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North America

Michael J Fay, Partner Ogier BVI,

BVI Court hands down preliminary issues decision in claims brought by Liquidators of Bernard Madoff "feeder fund"

Mon, 19/09/2011 - 11:07

On 16 September 2011 judgment was handed down by the BVI Commercial Court in a number of cases that have been brought by the liquidators of Fairfield Sentry Limited (Fairfield), a "feeder fund" into Bernard L Madoff Investment Securities Limited (BLMIS), against a number of investors that historically redeemed out of the fund (the Fairfield judgment). »

orange fraud sign with magnifying glass

Former Trivium hedge fund principal and analyst settle insider trading charges

Thu, 08/09/2011 - 13:12

The Honorable Jed S Rakoff of the United States District Court for the Southern District of New York has entered a consent judgment against Defendant Robert Feinblatt in SEC v. Feinblatt, 11-CV-0170, an insider trading case the SEC filed on 10 January, 2011. »

red circle with red line through the word fraud

CFTC charges North Carolinian Roy Scarboro, Jr with solicitation fraud

Mon, 05/09/2011 - 10:00

The Commodity Futures Trading Commission (CFTC) has filed and simultaneously settled charges that Roy Scarboro, Jr of Archdale, NC, fraudulently solicited approximately USD713,000 from customers to trade off-exchange foreign currency (forex). »

orange fraud sign with magnifying glass

SEC charges hedge fund manager over insider-trading scheme

Fri, 02/09/2011 - 11:38

The Securities and Exchange Commission (SEC) has charged James F Turner II and his New Jersey-based hedge fund firm Clay Capital Management, LLC with engaging in an insider trading scheme that involved the securities of three companies – Moldflow Corporation, Autodesk, Inc. and Salesforce.com, Inc. »

judgement hammer

SEC settles insider trading charges against former Diamondback Portfolio Manager Anthony Scolaro

Thu, 01/09/2011 - 14:26

The Securities and Exchange Commission has filed a settled civil enforcement action against Anthony Scolaro, a former portfolio manager at the hedge fund investment adviser Diamondback Capital Management, LLC, charging Scolaro with using inside information to trade ahead of the 29 November, 2009 announced acquisition of Axcan Pharma Inc. The SEC's complaint also names Diamondback as a relief defendant. »

dollars frozen in a block of ice

SEC freezes assets of start-up quant hedge fund manager

Thu, 01/09/2011 - 14:23

The Securities and Exchange Commission has announced an asset freeze against a Chicago-area money manager and his hedge fund advisory charged with lying to prospective investors in their startup quantitative hedge fund. A federal court has entered a preliminary injunction order in the case, which was unsealed earlier this week. »

Lyndon Trott, Chief Minister, Guernsey

Guernsey removed from US “blacklist”

Tue, 19/07/2011 - 10:00

Guernsey’s engagement with Washington has resulted in Democrat Senator Carl Levin removing the Island from his “blacklist”. Guernsey’s Chief Minister Lyndon Trott (pictured) this week met with officials in Washington. The meetings continued a dialogue started nearly a decade ago to strengthen ties between the Guernsey and US governments and reinforced Guernsey’s reputation as a leader in tax transparency, information exchange and international co-operation. »

Law books and Gavel

SEC charges James M Peister and Northstar International Group over Ponzi scheme

Tue, 19/07/2011 - 06:00

On July 14, 2011, the Securities and Exchange Commission filed a settled civil action in the United States District Court for the Eastern District of New York against James M Peister and Northstar International Group, Inc (Northstar). »

orange Fraud sign with magnifying glass

SEC charges operator of USD21m forex Ponzi scheme

Mon, 18/07/2011 - 16:00

The Securities and Exchange Commission has filed fraud charges against the CEO of a purported foreign currency trading firm, alleging he scammed hundreds of investors with false promises of high, fixed-rate returns while secretly using their money to fund his start-up alternative newspaper. »

judgement hammer

SEC obtains final judgment against Danielle Chiesi

Mon, 18/07/2011 - 14:00

The Honorable Jed S Rakoff, United States District Judge, United States District Court for the Southern District of New York, has entered a Final Judgment as to Danielle Chiesi on July 12, 2011, in the SEC’s insider trading case, SEC v Galleon Management, LP, et al., 09-CV-8811 (SDNY) (JSR). The SEC filed its action on October 16, 2009, against Raj Rajaratnam, Galleon Management, LP, Danielle Chiesi and others, alleging a widespread insider trading scheme involving hedge funds, industry professionals, and corporate insiders. »

Judgement Hammer

CFTC clarifies effective date for swaps regulation under Dodd-Frank Act

Sun, 17/07/2011 - 12:00

The Commodity Futures Trading Commission (CFTC) has issued an order clarifying the effective date of the provisions in the swap regulatory regime established by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) as the CFTC continues to implement rules to reduce risk and enhance transparency in the swap markets. »

orange fraud sign

SEC charges Folin and Benchmark with fraud

Fri, 15/07/2011 - 06:00

The Securities and Exchange Commission today charged Sam Otto Folin (Folin), his Philadelphia-based registered investment adviser, Benchmark Asset Managers LLC (Benchmark) and its parent company, Harvest Managers LLC (Harvest) with misappropriating approximately USD8.7 million from advisory clients, friends and family through material misrepresentations and omissions. »

No Fraud Sign, Red circle with red line through it

CFTC charges Robert S Moss with commodity pool fraud and misappropriation

Thu, 14/07/2011 - 13:57

The US Commodity Futures Trading Commission (CFTC) has filed and simultaneously settled charges that Robert S. Moss, of Charlotte, NC, fraudulently solicited more than USD3 million from 22 individuals to trade options on commodity futures through a commodity pool. Moss has never been registered with the CFTC. »

orange fraud sign with magnifying glass

CFTC charges CIS Commodities and Allen N Ward

Mon, 11/07/2011 - 16:00

The US Commodity Futures Trading Commission (CFTC) filed a civil complaint charging CIS Commodities LLC (CIS) of Henderson, Nevada, and its founder and president, Allen Nicholas Ward, of Aspen, Colorado, with misappropriation of customer funds and misrepresentations and issuing false written statements to a customer. The complaint also charges Trans Global Investments, LLC (Trans Global), a Nevada company, its President, Charles Leroy Timberlake, of Plano, Texas, Ward, and CIS with misrepresentation and issuing false written statements. »

orange fraud sign with magnifying glass

CFTC charges ROF Consulting over USD4m commodity pool fraud

Mon, 04/07/2011 - 16:00

The US Commodity Futures Trading Commission (CFTC) has filed a complaint in the US District Court for the District of Nebraska, charging Grace Elizabeth Reisinger of Grand Island, Nebraska, and ROF Consulting, LLC (ROF) with operating a fraudulent commodity pool scheme. The defendants operated the commodity pool NCCN, LLC (NCCN). »

orange fraud sign with magnifying glass

Court orders Locke Capital Management and owner Leila Jenkins to pay over USD5m

Mon, 04/07/2011 - 14:00

A federal judge in Rhode Island has granted the Securities and Exchange Commission's motion for summary judgment and entered final judgments against Locke Capital Management, Inc, an investment adviser based in Newport, Rhode Island and New York City, and Leila C Jenkins, its founder and sole owner. »

No Scam sign

Flint McClung Capital LLC and Shawon McClung charged over fraudulent foreign currency Ponzi scheme

Mon, 04/07/2011 - 10:00

The US Commodity Futures Trading Commission (CFTC) has charged Flint-McClung Capital LLC (FMC) of Englewood, Colo., and Shawon McClung of Denver, Colorado, with fraud and misappropriation in an off-exchange foreign currency (forex) Ponzi scheme in which defendants allegedly fraudulently solicited and accepted at least USD1.9 million from at least 10 commodity pool participants since March 2010. »

Julia Lu, partner, Richards Kibbe & Orbe

Opinion: Proposed anti-fraud and anti-manipulation regimes for loan derivatives products

Mon, 04/07/2011 - 06:00

The seemingly intuitive application of long-standing securities anti-fraud and anti-manipulation rules to the complex world of over-the-counter derivatives, particularly where derivative products intersect with the loan market, will affect trading practices and compliance rules at all institutions trading these instruments, according to Richards Kibbe & Orbe partners Julia Lu and Eva Marie Carney... »

orange fraud sign with magnifying glass

CFTC charges two air traffic controllers and commodity trader Michael Gomez over USD1.4m forex fraud

Sun, 03/07/2011 - 16:00

The US Commodity Futures Trading Commission (CFTC)has filed charges against two air traffic controllers, Louis J Giddens, Jr of Fayetteville, Ga, and Anthony W Dutton of Peachtree City, Ga, as well as commodity trader Michael Gomez of Valrico, Fla, for operating a fraudulent off-exchange foreign currency (forex) scheme in which they solicited and accepted approximately USD1.4 million from the general public. »

judgement hammer

Former Schottenfeld proprietary trader David Plate settles SEC insider trading charges

Sun, 03/07/2011 - 13:04

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

US dollars frozen in an ice block

Hedge fund returns USD230m held in offshore account to US

Wed, 29/06/2011 - 12:28

The Securities and Exchange Commission has told a federal court that USD230 million held in an offshore account by a hedge fund has been returned to the US and will remain frozen pending completion of the SEC’s Ponzi scheme lawsuit against the fund’s adviser and its principal. »

orange fraud sign

CFTC orders Mark Adrian to pay USD140,000 over fraudulent forex scheme

Wed, 29/06/2011 - 10:00

The US Commodity Futures Trading Commission (CFTC) has filed and simultaneously settled charges against Mark Adrian of Delray Beach, Florida, for his role in issuing false statements to customers in a fraudulent foreign currency (forex) scheme. The CFTC order requires Adrian to pay a USD140,000 civil monetary penalty and prohibits him from trading for or on behalf of any other person and applying for registration with the CFTC. Adrian is currently not registered with the CFTC. »

document with magnifying glass

Trustee for liquidation of Bernard L Madoff Investment Securities files amended complaint against JPMorgan Chase

Mon, 27/06/2011 - 12:00

Irving H Picard, the Trustee for the liquidation of Bernard L Madoff Investment Securities LLC (BLMIS), has filed an amended complaint in the United States District Court for the Southern District of New York against JPMorgan Chase & Co., JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC and J.P. Morgan Securities Ltd. (collectively JPMC). »

Red circle no FRAUD sign

Morgan Keegan to pay USD200m to settle fraud charges related to subprime mortgage-backed securities

Thu, 23/06/2011 - 16:00

The Securities and Exchange Commission, state regulators, and the Financial Industry Regulatory Authority (FINRA) announced today that Morgan Keegan & Company and Morgan Asset Management have agreed to pay USD200 million to settle fraud charges related to subprime mortgage-backed securities. Two Morgan Keegan employees also agreed to pay penalties for their alleged misconduct, including one who is now barred from the securities industry. »

Mary L Schapiro, Chairman, SEC

SEC adopts Dodd-Frank Act amendments to Investment Advisers Act

Thu, 23/06/2011 - 10:30

The Securities and Exchange Commission has adopted rules that require advisers to hedge funds and other private funds to register with the SEC, establish new exemptions from SEC registration and reporting requirements for certain advisers, and reallocate regulatory responsibility for advisers between the SEC and states. »

Orange FRAUD sign and magnifying glass

Former Schottenfeld proprietary trader Gautham Shankar settles SEC insider trading charges

Wed, 22/06/2011 - 12:37

On 8 June, 2011, The Honourable Jed S Rakoff of the United States District Court for the Southern District of New York entered a judgment against Gautham Shankar in SEC v Galleon Management, LP, et al, 09-CV-8811, an insider trading case the SEC filed on October 16, 2009. The SEC charged Shankar, who was a registered representative and a proprietary trader at the broker-dealer Schottenfeld Group, LLC, during the relevant time period, with using inside information to trade ahead of impending acquisitions and earnings announcements. »

Gavel and scales

JP Morgan to Pay USD153.6 Million to settle SEC charges of misleading investors

Wed, 22/06/2011 - 12:34

JP Morgan Securities LLC is to pay USD153.6 million to settle SEC charges that it misled investors in a complex mortgage securities transaction just as the housing market was starting to plummet. Under the settlement, harmed investors will receive all of their money back. »

Law books and Gavel

Former investor relations consulting firm employee and hedge fund settle insider trading charges

Tue, 21/06/2011 - 10:00

The Honourable Jed S Rakoff of the United States District Court for the Southern District of New York entered a judgment against Defendant Shammara Hussain in SEC v. Feinblatt, 11-CV-0170, an insider trading case the SEC filed on January 10, 2011. The Judge also entered a stipulation and order of dismissal as to Defendant Trivium Capital Management LLC, a New York-based hedge fund investment adviser which has wound down its investment management business, in exchange for its agreement to cooperate and cease doing business. »

judgement hammer

Former Galleon portfolio manager settles SEC insider trading charges

Mon, 20/06/2011 - 12:02

The Honourable Jed S. Rakoff of the United States District Court for the Southern District of New York entered a judgment against Adam Smith in SEC v Adam Smith, 11-CV-0535, an insider trading case the SEC filed on January 26, 2011. »

Red no fraud sign

CFTC charges Cilli and Progressive Investment Funds over Ponzi scheme

Sun, 19/06/2011 - 12:43

The US Commodity Futures Trading Commission (CFTC) has charged Victor Eugene Cilli and his company, Progressive Investment Funds LLC (Progressive), both of Hackensack, NJ, with operating a commodity pool Ponzi scheme that defrauded at least four investors of approximately USD506,000. »

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