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North America

Judgement hammer

Court dismisses Jenkins’ appeal

Wed, 02/05/2012 - 10:00

The US Court of Appeals for the First Circuit has entered an order dismissing the appeal of Leila C Jenkins, the principal of Rhode Island-based investment adviser Locke Capital Management. »

No Fraud sign

PassThrough Investments and principals pay USD1.1m to settle CFTC forex fraud charges

Fri, 27/04/2012 - 12:57

The US Commodity Futures Trading Commission (CFTC) has issued an order settling charges that PassThrough Investments, LLC (PTI) (aka PassThrough Investments Group, LLC), and its principals, Stephen Brantley and Dwayne Bryant Dawson, all of Spring, Texas, fraudulently solicited and accepted at least USD2.6 million from at least 60 members of the public to participate in an off-exchange foreign currency (forex) pool that traded on a leveraged or margined basis. »

US dollars frozen in a block of ice

Court freezes assets of Robert A Christy and Crabapple Capital over forex fraud

Fri, 27/04/2012 - 10:00

Judge Richard W Story of the US District Court for the Northern District of Georgia, has entered an emergency order freezing the assets of defendants Robert A Christy of Milton, Georgia, and his company Crabapple Capital Group LLC (Crabapple) of Alpharetta, Georgia. »

Don Steinbrugge, Agecroft Partners

JOBS Act to revolutionise hedge fund marketing

Tue, 24/04/2012 - 11:47

The hedge fund industry is an indirect beneficiary of the new JOBS Act in the USA as it will revolutionise how alternative investment funds are marketed to the public, according to Don Steinbrugge of Agecroft Partners… »

Orange fraud sign with magnifying glass

SEC charges twins over ‘robot pump and dump’ scheme

Mon, 23/04/2012 - 11:34

The Securities and Exchange Commission has charged twin brothers from the UK with defrauding approximately 75,000 investors through an Internet-based pump-and-dump scheme. According to the SEC allegations, the brothers touted a fake “stock picking robot” that purportedly identified penny stocks set to double in price. Instead, they were merely touting stocks they were being paid separately to promote. »

Blue information sign

Volcker Rule conformance period clarified

Fri, 20/04/2012 - 11:57

The Federal Reserve Board has announced its approval of a statement clarifying that an entity covered by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the so-called Volcker Rule, has the full two-year period provided by the statute to fully conform its activities and investments, unless the Board extends the conformance period. »

Orange Fraud sign with magnifying glass

Federal Court orders Flint-McClung Capital to pay over USD6m

Thu, 19/04/2012 - 15:00

The US District Court for the District of Colorado has entered an order against defendants Flint-McClung Capital LLC (FMC), of Englewood, Colorado, and Shawon McClung, formerly of Denver, Colorado, requiring them jointly and severally to pay restitution of USD1,701,250 and a USD4.3 million civil monetary penalty. The order also imposes permanent trading and registration bans against the defendants. »

Robert Khuzami, Director of the Division of Enforcement, SEC

SEC charges optionsXpress over abusive naked short selling scheme

Wed, 18/04/2012 - 10:00

The Securities and Exchange Commission has charged an online brokerage and clearing agency specialising in options and futures as well as four officials at the firm and a customer involved in an abusive naked short selling scheme. »

Barred sign

SEC shuts down Ponzi scheme targeting LA Persian-Jewish community

Tue, 17/04/2012 - 06:00

The Securities and Exchange Commission has obtained an emergency court order to halt an ongoing Ponzi scheme that targeted members of the Persian-Jewish community in Los Angeles. »

Orange fraud sign with magnifying glass

CFTC charges Brad Lee Demuzio and Demuzio Capital Management over forex Ponzi scheme

Mon, 16/04/2012 - 16:00

The US Commodity Futures Trading Commission (CFTC) has filed a complaint in federal court in Idaho charging Brad Lee Demuzio of Chubbuck, Idaho and his company, Demuzio Capital Management, with operating a Ponzi scheme that solicited nearly USD1.8 million. »

Hands holding prison bars

Robert Stinson, Jr sentenced to 33 years over Ponzi scheme

Fri, 13/04/2012 - 16:00

Robert Stinson, Jr, of Berwyn, Pennsylvania, has been sentenced to 33 years in federal prison, followed by three years of supervised release, and ordered to pay more than USD14 million in restitution for orchestrating a Ponzi scheme that defrauded at least 263 investors of more than USD17 million. »

Gavel and scales

US JOBS Act remakes standards for HF and PE fund offerings

Thu, 12/04/2012 - 15:00

President Obama on 5 April, 2012 signed into law the Jumpstart Our Business Startups Act (JOBS Act), which seeks to eliminate certain restrictions on capital formation and to encourage economic growth in the United States by “improving access to the public capital markets for emerging growth companies,” a new category of issuers created by the Act. »

Orange fraud sign with magnifying glass

Final judgement entered against David E Howard II and Flatiron

Thu, 12/04/2012 - 14:05

The United States District Court for the Central District of California has entered a Final Judgment against David E Howard II, Flatiron Capital Partners, LLC (FCP), and Flatiron Systems, LLC (FS). »

Judgement hammer

SEC obtains final judgments on consent against Diamondback

Thu, 12/04/2012 - 11:06

The Honourable Harold Baer, Jr, United States District Judge, United States District Court for the Southern District of New York, entered a Final Judgment on Consent as to Diamondback Capital Management LLC on 6 April, 2012, in the SEC’s insider trading case, SEC v. Spyridon Adondakis et al., Civil Action 12-CV-0409 (SDNY) (HB). »

Lawsuit book and gavel

GenSpring faces lawsuit over hedge funds in USD57m portfolio in case filed by Vernon and Dovin Legal Team

Mon, 02/04/2012 - 06:00

GenSpring Family Offices breached its fiduciary duty and committed gross negligence when it failed to adequately diversify the USD57 million portfolio of an ultra high net worth individual and misrepresented that hedge funds it recommended would perform like bonds, according to an arbitration claim filed by the law firms of Vernon Healy and Dovin Malkin & Ficken. »

Law books and gavel

SEC obtains preliminary injunction in New York investment adviser case

Thu, 29/03/2012 - 14:44

The US District Court for the Eastern District of New York has issued an order granting a preliminary injunction and other relief against Brian Raymond Callahan of Old Westbury, New York, and Callahan’s investment advisory firms, Horizon Global Advisors Ltd., and Horizon Global Advisors, LLC. »

Red Barred sign

CFTC looks to revoke registrations of Illinois resident Joseph A Dawson and Strategic Research LLC

Thu, 29/03/2012 - 14:41

The US Commodity Futures Trading Commission (CFTC) has filed a notice of intent to revoke the registrations of Illinois resident Joseph A Dawson (Dawson) and his company, Strategic Research LLC (SR), a registered Commodity Pool Operator (CPO). Dawson is the president and sole principal of SR and has been a registered Associated Person of SR since 13 February, 2009. »

Michael Bodson, Chief Operating Officer, DTCC

DTCC testifies in support of bipartisan legislation to ensure transparency in OTC derivatives markets

Thu, 29/03/2012 - 12:23

The Depository Trust & Clearing Corporation (DTCC) has testified before a House Agriculture Subcommittee in support of bipartisan legislation to ensure regulators around the world continue to share global swaps data to maintain the highest degree of transparency into over-the-counter (OTC) derivatives markets. »

Approved stamp

CFTC certifies SGX’s Euro Stoxx 50 Index Futures Contract

Wed, 28/03/2012 - 14:00

The Commodity Futures Trading Commission (CFTC) has certified the Singapore Stock Exchanges’s (SGX) Euro Stoxx 50 Index Futures Contract for sale in the US. »

Blue information sign

CFTC’s Division of Market Oversight issues advisory addressing bona fide hedge transactions and positions

Wed, 28/03/2012 - 12:02

The US Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO) has issued an Advisory regarding the treatment of bona fide hedging transactions and positions under Commission Regulations 1.3(z), 1.47, and 1.48 as they existed prior to the adoption of the final rule addressing Position Limits for Futures and Swaps.  »

Judgement Hammer

Court orders purported hedge fund manager and principal to pay over USD7.5m

Fri, 23/03/2012 - 12:00

Judge Richard Stearns of the US District Court for the District of Massachusetts entered final judgments by default against Locust Offshore Management, LLC, and its CEO, Andrey C Hicks, defendants in a civil injunctive action filed by the Commission in October 2011. »

Orange fraud sign with magnifying glass

SEC charges San Francisco-area investment adviser with fraud

Mon, 19/03/2012 - 12:04

The Securities and Exchange Commission today charged a San Francisco-area investment adviser with defrauding investors by giving them a bogus audit report that embellished the financial performance of the fund in which they were investing. »

Orange fraud sign with magnifying glass

CFTC charges Arjent Capital Markets LLC, Chicago Trading Managers, Spencer Montgomery, and Brian Reynolds with commodity pool fraud

Thu, 15/03/2012 - 16:00

The US Commodity Futures Trading Commission (CFTC) today filed an enforcement action charging Colorado-based defendants Arjent Capital Markets LLC (has), Chicago Trading Managers LLC (CT Managers), Spencer Montgomery, and Brian Reynolds with defrauding commodity pool investors by knowingly or recklessly issuing false account statements for three separate commodity pools. »

Judgement Hammer

CFTC orders Goldman Sachs Execution & Clearing to pay USD7m for supervision failures

Wed, 14/03/2012 - 12:34

Goldman Sachs Execution & Clearing (GSEC), a registered futures commission merchant based in New York, NY, has agreed to pay a USD5.5 million civil monetary penalty and USD1.5 million in disgorgement to settle CFTC charges that it failed to diligently supervise accounts that it carried from about May 2007 to December 2009.  »

Dollars frozen in a block of ice

CFTC charges Varlesi with commodity pool fraud

Mon, 12/03/2012 - 11:40

The US Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Christopher Varlesi of Chicago, Illinois, individually and doing business as Gold Coast Futures and Forex (Gold Coast). »

Orange FRAUD sign with a magnifying glass

CFTC charges John David Stroud and companies with commodity pool fraud

Fri, 09/03/2012 - 10:00

The US Commodity Futures Trading Commission (CFTC) has filed an enforcement action in the US District Court for the Middle District of Alabama charging John David Stroud and his companies, Stroud Capital Management, LLC, TS Capital Partners, LLC, and TS Capital Management, LLC, all of Auburn, Ala, with fraud and misappropriation in operating two commodity pools. »

Dollar notes frozen in a block of ice

SEC obtains asset freeze against Long Island investment adviser

Wed, 07/03/2012 - 12:52

The Securities and Exchange Commission charged a New York-based investment adviser with defrauding investors in five offshore funds and using some of their money to buy himself a multi-million dollar beach resort property on Long Island. »

Orange fraud sign with magnifying glass

CFTC charges IAG Capital Management and William Patrick Kelly with commodity pool fraud

Wed, 29/02/2012 - 13:00

The US Commodity Futures Trading Commission (CFTC) has filed and simultaneously settled charges that IAG Capital Management, LLC (IAG) and William Patrick Kelly of Weston, Connecticut, who operated a USD6 million commodity pool called the IAG Multi Strategy Fund LP, wrongfully used more than USD320,000 of pool participants’ funds for Kelly’s personal use, made false statements to the National Futures Association (NFA), and commingled pool participants’ funds with their own funds. »

Orange fraud sign with magnifying glass

Four hedge fund managers indicted in USD40m Ponzi scheme

Fri, 24/02/2012 - 16:00

A federal grand jury sitting in Charlotte has returned an indictment against Jonathan D Davey, 47, of Newark, Ohio, Jeffrey M Toft, 49, of Oviedo, Florida, Chad A Sloat, 33, of Kansas City, Mo, and Michael J Murphy, 51, of Deep Haven, Minn, on four criminal charges relating to an investment fraud conspiracy, announced Anne M. Tompkins, U.S. Attorney for the Western District of North Carolina. »

fraud sign

CFTC orders Jeffrey J Kinseth and Virtual Vision Inc to pay more than USD1m over fraud action

Fri, 24/02/2012 - 15:00

The US Commodity Futures Trading Commission (CFTC) has filed and simultaneously settled charges against Jeffrey J Kinseth of Cedar Rapids, Iowa, and his Iowa-based company, Virtual Vision Inc, for fraudulently soliciting individuals to participate in a pooled investment vehicle, misappropriation of investor funds, and issuance of false statements to conceal trading losses and fraud. Kinseth is not registered with the CFTC. »

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