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SEC Charges Oil Company, CEO, and Promotor with Fraudulent Penny Stock Sales

On June 18, 2015, the SEC charged an oil company and its CEO for lying to investors about oil reserve estimates and future drilling plans. Glen Landry, the CEO of Norstra Energy, published to Norstra’s website, in press releases, and in SEC filings many false and misleading statements about the projected profits and start date of the reserve and drilling. Landry’s claims misled investors into believing the property was in another location that would make the oil well seem more profitable.  In addition, Landry made false statements regarding the start date of drilling plans to make profits seem imminent. Eric Dany, author of an investment newsletter, was charged along with Norstra and Landry for publishing false advertisement that enticed readers to buy penny stock shares in Norstra Energy.  The promotional materials boasted that the wells contained “as much as 8.5 billion barrels of oil!” and promised a 99 percent chance of success for investors.  Dany’s exaggerated reports caused Norsta Energy’s [...]

By |July 16th, 2015|Fraud, Press Releases & News, SEC|
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Gold Mining Ponzi Scheme Targets Latinos in Florida

On July 2, 2015, the SEC froze a fraudulent venture headed by DFRF Enterprises, its leader, and six promoters. The SEC alleges that DFRF Enterprises operated a Ponzi scheme by promoting and selling membership interests in over 50 Brazilian and African gold mines.  The company recruited investors by promising large profits on fully insured funds used to mine gold.  The company further claimed that 25% of all profits would be used for African charity work. DFRF Enterprises marketed the Ponzi scheme by asserting that the company was registered with the SEC and that  the gold mine stock would be publicly traded. However, instead of using investor funds in Brazilian and African gold mines, the company, its leader, and promotors sold membership interests to investors through private meetings held in homes, businesses, and hotel rooms.  Newly recruited members’ investments were paid to long-term members. In 2014, the company illegally raised over $15 million from at least 1,400 investors, most of which lived in [...]

By |July 6th, 2015|Fraud, Press Releases & News|
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SEC Charges Atlanta Firm With Fraud Over Public Pension Funds

The SEC filed fraud charges against an Atlanta-based investment firm and two of its executives for their handling of the city's pension funds for police, firefighters, transit workers, and other employees. According to the SEC, Gray Financial Group Inc. placed public pension funds into an investment that did not adhere to state law and collected over $1.7 as a result. The group, its and founder and president, Laurence Gray, and co-Chief Executive Officer Robert Hubbard IV allegedly breached their fiduciary duties by soliciting investments in an alternative fund called GrayCo Alternative Partners II LP. The group's attorney responded by stating that the "claims and arguments in the SEC's filing today are without merit." The SEC claims that the investments violate Georgia law because they did not have at least four other investors and did not have a minimum of $100 million in assets. Also, a Georgia public pension fund's investment is limited to no more than twenty percent of the [...]

By |May 22nd, 2015|Press Releases & News, SEC|
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Nationwide Insurance To Pay $8M Penalty

Nationwide Life Insurance Company will pay $8 million to settle charges filed by the SEC alleging that the insurance giant consistently violated pricing rules when processing orders of many of its insurance products. A statement by the SEC claims that Nationwide knowingly waited to deliver mail in order to avoid using current-day prices. “For more than a 15-year period, Nationwide intentionally delayed the delivery of untracked mail containing orders from customers and processed them at the next day’s prices in violation of the law,” said Sharon Binger, director of the SEC’s Philadelphia regional office. According to a report by the Wall Street Journal, Nationwide requested that the post office separate mail directed to its variable contract business from mail directed to boxes for other lines of business. The company also asked the mail delivery service to travel to the post office at 3 A.M., 5 A.M., and 7 A.M. each business day to retrieve mail for other lines of business. [...]

By |May 21st, 2015|Press Releases & News|
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