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Gavel and scales

SEC charges New York-based hedge fund adviser and co-owner over scheme to evade group purchase limits in bank conversion offerings

Wed, 02/11/2011 - 12:12

The Securities and Exchange Commission has filed a civil injunctive action against Drake Asset Management, LLC (Drake), of Glen Head, NY, and Oliver R Grace, Jr, of Hobe Sound, FL, for conducting a scheme to evade the group purchase limits of the public offerings of seven banks that were converting from mutual to stock ownership. »

Approved stamp

CFTC approves confidential private fund risk reporting

Wed, 02/11/2011 - 10:00

The Commodity Futures Trading Commission (CFTC) has approved a final rule requiring certain advisors to private funds that are dually registered with the CFTC and the Securities and Exchange Commission (SEC) to report information to the SEC for use by the Financial Stability Oversight Council (FSOC) in monitoring risks to the US financial system. »

Orange Fraud sign with magnifying glass

US Attorney charges purported hedge fund manager Hicks with fraud

Tue, 01/11/2011 - 14:33

The US Attorney for the District of Massachusetts has charged Andrey C Hicks of Boston, Massachusetts, in a criminal complaint unsealed on Friday, 28 October, 2011. Hicks was charged with committing wire fraud, attempting to commit wire fraud, and aiding and abetting wire fraud, in violation of 18 USC Sections 1343, 1349, and 2. »

Judgement hammer

Rodney W Whitney, Nicholas T Cox, and Integra Capital Management to pay over USD6.9m for Ponzi Scheme

Mon, 31/10/2011 - 09:00

The US Commodity Futures Trading Commission (CFTC) has obtained federal court orders requiring Rodney W Whitney of Thomasville, North Carolina, Nicholas T Cox of Denton, North Carolina, and Integra Capital Management, LLC (Integra), which formerly operated out of High Point, North Carolina, to pay over USD6.9 million in restitution, disgorgement, and civil monetary penalties. »

blue and white information sign

NFA takes emergency enforcement action against TS Capital Management

Mon, 31/10/2011 - 05:00

National Futures Association (NFA) has taken an emergency enforcement action against TS Capital Management LLC (TS Capital Management), a Commodity Pool Operator located in Auburn, Alabama. »

No fraud sign

SEC halts fraud by purported quant hedge fund manager

Thu, 27/10/2011 - 17:00

The Securities and Exchange Commission has obtained an asset freeze against a Boston-area money manager and his investment advisory firm charged with misleading investors in a supposed quantitative hedge fund and diverting portions of investor money into his personal bank account. »

US dollars frozen in ice

CFTC files anti-fraud action against Michael Justin Hoopes, freezes assets

Thu, 27/10/2011 - 16:00

The US Commodity Futures Trading Commission (CFTC) has filed a civil complaint charging Michael Justin Hoopes of Rexburg, Idaho, with fraud and misappropriation in connection with a commodity futures Ponzi scheme that defrauded Idaho residents, among others. »

Mary L Schapiro, Chairman, SEC

SEC approves confidential private fund risk reporting

Thu, 27/10/2011 - 16:00

The Securities and Exchange Commission (SEC) has voted unanimously to adopt a new rule requiring certain advisers to hedge funds and other private funds to report information for use by the Financial Stability Oversight Council (FSOC) in monitoring risks to the U.S. financial system. »

SEC logo

SEC files insider trading charges against Rajat Gupta

Thu, 27/10/2011 - 14:00

The Securities and Exchange Commission has charged former McKinsey & Co global head Rajat K Gupta with insider trading for illegally tipping convicted hedge fund manager Raj Rajaratnam while serving on the boards of Goldman Sachs and Procter & Gamble (P&G). »

orange fraud sign with magnifying glass

SEC charges traders in fraudulent "free-riding" scheme

Thu, 27/10/2011 - 13:29

The Securities and Exchange Commission has charged a pair of purported money managers with orchestrating an illegal “free-riding” scheme of selling stocks before they paid for them and netting USD600,000 in illicit profits. »

Barred sign, red circle with red line through

CFTC seeks to revoke or suspend registration of Raleigh Capital Management

Thu, 27/10/2011 - 13:00

The US Commodity Futures Trading Commission (CFTC) has filed a notice of intent to revoke or restrict the registration of Raleigh Capital Management, Inc. (RCM), a Chicago, Illinois-based commodity pool operator. »

orange fraud sign

CFTC charges Linda and Chance Harris over forex fraud

Thu, 27/10/2011 - 10:00

The US Commodity Futures Trading Commission (CFTC) has filed a complaint in the US District Court for the Northern District of Texas, Dallas Division, charging Linda Faye Harris, Chance Domel Harris, CDH Forex Investments, LLC and CDH Global Holdings, LLC, all of Flower Mound, Texas, with solicitation fraud, making false statements, and misappropriation of investors’ funds in connection with the trading of off-exchange foreign currency (forex) contracts. »

orange fraud sign with magnifying glass

SEC charges Denver-area hedge fund manager in expansion of Mariner Energy insider trading case

Mon, 24/10/2011 - 14:00

The Securities and Exchange Commission today announced additional charges in its insider trading case against Denver-based traders who traded on confidential information in the securities of Mariner Energy Inc. ahead of the oil and gas company’s USD3.9 billion takeover by Apache Corporation in April 2010. »

stack of US dollars

Citigroup to pay USD285m to settle SEC charges

Fri, 21/10/2011 - 16:00

The Securities and Exchange Commission (SEC) has charged Citigroup Global Markets Inc (Citigroup), the principal US broker-dealer subsidiary of Citigroup Inc., with misleading investors about a USD1 billion collateralised debt obligation (CDO) called Class V Funding III (Class V III). »

orange fraud sign with magnifying glass

SEC charges Copeland and companies with fraud

Fri, 21/10/2011 - 13:27

The Securities and Exchange Commission has filed a complaint in United States District Court in Riverside, California against Copeland Wealth Management, A Financial Advisory Corporation (CWM), Copeland Wealth Management, A Real Estate Corporation (Copeland Realty), and Charles P Copeland for fraud and breach of fiduciary duty. »

orange fraud sign with magnifying glass

CFTC obtains permanent injunction against Scott Bottolfson over multi-million dollar commodity pool Ponzi scheme

Thu, 20/10/2011 - 16:00

Judge Anthony J Battaglia of the US District Court for the Southern District of California has entered a consent order of permanent injunction against Scott Bottolfson and Spirit Investments, Inc (Spirit), both of Encinitas, Calif, and Increase Investments, Inc (Increase) of Reno, Nev, requiring them jointly and severally to pay a civil monetary penalty of USD6,813,462.51. The order also imposes permanent trading and registration bans against the defendants. »

orange fraud sign

SEC charges David B Welliver and Dbaline Capital with fraud

Wed, 19/10/2011 - 14:35

The Securities and Exchange Commission has filed a civil injunctive action in the United States District Court for the District of Minnesota against David B Welliver and his investment advisory firm, Dblaine Capital, LLC, for fraud and numerous other violations of the federal securities laws in connection with the offer, sale, and management of a mutual fund, the Dblaine Fund. »

red stop sign

SEC halts fraudulent mortgage restructuring scheme

Wed, 19/10/2011 - 14:00

The Securities and Exchange Commission has obtained an emergency court order to freeze the assets of a Texas resident and his company charged with falsely telling investors he was using their money to buy and restructure pools of non-performing home mortgages in the wake of the housing market’s decline. »

Robert Foote, managing associate at Ogier BVI.

Judgement on Fairfield Sentry, Madoff feeder fund could have wider implications for funds industry

Mon, 17/10/2011 - 14:00

A new court ruling in the BVI, based on one of the biggest Bernard Madoff feeder funds, could shake up the funds industry as it provides clarification (and reassurance) for investors redeeming investments from BVI funds that the fund will not subsequently be able to recover redeemed proceeds, according to Robert Foote (pictured), managing associate at Ogier BVI. This judgment could set a precedent for other countries. »

judgement hammer

CFTC obtains default judgement against North Carolina foreign currency firm Barki LLC in a USD38m Ponzi scheme

Fri, 14/10/2011 - 06:00

The US Commodity Futures Trading Commission (CFTC) today announced that the US District Court for the Western District of North Carolina entered an order of default judgment and permanent injunction against Barki, LLC of Mint Hill, N.C. »

Law books and Gavel

SEC dismisses action against Goto

Thu, 13/10/2011 - 16:01

The Honourable Joseph A.DiClerico for the United States District Court for the District of New Hampshire has granted the SEC's Motion for Voluntary Dismissal of Defendant Koji Goto and Relief Defendant Shaleen Cassily in an enforcement action the Commission filed in 2003. »

orange fraud sign with magnifying glass

Ray M White and CRW Management to pay more than USD19m over Forex fraud

Wed, 12/10/2011 - 14:04

The US Commodity Futures Trading Commission (CFTC) has obtained federal court consent orders resolving its remaining claims against defendants Ray M White and CRW Management LP (CRW) and relief defendants Christopher R White and Hurricane Motorsports, LLC, all of Mansfield, Texas. »

judgement hammer

SEC obtains final judgement on consent as to Steven Fortuna and dismisses case against S2 Capital Management

Thu, 06/10/2011 - 14:29

The SEC announced that, on 30 September, 2011, the Honourable Jed S Rakoff, United States District Judge, United States District Court for the Southern District of New York, entered a Final Judgment on Consent as to Steven Fortuna in the SEC's insider trading case, SEC v. Galleon Management, LP, et al., 09-CV-8811 (SDNY) (JSR). »

orange fraud sign with magnifying glass

Federal Court orders convict Perry Jay Griggs and wife to pay USD2.1m over multi-million dollar commodity pool fraud

Thu, 06/10/2011 - 14:00

The US Commodity Futures Trading Commission (CFTC) has obtained a federal court consent order requiring defendants Perry Jay Griggs, his wife, Rachelle Griggs, and their company, Aloha Trading Company, Inc. (Aloha), all of Las Vegas, Nev., to jointly and severally pay a USD2.1 million civil monetary penalty to settle CFTC charges that they operated a multi-million dollar commodity futures Ponzi scheme. »

Corey Ribotsky, Managing Partner, NIR Group

Corey Ribotsky and the NIR Group respond to SEC complaint

Tue, 04/10/2011 - 14:00

After years of investigating claims of Ponzi scheming and fraudulent valuation, primarily lodged by two disgruntled former employees who had been terminated for improper conduct, The NIR Group and its Managing Partner, Corey Ribotsky (pictured) have been vindicated in part by the fact that the Securities Exchange Commission’s (SEC’s) long running investigation failed to make a case in support of these specious claims. »

judgement hammer

Alfred Clay Ludlum III settles SEC action alleging securities fraud and other violations

Mon, 03/10/2011 - 16:00

The United States District Court for the Eastern District of Pennsylvania has entered a judgment against Defendant Alfred Clay Ludlum, III in the matter captioned Securities and Exchange Commission v. Alfred Clay Ludlum, III, et al., Civil Action No.10-cv-7379 (E.D. Pa.). »

orange fraud sign

CFTC charges Oscar Hernandez and Florida companies with operating USD3m commodity pool Ponzi scheme

Mon, 03/10/2011 - 14:00

The US Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action charging Oscar Hernandez of Miami, Fla., and his Miami-based companies, Midway Trading Company, LLC and Conquest Investment Group, Inc., with operating a USD3 million commodity pool Ponzi scheme and misappropriating participants’ funds. None of the defendants has ever been registered with the CFTC. »

orange fraud sign

SEC charges Long Island-based hedge fund manager with fraud involving PIPE transactions

Fri, 30/09/2011 - 10:00

The Securities and Exchange Commission has charged a Long Island-based investment adviser with defrauding investors in hedge funds investing in PIPE transactions and misappropriating more than USD1 million in client assets for his personal use. »

orange fraud sign with magnifying glass

SEC charges San Francisco-area men over 6300 per cent fraud

Tue, 27/09/2011 - 10:48

The Securities and Exchange Commission has charged two San Francisco-area men with fraud for offering investors extraordinary returns as high as 6,300 per cent when instead their money was spent on multi-million dollar home improvements and other luxuries. »

judgement hammer

Court enters default judgement against SEC defendants Christopher W Bass and his companies

Tue, 20/09/2011 - 16:00

The Securities and Exchange Commission announced that on 14 September 2011, the Honourable Lawrence E Kahn, United States District Court Judge for the Northern District of New York, entered a default judgment against Defendants Christopher W. Bass, Swiss Capital Harbor-USA, LLC, Swiss Capital Harbor Fund A Partners, L.P., Swiss Capital Harbor Fund B Partners, L.P. and Swiss Capital Harbor Fund C Partners, L.P. (collectively, the "Defendants"). »

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