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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"). »

stack  of money

Ponzi scheme operator's wife to repay USD650,000

Mon, 19/09/2011 - 14:00

The United States District Court for the District of Utah has entered a final judgment, dated 16 September, 2011, against Erin O’Malley, f/k/a Erin O Mowen. O’Malley is the former spouse of convicted felon and securities law recidivist, Jeffrey L Mowen. »

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). »

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