Tag: Securities and Exchange Commission

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November 18, 2016 BY Valentina Kirilova

SEC charges Renewable Energy company, CEO, and others with defrauding investors

The Securities and Exchange Commission (SEC) has filed fraud charges against four individuals and others who allegedly profited by defrauding investors in a cash-strapped California-based renewable energy company. Patrick Carter, the founder and CEO of 808 Renewable Energy Corp. was charged along with the company, chief operating officer Peter Kirkbride, sales representatives Martin Kinchloe and…

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November 10, 2016 BY Valentina Kirilova

Movie producer David R. Bergstein charged with defrauding hedge fund investors

The Securities and Exchange Commission (SEC) has charged a former movie producer and self-proclaimed private equity executive with defrauding investors in hedge funds and using the money he stole to support his extravagant lifestyle. According to the SEC’s complaint, David R. Bergstein of Hidden Hills, California, stole millions from investors in 2011 and 2012 and…

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November 01, 2016 BY Valentina Kirilova

Energy company co-founder charged in manipulation scheme

The Securities and Exchange Commission (SEC) charged the co-founder of a Minnesota-based energy company with manipulating its stock price and concealing his control of the company to attain lucrative financial payouts. The company’s other co-founder agreed to pay nearly $8 million to settle separate charges against him. Three others also are charged in the case.…

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October 28, 2016 BY Valentina Kirilova

SEC: Investment Adviser Fraudulently Overbilled Clients, Stole Assets for Personal Expenses

The Securities and Exchange Commission (SEC) has charged a Los-Angeles based investment advisory firm and its owner with fraudulently overbilling clients and stealing assets from their trusts to pay such personal expenses as his home mortgage, overseas trips, and leases on two Mercedes-Benz vehicles. The SEC’s complaint alleges that Marc D. Broidy and his firm Broidy…

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October 24, 2016 BY Valentina Kirilova

SEC charges board member with insider trading during and after board meeting

The Securities and Exchange Commission (SEC) has charged a Tennessee-based lawyer who served on the executive committee of the board of directors at Nashville-based Pinnacle Financial Partners with insider trading based on nonpublic information he learned about an impending merger. The SEC alleges that James C. Cope obtained more than $56,000 in ill-gotten gains by purchasing…

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October 19, 2016 BY Valentina Kirilova

Ernst & Young to pay $11.8 Million for audit failures

The Securities and Exchange Commission (SEC) has announced that Ernst & Young LLP has agreed to pay more than $11.8 million to settle charges related to failed audits of an oil services company that used deceptive income tax accounting to inflate earnings. Ernst & Young’s payment will be combined with the $140 million penalty agreed…

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October 14, 2016 BY Valentina Kirilova

Company to pay penalty for stock picking game that was an unregistered swap

The Securities and Exchange Commission (SEC) has announced that a New York-based company has agreed to pay a $50,000 penalty for illegally offering complex derivatives products to retail investors through mobile phone games that were described as “fantasy sports for stocks.” An SEC investigation has found that Forcerank LLC failed to file a registration statement for…

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October 07, 2016 BY Valentina Kirilova

SEC names David Saltiel Head Office of Analytics and Research

The Securities and Exchange Commission (SEC) has announced that it has named David H. Saltiel to head the Office of Analytics and Research in the Division of Trading and Markets. He joined the SEC in September. Stephen Luparello, Director of the Division of Trading and Markets, said: We are very fortunate to have David’s expertise at…

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