The Securities and Exchange Commission (SEC) announced that it has charged New York-based investment adviser Premium Point Investments LP with inflating the value of private funds it advised by hundreds of millions of dollars. The SEC also charged Premium Point’s CEO and chief investment officer Anilesh Ahuja as well as Amin Majidi, a former partner…
Read moreThe Securities and Exchange Commission (SEC) announced the hedge fund advisory firm Visium Asset Management LP has agreed to settle charges related to asset mismarking and insider trading by its privately managed hedge funds and portfolio managers. Separately, the firm’s CFO agreed to settle charges that he failed to respond appropriately to red flags that…
Read moreThe Securities and Exchange Commission (SEC) announced the unsealing of fraud charges against a Mississippi company and its principal who allegedly bilked at least 150 investors in an $85 million Ponzi scheme. The defendants agreed to permanent injunctions, an asset freeze, and expedited discovery. The SEC’s complaint alleges that Arthur Lamar Adams lied to investors…
Read moreThe Securities and Exchange Commission (SEC) has announced a whistleblower award of more than $2.1 million to a former company insider whose information led to multiple successful enforcement actions. The whistleblower’s information strongly supported the findings in the underlying actions and the whistleblower provided ongoing assistance to the staff during the investigation. The SEC has…
Read moreThe Securities and Exchange Commission (SEC) has informed the public that it has charged a California-based energy storage and power delivery product manufacturer and one of its former sales executives in a fraudulent revenue recognition scheme designed to inflate the company’s reported financial results. According to the SEC’s order, Maxwell Technologies, Inc. prematurely recognized revenue…
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The Securities and Exchange Commission (SEC) informed that it has charged Oyster Bay, New York, and its former top elected official with defrauding investors in the town’s municipal securities offerings by hiding the existence and potential financial impact of side deals with a businessman who owned and operated restaurants and concession stands at several town…
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The Securities and Exchange Commission (SEC) announced that Brett Redfearn has been named Director of the agency's Division of Trading and Markets. The SEC's Division of Trading and Markets establishes and maintains standards for fair, orderly, and efficient markets. The division oversees the major securities market participants and infrastructure including, among others, broker-dealers, self-regulatory organizations…
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The Securities and Exchange Commission (SEC) anounced that it has charged mining company Rio Tinto and two former top executives with fraud for inflating the value of coal assets acquired for $3.7 billion and sold a few years later for $50 million. The SEC’s complaint, which was filed in federal court in Manhattan, alleges that…
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The Securities and Exchange Commission (SEC) announced that has charged three New York-based brokers with making unsuitable recommendations that resulted in substantial losses to customers and hefty commissions for the brokers. One of the brokers agreed to pay more than $400,000 to settle the charges. Brokers must make recommendations that are compatible with their customers’…
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As a follow up news today, the Securities and Exchange Commission (SEC) just announced two new initiatives that will build on its Enforcement Division’s ongoing efforts to address cyber-based threats and protect retail investors. The creation of a Cyber Unit that will focus on targeting cyber-related misconduct and the establishment of a retail strategy task…
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