.” In addition to the charges against Novers Financial and the two principals, the SEC charged ICAN Investment Group LLC and Speers Financial Group LLC for acting as unregistered broker-dealers. SEC

May 6, 2015

The SEC filed fraud charges against four former officers of Wilmington Trust for intentionally understating past due bank loans during the financial crisis. According to the SEC, the former officials improperly excluded hundreds of millions of dollars of past due real estate loans from financial reports filed by Wilmington Trust in 2009 and 2010, violating a requirement to fully disclose the amount of loans 90 or more days past due. The former Delaware-based bank holding company was acquired by M&T Bank in May 2011 and paid $18.5 million in September 2014 to settle related SEC charges of improper accounting and disclosure fraud. SEC
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