Political Money
The D.C. Circuit rejected a challenge by the New York State Republican Party to an SEC regulation affecting members of the Financial Industry Regulatory Authority who donate to political candidates or elected officials.
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Stanford Ponzi
The Fifth Circuit vacated an SEC settlement requiring insurers to pay $65 million to the receiver for Stanford International Bank and related entities, as it could “dispossess claimants of their legal rights to share in receivership assets.”
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Downing Digital Healthcare Group and other Downing entities defrauded investors by “misusing at least $540,000” to pay unregistered investment advisers hidden management fees, the SEC claims in a federal complaint.
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SEC Claims Canadian App Maker Kik Sold $100 Million in Unregistered ‘Tokens’
The Securities and Exchange Commission is suing Canadian mobile app developer Kik Interactive Inc. after the company sold 1 trillion digital tokens that the SEC claims were not registered under securities laws.
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Longfin Corp. handed out more than 400,000 shares to insiders, for nothing, the SEC claims in a federal complaint.
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The SEC claims that Kik Interactive conducted an illegal $100 million securities offering of digital tokens to investors without registering their offer and sale as required by securities laws.
Read moreSEC Writing Conflict of Interest Rules for Brokers
Federal regulators are moving to require that brokers provide their customers with detailed disclosures of their potential conflicts of interest when dispensing advice for retirement planning and other investments.
Read moreGeorgia Man Accused of Running Ponzi Scam in Frat House
A recent University of Georgia graduate is in hot water with the Securities and Exchange Commission, which accuses him of running a Ponzi scheme out of a frat house near campus.
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Fifth Circuit Tosses UBS Class Action Tied to Enron Collapse as Untimely
(CN) – The Fifth Circuit dismissed a class action against UBS Financial Services Inc. brought by individual retail-brokerage customers affected by the fall of Enron in the early 2000s.
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George Slowinski, 67, owner of Rebuilding America LLC, defrauded investors of $20 million in a real estate offering fraud based in Chicago, the SEC claims in a federal complaint.
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The SEC claims in a federal complaint that Robert C. Morgan and his Morgan Mezzanine Fund Manager ran an $80 million Ponzi scheme.
Read morePyramid Scheme
The SEC brought a federal complaint against EProfit Systems, saying investors in the IPro pyramid scheme involving a so-called cryptocurrency were defrauded of $27 million, which the founder used to buy a Rolls-Royce, a multimillion-dollar mansion and other goodies.
Read moreDiamond Investment Scheme Ensnared Hundreds, SEC Says
A radio host and rare gem salesman has been slapped with a Securities and Exchange Commission complaint over claims that he and his associate siphoned away cash from investors whom they falsely promised big returns on diamond-cutting ventures and a fledgling cryptocurrency.
Read morePump and Dump
The SEC brought a federal complaint against four people it says ran a fraudulent, $1.9 million pump-and-dump scheme in a cannabis company they called Green Cures & Botanical Distribution Inc.
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The SEC brought a federal complaint against five people it says made $15 million in pump-and-dump penny stock frauds.
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Derivative Action Takes Lannett to Task Over Role in Alleged Drug Price Fixing Scheme
(CN) – Generic pharmaceutical maker Lannett Company Inc. faces a shareholder derivative action after the company artificially bolstered the price
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Summary Proceedings Denied Investors Due Process in Ponzi Scheme Receivership Case
(CN) – The 11th Circuit Court of Appeals ruled in favor of investors who claimed they were denied due process to challenge the decisions of a receiver appointed over a Ponzi scheme dismantled by the Securities and Exchange Commission.
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James Siniscalchi, 46, of New York City, defrauded investors of $2.7 million in a Broadway show ticket scam, the SEC claims in federal court.
Read morePonzi Scam
Criminal recidivist Christopher Dougherty ran a $7 million Ponzi scam through his companies, the SEC claims in a federal complaint.
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