SEC Charges Secured Income Reserve and Former Officers with Fraud
The Securities and Exchange Commission (“SEC”) filed fraud charges against Secured Income Reserve, Inc. and three of its former officers alleging that Income Reserve, Ilona Mandelbaum of Palm Beach Gardens, Fla., David Zimmerman of Boca Raton, Fla., and… Read More
Cedric Cañas Charged with Insider Trading and Ordered to Pay Over $1.1 Million
The Securities and Exchange Commission (“SEC”) obtained a default judgment against a former high-ranking executive at Madrid-based Banco Santander, S.A. (“Santander”) for trading based on material, nonpublic information about a proposed acquisition for which the Spanish investment… Read More
John Ragsdale Charged with Aiding and Abetting Penny Stock Fraud
On August 22, 2016 the Securities and Exchange Commission (“SEC”) announced that it has charged John Ragsdale of South Carolina with aiding and abetting a penny stock fraud involving now-defunct U.S. public company Global Earth Energy, Inc. (Global Earth),… Read More
Michael Andre Jones Charged for Fraudulent Offering and Sales of Unregistered Securities
On August 22, 2016 the Securities and Exchange Commission (“SEC”) announced that, on August 19, 2016, the SEC filed a settled civil action in U.S. District Court for the District of Columbia against Michael Andre Jones, alleging that he conducted… Read More
Court Enters Final Judgment Against Patrick O’Neill in Insider Trading Case
On August 18, 2016, the federal district court in Massachusetts entered a final judgment against a senior vice president at Eastern Bank Corporation, Patrick O’Neill, to settle allegations that he engaged in insider trading in the stock of Wainwright Bank… Read More
Sean Stewart Found Guilty of Insider Trading
On August 17, 2016, a jury in federal court in Manhattan returned a guilty verdict on all nine counts against former investment banker Sean Stewart in a criminal trial prosecuted by the U.S. Attorney’s Office for the Southern… Read More
Stockbroker Paul Rampoldi Charged with Insider Trading
On August 11, 2016 the Securities and Exchange Commission (“SEC”) charged stockbroker Paul Rampoldi and his friend with participating in an insider trading scheme to profit in advance of two major announcements out of a pharmaceutical company. The… Read More
Global Digital Solutions of West Palm Beach, FL and CEO Charged with Fraud
On August 12, 2016 the Securities and Exchange Commission (“SEC”) charged West Palm Beach-based Global Digital Solutions, former chairman and CEO Richard Sullivan, and former CFO David Loppert with defrauding investors by issuing false and misleading press releases purporting… Read More
Sameer and Praveen Sethi Found in Contempt of Court After Injuction
On August 9, 2016, a federal court in Texas entered contempt orders against Sameer Sethi, Praveen Sethi, and John Weber after they violated the court’s May 26, 2015 preliminary injunction restraining Sameer Sethi and Sethi Petroleum, LLC from… Read More
Edwin Ruh Jr. and His Firm Charged for a Fraudulent Securities Offering
On August 10, 2016, the Securities and Exchange Commission (“SEC”) filed fraud charges against an individual, Edwin Ruh Jr., and his firm, Pan Asia China Commerce Corp. Inc. (“PAC-3”), in connection with the fraudulent offering of an investment… Read More
Three Officers of Brokerage Firm Global Transition Solutions Charged with Fraud
On August 8, 2016 the Securities and Exchange Commission (“SEC”) charged three individuals and the now-defunct firms Global Transition Solutions, Inc. and Global Transition Solutions, LLC (collectively “Global Transition”) with fraud for misleading their current and prospective customers… Read More
Investment Advisor Patrick Churchville Pleads Guilty to Running $21 Million Ponzi
On August 4, 2016, Patrick Churchville, a defendant in an ongoing SEC litigation, pled guilty to an information charging him with five counts of wire fraud and one count of tax evasion in connection with orchestrating a $21… Read More
Football Player Merrill Robertson Jr. Charged with Running a $10 Million Fraud
On August 10, 2016 the Securities and Exchange Commission (“SEC”) charged Merrill Robertson Jr., a former player for the Philadelphia Eagles, with defrauding investors, including former coaches he knew from his time playing football for the Fork Union… Read More
Cardiologist Dr. Edward Kosinski Charged with Insider Trading
On August 4, 2016 the Securities and Exchange Commission (“SEC”) charged a cardiologist with insider trading on confidential developments as he worked on a clinical drug trial. The SEC alleges that Dr. Edward Kosinski of Weston, Connecticut, traded… Read More
Posted by Brenda Hamilton – Sandy Winick Sentenced
Posted by Brenda Hamilton. On August 17, 2016, Penny Stock Fraudster, Sandy Winick, a Canadian, was sentenced To 78 Months In prison for masterminding the international fraud scheme. Winick was sentenced to 78 months in prison following his July… Read More
Leonid Momotok Pleads Guilty to Conspiracy to Commit Wire Fraud
On August 2, 2016, Leonid Momotok of Suwanee, Georgia pled guilty before United States Magistrate Judge Ramon E. Reyes, Jr. in United States District Court for the Eastern District of New York to one count of conspiracy to… Read More
Court Enters Final Judgment Against Kenneth Rampino for Insider Trading
The Securities and Exchange Commission (SEC) announced that the federal district court in Rhode Island has entered a final judgment against Kenneth Rampino, a resident of Seekonk, Massachusetts and a practicing attorney, ordering him to pay approximately $39,000… Read More
Court Finds Jeffry and Paul Downey and John Leonard Guilty of Oil and Gas Fraud
On July 25, the Honorable Sam R. Cummings of the United States District Court for the Northern District of Texas granted summary judgment for the SEC on all claims against the father-and-son duo of Paul and Jeffry Downey,… Read More
Three Fraudsters on a Shopping Spree Met with an Asset Freeze
On July 28, 2016 the Securities and Exchange Commission (“SEC”) announced an asset freeze it has obtained against three men who aren’t registered to sell investments and allegedly went on lavish shopping sprees with more than $5 million raised from… Read More
SEC Charges the Luca Entities with Eb-5 Investment Fraud
On July 26, 2016, the Honorable Charles R. Breyer of the United States District Court for the Northern District of California entered a final judgment against Luca International Group, LLC, Luca Resources Group, LLC, Luca Energy Fund, LLC… Read More
Rosalind Herman Sentenced to 7 Years, Ordered to Pay Nearly $2 Million in Restitution
On July 27, 2016, Rosalind Herman, a relief defendant in an ongoing SEC fraud action, was sentenced to seven years in federal prison and ordered to pay $1,819,391 in restitution in a parallel criminal case. Herman and her… Read More
Charles Scoville & Traffic Monsoon Charged In Ponzi Scheme
On July 26, 2016 the Securities and Exchange Commission (“SEC”) announced that it obtained an asset freeze against the operator of an international Ponzi scheme that raised more than $207 million from investors worldwide, primarily in the U.S., India, and… Read More
JNL Oilfield Instruments and Founder Jeffery McCollum Charged with Operating a Ponzi Scheme
The Securities and Exchange Commission (“SEC”) announced that it has charged Odessa, Texas-based JNL Oilfield Instruments, LLC and its founder Jeffery McCollum with operating a multi-year Ponzi scheme. According to the SEC’s complaint filed in the U.S. District Court… Read More
Attorney Herbert Sudfeld Sentenced to 6 Months Imprisonment for Insider Trading
On July 22, 2016, Judge Cynthia M. Rufe of the U.S. District Court for the Eastern District of Pennsylvania sentenced former attorney Herbert Sudfeld, Jr. to six months imprisonment followed by three years of supervised release and 150… Read More
Court Enters Final Judgment Against Michael Cain
The Securities and Exchange Commission (“SEC”) announced that on July 20, 2016, the Honorable Charles Pannell of the United States District Court for the Northern District of Georgia entered a final judgment against Michael Sean Cain. In its complaint,… Read More
SEC Nails Pot Stock Promoters
On July 9, the Securities & Exchange Commission (“SEC”) settled with Alexander Hawatmeh and Christopher Mrowca who allegedly received more than $2.5 million by manipulating penny stock pot stocks. According to the proposed judgments filed in the US District… Read More
FINRA Amends Regulation NMS
The Financial Industry Regulatory Authority has adopted amendments to its rules related to the operation of the Regulation NMS Plan to Address Extraordinary Volatility following a trading pause or regulatory halt. FINRA Rule 6121.01 (Resumption of Trading in Securities… Read More
Court Issues Asset Freeze Over James Hugh Brennan and Douglas Albert Dyer in Fraud Case
On July 22, 2016, the Honorable Travis R. McDonough of the Eastern District of Tennessee entered a court-ordered asset freeze to halt an ongoing fraud by two former brokers with disciplinary histories who allegedly raised more than $5… Read More
SEC Charges Jeffrey Wilson, Former CEO of Imperial Petroleum with Securities Fraud
On July 20, 2016, the SEC charged Jeffrey Wilson, the former CEO of Imperial Petroleum, Inc., and a defendant in a SEC civil enforcement action, with 19 counts of securities fraud and other violations of federal law on July… Read More
Court Enters Final Judgment Against Tyson Williams and Stanley Parrish in Fraud Case
On July 18, 2016, the U.S. District Court for the District of Utah entered final judgments against Tyson Williams and Stanley Parrish, both of whom were charged by the SEC in 2014 in connection with the sale of securities… Read More
