Florida Securities and Investment Fraud and Misrepresentation Litigation and FINRA Arbitration Attorney, Russell L. Forkey, Esq.
The Securities and Exchange Commission periodically announces enforcement actions that have recently been filed by it. Periodically, we review these actions and provide selective information concerning what we feel relate to important issues or matters that have a wide alleged impact on investors.
The reader should keep in mind that further investigation should be undertaken relative to the actual outcome of matters that are discussed relating to recently filed matters.
The Securities and Exchange Commission recently charged four former veteran investment bankers and traders at Credit Suisse Group 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. Read More.
SEC v. Lloyd V. Barriger, 11 Civ. 3250 (CS) (S.D.N.Y.)
Lloyd V. Barriger, Monticello, New York Investment Adviser, is Permanently Enjoined and Barred from the Securities Industry
Recently, the Honorable Cathy Seibel, United States District Judge for the Southern District of New York, entered a judgment permanently enjoining Lloyd V. Barriger from violating the registration and antifraud provisions of the federal securities laws. The judgment further orders Barriger to disgorge ill-gotten gains, together with prejudgment interest, and pay a civil penalty, but defers the Court’s determination of the amount of disgorgement and penalty to be paid until a later date, pending a motion by the Commission. Barriger consented to entry of the judgment without admitting or denying the allegations in the Commission’s complaint. Read More.
Court Enters Final Judgment By Consent Against Robert J. Therrien, Former CEO of Brooks Automation
Securities and Exchange Commission v. Robert J. Therrien, (United States District Court for the District of Massachusetts, CV-07-11634-WGY)
The Commission recently announced that the U.S. District Court for the District of Massachusetts entered a final judgment by consent against Robert J. Therrien of Boston, Massachusetts, a defendant in a civil injunctive action filed by the Commission in July 2007. The Commission alleged in its complaint that Therrien, the former CEO of Massachusetts-based Brooks Automation, Inc. (“Brooks”) engaged in a scheme to falsify company records to create the false appearance that certain options granted below the then-current market price actually had been granted at the then-current market price on an earlier date. Read More.
SEC v. Cutillo et al., Civil Action No. 09-CV-9208 (S.D.N.Y.) (RJS)
Former Traders Craig Drimal and David Plate Settle SEC Insider Trading Charges
The Securities and Exchange Commission recently announced that the Honorable Richard J. Sullivan of the United States District Court for the Southern District of New York, entered judgments against David Plate and Craig Drimal in SEC v. Cutillo et al., 09-CV-9208, an insider trading case the SEC filed on November 5, 2009. The SEC charged Drimal, a former trader who worked out of the offices of Galleon Management, LP, and Plate, a former proprietary trader at the broker-dealer Schottenfeld Group, LLC, with trading on inside information related to corporate acquisitions. Read More.
SEC v. Kenneth A. Dachman and Stone Lion Management, Inc., 1:12-cv-00821 (N.D. Illinois).
SEC CHARGES KENNETH A. DACHMAN FOR ORCHESTRATING A MISAPPROPRIATION SCHEME AND OFFERING FRAUD.
SEC, Appellee v. W. Anthony Huff, Defendant-Appellant, and Sheri Huff and Midwest Merger Management, LLC, Relief Defendants-Appellants, United States Court of Appeals for the Eleventh Circuit, Appeal No. 11-10758 (January 3, 2012)
SEC v. W. Anthony Huff, et al., 08-CV-60315-Rosenbaum (S.D. FL)
Eleventh Circuit Court of Appeals Affirms the Court’s Findings and Remedies Imposed Against W. Anthony Huff. Read More.
SEC v. Dynkowski, et al., Civil Action No. 1:09-361 (D. Del.)
Three Defendants Settle and Additional Defendant Charged in Stock Manipulation Ring. Read More.
In the Matter of Robert C. Koeller
Recently, the Securities and Exchange Commission (SEC) issued an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings and Imposing Remedial Sanctions (Order) against Robert C. Koeller. Read More.
SEC v. Douglas F. Whitman and Whitman Capital, LLC, Civil Action 12-CV-1055 (SDNY)
SEC Charges California Hedge Fund Manager Connected to Galleon Insider Trading Case. Read More.
SEC CHARGES INVESTMENT ADVISER BRENDA A. ESCHBACH WITH MULTI-YEAR MISAPPROPRIATION OF CLIENT FUNDS
Securities and Exchange Commission v. Brenda A. Eschbach, No. SA CV 12 0244 (AG) (JPRx) (C.D. Cal.). Read More.
Securities and Exchange Commission v. Venulum Ltd., et al., Civil Action No. 3:12-cv-00477-N (N.D. Tex. February 15, 2012)
SEC Charges Venulum with Registration Violations in Connection with Offerings of Wine Contracts and Promissory Notes. Read More.
SEC v. Pentagon Capital Management PLC et al., 08 Civ. 3324 (RWS) (S.D.N.Y.)
COURT FINDS PENTAGON CAPITAL MANAGEMENT PLC AND LEWIS CHESTER LIABLE FOR SECURITIES FRAUD. Read More.
Securities and Exchange Commission v. Verde Retirement LLC, Verde FX Nevada, LLC, Covenant Capital Partners, and Steven L. Hamilton, United States District Court for the Southern District of California, Case No. 3:12-cv-00445-DMS-BLM (S.D. Cal.) (February 21, 2012).
SEC CHARGES INDIVIDUAL AND THREE OF HIS COMPANIES WITH RUNNING ILLEGAL PONZI SCHEMES. Read More.
United States v. Jeremy Blackburn and Anthony Banas, Criminal Action No. 09 CR 976 (N.D. Ill. March 1, 2010). Read More.
SEC v. Mark Anthony Longoria, et al., Civil Action No. 11-CV- 0753 (SDNY) (JSR)
SEC Obtains Final Judgments on Consent against Jason Pflaum and Walter Shimoon. Read More.
Securities and Exchange Commission v. Robert S. Woodruff, et al, Civ. No. 05-cv-480-MSK-CBS (D. Colorado).
COURT ENTERS FINAL JUDGMENT AGAINST FORMER CFO OF QWEST COMMUNICATIONS INT’L ROBERT S. WOODRUFF. Read More.
Commission Sustains Disciplinary Action Against Howard Braff
The Securities and Exchange Commission recently announced that it has sustained disciplinary action against Howard Braff, formerly registered as a general securities representative, general securities principal, and options principal with various FINRA member firms. Read More.