The Securities and Exchange Commission has charged John Kinnucan and his Portland, Oregon-based expert consulting firm Broadband Research Corporation with insider trading. The charges stem from the SEC’s ongoing investigation of insider trading involving expert networks. The SEC alleges that Kinnucan and Broadband claimed to be in the business of providing clients with legitimate research [...]
February 22, 2012 |
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The Securities and Exchange Commission has filed a civil injunctive action in the U.S. District Court for the Central District of California, which charged Brenda A. Eschbach of Tustin, California with securities fraud, investment advisory fraud, and acting as an unregistered broker-dealer. In its complaint, the SEC alleged that Eschbach misappropriated over $3 million in [...]
February 21, 2012 |
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The Securities and Exchange Commission is tightening its rule on investment advisory performance fees to raise the net worth requirement for investors who pay performance fees, by excluding the value of the investor’s home from the net worth calculation. Under the SEC’s rule, registered investment advisers may charge clients performance fees if the client’s net [...]
February 21, 2012 |
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Two non-U.S. companies — Venulum Ltd. (a British Virgin Islands company) and Venulum Inc. (a Canadian company) — and their owner and chairperson, are facing charges filed by the US Securities and Exchange Commission over registration violations in connection with unregistered offers and sales of promissory notes and interests in fine wines. According to the [...]
February 20, 2012 |
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The Securities and Exchange Commission filed a civil injunctive action in the United States District Court for the Southern District of New York charging a hedge fund manager and his Menlo Park, Calif.-based firm for their involvement in the insider trading ring connected to Raj Rajaratnam and hedge fund advisory firm Galleon Management. The SEC [...]
February 15, 2012 |
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The Securities and Exchange Commission today charged a hedge fund manager and his Menlo Park, Calif.-based firm for their involvement in the insider trading ring connected to Raj Rajaratnam and hedge fund advisory firm Galleon Management. The SEC alleges that Douglas F. Whitman and Whitman Capital illegally traded based on material nonpublic information obtained from [...]
February 13, 2012 |
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The Securities and Exchange Commission charged that a former employee of Takeda Pharmaceuticals International, Inc. traded on inside information about the Japanese firm’s business alliances and corporate acquisitions. Brent Bankosky, a former Senior Director in Takeda’s U.S.-based business development group, has agreed to pay more than $136,000 to settle the SEC’s charges. The proposed settlement [...]
February 12, 2012 |
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Chief Judge Gregory M. Sleet of the United States District Court for the District of Delaware entered final judgments against Defendants Nathan M. Michaud and Gerard J. D’Amaro on January 24, 2012, and Defendant Marc J. Riviello on February 3, 2012, in SEC v. Dynkowski, et al., Civil Action No. 1:09-361, a stock manipulation case [...]
February 12, 2012 |
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The Securities and Exchange Commission charged Glencoe, Illinois resident Kenneth A. Dachman with misappropriating over $1.8 million in investor funds and making false and misleading statements to investors in offerings for three companies for which he was the Chairman – Central Sleep Diagnostics, LLC (Central Sleep), Central Sleep Diagnostics of Florida, LLC (Central Sleep Florida), [...]
February 8, 2012 |
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The United States Court of Appeals for the Eleventh Circuit has affirmed a federal magistrate’s findings that W. Anthony Huff violated the antifraud provisions of the federal securities laws by carrying out a fraudulent scheme that allowed Huff to unlawfully receive millions of dollars from a Fort Lauderdale professional employment company. In addition, the Eleventh [...]
February 8, 2012 |
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The Securities and Exchange Commission charged London-based medical device company Smith & Nephew PLC with violating the Foreign Corrupt Practices Act (FCPA) when its U.S. and German subsidiaries bribed public doctors in Greece for more than a decade to win business. Smith & Nephew PLC and its U.S. subsidiary Smith & Nephew Inc. agreed to [...]
February 7, 2012 |
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Final judgments were entered against Jeffrey Weitzen, former CEO of Gateway, Inc., and Robert D. Manza, former controller of Gateway. Weitzen and Manza consented to entry of the final judgments without admitting or denying the allegations made by the Securities and Exchange Commission that they engaged in fraud and other violations of the federal securities [...]
February 6, 2012 |
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The Securities and Exchange Commission charged two brothers living in Chicago and New York with naked short selling for failing to locate and deliver shares involved in short sales to broker-dealers. Short sellers sell borrowed shares in hopes of profiting from declining prices. While short selling is legal, SEC rules require short sellers to locate [...]
February 2, 2012 |
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Florida resident Juan Carlos Horna Napolitano was sentenced by United States District Judge Stefan R. Underhill in Bridgeport, Connecticut to 14 months imprisonment, followed by two years supervised release, for his role in conspiring to obstruct a Commission investigation relating to Francisco Illarramendi, a Connecticut hedge fund advisor. Horna Napolitano was also ordered to forfeit [...]
February 2, 2012 |
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Four former veteran investment bankers and traders at Credit Suisse Group has been the target of the Securities and Exchange Commission’s complaint for engaging in a complex scheme to fraudulently overstate the prices of $3 billion in subprime bonds during the height of the subprime credit crisis. The SEC alleges that Credit Suisse’s former global [...]
February 2, 2012 |
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The Securities and Exchange Commission filed settled charges against Robert Chiu for aiding and abetting the fraudulent revenue recognition scheme at Syntax-Brillian Corporation, a developer of high-definition LCD televisions. The Commission has previously obtained permanent injunctions against defendants James Li, Roger Kao, Christopher Liu, and Wayne Pratt, and collected total disgorgement of $88,000, prejudgment interest [...]
January 31, 2012 |
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The Securities and Exchange Commission charged four former senior executives and accountants at the British subsidiary of an Indiana-based manufacturer of medical devices and aerospace products for their roles in an accounting fraud that was so pervasive that it distorted the financial statements of the parent company. The SEC also reached settlements with the company’s [...]
January 31, 2012 |
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The United States Securities and Exchange Commission (Commission) has taken a civil action against First Resource Group LLC and its principal David H. Stern alleging that they fraudulently touted stock in two thinly-traded microcap companies, sold each company’s stock at the same time they were touting it, and manipulated the markets in both penny stocks [...]
January 31, 2012 |
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U.S. District Judge Ruben Castillo entered judgments against Arthur Lin and his wife, Relief Defendant Gloria Lin. The SEC’s complaint, filed in the U.S. District Court for the Northern District of Illinois, alleges that from at least September 2006 through at least January 2009, Defendants Marcin Malarz, Jacek Sienkiewicz, and Lin raised at least $14,380,000 [...]
January 31, 2012 |
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Honorable Jed S. Rakoff, United States District Judge, United States District Court for the Southern District of New York, entered a Final Judgment on Consent as to Noah Freeman on December 23, 2011, and entered Final Judgments on Consent as to Bob Nguyen, Samir Barai and Barai Capital Management on January 23, 2012, in the [...]
January 31, 2012 |
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