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
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,
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,
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
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.
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. The SEC’s Division
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. The SEC alleges that for the past two years, Shervin Neman raised more
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. The money was
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. The SEC alleges that Dr Joseph F
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
