Court Enters Summary Judgment Against Enron’s Former CEO
The Securities and Exchange Commission (SEC) obtained a summary judgment against former Enron president, COO, and CEO Jeffrey Skilling to conclude its civil case that was stayed by the court starting in 2004 until the outcome of criminal… Read More
SEC Identifies Three More to Charge in Penny Stock Case
On November 4, 2015, the Securities and Exchange Commission (SEC) announced it has identified three more individuals to charge in a penny stock manipulation case that the agency filed last year against alleged corrupt brokers and others. The SEC… Read More
Former Executives of OCZ Technology Group Charged with Fraud
The Securities and Exchange Commission (SEC) on October 6, 2015, charged two former top executives at OCZ Technology Group, Inc. for accounting failures at the now-bankrupt seller of computer memory storage and power supply devices. In a complaint filed in… Read More
SEC Charges Executives of ContinuityX Solutions with Fraud
The Securities and Exchange Commission (SEC) announced that it charged two former executives of ContinuityX Solutions, Inc. with fabricating nearly all of the company’s revenue and enriching themselves in the process. Metamora, Illinois-based ContinuityX was a publicly traded… Read More
Five Florida Residents Charged by the SEC With Insider Trading
The Securities and Exchange Commission (SEC) on September 28, 2015 charged five Florida residents, including a lawyer and an accountant with insider trading before the acquisition of Pharmasset Inc. by Gilead Sciences Inc. The SEC filed a complaint claiming that attorneys Robert Spallina and… Read More
SEC Charges Trinity Capital Corporation with Fraud
The Securities and Exchange Commission (SEC) announced on September 28, 2015 that Trinity Capital Corporation and its wholly-owned subsidiary, Los Alamos National Bank, have agreed to pay $1.5 million to settle accounting fraud charges. An SEC investigation found… Read More
SEC Charges Six in Securities Fraud Scheme
On September 24, 2015 the Securities and Exchange Commission (SEC) charged six men, including a father and three sons, with securities fraud associated with Gerova Financial Group Ltd., whose shares once traded on the New York Stock Exchange. In a parallel… Read More
SEC Settles Aiding and Abetting Charges Against Joseph Apuzzo
On September 8, 2015, Judge Alvin Thompson of the U.S. District Court for the District of Connecticut entered a judgment against Joseph Apuzzo, former Chief Financial Officer of Terex Corporation. Apuzzo consented, without admitting or denying the allegations… Read More
Consultant Charged With Insider Trading
On September 23, 2015, the Securities and Exchange Commission (SEC) charged a consultant and his friend with insider trading in the options of P.F. Chang’s China Bistro based on nonpublic information about an impending acquisition offer. The SEC… Read More
SEC Charges Bank Analyst Ashish Aggarwal With Insider Trading
On August 25th, 2015, the Securities and Exchange Commission (SEC) charged a former investment bank analyst with illegally tipping his close friend with confidential information about clients involved in impending mergers and acquisitions of technology companies. The SEC… Read More
Regulation A+ Adds Two New Bad Actor Disqualification Triggers
The final Regulation A+ rules amend Rule 262 to include bad actor disqualification provisions as adopted under Rule 506(d) of Regulation D. Consistent with the disqualification provisions of Rule 506(d), the final rules add two additional disqualification triggers… Read More
SEC Freezes Profits From Avon Stock Manipulation Scheme
On June 4, 2015, the Securities and Exchange Commission (SEC) announced an emergency asset freeze of two U.S. brokerage accounts connected to schemes to manipulate the securities of Avon and other stocks, thwarting any ability for fraudsters to cash… Read More
SEC Obtains Officer-Director and Penny Stock Bar Against Michael Cohen
On March 6, 2015, the Securities and Exchange Commission (“SEC”) announced that the United States District Court of New Jersey entered a judgment against Michael M. Cohen. Cohen received a lifetime officer-director bar, lifetime penny stock bar and… Read More
Executives of Assisted Living Concepts Charged with Fraud
Securities Law Blog On December 3, 2014, the Securities and Exchange Commission (the “SEC”) announced securities fraud charges against Laurie Bebo and John Buono two executives at an assisted living facility accused of listing fake occupants to meet… Read More
SEC Judgment Entered Against James Crane CFO of Subaye
On October 20, 2014, the Securities and Exchange Commission (the “SEC”) announced a final judgment, in an enforcement action filed by the SEC in May 2013, against James Crane, the former Chief Financial Officer of Subaye, Inc., a… Read More
What are Convertible Securities? l Securities Lawyer 101
Securities Lawyer 101 Blog A “convertible security” is often structured as a bond, note, preferred stock, or a wraparound agreement that results in the conversion of the debt obligation into common stock. The holder of the convertible security or… Read More
SEC Charges CEO & CFO with Sarbanes-Oxley Violations
Securities Lawyer 101 Blog On July 31, 2014, the Securities and Exchange Commission (the “SEC”) announced charges against Marc Sherman, the CEO and Edward Cummings, the CFO of a Florida-based computer equipment company for misrepresenting to external auditors… Read More
SEC Charges Lawbreakers Who Secretly Ran Microcap Company
Posted by Securities Lawyer 101 Blog On July 16, 2014, the Securities and Exchange Commission announced SEC charges against James E. Cohen and Joseph Corazzi who secretly controlled Natural Blue Resources including the operational and management decisions of… Read More
SEC Reinstates Richard Hylland, CPA to Practice Before the Commission
Securities Lawyer 101 Blog On June 11, 2014, the Securities and Exchange Commission (the “SEC”) announced that it had reinstated Richard Hylland, CPA to practice before the SEC. On July 16, 2007, Richard Hylland, CPA (“Hylland”) was suspended… Read More
SEC Charges John Bensen & DGSE Companies By: Brenda Hamilton Attorney
Securities Lawyer 101 Blog On May 27, 2014, the Securities and Exchange Commission (“SEC”) announced accounting fraud charges against a Dallas-based company and its former chief financial officer for manipulating its inventory accounts. The SEC alleges that John… Read More
SEC Charges Transfer Agent, IST Shareholder Services By: Brenda Hamilton Attorney
Securities Lawyer 101 Blog On May 28, 2014, the SEC announced fraud charges and an emergency asset freeze against IST Shareholder Services, a transfer agent and its owner, Robert Pearson whose misappropriation scheme was discovered during an SEC examination…. Read More
SEC Charges Jeffrey Berkowitz & Others By: Brenda Hamilton Attorney
Securities Lawyer 101 Blog On May 24, 2014, the Securities and Exchange Commission announced the latest in a series of cases against microcap companies, officers, and promoters arising out of a joint law enforcement investigation to unearth penny… Read More
SEC Charges College Professor, Gonul Colak, in Naked Short Selling Scheme
Securities Lawyer 101 Blog On January 31, 2014, the Securities and Exchange Commission charged two Florida college professors with perpetrating a complex naked short selling scheme for more than $400,000 in illicit profits.
SEC Charges Tibor Klein and Michael Shechtman With Insider Trading
Securities Lawyer 101 Blog Continuing its crackdown on violators of insider trading laws, on September 20, 2013 the Securities and Exchange Commission (“SEC”) charged Tibor Klein, president of Klein Financial Services, with illegal insider trading in his own… Read More
OTC Markets Eliminate Quarterly Legal Opinions For OTC Pink Sheets
Securities Lawyer 101 Blog On January 3, 2013, OTC Markets revised its disclosure requirements for issuers quoted on OTC Markets’ “OTC Pink Current Information” tier. As set forth in our January 4, 2013 blog post, these revisions reduced the… Read More
OTC Markets Increases Disclosures By OTC Pink Issuers
Securities Lawyer 101 Blog On January 3, 2013, the OTC Markets revised its disclosure requirements for issuers quoted with an OTC Markets “OTC Pink Current” tier. These revisions increase current events disclosures for a laundry list of corporate events… Read More
BP to Pay $525 Million to SEC – Securities Lawyer 101 – Go Public Blog
Securities Lawyer 101 Blog On November 15, 2012, the Securities and Exchange Commission charged BP p.l.c. with misleading investors by significantly understating the flow rate while its Deepwater Horizon oil rig was gushing into the Gulf of Mexico in 2010…. Read More
