SEC Charges Thomas Conrad and His Son with Fraud
On Friday, July 15, 2016, the Securities and Exchange Commission (“SEC”) charged Thomas Conrad, Jr. and his son, Stuart Conrad, and their two unregistered advisory firms, Financial Management Corporation (“FMC”) and Financial Management Corporation, S.R.L. (“FMC Uruguay”), with defrauding… Read More
Vineet Kalucha Sentenced to Federal Prison for Obstructing Investigation
Vineet Kalucha was sentenced to fifteen months in prison in a parallel criminal case after pleading guilty to charges that he obstructed justice in an investigation conducted by the SEC. Vineet Kalucha, whose sentence was handed down on July… Read More
Thomas and Stuart Conrad Charged With Securities Fraud
On Friday, July 15, 2016, the Securities and Exchange Commission (“SEC”) charged two residents of Alpharetta, Georgia, Thomas Conrad, Jr. and his son, Stuart Conrad, and their two unregistered advisory firms, Financial Management Corporation (“FMC”) and Financial Management… Read More
Judgments Entered Against Tyson Williams and Stanley Parrish
On July 18, 2016, the U.S. District Court for the District of Utah entered final judgments against Tyson D. Williams and Stanley D. Parrish, both of whom were charged by the SEC in 2014 with fraud in connection… Read More
Jeffrey Wilson, the former CEO of Imperial Petroleum Found Guilty
On July 22, 2016, Jeffrey Wilson, the former CEO of Indiana-based Imperial Petroleum, Inc., and a defendant in a SEC civil enforcement action, was found guilty of 19 counts of securities fraud and other violations of federal law… Read More
SEC Regulation A+ Meeting Addressing Emerging Companies
On July 14, 2016, the Securities and Exchange Commission (“SEC”) announced the agenda for its July 19 meeting of its Advisory Committee on Small and Emerging Companies. The SEC Committee will focus on the first year of Regulation A+,… Read More
Permanent SEC Bar Against Joseph Apuzzo of Terex Corporation Entered
On May 5, 2016, Judge Alvin W. Thompson of the U.S. District Court for the District of Connecticut granted the SEC’s motion for an officer and director bar against Joseph F. Apuzzo, former Chief Financial Officer of Terex… Read More
The SEC Announces Securities Fraud In ForceField Energy
On May 3, 2016, the SEC announced securities fraud charges against 10 individuals involved in cash bribes and other kickbacks to registered representatives and unregistered brokers who solicited investors to buy stock in ForceField Energy Inc. The SEC… Read More
IHUB Pushes Back to COR Clearing Subpoena in Calissio Case
We last wrote about the complex litigation involving Calissio Resources Group (CRGP) in February. It arose out of a controversy surrounding the company’s payment of a special dividend of $0.011 a share in August 2015. At the time… Read More
Operation Bermuda Short In Retrospect
Many penny stocks have bad histories, or are associated with questionable players. Only last December, convicted felon Edward Durante was civilly and criminally charged in a securities fraud and manipulation scheme he’d embarked upon immediately after leaving prison… Read More
Court Enters Final Judgments in Sky Capital Boiler Room Case
The Securities and Exchange Commission (“SEC”) announced that on April 8th the Honorable Paul A. Crotty of the United States District Court for the Southern District of New York entered final judgments on consent against defendants Stephen Shea,… Read More
Court Sentences Michael Donnelly to 99 Months Imprisonment and $1.99 Million in Restitution
The Securities and Exchange Commission (“SEC”) announced today that, on April 11, 2016, a federal court in Philadelphia, Pennsylvania sentenced Michael Donnelly of Lecanto, Florida, to 99 months imprisonment, to be followed by three years of supervised release,… Read More
SEC Charges Former Head of GTM, Khaled Bassily with Fraud
The Securities and Exchange Commission (“SEC”) filed a civil injunctive action on April 12, 2016, in the United States District Court for the Southern District of New York against Khaled “Kal” Bassily, the former head of ConvergEx Execution… Read More
Servergy Inc. and William Mapp Charged for Purporting False Information About Product
On April 11, 2016 the Securities and Exchange Commission (“SEC”) announced fraud charges against a Texas-based technology company and its founder accused of boosting stock sales with false claims about a supposedly revolutionary computer server and big-name customers purportedly… Read More
Rosalind Herman Convicted of Defrauding Investors of Over $1.3 Million
The Securities and Exchange Commission (SEC) announced that, on April 5, 2016, a federal jury in Massachusetts convicted Rosalind Herman of Woburn, Massachusetts of criminal charges of investment adviser fraud, tax fraud, wire fraud and conspiracy for her… Read More
David Aubel and Robert Raffa Charged with Stock Manipulation Scheme
On April 7th, 2016, the Securities and Exchange Commission (SEC) announced fraud charges against two men behind a scheme to manipulate the stock of Green Energy Renewable Solutions, Inc., a company that purported to be in the business… Read More
SEC Charges John Scott Clark with Securities Fraud
On March 31, 2016, the Securities and Exchange Commission (SEC) announced fraud charges against a Cache County, Utah man who solicited investors in a bogus scheme involving investments in “top secret” Iraqi currency and oil contracts. In a… Read More
SEC Charges Nathanial Ponn with Defrauding Several Brokerage Firms
The Securities and Exchange Commission (SEC) announced fraud charges against Massachusetts resident Nathanial Ponn for engaging in a scheme to defraud numerous broker-dealers over more than seven years. According to the SEC complaint filed in federal court in Boston, Ponn… Read More
Navistar International Reaches Settlement Agreement with SEC
The Securities and Exchange Commission (SEC) charged Navistar International Corp. with misleading investors about its development of an advanced technology truck engine that could be certified to meet U.S. emission standards. Navistar, without admitting or denying the charges,… Read More
Daniel and Matthew Rivera Charged for Running a Ponzi Scheme Directed at Seniors
On March 24, 2016, the Securities and Exchange Commission charged two brothers, and a company that they founded purportedly to develop and sell real estate, with engaging in a $2.7 million Ponzi scheme that targeted approximately 30,… Read More
When Short Sellers Hit Cannabis Stocks
When Shorts Hit Cannabis Stocks When a public stock’s price declines, it has become common practice for penny stock issuers and their disciples to scream foul play, typically claiming on message boards like Investor’s Hub that their company… Read More
SEC Charges Andrew Caspersen with Defrauding Two Institutions
The Securities and Exchange Commission (SEC) charged a New York-based securities professional with defrauding two institutions he solicited to invest in a shell company he controlled whose name was deceptively similar to that of a legitimate private equity… Read More
TV New Commentator Agrees to Settle SEC’s Charges
The Securities and Exchange Commission (SEC) announced that a former market analyst and TV news commentator has agreed to settle charges that he and his company fraudulently promoted a penny stock to investors. The SEC alleges that Tobin Smith and… Read More
AVEO Pharmaceuticals Misleads Investors About FDA Approval of New Drug
The Securities and Exchange Commission announced fraud charges against a Massachusetts-based biotech company and three former executives for misleading investors about the company’s efforts to obtain Food and Drug Administration (FDA) approval for its flagship developmental drug to… Read More
Stanley Kowalewski Sentenced to 18 Years’ Imprisonment for Wire Fraud and Obstruction of Justice
On March 25, 2016, the Honorable Richard W. Story of the United States District Court for the Northern District of Georgia sentenced Stanley Kowalewski to 18 years’ imprisonment for defrauding the investors in his hedge funds and obstructing… Read More
SEC Charges John Bivona and Saddle River Advisors with Fraud
On March 25, 2016 the Securities and Exchange Commission (SEC) announced fraud charges and asset freezes obtained in a case filed against a New Jersey-based fund manager and two firms he controls that marketed shares in promising pre-IPO tech… Read More
Court Holds James Louks and FiberPop Solutions in Civil Contempt
The Securities and Exchange Commission (SEC) announced that the Honorable Patrick J. Schiltz of the United States District Court for the District of Minnesota has entered an order holding defendants James Louks and FiberPoP Solutions, Inc. in civil… Read More
CEO of TierOne Bank Sentenced to 11 Years in Prison
The Securities and Exchange Commission (SEC) announced that on March 23, 2016, Gilbert Lundstrom, the former chairman of the board and CEO of TierOne Bank, based in Nebraska, was sentenced to 11 years in federal prison and ordered… Read More
SEC Enters Settlement with Perpetrators of an Alleged Hacked News Release Scheme
The Securities and Exchange Commission (SEC) announced on March 24, 2016 that it had entered into settlement agreements, subject to court approval, with defendants David Amaryan, Copperstone Alpha Fund, Copperstone Capital, Intertrade Pacific SA, Ocean Prime Inc., Guibor… Read More
Court Finds Leon Parvizian and His Two Companies Liable on All Counts for Oil and Gas Fraud
The Securities and Exchange Commission (SEC) announced on March 24, 2016 that a federal court in Texas found promoters of fraudulent oil and gas investments liable all counts. The Honorable Ed Kinkeade of the United States District Judge for… Read More
