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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. »

Red Circle No Fraud sign

Capital Blu Management, Donovan Davis Jr, Damien Bromfield, Blayne Davis and DD International Holdings, to pay more than USD17m for fraud

Sun, 19/06/2011 - 12:23

The Honorable Judge John Antoon II of the U.S. District Court for the Middle District of Florida has ordered Capital Blu Management, LLC (Capital Blu) of Melbourne, Fla., Donovan Davis Jr. of Palm Bay, Fla., Damien Bromfield of Ocoee, Fla., Blayne Davis of Naples, Fla., and DD International Holdings, LLC (DDIH) of Palm Bay, Fla., jointly and severally to pay restitution of USD2,463,592.12. Judge Antoon ordered Bromfield and Blayne Davis each to pay a civil monetary penalty of USD4,927,184.24 and ordered Donovan Davis Jr. and DDIH jointly and severally to pay a civil monetary penalty of the same amount. »

Orange fraud sign with magnifying glass

SEC charges Seattle-area investment adviser over undisclosed cash payments

Thu, 16/06/2011 - 14:17

The Securities and Exchange Commission has brought fraud charges against Bainbridge Island, Washington, hedge fund manager Pegasus Investment Management LLC (PIM) for failing to disclose to fund investors its receipt of cash payments from a third party.  »

No Scam Sign

Former Lanexa Management MD Thomas C Hardin settles SEC insider trading charges

Wed, 15/06/2011 - 17:40

The Securities and Exchange Commission has announced that on 25 April, 2011, The Honorable Richard J Sullivan of the United States District Court for the Southern District of New York, entered a judgment against Thomas C Hardin in SEC v Lanexa Management LLC and Thomas C Hardin, 10-CV-8599, an insider trading case the SEC filed on November 12, 2010. »

Judgement hammer

SEC obtains summary judgment against defendants in fraudulent investment scheme

Wed, 15/06/2011 - 12:56

The Securities and Exchange Commission announced today that on June 6, 2011, the Honorable Dale A. Kimball of the United States District Court for the District of Utah granted the SEC’s motion for summary judgment and entered final judgment against defendants Brian J Smart of Lehi, Utah, and his company Smart Assets, LLC. »

Hand cuffs and money

Hedge fund manager of A&O Entities convicted in USD100m fraud scheme

Mon, 13/06/2011 - 12:00

Adley H Abdulwahab, 35, of Houston, has been convicted by a federal jury for his role in a USD100 million fraud scheme with more than 800 victims across the United States and Canada. »

Orange fraud sign with magnifying glass

SEC charges longtime Madoff employee with fraud

Tue, 07/06/2011 - 13:38

The Securities and Exchange Commission has charged Eric Lipkin, a longtime employee at Bernard L Madoff Investment Securities LLC (BMIS), with helping Bernard L Madoff and his firm deceive and defraud investors and regulators about the massive Ponzi scheme. »

Orange Fraud sign with magnifying glass

Raleigh Capital Management to pay more than USD4m over misappropriation and making false NFA statements

Thu, 02/06/2011 - 11:47

The US Commodity Futures Trading Commission (CFTC) has obtained a federal court order requiring defendants Richmond Hamilton, Jr, and Raleigh Capital Management, Inc (RCM), a Chicago-based registered commodity pool operator, to pay jointly and severally a USD3,015,000 civil monetary penalty. The order also requires Hamilton to pay restitution of USD1,005,000. »

Orange FRAUD sign with magnifying glass

Richard D Theye to pay more than USD6.2m for defrauding investors in a multi-million dollar Ponzi scheme

Mon, 30/05/2011 - 17:00

The US Commodity Futures Trading Commission (CFTC) has obtained a federal default judgment order requiring defendant Richard D.Theye of Austin, Texas, to pay more than USD6.2 million in restitution and civil monetary penalties for operating a commodity pool Ponzi scheme. »

Lawsuit books

Court enters final judgement against Easy Equity Asset Management

Mon, 23/05/2011 - 12:00

The United States District Court for the Central District of California has granted the SEC's motion for default judgment and entered a Final Judgment against defendants Easy Equity Asset Management, Inc, Easy Equity Management, LP, Easy Equity Partners, LP, Alero Equities The Real Estate Company, LLC, and Alero IX Corporation (collectively, Easy Equity) in a pending civil action. »

Judgement hammer

NFA levies USD500,000 fine against Vision Financial Markets LLC

Sun, 22/05/2011 - 16:00

National Futures Association (NFA) has levied a fine of USD500,000 against Vision Financial Markets LLC (Vision). Vision is a Futures Commission Merchant and Commodity Pool Operator with headquarters in New York City and branch offices in Chicago, Illinois and Stamford, Connecticut. »

orange fraud sign with magnifying glass

CFTC charges American Precious Metals and principals Goldman and Tanner, Jr, with Fraud

Thu, 19/05/2011 - 16:00

The US Commodity Futures Trading Commission (CFTC) has charged precious metals firm American Precious Metals, LLC (APM) of Deerfield Beach, Florida, and its founders and principals, Sammy J Goldman of Delray Beach, Florida, and Harry Robert Tanner, Jr.of Lake Worth, Florida, with fraud in connection with offering, purchasing, selling or delivering gold, silver, platinum and palladium to US retail customers on a leveraged basis. »

Dollar notes frozen in a block of ice

SEC freezes assets of fraudulent San Diego day-trading scheme

Wed, 18/05/2011 - 10:00

The Securities and Exchange Commission has filed an emergency enforcement action to halt a fraudulent scheme being conducted by John Clement of Encinitas, California, and his company Edgefund Capital LLC. »

Red Circle with line through, No Fraud sign

SEC charges Connecticut-based hedge fund manager in Ponzi scheme

Tue, 17/05/2011 - 11:46

The Securities and Exchange Commission (SEC) has charged Highview Point Partners, a Connecticut-based investment adviser, with engaging in a multi-year Ponzi scheme involving hundreds of millions of dollars. Highview was added as a defendant to a case the SEC previously filed in January 2011, and three hedge funds managed by Highview were named as relief defendants because, according to the SEC’s charges, they are in possession of funds tainted by the Ponzi scheme. »

Orange fraud sign with magnifying glass

SEC halts fraudulent day-trading scheme targeting senior citizens

Mon, 09/05/2011 - 06:00

The Securities and Exchange Commission has obtained an emergency asset freeze and court order to halt an ongoing securities fraud being orchestrated by Robert C Butler of Bermuda Dunes, Calif. »

Orange fraud sign with magnifying glass

CFTC charges Groendyke with operating a foreign currency Ponzi scheme

Thu, 05/05/2011 - 13:19

The US Commodity Futures Trading Commission (CFTC) has filed an enforcement action charging Jeffrey L Groendyke of Middleville, Michigan, doing business as JG Forex Fund (JGF), with fraud and misappropriation in connection with an off-exchange foreign currency (forex) Ponzi scheme that defrauded at least 54 customers of at least USD953,305 since May 2010. Groendyke has never been registered with the CFTC in any capacity. »

Orange fraud sign with magnifying glass

Howard Winell and Winell Associates fined USD5.2m for fraud

Tue, 03/05/2011 - 13:10

The US Commodity Futures Trading Commission (CFTC) has filed and simultaneously settled charges against Howard Winell, Winell Associates, Inc and Maxie Partners GP over unauthorised trading and misappropriating funds in connection with operating a commodity futures and options pool. »

Orange FRAUD sign with magnifying glass

SEC halts fraudulent Beverley Hills hedge fund and wealth management business

Wed, 27/04/2011 - 06:00

The Securities and Exchange Commission has obtained an emergency court order to shut down a Beverly Hills, California hedge fund and wealth management business targeting retirees, university professors, and members of the Christian community. »

Brian Kim, Liquid Capital

Kim and Liquid Capital Management, to pay more than USD12m in restitution and monetary sanctions for commodity pool fraud

Tue, 26/04/2011 - 14:00

The US Commodity Futures Trading Commission (CFTC) on April 15, 2011, obtained a federal court order imposing more than USD12 million in restitution and civil monetary penalties on defendants Brian Kim and his company, Liquid Capital Management, LLC (LCM), for fraud in connection with the operation of a commodity pool. »

No scam sign, Red circle with line through the word Scam

Receiver makes USD792m initial distribution to investors in USD1.3bn Ponzi scam

Tue, 26/04/2011 - 12:00

The US Commodity Futures Trading Commission (CFTC), based on an order entered on March 21, 2011, by the US District Court for Southern District of New York (SDNY), the court-appointed Receiver, Robb Evans & Associates, LLC, has begun an initial distribution of approximately USD792 million to investors in a commodity pool operated by CFTC defendants Paul Greenwood and Stephen Walsh, who, among other defendants, were charged by the CFTC in 2009 with operating a USD1.3 billion investment Ponzi scam. This constitutes a distribution of nearly 85 per cent of approved claims to investors. »

Barred sign, red circle with red line through

SEC charges former hedge fund portfolio manager with insider trading

Thu, 21/04/2011 - 06:00

The Securities and Exchange Commission has charged a former hedge fund portfolio manager with insider trading in a bio-pharmaceutical company based on confidential information about negative results of the company’s clinical drug trial. »

Orange FRAUD sign with magnifying glass

CFTC charges Parrilla and Green Tree Capital over fraudulent forex scheme

Sun, 17/04/2011 - 17:00

The US Commodity Futures Trading Commission (CFTC) has charged Lyndon Lydell Parrilla and his company, Green Tree Capital, both of Woodland Hills, California, with operating a fraudulent multi-million dollar foreign exchange (forex) scheme since at least 2009. »

orange Fraud sign with magnifying glass

CFTC settles charges against Kuen Cheol Song for illegal, fictitious trading scheme

Thu, 14/04/2011 - 10:00

The US Commodity Futures Trading Commission (CFTC) has obtained USD615,000 in disgorgement and a civil monetary penalty in a federal court consent order against defendant Kuen Cheol Song, who resided in Singapore during the relevant time period, for engaging in an illegal, fictitious trading scheme. Song has never been registered with the CFTC. »

No Fraud sign, red circle with red line through the word FRAUD

CFTC and State of California charge The Trade Tech Institute over CTA fraud

Wed, 23/03/2011 - 11:32

The US Commodity Futures Trading Commission (CFTC) has announced that a federal court in Los Angeles entered a restraining order against defendants The Trade Tech Institute, Inc (Trade Tech), Technology Trading International, Inc (Tech Trading), Robert Sorchini and Richard Carter, freezing defendants’ assets, prohibiting the destruction or alteration of their books and records and requiring defendants to provide an accounting of all funds and assets under their control. »

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