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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 76 of 91

February 19, 2015

The SEC announced insider trading charges against Scott Zeringue, alleging that while serving as vice president of construction operations at Baton Rouge-based The Shaw Group he traded company securities based on confidential information he learned on the job about an impending acquisition by Chicago Bridge & Iron Company.  SEC

Tagged in: Insider Trading, Securities Fraud,

February 19, 2015

New York City-based brokerage firm VCAP Securities and its CEO Brett Thomas Graham agreed to pay nearly $1.5M to settle charges they fraudulently deceived other market participants while conducting auctions to liquidate collateralized debt obligations.  SEC

Tagged in: Misrepresentations, Securities Fraud,

February 18, 2015

The SEC announced fraud charges and an emergency asset freeze against two operators of a Colorado-based pyramid and Ponzi scheme that promises investors extraordinary returns of 700 percent through a purported “triple algorithm” and “3-D matrix.”  According to the government, Kristine L. Johnson and Troy A. Barnes raised more than $3.8M since April 2014 from investors they enticed into buying positions in their company Work With Troy Barnes Inc. (d/b/a “The Achieve Community”) when their company had no legitimate business operations and they were merely paying purported investment returns to earlier investors.  SEC

Tagged in: Ponzi Schemes, Securities Fraud,

February 13, 2015

The SEC charged purported hedge fund manager Moazzam “Mark” Malik with stealing money from his investors.  Specifically, the SEC alleges Malik raised $840,774 from investors but never made real investments and withdrew the cash and spent it as his own.  His fund, which has changed its name several times, has been called Wall Street Creative Partners, then Seven Sages Capital LP, and then American Bridge Investment Group LLC, and most recently Wolf Hedge LLC. SEC

Tagged in: Misrepresentations, Securities Fraud,

February 11, 2015

The SEC charged Charles L. Hill Jr. with insider trading.  Specifically, the government alleges Hill made approximately $740,000 in illicit profits by trading in Radiant Systems stock on the basis of confidential inside information he received from a friend about an impending tender offer by NCR Corporation to buy the company.  SEC

Tagged in: Insider Trading, Securities Fraud,

February 10, 2015

The SEC announced William Slater and Peter E. Williams III, former CFOs of Silicon Valley software company Saba Software, agreed to return nearly a half-million dollars in bonuses and stock sale profits they received while Saba was committing accounting fraud.  While not personally charged with the company’s misconduct, Slater and Williams are still required under the Sarbanes-Oxley Act to reimburse the company for bonuses and stock sale profits received while the fraud occurred.  Last year, the SEC charged Saba Software and two former executives responsible for the accounting fraud in which timesheets were falsified to hit quarterly financial targets.  SEC February

Tagged in: Accounting Fraud, Misrepresentations, Securities Fraud,

February 10, 2015

Craig S. Lax, former CEO of a ConvergEx, agreed to pay more than $783,000 and admit wrongdoing to settle charges he participated in a scheme that caused his company’s customers to pay substantially higher amounts than the disclosed commissions for buying and selling securities.  The company previously paid $107M and admitted wrongdoing to settle related charges.  In settling the SEC’s charges, Lax also agreed to be barred from the securities industry for at least five years.  SEC

Tagged in: Regulatory Violations, Securities Fraud,

February 6, 2015

The SEC imposed sanctions against four China-based accounting firms that had refused to turn over documents related to investigations of potential fraud.  The China-based firms are members of large international networks associated with the “Big Four” accounting firms and include Deloitte Touche Tohmatsu Certified Public Accountants Limited, Ernst & Young Hua Ming LLP, KPMG Huazhen, andPricewaterhouseCoopers Zhong Tian CPAs Limited Company.  Under the settlement, the firms each agreed to pay $500,000 and admit they did not produce documents before the proceedings were instituted against them in 2012.  SEC

Tagged in: Accounting Fraud, Securities Fraud,

February 5, 2015

The SEC charged Chicago-area alternative energy company Broadwind Energy, along with its former CEO J. Cameron Drecoll and CFO Stephanie K. Kushner, for accounting and disclosure violations that prevented investors from knowing that reduced business from two significant customers had caused substantial declines in the company’s long-term financial prospects.  Broadwind Energy agreed to pay a $1 million penalty, and Drecoll and Kushner agreed to pay nearly $700,000 in combined disgorgement and penalties.  SEC

Tagged in: Accounting Fraud, Misrepresentations, Securities Fraud,

February 5, 2015

The SEC charged a stock research analyst, a corporate insider, and two others involved in a California-based insider trading ring that generated nearly $750,000 in illegal profits by trading in advance of four corporate news announcements.  According to the government, John Gray, then an analyst at Barclays Capital, and his friend Christian Keller traded on confidential merger information that Keller learned while working in finance at two Silicon Valley-based public companies Applied Materials Inc. and Rovi Corporation.  Gray, Keller and their accomplices agreed to settle the SEC’s charges by paying more than $1.6M combined.  SEC

Tagged in: Insider Trading, Securities Fraud,

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