Florida Investment Advisor and Broker/Dealer False and Misleading Offering and Promotional Materials Fraud and Misrepresentation FINRA Arbitration and Litigation Attorney:
Securities and Exchange Commission v. Patrick G. Rooney and Solaris Management, LLC, Civil Action No. 11-8264 (N.D. IL)
SEC Obtains Order of Permanent Injunctions Against Chicago-Area Investment Adviser and Its Owners for Fraud
Offer and sale of securities sold in violation of the registration provisions of Section 5 of the Securities Act of 1933 – South Florida Unregistered Sale of Securities Litigation and Arbitration Attorney:
Securities and Exchange Commission v. Dawn Wright-Olivares and Daniel Olivares, Civil Action No. 3:13-CV-700
SEC Charges Woman and Stepson for Involvment in Zeekrewards Pyramid and Ponzi Scheme; Parallel Criminal Charges and Plea Agreements Also Announced:
South Florida Transaction Markup, Markdown and Other Cost Fraud, Misrepresentation, Nondisclosure, Breach of Fiduciary Duty and False Disclosure FINRA Arbitration and Litigation Attorney:
The Securities and Exchange Commission recently announced fraud charges against three brokerage subsidiaries and two former employees of a global trading services provider that caused many institutional clients to pay substantially higher amounts than disclosed for the execution of trading orders.
These subsidiaries of ConvergEx Group agreed to pay more than $107 million and admit wrongdoing to settle the SEC’s charges. The former employees, Jonathan Daspin and Thomas Lekargeren, also agreed to admit and settle the charges against them.
South Florida Investment Advisor Fraud, Breach of Contract, Breach of Fiduciary Duty and Mismanagement Litigation and Arbitration Attorney:
The Securities and Exchange Commission recently charged the managing partners of a Charlotte, N.C.-based investment advisory firm for compromising their independent judgment and allowing a third party with its own interests to influence the portfolio selection process of a collateralized debt obligation (CDO) being offered to investors.
The investment managers have agreed to collectively pay more than $472,000 and exit the securities industry to settle the SEC’s charges.
South Florida Accounting, Fraud, Negligence, Breach of Contract and Misrepresentation Litigation and Arbitration Attorney:
Securities and Exchange Commission v. Michael H. Taber, CPA, Civil Action No. 13-mc-0282 (S.D.N.Y. filed Aug. 8, 2013)
SEC Awarded $400,000 in Disgorgement from Certified Public Accountant for His Violations of Commission Suspension Order
South Florida Prime Bank and Overseas Debt Instruments Fraud and Misrepresentation Litigation and Arbitration Attorny:
Securities and Exchange Commission v. Malom Group AG, Martin U. Schläpfer, Hans-Jürg Lips, et al., Civil Action No. 2:13-cv-2280 (D. Nev. Dec. 16, 2013)
SEC Charges Perpetrators of Prime Bank Schemes in Las Vegas and Switzerland
South Florida Unregistered Securities, Joint Venture and Securities Misrepresentation and Litigation Attorney:
Securities and Exchange Commission v. Arcturus Corporation, et al., Civil Action No. Civ. Action No. 3:13-cv-04861-K (N.D. Tex., Dallas Division, filed December 12, 2013)
SEC Charges Texas Oil and Gas Promoters for Securities Fraud
Florida Oil and Gas Fruad, Misrepresentation and Ponzi Scheme Litigation and Arbitration Attorney:
The Securities and Exchange Commission recently announced charges and an emergency asset freeze against the perpetrators of a Texas-based Ponzi scheme involving purported investments in oil and gas projects.
The SEC alleges that Robert A. Helms and Janniece S. Kaelin, who work out of an office in Austin, misled investors about their experience in the oil and gas industry while raising nearly $18 million for supposed purchases of oil and gas royalty interests. Despite representations that nearly all of the money they raised would be used to make oil and gas investments, Helms and Kaelin actually used only a fraction of the offering proceeds for that purpose. Instead, the vast majority of investor funds were used to make Ponzi payments and cover various personal and business expenses.
The Securities and Exchange Commission recently charged a New York-based penny stock financier and his firms with violating the federal securities laws when they purchased billions of shares in a pair of microcap companies and failed to register them before they were re-sold to investors for sizeable profits.
Curt Kramer and his firms Mazuma Corporation, Mazuma Funding Corporation, and Mazuma Holding Corporation agreed to disgorge those profits in paying a total of $1.4 million to settle the SEC’s charges.
An SEC investigation found that Kramer and his firms obtained unregistered shares in penny stock issuers Laidlaw Energy Group and Bederra Corporation. For the Laidlaw transactions, they claimed to rely on an exemption in Rule 504 of Regulation D that permits certain companies to offer and sell up to $1 million in unregistered shares. However, the Mazuma firms’ purchases of Laidlaw shares exceeded Rule 504’s $1 million limit, so the shares were restricted and not exempt from the registration requirements of the securities laws when they were re-sold. Mazuma Holding Corporation’s acquisition and sale of more than one billion unregistered shares of Bederra that had been misappropriated from the issuer by its transfer agent also were not exempt from registration.
Securities and Exchange Commission v. Charles H. Merchant, Sr. and Southern USA Resources, Inc., Civil Action No. 1:13-cv-3879-SCJ (N.D. Ga.)
SEC Charges Alabama Based Defendants with Securities Fraud and Reporting Violations
Recently, the Securities and Exchange Commission filed an action in federal court in the Northern District of Georgia, charging Charles H. Merchant, Sr. (Merchant), an Anniston, Alabama resident, and his company Southern USA Resources, Inc. (Southern USA), a Delaware corporation based in Ashland, Alabama, with violations of the antifraud provisions and various reporting violation of the federal securities laws.
South Florida Arbitration & Litigation Lawyer Blog