SEC charges microcap fraudsters for roles in lucrative market manipulation schemes LeapRate

September 10, 2018 BY Valentina Kirilova

SEC charges microcap fraudsters for roles in lucrative market manipulation schemes

The Securities and Exchange Commission (SEC) has announced that it has charged a group of 10 individuals and 10 associated entities for their participation in long-running fraudulent schemes that generated over $27 million from unlawful stock sales and caused significant harm to retail investors who were left holding virtually worthless stock. According to the SEC’s…

ASIC applauds the enactment of stronger whistleblowing laws

September 07, 2018 BY Valentina Kirilova

SEC awards more than $54 million to two whistleblowers

The Securities and Exchange Commission (SEC) has informed the public that it is awarding $39 million to one whistleblower and $15 million to another whose critical information and continued assistance helped the agency bring an important enforcement action. The $39 million award is the second-largest award in the history of the SEC’s whistleblower program. Whistleblowers…

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

August 30, 2018 BY Valentina Kirilova

SEC charges former cash advance firm CEO with defrauding retail investors

The Securities and Exchange Commission (SEC) has announced charges against 1 Global Capital LLC and its former chief executive officer for allegedly defrauding at least 3,400 retail investors, more than one-third of whom invested their retirement funds. The Florida-based cash advance company and former CEO Carl Ruderman allegedly fraudulently raised more than $287 million since…

August 30, 2018 BY Valentina Kirilova

Professional football player and former investment banker charged with insider trading

The Securities and Exchange Commission (SEC) has announced that it has charged a professional football player and a former investment banker with insider trading in advance of corporate acquisitions facilitated through coded text messages and FaceTime conversations. The SEC alleges that after meeting at a party, Mychal Kendricks began receiving illegal tips from Damilare Sonoiki,…

August 29, 2018 BY Valentina Kirilova

Moody’s fined $16.25 million by SEC

The Securities and Exchange Commission (SEC) has announced that Moody’s Investors Service Inc., one of the nation’s largest credit ratings agencies, has agreed to pay a total of $16.25 million in penalties to settle charges involving internal control failures and failing to clearly define and consistently apply credit rating symbols. This marks the first time…

August 28, 2018 BY Valentina Kirilova

Transamerica entities to pay $97 Million to investors

The Securities and Exchange Commission (SEC) has announced charges against four Transamerica entities for misconduct involving faulty investment models and ordered the entities to refund $97 million to misled retail investors. According to the SEC’s order, investors put billions of dollars into mutual funds and strategies using the faulty models developed by investment adviser AEGON…

August 28, 2018 BY Valentina Kirilova

Legg Mason Inc. fined over $34 million by SEC

The Securities and Exchange Commission (SEC) has announced that Legg Mason Inc. will pay over $34 million to resolve an SEC charge that the company violated the Foreign Corrupt Practices Act (FCPA) in a scheme to bribe Libyan government officials. According to the SEC’s order, between 2004 and 2010, a former Legg Mason asset management…

August 21, 2018 BY Valentina Kirilova

SEC charges founder in fraudulent scheme

The Securities and Exchange Commission (SEC) has announced that it has charged the founder of San Francisco-based venture capital funds and his investment advisory firm with overcharging investors to fund personal projects, including sending millions of dollars to his own virtual reality production company. The SEC’s complaint alleges that Michael B. Rothenberg, 34, marketed his…

August 20, 2018 BY Valentina Kirilova

SEC adopts amendments to simplify and update disclosure requirements

The Securities and Exchange Commission (SEC) has announced that it has voted to adopt amendments to certain disclosure requirements that have become duplicative, overlapping, or outdated in light of other Commission disclosure requirements, U.S. Generally Accepted Accounting Principles (GAAP), or changes in the information environment. The amendments are intended to simplify and update the disclosure…

August 16, 2018 BY Valentina Kirilova

SEC fines Ameriprise Financial Services $4.5 million

The Securities and Exchange Commission (SEC) has announced that Ameriprise Financial Services Inc. will pay $4.5 million to settle charges that it failed to safeguard retail investor assets from theft by its representatives. According to the SEC’s order, five Ameriprise representatives committed numerous fraudulent acts, including forging client documents, and stole more than $1 million…

Tag: Securities and Exchange Commission