Securities Fraud
The SEC sued Iconix Brand Group and its former CEO Neil R. Cole and former COO Seth Horowitz, claiming they juggled the books and lied about it to the SEC, in two federal complaints.
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Securities Fraud
The SEC claims in federal court that NIT Enterprises and its directors — two of them securities recidivists — defrauded investors of at least $4.9 million.
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The SEC sued four former executives of Outcome Health in federal court — CEO Rishi Shah, president Shradha Agarwal, CFO Brad Purdy and executive VP Ashik Desai — claiming they helped raise $487 million through “a simple and pervasive fraud: Outcome was routinely billing clients — and recognizing revenue — for ads it never ran.”
Read morePonzi Scheme
Brett Pittsenbargar, of Austin, Texas, raised $18 million from investors and took at least $1 million in commissions through his MGM Home Remodeling LLC, fka BP Financials LLC, dba BP Financials & Tax Design Group, in the $1.2 billion Woodbridge Ponzi scam, the SEC claims in federal court.
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The SEC claims Conrad A. Coggeshall, 52, of Scottsdale, Ariz., defrauded elderly people of $700,000 through his company, Business Owners Tax Relief, in federal court.
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The SEC accused the International Investment Group LLC of “a string of frauds … to cover up tens of millions of dollars in losses on bad bets and keep its investment advisory business afloat,” in federal court.
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The SEC on Tuesday said it obtained a restraining order and asset freeze against Palm Financial Management and Shore Management Systems and their operators, Neil Burkholz of Boca Raton, Fla., and Frank Bianco, of Pembroke Pines, Fla., for an alleged $6 million Ponzi scheme.
Read moreSEC Whistleblowers
The SEC issued $60 million in whistleblower awards in financial year 2019, it says in its annual report to Congress on its Whistleblower Program.
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Uber Shares Hover Near Low as Investors Sue Post-IPO
Shareholders claim in a class action that in the lead-up to its initial public offering, Uber Technologies Inc. failed to warn investors about “rapidly increasing subsidies for customer rides and meals in a bid for market share” while “at the same time, cutting (or planning to cut) costs in key areas that undermined Uber’s central growth opportunities.”
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Ruless Pierre, 49, of Nanuet, N.Y., targeted Haitians in a $2 million securities scam through his co-defendant R. Pierre Consulting Group and his Amongst Friends Investment Group, the SEC claims in federal court.
Read moreSEC Annual Report
The SEC Enforcement Division issued its annual report on Wednesday.
Read moreCourt Tosses Suit Over Self-Reported Exec Misconduct at LendingClub
A derivative action against online loan platform LendingClub Corp. alleging that the company’s board of directors breached its fiduciary duties was dismissed in Delaware Chancery Court after investors failed to prove that the board acted in bad faith after self-reporting misconduct to the Securities and Exchange Commission.
Read moreUnder Armour’s Strong Numbers Drowned Out by Investigation
A strong quarter from Under Armour was overshadowed by federal investigations into the company’s accounting practices.
Read moreSEC Disgorgement Order Faces High Court Scrutiny
The Supreme Court agreed Friday to hear the case of two people ordered to repay $26 million they bilked out of Chinese investors through a program that gives U.S. visas in exchange for foreign investment in the United States.
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The SEC claims Richard Johnathan Eden, 63, and Christopher Michael Neumann, 42, both last known to live in Los Angeles, defrauded investors of $1.5 million, in federal court.
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The Sierra Club sued the SEC in federal court, claiming that under the Trump administration it has a pattern and practice of refusing to comply with FOIA law, making it increasingly difficult for shareholders of public companies to bring climate change issues to a vote at shareholder meetings.
Read moreInsider Trading
The SEC claims in federal court that London investment bankers Benjamin Taylor and Darina Windsor illegally tipped Joseph Abdul Noor El-Khouri to inside information about six public companies, from which he made more than $2 million in illicit profits.
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The SEC claims in federal court that bank employee Bryan Cohen, 33, of New York City, tipped “Trader A” to inside information which he passed along to George Nikas, 54, of New York City, from which Nikas and Trader A made at least $2.6 million in illicit profits.
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The SEC on Wednesday accused 18 traders, mostly based in China, of illegally making $31 million by manipulating thinly traded securities; in a parallel action, two traders, Jiali Wang and Xiaosong Wang, were criminally charged in Boston, the SEC said.
Read moreMarket Manipulation
Lek Securities Corp. and CEO Sam Lek will pay $2 million to settle charges of “facilitating manipulative U.S. trading by a Ukraine-based firm over a three-year period,” SEC said Wednesday.
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