SEC Announces Additional Charges Against Anthony Portelli
On June 22, 2017, the Securities and Exchange Commission (“SEC”) announced additional charges in an enforcement investigation involving Anthony Portelli, a Wall Street firm’s securities lending desk, and the improper handling of American Depositary Receipts (ADRs). The SEC’s order… Read More
Pazoo, Inc. Used in Artificial Inflation Scheme
On June 21, 2017, the Securities and Exchange Commission (“SEC”) charged a New Jersey-based group of stock promoters with fraud involving the manipulation and artificial inflation of the share price of a microcap company, Pazoo, Inc. The scheme grossed… Read More
Seyed Taher Kameli Charged for Defrauding Investors
On June 22, 2017, the Securities and Exchange Commission (“SEC”) charged Seyed Taher Kameli, a Chicago-based immigration attorney, with defrauding investors participating in the EB-5 immigrant investor program by improperly commingling and misusing a portion of the approximately $88.7… Read More
SEC Charges Arista’s CEO and Attorney
On June 20, 2017, the Securities and Exchange Commission (“SEC”) announced charges involving a scheme to disguise the nature of Arista, a public company’s financing amid financial difficulties, and a corresponding manipulation of the price of the company’s… Read More
Mark Northrop Barred by the SEC
On June 19, 2017, the Securities and Exchange Commission (“Commission”) deemed it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 203(f) of the Investment Advisers Act of 1940… Read More
SEC Takes Action Against Ann Hiskey
On June 19, 2017, the Securities and Exchange Commission (“Commission”) deemed it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 15(b) of the Securities Exchange Act of… Read More
SEC Charges CannaVEST Corp. with Fraud
On June 16, 2017, the Securities and Exchange Commission (“SEC”) filed fraud charges against CannaVEST Corp., a Las Vegas-based hemp oil company, and its CEO for inflating the company’s assets on its balance sheet. The SEC complaint filed… Read More
Antonio Katz Pleads Guilty to Criminal Charges
On June 1, 2017, Antonio Katz, a defendant in ongoing SEC litigation, pled guilty to criminal charges filed by the U.S. Attorney for the District of Massachusetts. Antonio Katz was charged with one count of conspiracy and one… Read More
SEC Adopts JOBS Act Amendments
On April 5, 2017, the Securities and Exchange Commission (“SEC”) announced that it has adopted JOBS Act amendments to increase the amount of money companies can raise through crowdfunding to adjust for inflation. It also approved amendments that… Read More
Can-Cal & SkyStar Temporarily Suspended
The U.S. Securities and Exchange Commission (“Commission”) announced the temporary suspension of trading in the securities of the following issuers, commencing at 9:30 a.m. EDT on June 9, 2017 and terminating at 11:59 p.m. EDT on June 22,… Read More
David Fuselier Charged for Fraudulent Scheme
On June 6, 2017, the Securities and Exchange Commission (“SEC”) charged David Fuselier, a chief executive officer, with perpetrating a fraudulent scheme to create the false appearance of improvement in the financial statements of two publicly traded companies… Read More
Marc Broidy & Broidy Wealth Advisors Receive Final Judgement
On May 30, 2017, the Honorable Eric N. Vitaliano of the United States District Court for the Eastern District of New York entered a final consent judgment against defendants Marc Broidy and Broidy Wealth Advisors, LLC (“BWA”), enjoining… Read More
Final Judgement Against GAW Miners and ZenMiner
On June 2, 2017, the U.S. District Court for the District of Connecticut entered a final default judgment against two Connecticut-based companies, GAW Miners, LLC and ZenMiner, LLC, in a case alleging that these companies and their principal… Read More
SEC Charges iPayment Executives with Fraud
On March 10, 2017, the Securities and Exchange Commission (“SEC”) charged two former iPayment executives, a credit card processing company, with masterminding a fraudulent scheme to steal millions of dollars through phony expense reimbursements, inflated invoices, and other improper… Read More
Nima Hedayati Charged With Insider Trading
On March 14, 2017, the Securities and Exchange Commission (“SEC”) announced that Nima Hedayati, an auditor based in the Silicon Valley, has agreed to settle charges that he traded on inside information about a client on the verge of… Read More
Alpine Securities Fails to Comply to Anti-Money Laundering Law
On June 5, 2017, the Securities and Exchange Commission (“SEC”) charged Alpine Securities Corporation, a Salt Lake City-based brokerage firm, with securities law violations related to its alleged practice of clearing transactions for microcap stocks that were used in… Read More
Larry Holley Charged with Fraud
On March 30, 2017, the Securities and Exchange Commission (“SEC”) announced fraud charges and an emergency asset freeze obtained against Larry Holley, a Michigan-based pastor, accused of exploiting church members, retirees, and laid-off auto workers who were misled to… Read More
LottoNet Accused of Conducting Boiler Room Scheme
On March 27, 2017, the Securities and Exchange Commission (“SEC”) announced charges against LottoNet Operating Corp., a Florida-based company, its CEO, and its top sales agent accused of conducting a boiler room scheme that solicits investments in a business… Read More
Lawson Financial Corporation Settles Fraud Charges
On April 5, 2017, the Securities and Exchange Commission (“SEC”) announced that Lawson Financial Corporation, an Arizona-based brokerage firm, its CEO, and its former underwriter’s counsel have agreed to settle charges related to municipal bond offerings they were underwriting… Read More
John Bocchino Barred by FINRA
On June 1, 2017, the Financial Industry Regulatory Authority (“FINRA”) announced that it has barred former Morgan Stanley Smith Barney registered representative John Bocchino for concealing approximately $190 million in Venezuelan bond trades from the firm, which had… Read More
Medbox Charged by the SEC
On March 9, 2017, the Securities and Exchange Commission (“SEC”) charged Medbox, a California-based company, and its founder with falsely touting “record” revenue numbers to investors and claiming to be a leader in the marijuana industry while some of… Read More
Verto Capital Settles Charges for Ponzi-like Scheme
On May 4, 2017, the Securities and Exchange Commission (“SEC”) announced that Verto Capital Management, a New Jersey-based firm, and its CEO have agreed to pay more than $4 million to settle charges that they used new investor money… Read More
Desarrolladora Homex Settle Fraud Charges
On March 3, 2017, the Securities and Exchange Commission (“SEC”) announced that Mexico-based homebuilding company Desarrolladora Homex S.A.B. de C.V. has agreed to settle charges that it reported fake sales of more than 100,000 homes to boost revenues in… Read More
MagnaChip & CFO Settle Accounting Fraud Charges
On May 1, 2017, the Securities and Exchange Commission (“SEC”) announced that MagnaChip, a South Korea-based semiconductor manufacturer, and its former CFO have agreed to settle charges related to an accounting scheme to artificially boost revenue and manipulate the… Read More
Centers for Medicare and Medicaid Services Employees Charged with Insider Trading
On May 24, 2017, the Securities and Exchange Commission (“SEC”) announced charges in an alleged insider trading scheme involving tips of nonpublic information about government plans to cut Medicare reimbursement rates by former Centers for Medicare and Medicaid Services… Read More
SEC Files Fraud Charges Against Robert Murray
On May 19, 2017, the Securities and Exchange Commission (“SEC”) filed fraud charges against Robert Murray, a Virginia-based mechanical engineer accused of scheming to manipulate the price of Fitbit stock by making a phony regulatory filing. According to the… Read More
SEC Charges David Humphrey with Securities Fraud
On May 9, 2017, the Securities and Exchange Commission (“SEC”) charged David Humphrey, a former employee, with securities fraud in connection with his trading of options and other securities. The SEC’s complaint alleges that David Humphrey, who worked… Read More
Barclays Capital Required to Refund Advisory Fees by SEC
On May 10, 2017, the Securities and Exchange Commission (“SEC”) announced an enforcement action requiring Barclays Capital to refund advisory fees or mutual fund sales charges to clients who were overcharged. In a settlement of more than $97 million,… Read More
Miles Nadal Settles $5.5 Million for SEC Case
On May 11, 2017, the Securities and Exchange Commission (“SEC”) announced that Miles Nadal, the former CEO of a marketing company, has agreed to pay $5.5 million to settle charges that his perks were not properly disclosed to shareholders. Public… Read More
SEC Charges Nomura Securities International Inc. Head Traders
On May 15, 2017, the Securities and Exchange Commission (“SEC”) charged a pair of former head traders who ran the commercial mortgage-backed securities (CMBS) desk at Nomura Securities International Inc. with deliberately lying to customers in order to… Read More
