A key focus of SEC Enforcement in recent months has been
investment fund fraud and Ponzi scheme cases. Once considered difficult to
detect in the past the Commission brought few actions. Now, however, seldom a
week goes by without at least one and...
The SEC has brought a series of investment fund fraud and Ponzi schemes. Indeed, the Commission has brought so many of these cases in recent years they have become a staple. None of those cases, however, involved securities fraud tied to an investment...
A Utah man agreed to plead
guilty for his involvement in two separate Ponzi schemes - while on parole
for a previous conviction for a third Ponzi scheme - that took in more than $30
million from investors. Wayne Ogden, of Koosharem, Utah, was convicted...
WASHINGTON, D.C. — (Mealey’s) TD Bank NA on Sept. 23 agreed to pay $52.5 million to settle federal regulators’ allegations that the bank helped attorney Scott Rothstein run a $1.2 billion Ponzi scheme out of his law firm.
In the week ending with "April Fools Day," the Commission
continued to issue proposed regulations to implement the Dodd-Frank Wall Street
and Consumer Protection Act. SEC Enforcement focused on investment fund fraud
actions, filing or resolving...
In an unlikely turn of events, a Florida man decided to
change his plea from 'not guilty' to 'guilty' on the third day of his trial,
effectively ending the trial. George Elia, 69, made his decision after
hearing a morning of testimony...
The Commission charged a medical device company and its founder with making false statements regarding the FDA’s refusal to approval a device which is a key component of its business plan. The action was brought against Imaging3, Inc. and its founder...
The SEC charged another investment professional with fraud and self-dealing. SEC v. Ahmed, Civil Action No. 3:15-cv-00675 (D. Conn. Filed May 5, 2015). Defendant Iftikar Ahmed is an investment professional who was a partner at Oak Investment Partners...
The SEC continues to focus on investment fund fraud
cases, filing its second action this week that contains Ponzi scheme
allegations. SEC v. Beckman , Case No. 11 CV 574 (D. Minn. March 7,
2011). The SEC's most recent investment fund fraud action...
For almost six years Michael Harris solicited investments
in M.F. Harris Research, Inc. Eighty investors put up thousands of dollars for
what they understood was a possible treatment for HIV/AIDS. The investment was
a fraud. Yesterday a jury convicted...
The Commission prevailed in an investment fund scheme action, obtaining a favorable summary judgment ruling. In reaching its conclusion the Court rejected claims that the action was time barred and that the cause of action was outside the scope of Exchange...
A former New York attorney who also claimed to be a trained exorcist and bishop was sentenced
to 11 years for his role in a Ponzi scheme that duped investors out of over $6
million. James Lagona received the sentence from United States District Judge...
The Securities & Exchange Commission resolved another investment fund fraud
action with two individual defendants. SEC v. Amante Corp. , Civil Action
No. 09-CIV-61716 (S.D. Fla. Filed Oct. 29, 2009) ( discussed here ).
The action is all too familiar...
For over a year an a half, there has been on-going effort
to rejuvenate SEC enforcement. Enforcement has new personnel, new organization
and new initiatives. During this process the SEC's market crisis investigations
have yielded some significant...
Despite massive publicity and numerous cases by enforcement authorities, investment fund fraud actions continue to be a staple of the SEC, CFTC and the DOJ. In case after case investors are convinced to part with their hard earned cash, trusting those...