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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 78 of 78

SEC Enforcement Spotlight – ITG Pays Over $20 Million To Settle Charges Related To Its “Dark Pool”

Posted  08/21/15
Brokerage company ITG, Inc. and its affiliate AlterNet Securities will pay $20.3 million to settle charges that they operated a secret trading desk and misused the confidential trading information of dark pool subscribers.  See SEC Press Release. In 1987, ITG created POSIT, an alternative trading system or “dark pool,” for subscribers such as asset managers, broker-dealers, and institutional investors to...

SEC Enforcement Spotlight – 32 charged in international scheme to trade on hacked news releases

Posted  08/12/15
On August 11th, the SEC announced the filing of fraud charges against 32 defendants for taking part in an international scheme to profit from stolen non-public corporate earnings announcements.  See SEC Press Release The SEC’s complaint alleges that over a five-year period, two Ukrainian men, Ivan Turchynov and Oleksandr Ieremenko, used advanced techniques to hack into two or more newswire services and steal...

SEC Announces First Award to Whistleblower in Retaliation Case

Posted  04/30/15
By the C|C Whistleblower Lawyer Team The SEC awarded $600,000 to a whistleblower who suffered "unique hardships, including retaliation" as a result of blowing the whistle on misconduct at hedge fund advisory firm Paradigm Capital Management.  The award is the maximum the SEC pays to whistleblowers – 30 percent of the amount the SEC recovers – and represents the first time the SEC has made an award to a...

SEC Awards Compliance Officer Whistleblower Over A Million Dollars

Posted  04/23/15
By the C|C Whistleblower Lawyer Team The SEC announced an award of more than a million dollars 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, after the...

SEC Enforcement Spotlight — BlackRock Advisors

Posted  04/21/15
By the C|C Whistleblower Lawyer Team 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.  The firm also must engage an independent compliance consultant to conduct an internal review.  See SEC Press Release According to the...

March 12, 2015

The New Jersey Bureau of Securities obtained a default judgment totaling more than $23 million in restitution, disgorgement, and civil penalties against Branded Marketing LLC (also known as, its successor company Branded Marketing, Inc., and its President and CEO, Richard Jackowitz, and affiliated company IT Connect, Inc., for their role in an investment scam that raised more than $4 million from unsuspecting investors. NJ

February 3, 2015

California Attorney General Kamala D. Harris, along with the DOJ and the attorneys general of 18 states and the District of Columbia, announced a settlement with Standard & Poor’s Financial Services LLC (S&P) and its parent company McGraw-Hill Financial Inc. to resolve federal and state civil claims related to S&P’s conduct in inflating ratings of residential mortgage-backed securities and structured investment vehicle notes. Combined with a separate settlement also announced today resolving a lawsuit filed by the California Public Employees’ Retirement System (CalPERS), S&P will pay a total of $1.5B to federal and state government entities. The State of California will recover $210M in damages, from which CalPERS and the California State Teachers’ Retirement System (CalSTRS) will receive allocations for their losses on investments of certain S&P-rated securities. Separately, S&P will also pay CalPERS $125M to settle CalPERS’ specific lawsuit. The remainder of the total settlement proceeds will be distributed amongst the DOJ and the other nineteen attorneys general. CA
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