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Judgement hammer

Michigan Federal Court orders Jeffrey L Groendyke and JG Forex Fund to pay over USD1.4m for operating Forex Ponzi scheme

Tue, 20/12/2011 - 17:00

The US Commodity Futures Trading Commission (CFTC) has obtained a federal consent order for permanent injunction against CFTC defendant Jeffrey L Groendyke (doing business as JG Forex Fund) of Middleville, Michigan, requiring him to pay USD963,141 in restitution and a USD420,000 civil monetary penalty. The order also permanently bars Groendyke from engaging in any commodity-related activity, including trading and registering with the CFTC. »

The word "regulation" being read through a magnifying glass

CFTC issues final order amending effective date for swap regulation

Tue, 20/12/2011 - 16:00

The Commodity Futures Trading Commission (CFTC) has issued a Final Order regarding the effective date for swap regulation.  »

orange fraud sign with magnifying glass

SEC charges Madoff employee with falsifying books

Tue, 20/12/2011 - 12:58

The Securities and Exchange Commission today charged a longtime Bernie Madoff employee with falsifying books and records in order to hide Madoff’s fraudulent investment advisory operations from regulators. »

Fraud sign

SEC charges broker for assisting investment adviser's fraud

Tue, 20/12/2011 - 06:00

The Securities and Exchange Commission has filed a civil injunctive action against Stephen M Folan, a former registered representative in the Chicago office of FTN Financial Securities Corp (FTN), for assisting Sentinel Management Group, Inc (Sentinel), a bankrupt former investment adviser, in its fraud against its advisory clients. »

George S Canellos , Director of the New York Regional Office, SEC

SEC charges options trader for illegal short selling tactics

Thu, 15/12/2011 - 10:00

The Securities and Exchange Commission has charged Chicago area options trader Gary S Bell with violating short selling restrictions when he failed to locate and deliver the shares involved in short sales to broker-dealers and their institutional customers. »

Judgement hammer

Former Schottenfeld trader Zvi Goffer settles SEC insider trading charges

Mon, 12/12/2011 - 16:00

The Honourable Jed S Rakoff of the United States District Court for the Southern District of New York has entered a consent judgment against Zvi Goffer in SEC v Galleon Management, LP, et al., 09-CV-8811, an insider trading case the SEC filed on 16 October, 2009. »

Stack of money

CFTC orders Merrill Lynch Commodities to pay USD350,000 for violating cotton futures speculative position limits

Thu, 08/12/2011 - 12:43

Merrill Lynch Commodities, has agreed to pay a USD350,000 civil monetary penalty to settle CFTC charges that it exceeded speculative position limits in Cotton No2 futures contracts in trading on the IntercontinentalExchange U.S. (ICE). MLCI also agreed to cease and desist from further such violations of Section 4a(b)(2) of the Commodity Exchange Act (CEA). »

Lawsuit books and gavel

SEC charges hedge fund manager with multi-million dollar overvaluation scheme

Wed, 07/12/2011 - 06:00

The Securities and Exchange Commission has filed a civil injunctive action in the United States District Court for the Southern District of New York charging two individuals with engaging in a fraudulent scheme to overvalue illiquid asset holdings of the now insolvent hedge fund, Millennium Global Emerging Credit Fund, and thereby inflate the Fund's reported returns and net asset value. »

orange fraud sign with magnifying glass

SEC resolves fraud-based lawsuit against Denver-area company and owner

Tue, 06/12/2011 - 16:00

The United States District Court for the District of Colorado has entered judgments against Richard Dalton and Universal Consulting Resources LLC (UCR) and ordered them to pay USD15,842,948, which includes a civil penalty of USD7,549,458. The Court found that Dalton routinely provided investors with false and materially misleading information about investments contracts known as the Trading Program and the Diamond Program. »

Judgement hammer

CFTC issues interpretation concerning Dodd-Frank anti-fraud authority

Tue, 06/12/2011 - 06:00

The US Commodity Futures Trading Commission (CFTC) has issued an Interpretation that relates to anti-fraud authority provided in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Interpretation is the CFTC’s view of the meaning of the term “actual delivery,” and guidance on how the CFTC will determine if the actual delivery exception applies to a transaction. »

No fraud sign

CFTC charges Gary and Bradley Futch and Tradewind Investments with commodity options fraud

Fri, 02/12/2011 - 10:00

The US Commodity Futures Trading Commission (CFTC) has filed an enforcement action charging Gary Futch and his son, Bradley A Futch and their firm Tradewind Investments, LLC (Tradewind), with commodity options fraud. Tradewind was registered as a Commodity Trading Advisor from February 2008 through June 2009. »

Orange fraud sign

US District Court orders Willie Lee Cloud Jr to pay more than USD5.35m over forex Ponzi scheme

Thu, 01/12/2011 - 14:00

A federal court has entered a default judgment order requiring defendants Willie L Cloud, Jr and his company, C & R Financial, Inc, both of Houston, Texas, to pay restitution of USD280,170.66 and a USD5,070,000 million civil monetary penalty for operating an off-exchange foreign currency (forex) Ponzi scheme. »

Judgement hammer

SEC resolves fraud lawsuit against Chicago-area hedge fund advisor

Thu, 01/12/2011 - 12:24

Judge John F Grady of the US. District Court for the Northern District of Illinois has entered a final judgment against Jeffrey R. Neufeld (Neufeld) and Paridon Capital Management LLC (Paridon) of Elgin, Illinois for defrauding the TCM Global Strategy Fund (TCM Fund or the fund), a hedge fund, and its investors. »

Judgement hammer

CFTC orders London-based Enskilda Futures and Swedish principal to pay USD150,000 civil penalty over supervision violations

Wed, 30/11/2011 - 06:00

The Commodity Futures Trading Commission (CFTC) has issued an order filing and simultaneously settling charges against Enskilda Futures Ltd (EFL), a London-based futures commission merchant (FCM), and Skandinaviska Enskilda Banken AB (SEB) for failing to diligently supervise accounts carried by EFL in violation of CFTC regulation 166.3.  »

No Fraud sign

SEC charges longtime Madoff employee over his role in Ponzi scheme

Wed, 23/11/2011 - 16:00

The Securities and Exchange Commission (SEC) has charged a longtime Bernie Madoff employee with fraud for his role in creating fake trades to facilitate the massive Ponzi scheme. »

Orange Fraud sign with magnifying glass

SEC charges hedge fund adviser and owner over fraudulent conduct

Wed, 23/11/2011 - 13:34

The Securities and Exchange Commission has filed a civil injunctive action against Patrick G Rooney, a resident of Oakbrook, Illinois, and his company, Solaris Management, LLC, the investment adviser to the Solaris Opportunity Fund, LP, for the fraudulent misuse of the fund’s assets and other illegal conduct. »

Orange Fraud sign with magnifying glass

CFTC charges California residents Robert Cannone, Thomas Breen, and Francis Franco over USD1.4m commodity pool fraud

Mon, 21/11/2011 - 16:00

The US Commodity Futures Trading Commission (CFTC) has filed a complaint in federal court in Santa Ana, California, charging defendants Robert J Cannone of Laguna Niguel, Thomas B Breen of San Juan Capistrano, Francis Franco of Anaheim, and their company National Equity Holdings, Inc. of Laguna Niguel, with fraudulently operating a USD1.4 million commodity futures pool and with registration violations. »

No scam sign

SEC halts scam touting access to pre-IPO shares of Facebook and Groupon

Mon, 21/11/2011 - 10:00

The Securities and Exchange Commission has filed an emergency enforcement action to stop a fraudulent scheme targeting investors seeking coveted stock in Internet and technology companies like Facebook and Groupon in advance of a public offering. »

Orange FRAUD sign with magnifying glass

CFTC files enforcement actions against International Commodity Advisors, ProfitStars Int’l Corp, and Paragon FX Enterprises

Fri, 18/11/2011 - 13:28

The US Commodity Futures Trading Commission (CFTC) today announced it filed separate but related civil injunctive complaints in the US District Court for the Southern District of New York in connection with the operation of two forex pooled investment vehicles operated by International Commodity Advisors (ICA) of Marietta, Ga., and ProfitStars Int’l Corp. (PSI) of Dallas, Texas.  The CFTC filed a third injunctive action against Paragon FX Enterprises, LLC (Paragon FX) of New York, N.Y. »

Jill E Sommers, Commissioner, CFTC

CFTC supports prompt initiation of MF Global customer claims and moving “cash-only” accounts

Fri, 18/11/2011 - 12:00

The Commodity Futures Trading Commission has supported the Trustee’s application for an expedited claims process in the MF Global, Inc. (MFGI) liquidation, and authorised the transfer of funds for customers with “cash-only” accounts outside of the claims process. »

Judgement hammer

SEC obtains final judgments on consent against Mark Anthony Longoria and Donald Longueuil

Wed, 16/11/2011 - 13:27

The Honourable Jed S Rakoff, United States District Judge, United States District Court for the Southern District of New York, has entered a Final Judgment on Consent as to Mark Anthony Longoria, and a Final Judgment on Consent as to Donald Longueuil, in the SEC’s insider trading case, SEC v. Mark Anthony Longoria, et al., 11-CV-0753 (SDNY) (JSR). »

Orange FRAUD sign with magnifying glass

SEC charges San Diego-based investment adviser and president with fraud

Wed, 16/11/2011 - 10:00

The Securities and Exchange Commission has charged a San Diego-based investment advisory firm and its president with fraud for failing to disclose a conflict of interest to clients and materially misrepresenting the liquidity of a hedge fund they managed. »

George S Canellos, Director of the  New York Regional Office, SEC

SEC charges UBS with faulty record-keeping related to short sales

Mon, 14/11/2011 - 17:23

The Securities and Exchange Commission has charged UBS Securities LLC for inaccurate recording practices when providing and recording “locates” to customers seeking to execute short sales. UBS settled the enforcement action by agreeing to pay a USD8 million penalty and retain an independent consultant. »

No fraud sign

CFTC orders South Florida Resident Alan A Grant and company, Francis Grant Investments Inc to pay USD500,000 in Forex fraud charges

Fri, 11/11/2011 - 16:00

The US Commodity Futures Trading Commission (CFTC) has issued an order filing and simultaneously settling charges that Alan A Grant and his company, Francis Grant Investments Inc (FGI), of Davie, Florida, committed fraud by failing to disclose to customers that the off-shore foreign currency (forex) pool in which they participated had ceased trading and assets were frozen due to a foreign regulatory action. »

Orange Fraud sign with magnifying glass

SEC charges NY hedge fund managers ThinkStrategy Capital and Chetan Kapur with securities fraud

Fri, 11/11/2011 - 14:00

The Securities and Exchange Commission has filed a civil injunctive action charging ThinkStrategy Capital Management and its sole managing director, Chetan Kapur, with deceptive conduct in connection with two hedge funds that they managed and advised: ThinkStrategy Capital Fund and TS Multi-Strategy Fund. »

No scam sign

CFTC charges GID Group, Rodney and Roger Wagner with fraud over USD5.5m forex Ponzi scheme

Fri, 11/11/2011 - 12:00

The US Commodity Futures Trading Commission (CFTC) has filed a complaint in the US District Court for the Northern District of Texas, against GID Group, Inc. (GID), a Texas corporation, and its agents and officers, brothers Rodney and Roger. The defendants, both of Grand Prairie, Texas, have been charged with operating a fraudulent off-exchange foreign currency (forex) ‘Ponzi” scheme in which they solicited and accepted approximately USD5.5 million. »

 Mary L Schapiro, Chairman, SEC

SEC issues record number of enforcement actions

Fri, 11/11/2011 - 10:00

The Securities and Exchange Commission filed a record 735 enforcement actions in the fiscal year that ended 30 September, 2011. This record number includes many cases involving highly complex products, transactions, and market practices, including those related to the financial crisis as well as insider trading by market professionals. »

Orange Fraud sign

CFTC charges Nicholas Trimble and his two companies with solicitation fraud in million dollar forex scheme

Fri, 11/11/2011 - 06:00

The US Commodity Futures Trading Commission (CFTC) has filed a civil injunctive complaint charging defendants Nicholas Trimble and his companies, Capstone FX Quantitative Analysis, Inc. (Capstone) and Beekeepers Fund Capital Management, LLC (Beekeepers), all of Denver, Colorado., with fraudulently soliciting at least USD1.1 million from customers to trade foreign currency (forex) through pooled and managed trading accounts using a proprietary forex trading system. »

No Fraud sign

SEC charges two Minnesota-based hedge fund manager over Petters Ponzi scheme

Thu, 10/11/2011 - 17:00

The Securities and Exchange Commission has charged two Minnesota-based hedge fund managers and their firm with fraudulently funneling more than half a billion dollars of investor money into a Ponzi scheme operated by Minnesota businessman Thomas Petters. This is the fourth case that the Commission has brought against hedge fund managers in connection with the Petters fraud. »

Judgement hammer

SEC obtains record USD92.8m penalty against Raj Rajaratnam

Wed, 09/11/2011 - 13:32

The Securities and Exchange Commission has obtained a record financial penalty of more than USD92.8 million against billionaire hedge fund manager Raj Rajaratnam for widespread insider trading. »

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