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SEC Reaching End Of Case Against Adviser Who Refuses To Defend Herself

The SEC will reach the end of its case today against a financial adviser who refuses to defend herself in the agency's in-house enforcement proceeding, noting constitutional reasons. Dawn Bennett, CEO of Bennett Group Financial Services LLC in Washington, D.C., and her attorneys have blown off the proceeding which began on Wednesday and will close after testimony from a final SEC witness today. The SEC filed civil claims against Bennett last year claiming that she used her paid radio program to severely inflate the amount of assets her firm managed and exaggerate invest returns. Bennett denies the allegations. Bennett and her attorneys assert that boycotting the proceedings is a piece of their strategy to fight the SEC's use of its in-house courts in enforcement proceedings. Bennett filed a civil suit against the SEC in Maryland federal court in October. Her suit is part of a growing faction of cases fighting the constitutionality of how the SEC appoints its administrative law [...]

By |February 1st, 2016|Fraud, Press Releases & News, SEC|
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Operator Of Two NC Companies Pleads Guilty To Securities Fraud

Barry Carlton Taylor, operator of two companies in Franklin, North Carolina, pleaded guilty earlier this week to fraud by commodities pool operator and concealment of money laundering charges, after defrauding investors out of about $2.5 million. Beginning in at least August 2011, Taylor solicited investment funds from at minimum eighteen victims totaling roughly $2.5 million. Taylor operated two limited liability companies: OTC Investments, LLC and Forex Currency Trade Advisors, LLC. According to court documents, Taylor misrepresented to his victims that he was an expert in the foreign currency exchange market (FOREX) and that their investments would be pooled into trading accounts which he would manage and use to invest in FOREX. He also falsely told his victims that he had created a computer software system that could track the FOREX market, which allowed him to make investments that generated very high rates of return, as much as 2.5% per month. Although Taylor opened and maintained FOREX trading accounts in the [...]

By |January 28th, 2016|Fraud, Press Releases & News|
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Futures Trader Pays $260,000 In Restitution For Securities Fraud

Robert Scott Wiens of Lakewood, Colorado, a director a futures trading firm RXM Holdings Ltd., was sentenced last week to a year in prison and paid more than a quarter-million in restitution for securities fraud. Wiens, who pleaded guilty in October, paid $260,000 of $734,140 in court-ordered victim restitution, according to the Colorado Department of Regulatory Agencies. He also received a suspended sentence of eight years if he fails to follow the conditions of his 10-year probation. "It is unusual to obtain any restitution in criminal securities fraud cases because, more often than not, the funds are quickly spent by the defendant and cannot be recovered," said Securities Commissioner Gerald Rome. Wiens was arrested in April after leaving a Broomfield golf course. He faced 19 felony counts, including 10 counts of securities fraud, five counts of forgery and four counts of theft. As the director of RXM Holdings, he operated as an unlicensed securities professional between 2010 and 2011, engaging in the [...]

By |January 25th, 2016|Fraud, Press Releases & News|
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Banker Who Faked His Own Death Barred From Securities Industry

The SEC has barred from the securities industry Aubrey Lee Price, an imprisoned former Georgia investment adviser who pleaded guilty in 2014 to a massive fraud that helped bring down his troubled bank and cheated his clients out of millions of dollars. The penalty is inconsequential as Price is expected to spend three decades in federal prison. He submitted his offer to be banned from the industry in August, and the SEC accepted it this week, thus resolving the SEC's civil action against him. Price had disappeared in 2012, having written suicide notes confessing to defrauding his clients and Montgomery Bank & Trust. In some of the notes, he detailed his intent to jump from a ferry in Florida. A Florida judge declared Price legally dead roughly six months after he disappeared, but federal authorities never believed that he was actually dead. On New Year's Eve 2013, Price was captured in a routine traffic stop on I-95 near Brunswick, Georgia. [...]

By |January 15th, 2016|Fraud, Press Releases & News, SEC|
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