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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:

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What Potential Whistleblowers Need to Know About the Dodd-Frank Act

Posted  07/21/20
This week marks the tenth anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act. What is the Dodd-Frank Act? Passed following the 2008 financial crisis, the Dodd-Frank Act aims to prevent fraud and abuse in the financial markets. For whistleblowers, the Dodd-Frank Act is especially significant, as it also created the SEC Whistleblower Program and CFTC Whistleblower Program. The Dodd-Frank...

July 20, 2020

UBS Financial Services Inc. and two of its registered representatives will pay $10 million in penalties, disgorgement, and interest to resolve claims that UBS improperly redirected municipal bond offerings away from retail customers and to “flippers,” who re-sold the bonds to other broker-dealers, including UBS.  This practice allowed UBS to circumvent the priority retail order periods set by bond issuers and improperly obtain a greater allocation of bonds for its own inventory.  SEC

July 10, 2020

A 70-year-old man in North Carolina who pleaded guilty to orchestrating a $22 million Ponzi scheme through his company, Oodles Inc., has been sentenced to 17.5 years in prison and ordered to pay $17 million in restitution.  Hal H. Brown Jr. singlehandedly defrauded at least 60 victims—including family, friends, neighbors, and fellow church members—by falsely representing that Oodles owned hundreds of millions of dollars in rights to religious-themed family shows and movies.  To bolster his claims, Brown developed marketing material, falsified bank statements and company agreements, and impersonated employees of media companies.  USAO WDNC

July 7, 2020

After being found guilty of eighteen fraud-related felonies, Todd Michael Ficeto, a former Beverly Hills stockbroker, has been sentenced to 6 years in prison and ordered to pay nearly $216 million in restitution to investor victims for his role in a massive penny stock fraud scheme.  From 2004 to 2007, Ficeto and co-conspirators fraudulently manipulated penny stocks to exaggerate the reported profits of a co-conspirator’s hedge fund, Absolute Funds.  When the scheme unraveled, Ficeto attempted to conceal the fraud by lying to investigators from the Securities Exchange Commission and Financial Industry Regulatory Authority.  One of his alleged co-conspirators—hedge fund owner Florian Wilhelm Jürgen Homm—has fled to Germany as a fugitive from justice.  USAO CDCA

July 1, 2020

Raeann Gibson of Palm City, Florida, was sentenced to ten years in prison based on her role in an investment fraud conspiracy.  Gibson served as the Chief Operating Officer of Dominion Investment Group, which defrauded elderly investors of over $25 million by diverting investment funds to the personal use of Gibson and co-defendant Daryl Bank.  Gibson created numerous shell companies, laundered investment funds through multiple accounts, and spoke with investors.  USAO EDVA

June 26, 2020

Telegram Group Inc. and its subsidiary TON Issuer Inc. will return more than $1.2 billion to investors and pay a $18.5 million civil penalty to resolve SEC charges that it conducted an unlawful unregistered offering of its digital tokens called “Grams.” The SEC alleged that the Grams were securities sold by defendants in order to raise capital to finance for their own business, which included the development of their own blockchain and a mobile messenger application.  SEC

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...
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