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Texas Man Convicted Of Securities Fraud

A federal jury on Monday convicted a Rockwall, Texas man of securities fraud arising from an investment scheme he ran, according to U.S. Attorney John Parker of the Northern District of Texas. Mark Lee Cleaton was found guilty on four counts of wire fraud and is facing a maximum penalty of twenty years in prison and a $250,000 fine for each count. United States District Judge Jane Boyle remanded Cleaton into the custody of U.S. marshals pending sentencing on February 4, 2016. Cleaton, according to court documents, was the managing member of North American Capital LLC., which was located in Dallas. Cleaton also created a limited partnership, North American Capital Investment Fund, LP ("NACIF") in August 2009. From August 2009 to July 2010, Cleaton solicited $350,000 in investments for NACIF from several people. He promised to invest that money in short-term, high-yield, real estate projects. In reality, though, he used the money for himself. Cleaton provided false investment memoranda and [...]

By |October 21st, 2015|Fraud, Press Releases & News|
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SEC Orders Atlanta Investment Firm To Pay $585,000

The SEC has ordered Atlanta, Georgia investment firm Timbervest to pay $585,000 in a long-running dispute regarding the sale of two tracts of timberland. The firm's CEO, Joel Shapiro, stated that it will continue to fight the SEC in federal court. The SEC started investigating Timbervest in 2010, and in September 2013 the SEC initiated an enforcement action that accused the firm of violating federal securities laws. The SEC alleges that in 2006 and 2007 Shapiro, Chief Investment Officer Walter William Anthony Boden III, Chief Operating Officer Dondald David Zell Jr., and President Gordon Jones II received over $1 million in unauthorized, undisclosed real estate commissions paid out of the pension plan assets of a large client. In August of last year, an SEC administrative law judge ruled that Timbervest had violated the Investment Advisers Act and ordered it to pay $1.9 million. Timbervest appealed, stating that the evidence did not support the finding of violations or the sanctions. In [...]

By |September 25th, 2015|Press Releases & News, SEC|
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FINRA August 2015 Disciplinary Actions: Part III

Edward D. Jones & Co., L.P. of St. Louis, Missouri submitted a letter of acceptance, waiver, and consent that censured the firm and fined it $10,000. FINRA found that it failed to report the right trade execution time for transactions in TRACE-eligible securitized products to TRACE and failed to show the right execution time on the memoranda of brokerage orders. Julian Luis Alfonso of Miami, Florida submitted a letter of acceptance, waiver, and consent that barred him from being associated with any FINRA member in any principal or supervisory capacity for a month and mandated to requalify by exam as a Financial and Operations Principal ("FINOP") before doing so. As a result of his financial status, Alfonso was not given a monetary fine. FINRA found that Alfonso failed to enforce his member firm's written supervisory procedures pertaining to financial controls as well as books and records. As a result, the firm had several incorrect entries in its books and records. [...]

By |September 17th, 2015|FINRA, Press Releases & News|
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New York Global Group CEO Charged With Securities Fraud

Benjamin Wey, a well-known Wall Street financier who assisted many Chinese companies in accessing U.S. markets through reverse mergers, was arrested this week and charged with altering the companies' shares to allegedly earn himself tens of millions of dollars in illicit gains. Wey, the CEO of New York Global Group, now has criminal and civil cases against him. They represent the highest profile cases yet as the government tries to put its foot down during a mass of alleged accounting fraud and other illegalities by small Chinese companies that have gone public in the United States. Allegedly, Wey covertly controlled large portions of the shares of the companies for which he orchestrated reverse mergers and inflated the companies' stock prices while selling the shares he controlled at artificially high levels, according to the Manhattan federal court indictment. The SEC has also brought a civil action against him. According to Manhattan U.S. Attorney Preet Bharara, “Ben Wey fashioned himself a master of industry, but [...]

By |September 11th, 2015|Fraud, Press Releases & News, SEC|
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