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Hedge Fund Manager Acquitted Of Inside Trading

A federal jury in Atlanta acquitted Steven E. Slawson, a New Jersey hedge fund manager, who had allegedly made illicit profits from sneak previews of financial results of Carter's Inc., an Atlanta-based clothier, before they were released. He was acquitted of thirty-four counts of insider trading. “This case was another example of the government overreaching in insider trading cases," said Slawson's attorney. "My client was at the end of a chain of information, and he had no idea that other people in the beginning of the chain were stealing confidential information. Luckily, the jury understood this and acquitted him of all counts, avoiding a wrongful conviction of an innocent man.” Prosecutors from Atlanta's U.S. Attorney's Office had accused Slawson of using information on Carter's financial results in trades for more than five years. Two ex-Carter's executives were convicted of insider trading and sentenced to terms in federal prison and ordered to pay more than $1.7 million in related cases. If [...]

By |August 20th, 2015|Press Releases & News|
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RIA Fined $2.8M And Owner Barred From Securities Industry

The SEC has fined a former registered investment adviser $2.8 million and barred its owner, Jacob Cooper, from the securities industry. Cooper, who is known as a "Main Street Madoff" by his ex-clients, is alleged to have defrauded investors by using a kickback scheme that caused about $44 million in losses. The owner of San Diego's Total Wealth Management and former host of the radio show "Uncommon Wealth," The SEC believes Cooper put the majority of the $100 million in assets he received under management at the firm with alternative investments or hedge funds that he controlled and then invested in entities with revenue sharing agreements. The SEC additionally alleges that Cooper failed to perform due diligence on the investments. At minimum, one of the investments was discovered to be a Ponzi scheme. Another investment was found to be insolvent at its inception. Between 2009 and 2014, Total Wealth Management earned $1.3 million from the revenue sharing agreements, and Cooper himself received [...]

By |August 18th, 2015|Fraud, 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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UBS Loses Arbitration, Forced To Pay $200k

UBS lost an arbitration case this week pertaining to the offer and sale of a number of Puerto Rico Fixed Income and Bond funds. The Claimant in the arbitration asserted causes of action for violation of the Puerto Rico Uniform Securities Act, securities fraud, constructive fraud, breach of contract, negligence, negligent supervision, failure to supervise, breach of fiduciary duty, misrepresentation, omission of facts, manipulation, unsuitability, common law fraud, constructive fraud, and respondeat superior. The Claimant's allegations related to the her purchase of shares of Puerto Rico Fixed Income Funds I, II, and III and Puerto Rico Investors Bond Fund. In her statement of claim, the Claimant requested rescission of the closed end funds sold to her and $357,000 to $625,000 in compensatory damages, as well as interest, costs, attorneys' fees, and punitive damages. In her pre-hearing brief, the Claimant requested compensatory damages between $339,297 and $702,003. UBS requested dismissal of the claims and expungement of the action. After considering the [...]

By |May 14th, 2015|Press Releases & News|
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