Fort Lauderdale, Boca Raton, Delray Beach, Lantana, West Palm Beach and Stuart, Florida Microcap and Penny Stock Fraud and Misrepresentation Litigation, FINRA Arbitration and Elder Abuse Attorney:
SEC Announces Charges in Scheme to Secretly Enable Lawbreakers to Run Microcap Company
The Securities and Exchange Commission recently announced fraud charges against four individuals and a microcap company for concealing from investors that two lawbreakers ran the company.
Securities and Exchange Commission v. Bernard H. Butts, Jr., Fotios Geivelis, Jr., also known as Frank Anastasio, Worldwide Funding III Limited LLC, Douglas J. Anisky, Sidney Banner, Express Commercial Capital LLC, James Baggs (Defendants), Bernard H. Butts, Jr. PA, Butts Holding Corporation, Margaret A. Hering, Global Worldwide Funding Ventures, Inc., and PW Consulting Group LLC (Relief Defendants), Civil Action No. 13-23115-CIV-MARTINEZ-MCALILEY (Southern District of Florida)
Florida-Based Attorney Ordered to Pay Nearly $4 Million in Court Judgment of Prime Bank Investment Scheme Case
Boca Raton, Deerfield Beach, Delary Beach, Boynton Beach, Lantana, Lake Worth and West Palm Beach Certified Public Accountant and Public Accountant Independence and Negligence Litigation and Arbitration Attorney:
SEC Charges Ernst & Young With Violating Auditor Independence Rules in Lobbying Activities
The Securities and Exchange Commission recently charged Ernst & Young LLP with violations of auditor independence rules that require firms to maintain their objectivity and impartiality with clients.
SEC Announces Fraud Charges Against Three Former Regions Bank Executives in Accounting Scheme
The Securities and Exchange Commission recently announced fraud charges against three former senior managers of Regions Bank for intentionally misclassifying loans that should have been recorded as impaired for accounting purposes. As a result, the bank’s publicly-traded holding company overstated its income and earnings per share in its financial reporting.
The SEC also entered into a deferred prosecution agreement with Regions Financial Corp., which substantially cooperated with the agency’s investigation and undertook extensive remedial actions. Regions will pay a total of $51 million to resolve parallel actions by the SEC, Federal Reserve Board, and Alabama Department of Banking.
Boca Raton, Lantana, Lake Worth, Delray Beach and Boynton Beach, Florida High Yield Investment Scam Litigation and FINRA Arbitration Litigation Attorney:
Securities and Exchange Commission v. Cheryl L. Robinson, Civil Action No. 2:14-cv-1036 (D. Nev. June 26, 2014)
SEC Files Settled Charges Against Arizona Resident in Prime Bank Investment Scheme
West Palm Beach, Lake Worth, Delray Beach, Boca Raton and Pompano Beach, Florida – Hedge Fund Fraud and Mismanagement FINRA Arbitration and Litigation Attorney:
Securities and Exchange Commission v. Weston Capital Asset Management LLC, et al., Civil Action No. 14-cv-80823 (S.D. FL)
The Securities and Exchange Commission recently filed a civil action in the United States District Court for the Southern District of Florida against Weston Capital Asset Management LLC and its founder and president Albert Hallac of Palm Beach, Florida, for violations of antifraud provisions, and against the firm’s former general counsel, chief compliance officer, and chief operating officer Keith Wellner of New York, New York for aiding and abetting violations. The complaint also names Hallac’s son, Jeffrey Hallac, a managing member at Weston Capital, as a relief defendant.
Securities and Exchange Commission v. Robert Hurd, Your Best Memories International Inc. and Kenneth Gross, Civil Action No. 13-CV-04464-RGK (JCGx) (C.D. Cal. June 20, 2013)
Court Orders California Company and Its President to Pay Over $1.9 Million in Investment Scheme Involving Purported Alzheimer’s Treatment
South Florida, including Fort Lauderdale, Pompano Beach, Margate, Lighthouse Point, Deerfield Beach and Boca Raton Charitable Gift Fraud and Misrepresentation and Elder Abuse and Exploitation FINRA Arbitration and Litigation Attorney:
Securities and Exchange Commission v. Richard K. Olive and Susan L. Olive, Civil Action No. 2:13-civ-14047 (S.D. Fla.); Securities and Exchange Commission v. William G. Reeves, Esq., Civ. No. 2:13-cv-14048 (S.D. Fla.)
Husband and Wife Agree to $2 Million Settlement in Florida-Based Charity Fraud Case
South Florida, including Boca Raton, Deerfield Beach, Coral Springs, Delray Beach and Boynton Beach Investment Fund Manager Fraud and Ponzi Scheme FINRA Arbitration and Litigation Attorney:
Securities and Exchange Commission v. Neal V. Goyal, et al., Civil Action No. 1:14-cv-03900 (N.D. Illinois)
SEC Charges Chicago-Based Investment Fund Manager with Stealing Investor Money and Conducting Ponzi Scheme
The Securities and Exchange Commission recently announced the latest in a series of cases against microcap companies, officers, and promoters arising out of a joint law enforcement investigation to unearth penny stock schemes with roots in South Florida.
In complaints filed in federal court in Miami, the SEC charged five penny stock promoters with conducting various manipulation schemes involving undisclosed payments to induce purchases of a microcap stock to generate the false appearance of market interest. The SEC also charged a Massachusetts-based microcap company and the CEO with orchestrating a pair of illicit kickback schemes and an insider trading scheme involving the company’s stock. A stock promoter in Texas is charged for his role in the insider trading scheme.
South Florida Arbitration & Litigation Lawyer Blog