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SEC Accuses Breitling Energy Of $80M Fraud

The SEC charged Breitling Energy Corp., its CEO, and seven others with defrauding investors out of nearly $80 million by misleading them about the value of oil and gas assets The Commission's suit alleges that CEO Christ Faulkner of Breitling, an oil and gas driller from Texas, had worked with numerous accomplices to defraud hundreds of unknowing investors in his oil and gas companies out of millions of dollars. The SEC believes Faulkner, the self-purported "Frack Master," used the money to fund "a lifestyle of decadence and debauchery," including lavish travel and the use of escort services. Faulkner allegedly seized upon investor interest in the shale oil boom to run the fraud in which he wrongfully sold investments in over twenty oil and gas prospects in many states. The descriptions of these investments were “replete with material misrepresentations and omissions,” according to the SEC. Also according to the SEC, the scam utilized four intertwined companies whose relationships were [...]

By |July 5th, 2016|Fraud, Press Releases & News, SEC|
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Raymond James Settles Compliance Failure Case For $5.95M

Raymond James Financial Inc. has agreed to settle a compliance failure case with Vermont's Department of Financial Regulation for $5.95 million. The alleged compliance failure pertained to real-estate development projects at ski resort Jay Peak. According to Vermont's Commissioner Susan Donegan, Raymond James will pay $4.5 million to a federal receiver who will return money to foreign investors who funded the projects through a green card program. The firm will additionally pay $1.25 million to Vermont's general fund and $200,000 to reimburse the state regulator for the cost of its investigation. The SEC had announced fraud charges and an asset freeze against Jay Peak and related businesses in April for the alleged misappropriation of millions of dollars raised through investments solicited under the EB-5 Immigrant Investor Program, which was created in 1990 to give green cards to foreign residents who invest at least $1 million in an American company that creates jobs for American workers. In this case [...]

By |July 1st, 2016|Fraud, Press Releases & News, SEC|
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3 States Order Elder Financial Abuse Reporting

As of today, laws in Alabama, Indiana, and Vermont require financial advisers to report suspected financial abuse of the elderly and other vulnerable adults to state officials. These states' legislatures approved the bills earlier this year. And their governors signed the bills into law, putting these states at the forefront of protecting against elder financial abuse. The new laws also permit advisors to cease the disbursement of funds from client accounts and give advisers immunity from civil liability, in addition to requiring reporting of situations involving people who are older than 65 or are disabled. Louisiana passed a similar law this month. It will go into effect on January 1 of next year. Each of the new laws is based on a model rule approved earlier this year by the North American Securities Administrators Associations Inc., which is made of state regulators and made protecting against elder financial abuse a priority. “This law will help our investment advisers and brokers [...]

By |July 1st, 2016|FINRA, Fraud, Press Releases & News, SEC|
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SEC Bans MA Brokerage Firm Owner From Industry

The SEC has banned Massachusetts resident Lee Weiss from the brokerage and investment advisory industry for a fraudulent scheme pertaining to a French company that claimed it could reduce the harmful effects of tobacco smoking. Weiss, of Newton, Massachusetts, and his firm, Family Endowment Partners LLC, will pay roughly $8.4 million in relief to investors he conned, according to the SEC. They will also pay a combined civil penalty of $1.5 million. The Commission claims that between 2010 and 2012 Weiss and the firm fraudulently advised clients and hedge funds to invest over $40 million in securities issued by companies owned by Biosyntec, which claimed to have developed a cigarette filter that reduced the risk of lung cancer. Weiss also held shares in the French company, which paid him over $600,000 shortly after the investments were made. The SEC filed its complaint against Weiss in Massachusetts federal court last year alleging he failed to disclose conflicts of interests [...]

By |June 30th, 2016|Fraud, Press Releases & News, SEC|
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