A federal court in California dismissed part of the Securities and Exchange Commission’s suit against Volkswagen arising from the Dieselgate emissions scandal, finding that the Department of Justice “had the power to and did release” the agency’s civil claims arising out of asset-backed securities offerings.
Read moreThe SEC claims in a federal complaint that former Georgia Assemblyman Clarence Dean Alford “fraudulently induced at least 100 investors, predominantly from the Indian-American community, to invest at least $23 million in unregistered, high-yield promissory notes,” through gross misrepresentations, in federal court.
Read moreThe SEC claims in a federal complaint that Victor Lee Farias, of Fair Oaks, Texas, and his company Integrity Aviation & Leasing “defrauded investors — many of whom were retired San Antonio Police Department officers or first responders — out of more than $14 millionthrough a fraudulent investment scheme,” featuring “Ponzi payments.”
Read moreThe SEC claims in a federal complaint that Complete Business Solutions Group dba Par Funding and 17 others sold unregistered and fraudulent securities by providing loans that charge more than 400% interest to small businesses, raising nearly $500 million from it.
Read moreIn parallel civil and criminal complaints, the SEC and federal prosecutors accused Virginia-based Trustify fka FlimFlam and its CEO Daniel Boice of raising more than $18.5 million “by making materially false and misleading statements and omissions about, among other things, Trustify’s revenue growth, its corporate client base and size of its investigator network, and the use of investor funds.”
Read moreThe SEC claims in a federal complaint that Michael Barry Carter, 46, of Knoxville, Tenn., “misappropriated approximately $6 million from brokerage customers and an elderly investment advisory client while he served as their financial adviser at a large financial institution.”
Read moreIn a cryptocurrency fraud case, lobbyist Jack Abramoff will pay $55,000 to the Securities and Exchange Commission and is permanently banned from securities trading under a settlement in a California federal court.
Read moreMatthew Benjamin, of Tenafly, N.J., defrauded investors of more than $900,000 through his company, Clear Solutions, the SEC claims in federal court.
Read moreBoston-based Alexion Pharmaceuticals will pay $21.5 million to settle charges of bribing officials in Turkey and Russia to get favorable treatment for its primary drug, Soliris, which treats a blood disease, the SEC said Thursday.
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Vacating a $26.4 million disgorgement award, the Supreme Court ruled Monday that an accounting of legitimate expenses may reduce the tab facing a couple who swindled Chinese investors.
Read moreAmTrust Financial Services and its former CFO Ronald E. Pipoly Jr. will pay $10.5 million for failing to disclose material facts about how the company estimated its insurance losses and reserves, the SEC said.
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The D.C. Circuit sided with stock exchanges Tuesday, ruling that the Securities and Exchange Commission can’t order them to stage a trading fee experiment that would study brokers’ trading tendencies.
Read moreThe SEC said it obtained an asset freeze against five people and six offshore entities that “generated more than $25 million from illegal sales of multiple microcap companies’ stock, including four that were the subject of recent SEC trading suspension orders: Sandy Steele Unlimited, WOD Retail Solutions, Bioscience Neutraceuticals, and Rivex Technologies.
Read moreThe SEC claims Jason C. Nielsen, 53, of Santa Cruz, Calif., made $137,000 in a pump-and-dump scheme involving Arrayit Corp., which he falsely claimed had an FDA-approved Covid-19 test, in federal court.
Read moreThe SEC claims MMT Distribution and R&D Global defrauded investors of $12 million in a cybercoin scheme operated by codefendants Daniel F. Putnam, 46, of Layton, Utah; Jean Paul Ramirez Rico, 37, of Medellín, Colombia; and Angel A. Rodriguez, 43, of Provo, Utah, in federal court.
Read moreThe SEC sued E*Hedge Securities and its president Devon W. Parks, of Delray Beach, Fla., for books and records, in federal court.
Read moreSan Jose-based blockchain services company BitClave will return $25.5 million it raised in an unregistered initial coin offering of digital asset securities, the SEC said Thursday.
Read moreA federal class action claims that SCWorx and its CEO Marc S. Schessel falsely claimed that they had sold 2 million “Covid-19 rapid testing kits, ‘with provision for additional weekly orders of 2 million units for 23 weeks, valued at $35M per week,’” goosing its stock price, after which the SEC halted trading in it.
Read moreThe SEC says it has shut down a $5.6 million Ponzi scam that Paul Horton Smith Sr., a registered investment adviser, ran through his companies Northstar Communications, eGate, and Planning Services, all of Riverside County, California.
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