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North America

Fraud work with magnifying glass

CFTC charges Arizona resident Anthony Eugene Linton over foreign currency Ponzi scheme

Tue, 25/01/2011 - 12:06

The US Commodity Futures Trading Commission (CFTC) has obtained an emergency federal court order freezing the assets of defendant Anthony Eugene Linton of Tucson, Arizona, dba The Private Trading Pool. The court’s order also prohibits the destruction of books and records and grants the CFTC immediate access to such documents. »

Fraud

SEC charges sub-prime loan hedge fund managers with fraudulent misuse of assets

Wed, 22/12/2010 - 15:07

The Securities and Exchange Commission has charged two San Francisco-based investment adviser firms along with their former chief executive, former general counsel, and former portfolio manager with defrauding investors in a USD100m hedge fund that invested in sub-prime automobile loans.  »

Gold

CFTC charges California man and firms in USD5.5m precious metals scheme

Thu, 16/12/2010 - 15:15

The US Commodity Futures Trading Commission has filed a civil complaint against California-based defendants Ryan A. Nassbridges, American Bullion Exchange ABEX Corp. and American Bullion Exchange LLC, charging them with fraudulent solicitation and misappropriation in connection with precious metals futures and options fraud. »

Handcuffs and money

Patrick Dailey and Strongbow Investments fined USD2.8m for commodity pool fraud

Wed, 15/12/2010 - 13:19

The US Commodity Futures Trading Commission has obtained more than USD2.8m in restitution and civil monetary penalties in a federal judgment order against defendants Patrick J. Dailey of California and his company Strongbow Investments of Austin, Texas. »

Law books and gavel

CFTC charges Vincent Patrick McCrudden with registration violations

Wed, 15/12/2010 - 12:19

The US Commodity Futures Trading Commission has filed a complaint alleging registration violations against Vincent Patrick McCrudden of New York, Alnbri Management, and Managed Accounts Asset Management. »

Fraud

CFTC charges floor broker Kent Whitney with options fraud

Mon, 13/12/2010 - 10:16

The US Commodity Futures Trading Commission has filed an enforcement action charging Kent R.E. Whitney, a registered floor broker, with making false and misleading statements to Chicago Mercantile Exchange representatives, futures commission merchants and others in connection with a scheme to trade options without posting the required margin.  »

Handcuffs and money

CFTC charges MXBK with defrauding hundreds of US customers

Thu, 09/12/2010 - 15:00

The US Commodity Futures Trading Commission has filed an enforcement action in the US District Court for the District of Utah, charging MXBK Group, a private Mexican financial services holding company, and its foreign currency trading division, MBFX, with issuing false customer statements and misrepresenting trading results on its website in connection with its foreign currency trading enterprise. »

Gavel

Court fines defendants USD26m for multi-million dollar Ponzi scheme

Thu, 09/12/2010 - 13:53

The US Commodity Futures Trading Commission has obtained more than USD26m in restitution and civil monetary penalties against defendants Kenneth W. Lee, Simon Yang, Prestige Ventures and Federated Management Group, and relief defendants Sheila Lee, Darren Lee and David Lee. »

Fraud

Florida residents and firm fined USD4m for defrauding investors

Thu, 09/12/2010 - 11:31

The US Commodity Futures Trading Commission has obtained a default judgment order requiring FX Professional International Solutions and its principals, Pedro de Sousa and Guillermo Rosario, to pay more than USD4m in civil monetary penalties for issuing false account statements to customers in an off-exchange foreign currency fraud. »

SEC chairman Mary L. Schapiro

SEC proposes joint rules with CFTC to define swap related terms

Mon, 06/12/2010 - 14:26

The Securities and Exchange Commission has voted unanimously to propose joint rules with the Commodity Futures Trading Commission that would further define a series of terms related to the security-based swaps market. »

Handcuffs and money

SEC brings proceeding against fund manager for uncooperative behaviour

Mon, 22/11/2010 - 11:29

The US Securities and Exchange Commission has instituted public administrative and cease-and-desist proceedings against Thrasher Capital Management and its chief executive officer and managing member, James Perkins.  »

Handcuffs and money

CFTC charges Florida and Virginia residents with USD28m Ponzi scheme

Mon, 08/11/2010 - 15:01

The US Commodity Futures Trading Commission has filed an enforcement action charging Phillip Milton of Palm Beach Gardens, Florida, Gregory Center of McLean, Virginia, William Center of Richmond, Virginia, and their company Trade, based in Palm Spring Gardens, Florida, with operating a Ponzi scheme involving approximately USD28m in connection with the Trade commodity pool. »

Ponzi scheme

CFTC charges Richard Theye and Micind Capital with running Ponzi scheme

Mon, 08/11/2010 - 12:03

The US Commodity Futures Trading Commission has filed an action in federal court in Austin, Texas, charging Richard D. Theye and his company Micind Capital Management with fraud in connection with running a multi-million dollar Ponzi scheme. »

Fraud

CFTC charges Highlands Capital Management with defrauding customers

Mon, 08/11/2010 - 10:30

The US Commodity Futures Trading Commission has filed an enforcement action charging Highlands Capital Management, based in San Francisco, California, and its principal Glenn Kane Jackson of Tiburon, California, with operating a fraudulent off-exchange foreign currency scheme. »

David Friedland, president of the Hedge Fund Association

Hedge Fund Association opposes self-regulatory organisation

Mon, 08/11/2010 - 06:14

The Hedge Fund Association is opposing the creation of any hedge fund self-regulatory organisation. »

Ponzi scheme

CFTC charges Griggs and Aloha with multi-million dollar Ponzi scheme

Mon, 01/11/2010 - 10:16

The US Commodity Futures Trading Commission has filed an enforcement action charging Perry Jay Griggs, a convicted felon and current fugitive, and his wife, Rachelle Griggs, most recently from Las Vegas, and their company, Aloha Trading, with operating a multi-million dollar commodity futures Ponzi scheme from at least 2005 through 2009. »

Fraud

Court fines Texas defendants USD16.2m in CFTC anti-fraud action

Thu, 28/10/2010 - 10:38

The US Commodity Futures Trading Commission has obtained more than USD16.2m in restitution and civil monetary penalties in a federal court order against defendants Scott P. Kear, Sr., Jeffery L. Lyon and entities they controlled, M25 Investments and M37 Investments, all of Waxahachie, Texas. »

Pocket

SEC targets use of side pockets by hedge funds

Mon, 25/10/2010 - 10:25

The Securities and Exchange Commission’s asset management unit has been investigating whether hedge fund managers have overvalued assets in “side pockets” and then charged investors higher fees based on those inflated values. »

Bernard L. Madoff

Investment managers and advisers sued over plan investments with Madoff

Sun, 24/10/2010 - 11:12

The US Department of Labor has sued Beacon Associates Management, Andover Associates Management, Ivy Asset Management, J.P. Jeanneret Associates and the principals of the four companies for causing dozens of pension, health and other employee benefit plan clients to lose hundreds of millions of dollars through investments with Bernard L. Madoff and his firm. »

Handcuffs and money

CFTC enforcement programme filings increase 14 per cent

Wed, 06/10/2010 - 12:35

The US Commodity Futures Trading Commission’s enforcement programme filed 57 enforcement actions in fiscal year 2010, 14 per cent more than in FY 2009 and 42 per cent more than in FY 2008.  »

Gavel

CFTC charges accounting firms with failure to audit Sentinel properly

Tue, 05/10/2010 - 16:16

The US Commodity Futures Trading Commission has filed and settled charges against public accounting firms McGladrey & Pullen and Altschuler, Melvoin & Glasser and partner G. Victor Johnson II for failing to audit properly Sentinel Management Group.  »

Ponzi scheme

CFTC charges Integra Capital Management with USD3m Ponzi scheme

Sun, 03/10/2010 - 12:34

The US Commodity Futures Trading Commission has obtained an emergency federal court order freezing the assets of defendants Rodney W. Whitney, Nicholas T. Cox and Integra Capital Management of North Carolina. »

Fraud

CFTC charges People’s Alternative with commodity pool fraud

Wed, 29/09/2010 - 14:44

The US Commodity Futures Trading Commission has obtained an emergency federal court order freezing the assets of defendants People’s Alternative of Los Angeles and its principals, Jaime Gallardo of Pasadena and Karl Ochoa and Maria Iracheta of Los Angeles. »

Ponzi scheme

CFTC charges Autry with fraudulent Ponzi scheme

Wed, 22/09/2010 - 13:56

The US Commodity Futures Trading Commission has charged Georgia-based Joseph L. Autry, Jr. and his company, Autry Capital Management, with fraudulently operating a Ponzi scheme that solicited and received approximately USD265,200 from seven customers to trade commodity futures contracts. »

Aluminium

CFTC sanctions former metals trader for defrauding General Motors

Tue, 21/09/2010 - 10:33

The US Commodity Futures Trading Commission has filed and settled charges against Daniel J. Bealko, General Motors’ former global commodity manager for lightweight metals, for knowingly engaging in unauthorised futures and options trading as part of his criminal scheme to defraud the company.  »

Law books

CFTC will not issue grandfather relief for bilateral exempt commodity swaps

Mon, 13/09/2010 - 10:42

The Commodity Futures Trading Commission has determined not to issue grandfather relief at this time to parties that petition the commission to continue to operate in reliance upon the Commodity Exchange Act’s exempt commodity exemption for bilateral swaps after the deletion of that provision from the CEA by the Dodd-Frank Wall Street Reform and Consumer Protection Act. »

Demetrios Anaipakos, partner, Ahmad, Zavitsanos & Anaipakos

Ernst & Young facing securities fraud lawsuit over failed hedge fund

Mon, 30/08/2010 - 12:02

Attorneys from Houston's Ahmad, Zavitsanos & Anaipakos are representing a group of investors in a lawsuit filed against hedge fund auditors Ernst & Young after the group lost more than USD17m following the collapse of a Plano, Texas-based hedge fund that promised low-risk investments. »

Todd Groome, chairman of Aima

Aima to engage with US authorities on Dodd-Frank Act implementation

Thu, 26/08/2010 - 14:09

The Alternative Investment Management Association is to engage with US policymakers and supervisors over the implementation of the Dodd-Frank Act.  »

Regulation books

CFTC and SEC issue notice on mixed swaps regulations

Mon, 16/08/2010 - 10:15

The Commodity Futures Trading Commission and the Securities and Exchange Commission have published a notice requesting public comment on defining certain key terms and in prescribing regulations regarding mixed swaps, as required by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. »

Gavel

Court bars Paul Greenwood in investment scam case

Sun, 01/08/2010 - 14:05

A federal court in New York has entered a consent order of permanent injunction and equitable relief against Paul Greenwood of North Salem, New York.  »

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