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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 74 of 91

April 22, 2015

Real estate investment firm W2007 Grace Acquisition I Inc., which is indirectly owned by one or more private equity funds affiliated with The Goldman Sachs Group Inc., agreed to pay $640,000 to settle SEC charges relating to its failure to make eight required SEC filings.  SEC

Tagged in: Regulatory Violations, Securities Fraud,

April 22, 2015

The SEC announced a whistleblower award of roughly $1.5 million to a compliance officer who had a reasonable basis to believe that disclosure to the SEC was necessary to prevent imminent misconduct from causing substantial financial harm to the company or investors.  This is the second award the SEC has made to an employee with internal audit or compliance responsibilities.  Whistleblower Insider

Tagged in: SEC Whistleblower Reward Program, Securities Fraud, Whistleblower Case, Whistleblower Eligibility, Whistleblower Rewards,

April 20, 2015

BlackRock Advisors LLC agreed to pay a $12 million penalty to settle SEC charges it breached its fiduciary duty by failing to disclose a conflict of interest created by the outside business activity of a top-performing portfolio manager.  According to the SEC, Daniel J. Rice III was managing energy-focused funds at BlackRock when he founded Rice Energy, which later formed a joint venture with a publicly-traded coal company that eventually became the largest holding in the $1.7 billion BlackRock Energy & Resources Portfolio, the largest Rice-managed fund. Whistleblower Insider

Tagged in: Regulatory Violations, Securities Fraud,

April 16, 2015

The SEC charged New York City-based financial advisor Michael J. Oppenheim with stealing at least $20 million from customers to fund his own brokerage accounts and then squandering the bulk of the money in highly unprofitable options trading.  SEC

Tagged in: Securities Fraud,

April 14, 2015

The SEC announced fraud charges and an asset freeze against central Texas-based Leroy Brown Jr. accused of telling false tales about his stockbroking experience to lure current and former US military personnel into investing with him.  According to the government, Brown through his firm LB Stocks and Trades Advice LLC falsely assured investors, including some stationed at nearby Fort Hood, that he had many years of experience in the securities markets when in fact he is not a licensed securities professional and his firm is not registered with the SEC, Financial Industry Regulatory Authority, or any state regulator, and they have no evident experience with investments.  SEC

Tagged in: Misrepresentations, Regulatory Violations, Securities Fraud,

April 9, 2015

Katsuichi Fusamae, a senior accounting officer at Molex Japan Co. Ltd., agreed to settle SEC charges he cost his company millions of dollars in trading losses and manipulated accounting records to avoid detection.  Specifically, the SEC alleged Fusamae engaged in unauthorized equity trading in the company’s brokerage accounts that resulted in losses of more than $110 million and then concealed the losses by taking out unauthorized and undisclosed company loans with Japanese banks and brokerage firms to replenish account balances.  Fusamae admitted wrongdoing and accepted a permanent bar from serving as an officer or director of a publicly traded company with possible monetary sanctions to come.  SEC

Tagged in: Accounting Fraud, Market Manipulation and Trading Violations, Misrepresentations, Securities Fraud,

April 9, 2015

The SEC announced fraud charges and an asset freeze against the operators of a South Florida-based microcap scheme spearheaded by Dean A. Esposito, Joseph DeVito, and Frederick Birks, all hired by the CEO of eCareer Holdings, Inc. Joseph J. Azzata.  According to the SEC, more than $11 million were raised from more than 400 investors by telling them their money would be used as working capital to develop eCareer’s online job staffing business when in reality much of it was diverted to pay exorbitant fees to the brokers and sales agents.  SEC

Tagged in: Misrepresentations, Securities Fraud,

April 7, 2015

The SEC charged Los Angeles-based Pacific West Capital Group Inc. and its owner Andrew B. Calhoun IV with fraud in the sale of “life settlement” investments.  The SEC’s complaint alleges since at least 2012, Pacific West and Calhoun defrauded investors by using proceeds from the sale of new life settlements to continue funding life settlement investments sold years earlier to make life settlement investments appear successful.  SEC  

Tagged in: Securities Fraud,

April 7, 2015

The SEC announced fraud charges against former professional football player William D. Allen and his business partner Susan C. Daub and others, alleging they operated a Ponzi scheme that raised more than $31 million from investors who were promised profits from loans to professional athletes.  SEC

Tagged in: Ponzi Schemes, Securities Fraud,

April 6, 2015

The SEC charged 12 companies and six individuals with defrauding investors in a scheme involving applications to the Federal Communications Commission (FCC) for cellular spectrum licenses.  According to the SEC’s complaint, David Alcorn and Kent Maerki orchestrated the offering fraud through their Arizona-based company Janus Spectrum LLC. and raised more than $12.4 million, much of which they and their co-conspirators kept for personal use.  Those alleged to be involved in the scheme include Daryl G. Bank and his companies Dominion Private Client Group LLC, Janus Spectrum Group LLC, Spectrum Management LLC, Spectrum 100 LLC, Spectrum 100 Management LLC, Prime Spectrum LLC and Prime Spectrum Management LLC; Bobby D. Jones and his company Premier Spectrum Group PMA; Terry W. Johnson and Raymon G. Chadwick Jr. and their companies Innovative Group PMA, Premier Group PMA and Prosperity Group PMA.  SECv

Tagged in: Financial and Investment Fraud, Securities Fraud,

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