Securities Fraud
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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 WDNCJuly 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 CDCAJuly 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 EDVAJune 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. SECJune 23, 2020
The SEC has awarded about $125,000 to a whistleblower whose tip helped stop a fraudulent scheme against vulnerable investors and bring about successful enforcement actions by the SEC and another agency. SECJune 19, 2020
A whistleblower whose tip and assistance led to a successful SEC enforcement action has been awarded nearly $700,000. According to the SEC, the whistleblower had reported internally prior to contacting the agency. SECDOJ Charges Healthcare CEO with Criminal Securities and Healthcare Fraud
Posted 06/12/20
