SEC fines Wells Fargo with $35 million over investment recommendation practices LeapRate

February 28, 2020 BY Steffy Bogdanova

SEC fines Wells Fargo with $35 million over investment recommendation practices

The Securities and Exchange Commission (SEC) announced on Thursday settled charges against Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network for improperly recommending risky investments to some of its clients, including senior citizens and retirees. SEC ordered Wells Fargo to pay $35 million penalty. SEC accused Wells Fargo for failing to supervise investment…

February 24, 2020 BY Valentina Kirilova

Wells Fargo pays $500m for misleading investors

California-based firm Wells Fargo & Co. was charged for misleading investors about the success of its core business strategy, the Securities and Exchange Commission (SEC) announced last week. According to the regulator, the company has agreed to pay $500 million to settle the charges, which will be returned to investors. The payment is part of a…

UN report says North Korea laundered $2 billion theft via Hong Kong firm

August 30, 2019 BY Valentina Kirilova

ANI Development LLC charged with defrauding approximately 50 retail investors

The Securities and Exchange Commission today announced that it has shut down $300 million fraud perpetrated by San Diego company ANI Development LLC and Its Principal, Gina Champion-Cain. According to the regulator, the company has defrauded approximately 50 retail investors. Back in 2012, ANI Development LLC fraudulently raised hundreds of millions of dollars from investors…

Facebook pays $100m for misleading investors

July 24, 2019 BY Valentina Kirilova

Facebook charged with misleading investors, pays $100 million

The Securities and Exchange Commission (SEC) has announced that it has charged social media giant Facebook Inc. (NASDAQ:FB) for making misleading disclosures regarding the risk of misuse of Facebook user data. According to the Commission report, in 2014 and 2015, the now-defunct advertising and data analytics company, Cambridge Analytica, paid an academic researcher, through a…

July 17, 2019 BY Valentina Kirilova

AR Capital LLC charged with wrongfully obtaining millions of dollars

The Securities and Exchange Commission (SEC) has yesterday informed the public that it has charged AR Capital LLC, its founder Nicholas S. Schorsch, and its former CFO Brian Block with wrongfully obtaining millions of dollars in connection with two separate mergers between real estate investment trusts (REITs) that were sponsored and externally managed by AR…

July 16, 2019 BY Valentina Kirilova

Nomura pays misled bond clients $25m after SEC charges

The Securities and Exchange Commission (SEC) has yesterday informed the public that it has instituted two related enforcement actions against Nomura Securities International Inc. The Japanese financial holding company has agreed to repay approximately $25 million to customers for its failure to adequately supervise traders in mortgage-backed securities. Nomura bond traders made false and misleading…

July 02, 2019 BY Valentina Kirilova

Fieldstone Financial Management Group charged with fraud

The U.S. Securities and Exchange Commission (SEC) announced yesterday that it has charged Fieldstone Financial Management Group LLC and its principal Kristofor R. Behn with defrauding retail investment advisory clients. Behn also fraudulently misused approximately $500,000 of one investor’s funds to pay personal expenses. According to the SEC approximately 40 retail clients of Behn and…

April 30, 2019 BY Valentina Kirilova

SEC stops ticket resale investment scam

The Securities and Exchange Commission (SEC) announced that it has charged a New York City man with continuing a previously charged scheme. According to the US regulator, James Siniscalchi, Chief Compliance Officer, at a firm, claiming to have special access to profitable and highly sought-after event tickets, knowingly misused investor money to benefit himself and…

March 15, 2019 BY Valentina Kirilova

Volkswagen and former CEO charged with defrauding U.S. investors

The U.S. Securities and Exchange Commission (SEC) yesterday opened charges against Volkswagen AG, Martin Winterkorn, its former CEO, and two of its subsidiaries for scamming U.S. investors by issuing corporate bonds and fixed income securities that raised billions of dollars through misleading statements about the company's "clean diesel" fleet of cars and their environmental impact.…

February 21, 2019 BY Valentina Kirilova

Spartan Securities Group and Island Capital Management charged with bogus companies’ fraud

The U.S. Securities and Exchange Commission (SEC) opened charges against Spartan Securities Group, Ltd., a broker-dealer, and Island Capital Management LLC, a transfer agent, which also operates as Island Stock Transfer, for creating and selling a minimum of 19 bogus public companies. The scheme was initiated by Spartan Securities, which filed documents with the Financial…

Tag: SEC charges