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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 21 of 91

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,

June 1, 2020

Broker-dealer and investment advisor U.S. Bancorp Investments, Inc. will pay a penalty of $2.4 million as well as disgorgement and interest totaling nearly $16 million to resolve claims that it steered clients to mutual fund share classes that charged 12b-1 and shareholder servicing fees when lower-cost share classes were available.  U.S. Bancorp allegedly failed to disclose to clients that it had a conflict of interest arising from its receipt of fees with respect to such shares, and, in recommending the higher-cost shares, failed to seek best execution for client transactions.  SEC

Tagged in: Financial and Investment Fraud, Financial Institution Fraud, Securities Fraud,

May 28, 2020

Blockchain company BitClave PTE Ltd agreed to pay disgorgement, penalties, and interest totaling $29.7 million to resolve charges arising from its 2017 unregistered initial coin offering of digital tokens it called Consumer Activity Tokens (CATs).  The CATs were investment contracts, with proceeds of the ICO used to fund the development of BitClave’s blockchain-based search platform for consumer advertising, which BitClave offered and sold to the general public as providing the opportunity for future profits arising from the efforts of BitClave and its agents.  SEC

Tagged in: Cryptocurrency, Financial and Investment Fraud, Regulatory Violations, 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,

April 3, 2020

The SEC has announced that an anonymous whistleblower who provided information to the agency, despite implied threats from the wrongdoer, has been awarded $2 million.  According to the SEC, the information provided would have been difficult for the agency to obtain otherwise and significantly aided in an ongoing investigation.  SEC

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

March 30, 2020

A whistleblower working in compliance and internal audits has been awarded $450,000 by the SEC.  After efforts to report misconduct internally failed to make a positive impact, the whistleblower reported the same misconduct to the SEC, which helped focus an ongoing investigation and ultimately led to a successful enforcement action.  SEC

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

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