SEC News

SEC Slaps Florida Brokers with Fraud Charges

SEC Slaps Florida Brokers with Fraud Charges

The Securities and Exchange Commission has charged two former brokers in Miami with fraud for overcharging customers approximately $36 million by using hidden markup fees on structured notes transactions. The SEC alleges that Fabrizio Neves conducted the scheme while working at LatAm Investments LLC, a broker-dealer that is no longer in business. He was assisted [...]

SEC Charges 8 in Georgia-Based Insider Trading Ring

SEC Charges 8 in Georgia-Based Insider Trading Ring

The US Securities and Exchange Commission has charged eight individuals living in the Griffin, Ga., area for their involvement in an insider trading ring that generated more than $500,000 in illegal profits. The SEC alleges that local accountant Thomas D. Melvin, Jr. exploited confidential information from a client who was on the board of directors [...]

SEC Charges Former Sky Bell Hedge Fund Manager with Falsifying Documents

SEC Charges Former Sky Bell Hedge Fund Manager with Falsifying Documents

The US Securities and Exchange Commission filed a settled civil action in the United States District Court for the Northern District of California against Gary R. Marks. The SEC’s complaint alleged that Marks managed and recommended various fund of funds hedge funds through Sky Bell Asset Management, Inc. (an investment adviser formerly registered with the [...]

Convicted Ponzi Scheme Operator Fined $18m

Convicted Ponzi Scheme Operator Fined $18m

A district court in Utah entered a final judgment against Ponzi scheme operator Jeffrey L. Mowen, ordering him to pay $8,041,779 in ill-gotten gains and $1,964,203.67 in prejudgment interest. The court also ordered Mowen to pay a civil penalty of $8,041,779, for a total of $18,047,761.67. The complaint alleged that Mowen operated a Ponzi scheme [...]

Internet Marketer’s Pyramid and Ponzi Scheme Halted

Internet Marketer’s Pyramid and Ponzi Scheme Halted

Online marketer Paul R. Burks and company Rex Venture Group LLC d/b/a ZeekRewards.com are facing charges filed by the US Securities and Exchange Commission for operating a combined Ponzi and Pyramid scheme. According to the complaint filed in North Carolina, Burks and his company raised more than $600 million from more than one million Internet [...]

SEC Sues E-Lionheart Associates in Penny Stock Scheme

SEC Sues E-Lionheart Associates in Penny Stock Scheme

The US Securities and Exchange Commission has charged a New York-based firm and its owner with operating a penny stock scheme in which they bought billions of stock shares that they resold in the public market. The SEC alleges that Edward Bronson and E-Lionheart Associates LLC illegally profited more than $10 million from selling shares [...]

SEC Charges Former Array BioPharma Manager for Insider Trading

SEC Charges Former Array BioPharma Manager for Insider Trading

The US Securities and Exchange Commission filed a suit the United States District Court for the District of Colorado against James L. Lieberman for illegally trading the stock of a pharmaceutical firm. In its complaint, the SEC alleges that Lieberman traded Array BioPharma, Inc. stock based on material nonpublic information about a pending transaction with [...]

SEC Sues Puerto Rico Resident Who Defrauded Evangelist Investors

SEC Sues Puerto Rico Resident Who Defrauded Evangelist Investors

The US Securities and Exchange Commission has charged a Puerto Rico resident and his company with conducting a Ponzi scheme that targeted evangelical Christians and factory workers in Puerto Rico. The SEC alleges that Ricardo Bonilla Rojas and his firm Shadai Yire raised at least $7 million from as many as 200 investors living primarily [...]

SEC Sues New York Penny Stock Distributor

SEC Sues New York Penny Stock Distributor

The US Securities and Exchange Commission has sued Jossef Kahlon and TJ Management Group, LLC, of New York, New York, for selling the stock of several penny stock issuers into the public market in violation of the registration provisions of the federal securities laws. According to the complaint, Kahlon and TJ Management Group, LLC abused [...]

SEC Charges College Football Hall of Fame Coach in $80m Ponzi Scheme

SEC Charges College Football Hall of Fame Coach in $80m Ponzi Scheme

The Securities and Exchange Commission has charged a former college football coach who teamed with an Ohio man to conduct an $80 million Ponzi scheme that included other college coaches and former players among its victims. The SEC alleges that Jim Donnan, a College Football Hall of Fame inductee who guided teams at Marshall University [...]

SEC Batters Former CEO, Baseball Player with Insider Trading Suit

SEC Batters Former CEO, Baseball Player with Insider Trading Suit

The US Securities and Exchange Commission has filed a second round of charges in an insider trading case involving former professional baseball players and the former top executive at a California-based medical eye products company that was the subject of the illegal trading. The SEC brought initial charges in the case last year, accusing former [...]

SEC Sues Oracle Over Secret Side Funds in India

SEC Sues Oracle Over Secret Side Funds in India

Oracle Corporation with violating is facing charges of violating Foreign Corrupt Practices Act (FCPA) by failing to prevent a subsidiary from secretly setting aside money off the company’s books that was eventually used to make unauthorized payments to phony vendors in India. The US Securities and Exchange Commission alleges that certain employees of the Indian [...]

SEC Busts Denver-Based Ponzi Scheme

SEC Busts Denver-Based Ponzi Scheme

The Securities and Exchange Commission has filed fraud charges and an emergency asset freeze against a Denver-based company and two Colorado residents operating a $15.7 million Ponzi scheme harming more than 120 investors nationwide. The SEC alleges that Michael J. Turnock of Denver and William P. Sullivan II of Highlands Ranch, Colo., sold promissory notes [...]

SEC Charges Home and Construction Loan Firms with Fraud

SEC Charges Home and Construction Loan Firms with Fraud

The US Securities and Exchange Commission filed a civil injunctive action against Ivan Wade Brown and two companies he wholly owns and solely controls: Highland Residential, LLC and Avanti Capital Partners, LLC. In its Complaint, filed in the U.S. District Court for the District of Utah, the SEC alleges that Brown raised over $27 million [...]

SEC Charges Six Individuals in $6m ‘Shell-Factory’ Scheme

SEC Charges Six Individuals in $6m ‘Shell-Factory’ Scheme

The US Securities and Exchange Commission has sued six individuals for allegedly funneling ill-gotten gains from the sale of at least 15 public shell companies. SEC filed suit in the United States District Court for the Eastern District of Texas against Thomas D. Coldicutt, Jr., Elizabeth L. Coldicutt, Robert C. Weaver, Jr., Christopher C. Greenwood, [...]

Petro-Suisse Ltd, Mark Gasarch Face Fraud Charges

Petro-Suisse Ltd, Mark Gasarch Face Fraud Charges

The Securities and Exchange Commission has rapped Petro-Suisse Ltd. and Mark Gasarch for offering fraud. Gasarch, Petro-Suisse’s director, treasurer, and legal counsel allegedly rigged 21 private placements memorandums (PPMs) related to the purchase and sale of 21 limited partnership interests offered by Petro-Suisse to finance the drilling of oil wells in Trinidad. The PPMs stated [...]

SEC Sues Wells Fargo for Illegal Sale of Complex Investments

SEC Sues Wells Fargo for Illegal Sale of Complex Investments

The Securities and Exchange Commission has charged Wells Fargo’s brokerage firm and a former vice president with unlawfully selling investments tied to mortgage-backed securities without disclosing its risks. The SEC said Minneapolis-based Wells Fargo sold asset-backed commercial paper (ABCP) structured with high-risk mortgage-backed securities and collateralized debt obligations (CDOs) to municipalities, non-profit institutions, and other [...]

Ex-Soyo Group CFO Fined $15.6m

Ex-Soyo Group CFO Fined $15.6m

The former Chief Financial Officer for the now defunct Soyo Group, Inc., was fined $15,600,000 for allegedly committing securities fraud. Another defendant, Eric Jon Strasser, was ordered to pay a penalty of $260,000. Nancy Shao Wen Chu and another defendant, allegedly booked over $47 million in fraudulent sales revenues arising from at least 120 fictitious [...]

SEC Charges Participants in $5m Boiler Room Scheme

SEC Charges Participants in $5m Boiler Room Scheme

The US Securities and Exchange Commission has charged three individuals and seven entities for their role in a boiler room scheme that defrauded approximately 150 investors. The SEC filed complaints against Edward M. Laborio and others for using high-pressure sales tactics to raise up to $5.7 million from approximately 150 investors through the fraudulent sale [...]

SEC Charges Former Public Company CEO with Fraud

SEC Charges Former Public Company CEO with Fraud

Hiding previous criminal cases, a chief executive officer at a Texas-based energy firm is facing lawsuit filed by the US Securities and Exchange Commission for committing fraud. The SEC filed a complaint in the United States District Court for the Northern District of Texas alleging that Ronald D. Brooks committed securities fraud while serving as [...]

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