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 [su_spacer size=”10″]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 […]
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. [su_spacer size=”10″]According to Vermont’s Commissioner Susan Donegan, Raymond James will pay $4.5 million to a federal receiver who will return […]
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 […]
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 […]
Medical Capital COO Gets 10 Years For Ponzi Scheme
Joseph J. Lampariello, the former president and Chief Operating Officer of Medical Capital Holdings Inc., was sentenced to ten years in federal prison by U.S. District Judge David O. Carter. Additionally, Lampariello was ordered to pay nearly $40 million in restitution to investors. [su_spacer size=”10″]Medical Capital was a private placement that turned into a Ponzi […]
NFL And MLB Athletes Victim Of $30M Fraud
Three professional athletes–Denver Broncos’ quarterback Mark Sanchez, San Francisco Giants’ pitcher Jake Peavy, and former major league pitcher Roy Oswalt–are the victims of an alleged Ponzi-like scheme operated by an investment adviser who appealed to their Christianity. According to the SEC the three were conned out of roughly $30 million. The SEC has filed suit […]
Trader Accused Of $23M Investor Fraud
Haena Park, a New York foreign exchange trader, has been charged with investor fraud, claiming her investments were profitable when she actually lost over $16 million since 2012. The SEC claims Park misrepresented her investment background in raising at least $14 million from over thirty investors for funds she operated under the name Phaetra and […]
FDA Official And Hedge Fund Managers Charged In Securities Scheme
According to federal prosecutors, two hedge fund managers–Sanjay Valvani and Christopher Plaford– conspired with a former U.S. Food and Drug Administration official–George Johnston, who had access to insider information on the fate of generic drug candidates–to profit by committing securities fraud. While employed as Visium Asset Management hedge fund managers, Valvani and Plaford executed stock […]
Philadelphia Broker Pleads Guilty To Fraud
William Bucci, a former stockbroker from Philadelphia, Pennsylvania, pleaded guilty to securities fraud and related charges for thieving around $3 million from investors for an import business that never existed and other ventures. According to prosecutors, Bucci told investors that he would import high-end olive oil and wine from Italy. He further convinced his clientele […]
Nebraska Advisor Accused of $1M Fraud, Commits Suicide
Jerome “Joe” Bonnett, a longtime financial advisor from Omaha, Nebraska who was accused by state officials of misappropriating over $1.35 million of client funds, has committed suicide. [su_spacer size=”10″]Bonnett operated the Bonnett Wealth Management investment firms. Two Nebraska law enforcement officials familiar with the two month investigation stated that Bonnett’s clients have lost as much […]