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 Enters Judgments Custodianship Shell Amogear Stock Scheme
On March 23, 2016, the Securities and Exchange Commission (SEC) announced that the federal court in Boston, Massachusetts entered judgments by consent against Andrew Affa, Michael Affa, Mitchell Brown, Christopher Putnam, and Christopher Nix in a fraud action… Read More
Court Enters Nearly $2 Million Judgment Against Gregory Jones for Defrauding Investors
The Securities and Exchange Commission (SEC) announced on March 23, 2016 that a federal court has ordered a nearly $2 million judgment from an attorney who admitted to defrauding investors in two fraudulent schemes. The Honorable John McBryde,… Read More
Court Enters Final Judgment Against Fraudster Bruce Strebinger
The Securities and Exchange Commission (SEC) announced on March 21, 2016 that on March 15, 2016, the Honorable Leigh Martin May of the United States District Court for the Northern District of Georgia entered a final judgment against defendant Bruce… Read More
Former Microsoft Manager Charged with Insider Trading Ahead of Acquisition of Nokia
The Securities and Exchange Commission (SEC) announced on March 18, 2016 that former Microsoft Corporation senior manager, John Hardy III has agreed to pay nearly $380,000 to settle charges that he traded on material nonpublic information about Microsoft’s… Read More
Court Enters Final Judgment Against Insider Trading Defendant Yue Han
On March 16, 2016, the Court for the Southern District of New York entered a final judgment against defendant Yue Han, based on insider trading charges filed by the Securities and Exchange Commission (SEC) against Han on November… Read More
SEC Charges Mark Jones for a Ponzi Scheme Purporting to Offer “Bridge Loans” to Jamaican Businesses
On March 15, 2016, the Securities and Exchange Commission (SEC) charged former Boston resident Mark Jones with operating a $10 million Ponzi scheme that claimed to generate profits from “bridge loans” to businesses in Jamaica. The SEC… Read More
CEO of RVPlus Charged with Soliciting Fake Contracts with Foreign Governments
The Securities and Exchange Commission (SEC) charged a microcap company CEO for falsely claiming to have a lucrative relationship with the United Nations and billions of dollars in clean energy contracts with foreign governments. The SEC alleges that… Read More
SEC Charges Daniel Thibeault with Misappropriating Millions in Investor Funds
On March 14, 2016 the Securities and Exchange Commission (SEC) announced that on March 3, 2016, Daniel Thibeault, the President/CEO of a group of Massachusetts-based investment advisory companies, pled guilty to criminal charges in connection with the misappropriation… Read More
