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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 54 of 54

January 21, 2015

New York Attorney General Eric T. Schneiderman announced a settlement with Florida-based Vacation Tours USA, Inc., and its principals Henry J. Armand and Tony J. Armand, over a false advertising scam targeting consumers across New York State. According to the government, the company sent letters to consumers telling them they had won a vacation package, including airfare and lodging, and invited them to attend a seminar at a local hotel but once there were subjected to a sales presentation conducted by a third-party company instead of being given vouchers for free airline tickets and hotel stays. Under the settlement, the company must halt its deceptive, fraudulent, and illegal business practices in New York State, pay restitution to consumers, and pay $22,500 in civil penalties and costs. NY

January 6, 2015

Massachusetts Attorney General Martha Coakley announced Massachusetts retail electricity supplier Just Energy Group Inc. agreed to pay $4 million to settle allegations of deceptive marketing and sales that promised savings but charged significantly higher rates, entered consumers into agreements without their consent, and charged costly termination fees. MA

December 24, 2014

MF Global Holdings Ltd. must pay $1.212 billion in restitution (or such amount as necessary to ensure that claims of customers of its subsidiary, MF Global Inc. are paid in full). The CFTC previously filed and settled charges against MFGI for misuse of customer funds and related supervisory failures in violation of the Commodity Exchange Act and CFTC Regulations. CFTC

July 29, 2014

JP Morgan Securities, a wholly-owned subsidiary of JPMorgan Chase & Co., agreed to pay $650,000 to settle CFTC charges of submitting inaccurate reports to the CFTC relating to the required reporting of positions held by certain large traders whose accounts are carried by JPMS.  The reports are known as “large trader” reports and are used by the CFTC to evaluate potential market risks and monitor compliance with CFTC requirements.  The reporting violations occurred despite the CFTC notifying JPMS of numerous errors in its reports.  CFTC

June 11, 2014

The CFTC obtained a default judgment against Michael James Seward, Yan Kaziyev and their company SK Madison Commodities, a Commodity Pool Operator based in New York City, requiring them to pay restitution totaling $1M and a civil penalty of $2.5M for fraudulently soliciting more than $1.3M from members of the public to trade futures in a commodity pool.  Specifically, the defendants were found to have misrepresented their trading practices and historical trading returns and prepared and distributed to pool participants false account statements and performance reports showing huge profits when in reality they were losing money and diverting large amounts of pool participants’ funds for their own use.  CFTC

April 18, 2014

The CFTC filed an enforcement action against Wayne Pennoyer Weddington III and his companies, Brunswick Capital and Brunswick Capital Partners, charging them with solicitation fraud, making false statements, and registration violations in connection with a commodity pool that he formed called Pennoyer International Funds Global Opportunity.  CFTC
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