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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. »

Orange fraud sign

Federal Court orders Hansons and their companies to pay USD24m over Ponzi scheme forex fraud

Thu, 03/11/2011 - 14:00

The US Commodity Futures Trading Commission (CFTC) has obtained a federal court supplemental consent order requiring defendants Sidney S Hanson, Charlotte M Hanson, and their companies, Queen Shoals, LLC, Queen Shoals II, LLC, and Select Fund, LLC, to pay USD24 million in restitution and civil monetary penalties for defrauding customers and misappropriating millions of dollars in a foreign currency (forex) Ponzi scheme. »

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. »

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