SEC Charges Jay Fung with Insider Trading in the Stock of Pharmasset Inc.
On March 9, 2016 the Securities and Exchange Commission (SEC) announced that a Florida man trading on inside information ahead of a pharmaceutical company merger and a friend who tipped him have agreed to settle enforcement actions against… Read More
Court Denies Motion to Reconsider Summary Judgment Against June Fujinaga
On March 4, 2016, the Honorable James C. Mahan, United States District Judge for the District of Nevada, entered an order denying a motion for reconsideration of the final judgment filed by relief defendants June Fujinaga and her… Read More
Wells Fargo and Rhode Island Agency Charged with Fraud
On March 7, 2016 the Securities and Exchange Commission (SEC) charged a Rhode Island agency and its bond underwriter Wells Fargo Securities with defrauding investors in a municipal bond offering to finance startup video game company 38 Studios…. Read More
Court Reaches Verdict Against Daryl Payton and Benjamin Durant for Insider Trading
The Securities and Exchange Commission (SEC) has obtained a jury verdict in its favor in a federal district court trial in Manhattan against Daryl Payton and Benjamin Durant, III, who the agency charged with trading on inside information… Read More
Court Enters Final Judgments Against Zachary Zwerko and David Post
The Securities and Exchange Commission (SEC) announced that on March 1, 2016, the Honorable Richard J. Sullivan of the United States District Court for the Southern District of New York entered final judgments on consent against defendants Zachary… Read More
Final Judgment Entered Against Nan Huang for Insider Trading
On February 26, 2016 the U.S. District Court for the Eastern District of Pennsylvania issued a memorandum opinion and final judgment against Nan Huang, who a jury found liable last month for insider trading on information he improperly… Read More
Court Enters Final Judgment Against Francis Canellas
The Securities and Exchange Commission (SEC) announced that on February 24, 2016, the Honorable Valerie E. Caproni of the United States District Court for the Southern District of New York entered a judgment against defendant Francis Canellas. The… Read More
Court Enters Final Partial Judgment Against Paul Petrello for Insider Trading Scheme
The Honorable Michael A. Shipp, United States District Judge for the District of New Jersey, has entered a partial final consent judgment against defendant Paul Petrello, one of four individuals charged with engaging in an elaborate insider trading… Read More
SEC Charges TexStar Oil and Nathan Halsey with Fraud
The Securities and Exchange Commission (SEC) charged Nathan Halsey and TexStar Oil, Ltd. in the United States District Court for the Northern District of Texas, with fraudulently offering securities through misleading investment materials and keeping funds from investors… Read More
Court Issues Final Judgments Against Scott Valente and the ELIV Group
The Securities and Exchange Commission (SEC) announced that on February 17, 2016, Judge Vincent L. Briccetti of the United States District Court for the Southern District of New York entered final judgments against Defendants Scott Valente and his… Read More
SEC Charges 9 More Defendants in Hacked News Release Scheme with Fraud
On February 18, 2016 the Securities and Exchange Commission (SEC) filed fraud charges against nine defendants for taking part in an international scheme to execute profitable securities trades based on nonpublic information that computer hackers stole from at least two… Read More
Randy Hamdan Consents to Settling Market Manipulation Case
The Securities and Exchange Commission (SEC) announced that, on February 17, 2016, Judge Nancy Edmunds of the U.S. District Court for the Eastern District of Michigan entered final judgments, on the consents of defendants Randy Hamdan and Oracle Consultants,… Read More
6 Charged for Violating Antifraud Provisions of the Federal Securities Laws
On February 16, 2016, the Securities and Exchange Commission (SEC) charged PV Enterprises, Inc. (“PVEC”) and Panagiotis Villiotis (“Villiotis”) with violations of the registration and antifraud provisions of the federal securities laws. The SEC also charged Virtual Sourcing, Inc…. Read More
Michael Affa Sentenced in Microcap Case
On February 12, 2016, a federal court in Boston, Massachusetts sentenced Michael Affa, of Toms Rivers, New Jersey, to 33 months in prison and ordered him to pay a fine of $1 million in a criminal case prosecuted by… Read More
Wade James Lawrence Charged with Securities Fraud and Unauthorized Trading
On February 16, 2016 the Securities and Exchange Commission (SEC) charged Wade James Lawrence, a former investment adviser with two dually-registered securities firms, with executing unauthorized trades in his clients’ investment accounts and defrauding other individuals who tried to invest… Read More
Attorney Jilbert Tahmazian Charged with Fraud in a Prime Bank Scheme
On February 11, 2016 the Securities and Exchange Commission (SEC) charged Jilbert Tahmazian, a lawyer licensed in the state of California, with fraud for engaging in a prime bank scheme. Prime bank schemes involve the offer and sale of fictitious… Read More
Frank Lleras Charged with Conducting a Fraudulent Investment Scheme
On February 10, 2016, the Securities and Exchange Commission (SEC) charged Frank Lleras and two Charlotte, North Carolina-based companies that he controls, Optimum Income Property, LLC and Optimum Property Investments, LLC, with conducting an offering fraud lasting more… Read More
Court Enters Final Judgment Against Moazzam “Mark” Malik and Wolf Hedge LLC
The Securities and Exchange Commission (SEC) announced that on February 9, 2016, the Court for the Southern District of New York entered a final judgment against Defendants Moazzam “Mark” Malik, a Pakistani citizen and New York City resident,… Read More
Penny Stock Issuers and Their Principals Charged with Fraud
The Securities and Exchange Commission (SEC) charged two penny stock issuers and their principals with fraud for disseminating false and misleading press releases and other related documents about purported involvement in the marijuana industry. The SEC’s complaint against… Read More
Court Enters Final Judgment Against Martin Weisberg
The Securities and Exchange Commission (SEC) announced that on January 20, 2016, the Court for the Eastern District of New York entered a final judgment against defendant Martin Weisberg. The final judgment imposes on Weisberg a permanent injunction… Read More
Insider Trading Defendant Herbert Sudfeld Found Guilty in a Related Case
The Securities and Exchange Commission (SEC) announced that on February 5, 2016, a jury in federal court in Philadelphia returned a guilty verdict against Pennsylvania attorney Herbert Sudfeld (“Sudfeld”) in a criminal trial prosecuted by the U.S. Attorney… Read More
SEC Enters Settlement Agreement with Concorde Bermuda Ltd.
The Securities and Exchange Commission (SEC) announced that it entered into a settlement agreement, subject to court approval, with Ukrainian-based Concorde Bermuda Ltd. (Concorde) in a case alleging a scheme to trade on hacked news releases. On August 10,… Read More
Court Enters Final Judgment Against Shirmila Doddi For Insider Trading
The Securities and Exchange Commission (SEC) announced that on January 20, 2016, the Court for the District of Massachusetts entered a final judgment against defendant Shirmila Doddi, permanently enjoining her from future violations of Section 10(b) and Rule 10b-5…. Read More
Court Enters Final Judgment Against CEO of Polycom
The Securities and Exchange Commission announced that on January 26, 2016, the Honorable Yvonne Gonzalez Rogers of the United States District Court for the Northern District of California entered a final judgment against Andrew Miller, the former CEO… Read More
Court Issues Asset Freeze Over Sedona Oil and Its President
On January 21, 2016, the Securities and Exchange Commission (SEC) filed an emergency civil action against a Dallas company, Sedona Oil and Gas Corporation and its president, Kenneth “Kenny” Crumbley, Jr., to stop their allegedly fraudulent offer and… Read More
SEC Charges Marquis Properties and Its Principals With Operating a Ponzi Scheme
The Securities and Exchange Commission (SEC) obtained an asset freeze and other ancillary relief against Marquis Properties, LLC, and its CEO/President Chad Deucher for orchestrating a $28 million Ponzi scheme that defrauded more than 250 investors throughout… Read More
Attorney Adam Tracy & the Nefarious World of Custodianship Shells
The Securities and Exchange Commission (“SEC”) says it doesn’t like over-the-counter shell companies, and would like to see them gone from the marketplace. To that end, its Enforcement Division cooked up an initiative it called “Operation Shell-Expel”. It… Read More
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