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Securities Fraud

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

Page 1 of 71

DOJ Charges Healthcare CEO with Criminal Securities and Healthcare Fraud

Posted  06/12/20
Hands in handcuffs behind back of white man in business suit
In 2008, Rahm Emanuel, then-President Obama’s chief of staff, famously said, “You never want a serious crisis to go to waste.  I mean, it’s an opportunity to do things that you think you could not do before.”  However poorly phrased, generations of political and business leaders have understood the kernel of truth in his admonition. So have scammers and rip-off artists. We have been following the...

Tagged in: Catch of the Week, COVID-19, Criminal Proceedings, Financial and Investment Fraud, Healthcare Fraud, Laboratory and IDTF, Lack of Medical Necessity, Market Manipulation and Trading Violations, Misrepresentations, Securities Fraud,

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June 4, 2020

A whistleblower has been awarded $50 million in what is the largest amount ever awarded to a single person in the history of the SEC’s whistleblower program.  According to the SEC’s press release, the successful enforcement action that resulted from the unnamed individual’s tip allowed harmed investors to recover a significant amount of money.  SEC

Tagged in: Anonymity, SEC Whistleblower Reward Program, Securities Fraud, Whistleblower Rewards,

June 4, 2020

Investment advisory firm Navallier & Associates, and its founder and Chief Investment Officer, Louis Navallier, has been ordered to pay $30 million to the SEC for allegedly defrauding prospective clients and retained clients in connection with the firm’s Vireo AlphaSector investment strategies.  The firm was allegedly aware of false and misleading statements regarding the stategies’ performance in marketing materials sent to clients, but failed to inform clients and in fact continued to sell the strategies.  SEC

Tagged in: Financial and Investment Fraud, Securities Fraud,

May 4, 2020

The SEC has granted a nearly $2 million award to a whistleblower whose early tip allowed the agency to freeze assets associated with fraudulent conduct, prevent the dissipation of investor funds and allow investors to recover most of their money.  The whistleblower’s tip also ultimately led to a successful enforcement action.  SEC

Tagged in: Anonymity, SEC Whistleblower Reward Program, Securities Fraud, Whistleblower Rewards,

COVID Frauds of the Week: Misrepresented Mask Inventories and Medicare Fraud

Posted  05/1/20
N95 Masks
Amid COVID-19-induced fear and hardship, fraud is on the rise. Already, the FTC has received over 18,000 reports of COVID-19 related fraud. In response, the SEC, CFTC, and other regulators announced they are on the lookout for pandemic-related fraud, and the DOJ warned would-be wrongdoers that it will not tolerate profiting off of public panic. This week, we focus on three enforcement actions brought by the...

Tagged in: Catch of the Week, COVID-19, Healthcare Fraud, Medicare, SEC Whistleblower Reward Program, Securities Fraud,

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April 16, 2020

The SEC has announced that its largest whistleblower award so far this year and sixth largest overall since the inception of its whistleblower program has been awarded to an individual who alerted the agency to fraud that was partly committed overseas.  The whistleblower, who will receive $27 million, reportedly contributed significantly to the agency’s enforcement efforts by providing critical investigative leads.  SEC

Tagged in: Anonymity, SEC Whistleblower Reward Program, Securities Fraud, Whistleblower Rewards,

April 6, 2020

Cantor Fitzgerald & Co. has agreed to pay $3.2 million to settle charges of willfully providing the SEC with incomplete and inaccurate securities trading information, also known as “blue sheet data,” for approximately 35 million transactions, over the course of five years.  Because the SEC uses that information to investigate insider trading and other fraudulent activity, Cantor Fitzgerald’s actions prevented the SEC from carrying out its duty to protect investors.  Cantor Fitzgerald has since retained an outside consultant and adopted new policies and procedures relating to the proper submission of blue sheet data.  SEC

Tagged in: Financial Institution Fraud, Regulatory Violations, Securities Fraud,

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