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Orange fraud sign with magnifying glass

Cilli and Progressive Investment Funds to pay USD700,000 over commodity pool Ponzi scheme

Thu, 31/05/2012 - 16:00

The US Commodity Futures Trading Commission (CFTC) has obtained a federal court consent order requiring defendants Victor Eugene Cilli and his company, Progressive Investment Funds LLC (Progressive), both formerly of Hackensack, NJ, to pay, jointly and severally, restitution of USD243,000 and a USD474,000 civil monetary penalty in connection with operating a commodity pool Ponzi scheme that defrauded investors of over USD500,000 and misappropriated investor funds. »

Two fingers

SEC charges two investment advisers with fraud

Thu, 31/05/2012 - 11:00

The Securities and Exchange Commission has charged Jorge Gomez, an investment adviser formerly located in Dallas, Texas and Mexico, with perpetrating a fraudulent scheme to misappropriate millions from an investment advisory client (“Client”). The SEC also has agreed to settle related charges against Roberto Aleph Espinosa, a former resident of Miami, Florida, who, in conjunction with Gomez, provided investment advisory and brokerage services to the Client. »

Orange fraud sign with magnifying glass

SEC halts fraudulent investment scheme by New York-based fund manager

Mon, 28/05/2012 - 16:00

The Securities and Exchange Commission has announced charges against a New York-based fund manager and his two firms for luring investors into a trading program that would purportedly maximise their profits but instead spent their money in unauthorised ways. »

Two fingers

SEC charges two feeders over Ponzi schemes

Wed, 23/05/2012 - 11:00

The Securities and Exchange Commission has charged two individuals who provided the biggest influx of investor funds into one of the largest-ever Ponzi schemes in South Florida. »

Approved stamp

CFTC approves final rule on swap data record-keeping and reporting requirements

Mon, 21/05/2012 - 16:00

The US Commodity Futures Trading Commission (CFTC) has approved a final rule on swap data record-keeping and reporting requirements for counterparties to pre-enactment swaps, those swaps executed prior to passage of the Dodd-Frank Act, and transition swaps, those entered into between the law’s enactment date and the applicable compliance date for swap data record-keeping and reporting. »

Orange fraud sign with magnifying glass

SEC charges Seattle-based fund manager Spangler with fraud

Mon, 21/05/2012 - 10:49

The Securities and Exchange Commission has charged a Seattle-based financial adviser and his firm with defrauding clients by secretly investing their money in two risky start-up companies he co-founded. »

Orange fraud sign with magnifying glass

Ronald E Satterfield and Nicholas and Patricia Bos to pay USD7.5m over forex Ponzi scheme

Fri, 18/05/2012 - 11:24

The US Commodity Futures Trading Commission (CFTC) has obtained two federal court consent orders of permanent injunction against Ronald E Satterfield and Nicholas and Patricia Bos. »

Orange fraud sign with magnifying glass

CFTC charges Michael J Leighton with USD1.6m commodity pool fraud

Tue, 15/05/2012 - 06:00

The US Commodity Futures Trading Commission (CFTC) has filed an enforcement action in the US District Court for the Central District of California, charging Michael J Leighton of Torrance, California, with solicitation fraud and issuing false statements in connection with the operation of a commodity trading pool.  »

Robert Khuzami, Director of the  Division of Enforcement. SEC

Martin Currie to pay USD14m to settle SEC and FSA charges

Fri, 11/05/2012 - 12:00

The Securities and Exchange Commission has charged Scottish fund management group Martin Currie for fraudulently using one of its US fund clients to rescue another client, a China-focused hedge fund struggling in the midst of the global financial crisis. »

Orange fraud sign

CFTC charges Madison Dean with forex fraud

Fri, 11/05/2012 - 10:00

The US Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action in the US District Court for the Eastern District of New York charging Madison Dean, Inc of Wantagh, NY, and its principals, George Athanasatos, also of Wantagh, and Laurence Dodge of Fresh Meadows, NY, with fraudulently soliciting approximately 19 persons to invest approximately USD415,000 in managed trading accounts to trade off-exchange foreign currency (forex) contracts on a leverage or margined basis. None of the defendants has ever been registered with the CFTC. »

Judgment hammer

SEC obtains final judgement on consent against James Fleishman

Thu, 10/05/2012 - 12:00

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 James Fleishman in the SEC’s insider trading case, entitled SEC v Mark Anthony Longoria, et al, 11-CV-0753 (SDNY) (JSR). »

money frozen in a block of ice

CFTC charges Dimitry Vishnevetsky and Oxford Capital with commodity pool fraud

Tue, 08/05/2012 - 12:03

The Honourable Ruben Castillo, of the US District Court for the Northern District of Illinois, entered an order freezing the assets of defendants Dimitry Vishnevetsky of Chicago, and his company, Oxford Capital, LLC (OCL), a defunct Wisconsin limited liability company. The court’s order also prohibits the destruction of books and records. »

Orange fraud sign with a magnifying glass

CFTC charges Christopher Hales, Eric Richardson and Bentley Equities with fraud and Misappropriation

Fri, 04/05/2012 - 12:45

The US Commodity Futures Trading Commission (CFTC) has filed a federal court action in Utah charging Bentley Equities, LLC (Bentley), a Delaware corporation, and its principals, Christopher D Hales and Eric A Richardson, with fraud and misappropriation in connection with commodity futures trading. »

Judgement hammer

Court of appeal upholds USD62m Lauer judgement

Fri, 04/05/2012 - 10:00

The United States Court of Appeals for the Eleventh Circuit has affirmed the District Court’s grant of summary judgment against Michael Lauer, who controlled several hedge funds. »

orange fraud sign with magnifying glass

CFTC charges Sidney J Charles, Jr and The Borrowing Station over forex Ponzi scheme

Thu, 03/05/2012 - 10:00

The US Commodity Futures Trading Commission (CFTC) has filed a federal court action charging Sidney J Charles, Jr, formerly of Bowie, Md, and his company, The Borrowing Station, LLC (Borrowing Station), of Bowie, Md, with fraud, misappropriation, and registration violations in connection with an off-exchange leveraged foreign currency (forex) Ponzi scheme. »

No fraud sign

SEC files action against RKC Capital

Wed, 02/05/2012 - 13:45

The Securities and Exchange Commission has filed a Complaint in federal district court against RKC Capital Management LLC, RKC Capital, LLC (RKC) and Russell K Cannon (Cannon), (collectively “Defendants”). »

Judgement hammer

Court dismisses Jenkins’ appeal

Wed, 02/05/2012 - 10:00

The US Court of Appeals for the First Circuit has entered an order dismissing the appeal of Leila C Jenkins, the principal of Rhode Island-based investment adviser Locke Capital Management. »

No Fraud sign

PassThrough Investments and principals pay USD1.1m to settle CFTC forex fraud charges

Fri, 27/04/2012 - 12:57

The US Commodity Futures Trading Commission (CFTC) has issued an order settling charges that PassThrough Investments, LLC (PTI) (aka PassThrough Investments Group, LLC), and its principals, Stephen Brantley and Dwayne Bryant Dawson, all of Spring, Texas, fraudulently solicited and accepted at least USD2.6 million from at least 60 members of the public to participate in an off-exchange foreign currency (forex) pool that traded on a leveraged or margined basis. »

US dollars frozen in a block of ice

Court freezes assets of Robert A Christy and Crabapple Capital over forex fraud

Fri, 27/04/2012 - 10:00

Judge Richard W Story of the US District Court for the Northern District of Georgia, has entered an emergency order freezing the assets of defendants Robert A Christy of Milton, Georgia, and his company Crabapple Capital Group LLC (Crabapple) of Alpharetta, Georgia. »

Don Steinbrugge, Agecroft Partners

JOBS Act to revolutionise hedge fund marketing

Tue, 24/04/2012 - 11:47

The hedge fund industry is an indirect beneficiary of the new JOBS Act in the USA as it will revolutionise how alternative investment funds are marketed to the public, according to Don Steinbrugge of Agecroft Partners… »

Orange fraud sign with magnifying glass

SEC charges twins over ‘robot pump and dump’ scheme

Mon, 23/04/2012 - 11:34

The Securities and Exchange Commission has charged twin brothers from the UK with defrauding approximately 75,000 investors through an Internet-based pump-and-dump scheme. According to the SEC allegations, the brothers touted a fake “stock picking robot” that purportedly identified penny stocks set to double in price. Instead, they were merely touting stocks they were being paid separately to promote. »

Blue information sign

Volcker Rule conformance period clarified

Fri, 20/04/2012 - 11:57

The Federal Reserve Board has announced its approval of a statement clarifying that an entity covered by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the so-called Volcker Rule, has the full two-year period provided by the statute to fully conform its activities and investments, unless the Board extends the conformance period. »

Orange Fraud sign with magnifying glass

Federal Court orders Flint-McClung Capital to pay over USD6m

Thu, 19/04/2012 - 15:00

The US District Court for the District of Colorado has entered an order against defendants Flint-McClung Capital LLC (FMC), of Englewood, Colorado, and Shawon McClung, formerly of Denver, Colorado, requiring them jointly and severally to pay restitution of USD1,701,250 and a USD4.3 million civil monetary penalty. The order also imposes permanent trading and registration bans against the defendants. »

Robert Khuzami, Director of the Division of Enforcement, SEC

SEC charges optionsXpress over abusive naked short selling scheme

Wed, 18/04/2012 - 10:00

The Securities and Exchange Commission has charged an online brokerage and clearing agency specialising in options and futures as well as four officials at the firm and a customer involved in an abusive naked short selling scheme. »

Barred sign

SEC shuts down Ponzi scheme targeting LA Persian-Jewish community

Tue, 17/04/2012 - 06:00

The Securities and Exchange Commission has obtained an emergency court order to halt an ongoing Ponzi scheme that targeted members of the Persian-Jewish community in Los Angeles. »

Orange fraud sign with magnifying glass

CFTC charges Brad Lee Demuzio and Demuzio Capital Management over forex Ponzi scheme

Mon, 16/04/2012 - 16:00

The US Commodity Futures Trading Commission (CFTC) has filed a complaint in federal court in Idaho charging Brad Lee Demuzio of Chubbuck, Idaho and his company, Demuzio Capital Management, with operating a Ponzi scheme that solicited nearly USD1.8 million. »

Hands holding prison bars

Robert Stinson, Jr sentenced to 33 years over Ponzi scheme

Fri, 13/04/2012 - 16:00

Robert Stinson, Jr, of Berwyn, Pennsylvania, has been sentenced to 33 years in federal prison, followed by three years of supervised release, and ordered to pay more than USD14 million in restitution for orchestrating a Ponzi scheme that defrauded at least 263 investors of more than USD17 million. »

Gavel and scales

US JOBS Act remakes standards for HF and PE fund offerings

Thu, 12/04/2012 - 15:00

President Obama on 5 April, 2012 signed into law the Jumpstart Our Business Startups Act (JOBS Act), which seeks to eliminate certain restrictions on capital formation and to encourage economic growth in the United States by “improving access to the public capital markets for emerging growth companies,” a new category of issuers created by the Act. »

Orange fraud sign with magnifying glass

Final judgement entered against David E Howard II and Flatiron

Thu, 12/04/2012 - 14:05

The United States District Court for the Central District of California has entered a Final Judgment against David E Howard II, Flatiron Capital Partners, LLC (FCP), and Flatiron Systems, LLC (FS). »

Judgement hammer

SEC obtains final judgments on consent against Diamondback

Thu, 12/04/2012 - 11:06

The Honourable Harold Baer, Jr, United States District Judge, United States District Court for the Southern District of New York, entered a Final Judgment on Consent as to Diamondback Capital Management LLC on 6 April, 2012, in the SEC’s insider trading case, SEC v. Spyridon Adondakis et al., Civil Action 12-CV-0409 (SDNY) (HB). »

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