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CFTC charges Gary and Bradley Futch and Tradewind Investments with commodity options fraud

Fri, 02/12/2011 - 10:00

The US Commodity Futures Trading Commission (CFTC) has filed an enforcement action charging Gary Futch and his son, Bradley A Futch and their firm Tradewind Investments, LLC (Tradewind), with commodity options fraud. Tradewind was registered as a Commodity Trading Advisor from February 2008 through June 2009. »

Orange fraud sign

US District Court orders Willie Lee Cloud Jr to pay more than USD5.35m over forex Ponzi scheme

Thu, 01/12/2011 - 14:00

A federal court has entered a default judgment order requiring defendants Willie L Cloud, Jr and his company, C & R Financial, Inc, both of Houston, Texas, to pay restitution of USD280,170.66 and a USD5,070,000 million civil monetary penalty for operating an off-exchange foreign currency (forex) Ponzi scheme. »

Judgement hammer

SEC resolves fraud lawsuit against Chicago-area hedge fund advisor

Thu, 01/12/2011 - 12:24

Judge John F Grady of the US. District Court for the Northern District of Illinois has entered a final judgment against Jeffrey R. Neufeld (Neufeld) and Paridon Capital Management LLC (Paridon) of Elgin, Illinois for defrauding the TCM Global Strategy Fund (TCM Fund or the fund), a hedge fund, and its investors. »

Judgement hammer

CFTC orders London-based Enskilda Futures and Swedish principal to pay USD150,000 civil penalty over supervision violations

Wed, 30/11/2011 - 06:00

The Commodity Futures Trading Commission (CFTC) has issued an order filing and simultaneously settling charges against Enskilda Futures Ltd (EFL), a London-based futures commission merchant (FCM), and Skandinaviska Enskilda Banken AB (SEB) for failing to diligently supervise accounts carried by EFL in violation of CFTC regulation 166.3.  »

No Fraud sign

SEC charges longtime Madoff employee over his role in Ponzi scheme

Wed, 23/11/2011 - 16:00

The Securities and Exchange Commission (SEC) has charged a longtime Bernie Madoff employee with fraud for his role in creating fake trades to facilitate the massive Ponzi scheme. »

Orange Fraud sign with magnifying glass

SEC charges hedge fund adviser and owner over fraudulent conduct

Wed, 23/11/2011 - 13:34

The Securities and Exchange Commission has filed a civil injunctive action against Patrick G Rooney, a resident of Oakbrook, Illinois, and his company, Solaris Management, LLC, the investment adviser to the Solaris Opportunity Fund, LP, for the fraudulent misuse of the fund’s assets and other illegal conduct. »

Orange Fraud sign with magnifying glass

CFTC charges California residents Robert Cannone, Thomas Breen, and Francis Franco over USD1.4m commodity pool fraud

Mon, 21/11/2011 - 16:00

The US Commodity Futures Trading Commission (CFTC) has filed a complaint in federal court in Santa Ana, California, charging defendants Robert J Cannone of Laguna Niguel, Thomas B Breen of San Juan Capistrano, Francis Franco of Anaheim, and their company National Equity Holdings, Inc. of Laguna Niguel, with fraudulently operating a USD1.4 million commodity futures pool and with registration violations. »

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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. »

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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. »

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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. »

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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. »

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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). »

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