Securities Fraud
The SEC accuses Bhushan Dandawate, 62, of Fairfax, Va., of five counts of aiding and abetting a $4 million securities fraud, in Chicago Federal Court.
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Investment Fraud
The SEC on Wednesday charged George L. Taylor, 61, CEO of Temenos Advisory, both of Litchfield, Conn., with steering $19 million of investors’ money into risky, unsuitable investments and hiding commissions he took on top of advisory fees, “grossly overbill(ing)” them, in federal court.
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John Geraci, 61, of Florida, stole $1.8 million from clients who invested in his Meridian Matrix Fund, the SEC claims in federal court.
Read more‘Extravagant Lifestyle’
The SEC on Monday charged former Energy XXI CEO John D. Schiller Jr. with maintaining his “extravagant lifestyle” by hiding more than $10 million in personal loans he got from company vendors and a candidate for Energy XXI’s board, and separately charged Norman M.K. Louie, a portfolio manager at co-defendant Mount Kellett Capital Management, with hiding a $3 million loan to Schiller just before he was appointed to Energy XXI’s board.
Read moreSell Me a Bridge
In a $2.6 million securities fraud, Modha Interactive and its married owners, Marianne Veronika Sandor and Edward Michael Porrazzo, all of Hawaii, took money, and skimmed it, for a bogus “quantum transducer” they claim will “revolutionize” mobile phones, the SEC says in federal court.
Read moreCredit Suisse to Pay $77 Million to Settle Bribery Case
Credit Suisse Group AG has agreed to pay $77 million to settle charges it obtained investment banking business in the Asia-Pacific region by corruptly influencing foreign officials, the Securities and Exchange Commission said Thursday.
Read moreKBR Fined $2.5 Million
KBR Inc. will pay $2.5 million to settle SEC charges of claiming $459 million in expected revenue though it had no orders for such work, the SEC said Monday.
Read moreReport: Federal Facebook Probe Now Includes FBI, SEC
A federal probe into Facebook’s sharing of user data with Cambridge Analytica now involves the FBI, the Securities and Exchange Commission and the Justice Department, the Washington Post reported.
Read more$85 Million Ponzi
A Mississippi ran an $85 million Ponzi scheme through his company Madison Timber Properties, the SEC claims in a federal complaint.
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The SEC accuses securities recidivist James VanBlaricum of running a $10 million gas and oil-drilling securities fraud with help from six co-defendants, in federal court.
Read moreWells Fargo Whacked for $5 Million
Wells Fargo Advisors must disgorge $1.1 million in ill-gotten gains and pay a $4 million fine for misconduct in sale of market-linked investments to generate fees for itself at the cost of its customers, the SEC said Monday.
Read moreGas & Oil Fraud
A Dallas man defrauded people of $8 million through his Texas Coastal Energy Company, the SEC claims in federal court.
Read moreSEC Says It’s Broken Up $102 Million Ponzi Scheme
The SEC has frozen the assets in a $102 million Ponzi scheme and filed charges against five men and three companies they control, the agency said Tuesday.
Read moreMerrill Lynch Fined $42 Million
Merrill Lynch, Pierce, Fenner & Smith will pay $42 million to settle SEC charges over order “masking,” in which the broker claims to execute orders itself but actually routes them through other broker-dealers, including proprietary trading firms and wholesalers.
Read morePump and Dump
A Bronxville man made $11.5 million through a pump-and-dump scheme, executed through his companies, Berkshire Capital Management Company and Eat at Joes’s nka SPYR, the SEC claims in a federal complaint.
Read moreSplit on Securities Misstatements Faces High Court Reckoning
The Supreme Court took up a case Monday where an investment broker was held liable for misstatements that his boss ordered him to make to potential investors.
Read moreMerrill Lynch Whacked
Merrill, Lynch, Pierce, Fenner & Smith will pay $15.7 million — $10.5 million to customers and $5.2 million in penalties — for misleading customers into overpaying for residential mortgage-backed securities, the SEC said Tuesday.
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Class Sues Micro Focus After Merger With HP Spinoff
(CN) – British software firm Micro Focus International overstated the benefits of a proposed merger with Hewlett Packard spinoff HPE
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