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Ex-Cypress Creek CEO Pleads Guilty To Securities Fraud

James Albert Lawhorne, Jr., former CEO of Cypress Creek Organic Farms, Inc., pleaded guilty  in Huntsville before Madison County Circuit Judge James P. Smith to two counts of Securities Fraud relating to an investment scheme involving the company. In accordance with his plea agreement, Lawhorne admitted to each fraud count, Class B Felonies with a maximum sentence of twenty years in prison and a fine up to $30,000. In return for his guilty plea, the State asked the Court to impose a fifteen year sentence on each count, which will run concurrently. Lawhorne will also pay restitution of about $2.1 million to the victims and to be forced to give up money taken during his Florida arrest and from a bank account. Lawhorne owned Cypress Creek and served as its CEO. The company began in April 2013 with the purpose of recruiting people to grow organic tomatoes. In return for a $9,950 investment, the company would provide all of the [...]

By |August 19th, 2015|Fraud, Press Releases & News|
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Alabama Man Sentenced For Ponzi Scheme

Bryan Anderson, a former broker from Hoover, Alabama, was sentenced yesterday to seven years and three months in federal prison after pleading guilty to operating a Ponzi scheme that defrauded investors out of over $3 million. U.S. District Court Judge Virginia Hopkins also ordered Anderson to pay restitution of $3,068,614 plus interest to his victims. He will also serve three years on probation and was ordered to participate in an alcohol treatment program. Anderson pleaded guilty to wire fraud, money laundering, and securities fraud in March and will report to prison on October 19. In making her determination on the length of Anderson's sentence, Hopkins considered the length of time the scheme occurred, stating, "He had many opportunities to stop, but he continued down [that path]." The U.S. Attorney's office was pleased with Hopkins' sentence. "Brian Anderson ran a Ponzi scheme for years, lying about investment options, risks and potential returns to lure unwitting investors into his snare," U.S. Attorney Joyce [...]

By |August 14th, 2015|Fraud, Press Releases & News|
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Canadian Trader Charged for Short Selling U.S. Stocks

The SEC filed a complaint in the U.S. District Court in San Francisco alleging that Andrew Evans, a Canadian trader at his firm, Maritime Asset Management, illegally shorted U.S. stocks from December 2010 until May 2012.  Evans will pay more than $1 million in settlement charges. Evans allegedly sold a U.S. company's stocks at a high market price with the knowledge that the company was planning a follow-on offering at a lower cost in the near future.  Evans then purchased stocks at the lower price to cover his short sales.  He made an illegal profit of $582,175 with no market risk that is typically involved in legal sales. The complaint claims that Evans violated an anti-manipulation provision, Rule 105, of the federal securities laws.  This provision forbids short selling an equity security during a restricted period for the purpose of buying the same security through the follow-on offering for a profit. Jina Choi, Regional Director of the SEC, stated, “Rule 105 [...]

By |July 17th, 2015|Fraud, Press Releases & News, SEC|
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Alabama Securities Fraudster’s Assets Intercepted

The Alabama Securities Commission intercepted $16,000 worth of redeemed stock owned by Harry H. "Woody" Duncan from Huntsville, Alabama and successfully rerouted the cash to assist in the payment of restitution to victims of an illegal securities scheme operated by Duncan in 2011. In August 2012, Madison County, Alabama Circuit Court Judge James P. Smith sentenced Duncan to twenty years' imprisonment for violating the Alabama Securities Act. Duncan is serving the first five years of his sentence, but the latter fifteen years will be suspended on the condition that he make complete restitution to all victims and file sworn quarterly financial reports accounting for the sources of funds used to make the payments. An investigation by the Commission discovered that, despite the fact that Duncan is in the custody of the Alabama Corrections Department, he received stock dividends, which the Court considers personal assets/income, that should be allocated to pay restitution to his victims. In January 2015, the Commission's legal [...]

By |May 11th, 2015|Press Releases & News|
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