SEC News

Ex-Indymac CEO Settles SEC Charges

Ex-Indymac CEO Settles SEC Charges

A federal court in California has entered a settled final judgment as to Michael W. Perry, the former Chief Executive Officer and Chairman of the Board of IndyMac Bancorp, Inc. IndyMac, through its main subsidiary, IndyMac Bank, primarily made, purchased, and sold residential mortgage loans. In July 2008, IndyMac Bank was placed under Federal Deposit [...]

SEC Charges 3 for Their Roles in Manipulating Market for Sunrise Solar Corporation Stock

SEC Charges 3 for Their Roles in Manipulating Market for Sunrise Solar Corporation Stock

The Securities and Exchange Commission has charged Texas-based Sunrise Solar Corporation, its former CEO Eddie D. Austin, Jr. (Austin), and his wife Carolyn Austin for their involvement in a fraudulent market manipulation scheme. The SEC’s Complaint alleges that between July 25, 2008 and May 26, 2009, Austin drafted, reviewed, and approved numerous false and misleading [...]

SEC Raps Exec in Minnesota Over Company Funds Diverted to Pay Personal Expenses

SEC Raps Exec in Minnesota Over Company Funds Diverted to Pay Personal Expenses

The Securities and Exchange Commission has charged the former chief financial officer of a Minnetonka, Minn.-based manufacturer of computer networking devices for secretly diverting company funds to cover unauthorized personal expenses and other employees’ entertainment expenses that lacked any legitimate business purpose. The SEC alleges that Subramanian Krishnan, the former CFO of Digi International, evaded [...]

SEC Files Charges in $42 Million Offering Fraud Targeting Seniors

SEC Files Charges in $42 Million Offering Fraud Targeting Seniors

The Securities and Exchange Commission filed charges against Bradley A. Holcom, of Welches, Oregon, and Jose L. Pinedo, of San Diego, California, in connection with a fraudulent scheme that sold $42 million of promissory notes to more than 150 investors located across the United States, many of whom are senior citizens. According to the complaint [...]

SEC Charges Company and Its Two Principals and Attorney in Stock Manipulation Scheme

SEC Charges Company and Its Two Principals and Attorney in Stock Manipulation Scheme

The Securities and Exchange Commission filed an enforcement action on September 27, 2012, in federal court in New York charging 8000, Inc., Jonathan E. Bryant, Thomas J. Kelly, and Carl N. Duncan, Esq. for their roles in a scheme to manipulate 8000, Inc.’s stock price. The complaint charges the defendants misrepresented 8000, Inc.’s financial condition [...]

SEC Charges Investment Bank Analyst with Illegally Tipping College Friend About Nonpublic Merger Deals

SEC Charges Investment Bank Analyst with Illegally Tipping College Friend About Nonpublic Merger Deals

The Securities and Exchange Commission today charged a former analyst at a Boston-based investment bank with illegally tipping a close friend with confidential information about clients involved in impending mergers and acquisitions. The SEC alleges that Jauyo “Jason” Lee, who worked in the San Francisco office of Leerink Swann LLC, gleaned sensitive nonpublic information about [...]

SEC Charges Goldman Sachs and Former VP in Pay-to-Play Probe

SEC Charges Goldman Sachs and Former VP in Pay-to-Play Probe

The Securities and Exchange Commission charged Goldman, Sachs & Co. and one of its former investment bankers with “pay-to-play” violations involving undisclosed campaign contributions to then-Massachusetts state treasurer Timothy P. Cahill while he was a candidate for governor. Pay-to-play schemes involve campaign contributions or other payments made in an attempt to influence the awarding of [...]

SEC Charges Bank Executives in Nebraska with Hiding Losses During Financial Crisis

SEC Charges Bank Executives in Nebraska with Hiding Losses During Financial Crisis

The Securities and Exchange Commission charged three former bank executives in Nebraska for participating in a scheme to understate millions of dollars in losses and mislead investors and federal regulators at the height of the financial crisis. One of the executives and his son also are charged with insider trading. The SEC alleges that Gilbert [...]

SEC Charges N.Y.-Based Brokerage Firm with Layering

SEC Charges N.Y.-Based Brokerage Firm with Layering

The Securities and Exchange Commission charged a New York-based brokerage firm and three executives for allowing traders outside the U.S. to access the markets and conduct manipulative trading through accounts the firm controlled. The SEC’s investigation found that Hold Brothers On-Line Investment Services ignored red flags indicating that overseas traders were accessing the markets through [...]

SEC Sues 4 in Phony Investment Scheme

SEC Sues 4 in Phony Investment Scheme

The Securities and Exchange Commission filed a complaint in Indiana charging Rudolf D. Pameijer, Lindsay R. Sayer, Ryan W. Koester and his entity Rykoworks Capital Group, LLC with running a fraudulent investment scheme. The complaint alleges that the defendants in this scheme misappropriated nearly $1.7 million from investors. As alleged in the complaint, Koester held [...]

SEC Charges Tyco for Illicit Payments to Foreign Officials

SEC Charges Tyco for Illicit Payments to Foreign Officials

The Securities and Exchange Commission has charged Tyco International Ltd. with violating the Foreign Corrupt Practices Act (FCPA) when subsidiaries arranged illicit payments to foreign officials in more than a dozen countries. The SEC alleges that subsidiaries of the Swiss-based global manufacturer perpetuated schemes that typically involved payments of fake “commissions” or the use of [...]

SEC Charges Oregon-based Hedge Fund Manager with Running $37m Ponzi Scheme

SEC Charges Oregon-based Hedge Fund Manager with Running $37m Ponzi Scheme

The Securities and Exchange Commission filed fraud charges against a Portland, Oregon-based investment adviser who perpetrated a long-running Ponzi scheme that raised over $37 million from more than 100 investors in the Pacific Northwest and across the country. The SEC alleges that Yusaf Jawed used false marketing materials that boasted double-digit returns to lure people [...]

SEC Sues Revolutions Medical for Sham Press Releases

SEC Sues Revolutions Medical for Sham Press Releases

The Securities and Exchange Commission filed a civil injunctive action charging Revolutions Medical Corp. a medical device company based in Charleston, South Carolina, and the company’s CEO, Rondald L. Wheet with fraudulently issuing false and misleading press releases concerning the company’s flagship product, a retractable, medical safety syringe. Between approximately August 2010 and July 2011, [...]

SEC Charges 3 in North Carolina with Insider Trading

SEC Charges 3 in North Carolina with Insider Trading

The Securities and Exchange Commission has charged a former member of the board of directors at a North Carolina-based insurance company with illegally tipping inside information about an impending merger. The SEC alleges that H. Thomas Davis, Jr., who has a home in Wilmington N.C., breached his fiduciary duty to Mercer Insurance Group and its [...]

SEC Freezes Assets of Insider Trader in Burger King Stock

SEC Freezes Assets of Insider Trader in Burger King Stock

A court order has frozen the assets of a stockbroker who used nonpublic information from a customer and engaged in insider trading ahead of Burger King’s announcement that it was being acquired by a New York private equity firm. The US Securities and Exchange Commission alleges that Waldyr Da Silva Prado Neto, a citizen of [...]

SEC Charges Atlanta-Based Adviser with Operating Ponzi-Like Scheme

SEC Charges Atlanta-Based Adviser with Operating Ponzi-Like Scheme

The Securities and Exchange Commission charged a private fund manager and his Atlanta-based investment advisory firm for defrauding investors in a purported “fund-of-funds” and then trying to hide trading losses by creating new private funds to make money to pay back the original fund investors in Ponzi-like fashion. The SEC is seeking an emergency court [...]

Former Mamtek Chief Faces Fraud Charges

Former Mamtek Chief Faces Fraud Charges

The Securities and Exchange Commission has filed suit in California, charging former CEO and chairman of Mamtek U.S., Bruce Cole, with fraud related to the offer and sale of municipal bonds. The SEC’s complaint alleges that Cole executed a scheme to defraud investors and made material misrepresentations and omissions in connection with the July 2010 [...]

SEC Raps Several Executives Over Ponzi Scheme

SEC Raps Several Executives Over Ponzi Scheme

Judge Christine M. Arguello, U.S. District Court Judge for the District of Colorado, entered final judgments against Troy B. Wragg, Amanda E. Knorr, Speed of Wealth, LLC, Wayde M. McKelvy, and Donna M. McKelvy ordering disgorgement, prejudgment interest, and civil penalties totaling more than $135 million. The court ordered Wragg and Knorr to pay $37,031,035.36 [...]

Ex-Systemax Director Grilled in Compensation Scheme Controversy

Ex-Systemax Director Grilled in Compensation Scheme Controversy

The former director of Port Washington, N.Y.-based consumer electronics retailer Systemax Inc. is facing suit filed by the US Securities and Exchange Commission for fraudulently reaping hundreds of thousands of dollars in undisclosed compensation over a five-year period. The SEC alleges that Gilbert Fiorentino, who in addition to serving on the board was the former [...]

SEC Charges Chicago-Based Investment Firm with Misleading Investors in Private Equity Offerings

SEC Charges Chicago-Based Investment Firm with Misleading Investors in Private Equity Offerings

The Securities and Exchange Commission has charged the co-founder of a Chicago-based investment firm with misleading investors in two private equity offerings, and charged the other co-founder with supervisory failures related to the offerings. Advanced Equities Inc. — a broker-dealer and investment advisory firm – and co-founders Dwight O. Badger and Keith G. Daubenspeck were [...]

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