Securities Fraud
The SEC brought a federal complaint Wednesday alleging tha damaging information about the breast-implant company, Sientra, was concealed ahead of a $61 million IPO.
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Giant Ponzi Scheme
The SEC on Wednesday said it obtained an emergency order shutting down a $345 million Ponzi scheme wherein the operators skimmed at least $85 million; parallel criminal charges were filed in Maryland federal court.
Read more$9 Million Disgorgement
A federal judge granted the SEC’s request for $9.2 million in disgorgement and fines from Lawrence Penn III, for grand larceny and falsifying records in the private equity fund he managed, and for his “complete lack of remorse” despite his guilty pleas.
Read moreCancer Drug
The SEC brought a federal complaint demanding an injunction, disgorgement and penalties against Clovis Oncology, its CEO and former CFO for misrepresenting the efficacy of their cancer drug rociletinib.
Read moreCherry Picking
The SEC claims in a federal complaint that investment advisers World Tree Financial cherry-picked securities trades to benefit the CEO’s family and favored clients at the expense of others.
Read moreSeaWorld Settles ‘Blackfish’ Fraud Claim for $5M
SeaWorld and its former CEO reached a $5 million Securities and Exchange Commission settlement Tuesday in connection to fallout from the documentary “Blackfish.”
Read moreBad Actors
The SEC brought a federal complaint against Steele Financial, saying the Indiana firm defrauded clients — many of them public schoolteachers — by selling them $13 million in high-risk securities without disclosing it stood to gain commissions as high as 18 percent.
Read moreCitigroup Whacked
Citigroup Global Markets will pay $12 million in fines and disgorgement for misleading users of a dark pool run by its affiliate, Citi Order Routing and Execution, which will be fined another $1 million, the SEC said Friday.
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The SEC brought a federal complaint Wednesday against securities broker Michael A. Bressman, 61, of Montville, N.J., saying he cherry-picked customer accounts to make $700,000 at their expense.
Read moreDirty Traders
The SEC accused Emil Botvinnik, 38, of Coral Gables, Fla., and Jovannie Aquino, 37, of the Bronx, in separate federal complaints of enriching themselves at the expense of customers through “excessive trading … that generated substantial commissions.”
Read moreInsider Trading
Rong Chen, 50, of Rancho Palos Verdes, a high-ranking official at Hong Kong investment firms, including a bank, made $267,000 by illegally trading through his wife’s account on inside tips about Chinese companies, the SEC claims in a federal complaint.
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A federal judge upheld disgorgement of $44 million and the same in SEC penalties against Iftikhar Ahmed, sole proprietor of I-Cubed Domains, who defrauded his own firm through shell companies, then fled the country.
Read moreBitcoins
The SEC has suspended the trading in securities of Bitcoin Tracker One (CXBTF) and Ether Tracker One (CETHF), until 11:59 p.m., EDT, on Sept. 20.
Read moreFake Pot Farms
The SEC brought a federal complaint Wednesday accusing Michael E. Cone, 36, formerly of McKinney, Texas, a felon, of defrauding investors of at least $3.3 million in a bogus marijuana-farming business, Greenview Investment Partners.
Read moreInsider Trading
The SEC brought a federal complaint Wednesday against Cleveland Browns linebacker Mychal Kendricks, saying he made $1.2 million with inside tips and kicked back some of the profits to former investment banker Damilare Sonoik.
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