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 […]
Alabama Man Sentenced In Securities Fraud Case
Kevin Jerome Brown of Hoover, Alabama is looking at a long probation sentence after pleading guilty to securities fraud, according to authorities. Brown pleaded guilty to one count of securities fraud by employing a device, scheme, or artifice to defraud and one count of acting as an unregistered securities agent in Shelby County Circuit Court […]
New Jersey Group Accused Of Defrauding Investors Out Of $3M
Less than one week after a New Jersey father and son were arrested for an alleged short sale scheme, they became part of a group of six charged in a fraud that bilked investors out of over $3 million. George Bussanich, Sr. and his son, George Bussanich, Jr., are believed to have begun the alleged […]
Stock Promoter Indicted For Alleged Securities Fraud
Scott F. Gelbard, a former stock promoter, was charged in U.S. District Court in Boston with conspiring to commit securities fraud. Gelbard, who is originally from Colorado and now lives in Canada’s Pacific Northwest, was indicted on one count of securities fraud and one count of conspiracy to commit securities fraud, stated Amy Hosney, public […]
Delaware Court Awards $148M In Damages, Finds Dole Food Company Directors Liable
The Delaware Court of Chancery found David Murdock and C. Michael Carter liable under the entire fairness standard. Murdock is Dole Food Company Inc.’s Chairman and CEO, and Carter is a director of the company and its President, Chief Operating Officer, and General Counsel. The two were found to have driven down Dole’s stock price […]
Texas Attorney General Pleads Not Guilty In Securities Fraud Case; His Attorney Withdraws
Ken Paxton, Texas’ attorney general, pleaded not guilty to securities fraud charges yesterday. During the hearing, he also asked the judge to bar cameras from ensuing hearings, and his attorney withdrew from the case. Opinions on Texas’ top law enforcement officer, who will not step down from office, are split. Tea party activists who back […]
Former Tibetan Monk Accused Of Fraud
The SEC accused Lobsang Dargey, a former Tibetan monk and now real estate developer, of siphoning almost $18 million from Chinese investors who sent him $125 million, seeking residency under a visa program. The SEC has since frozen Dargey’s assets and the assets of his “Path America” companies. The SEC’s civil complaint states that Dargey […]
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 […]
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 […]
FSC Securities To Pay $1.28M In Ponzi Case
FSC Securities will pay a $1.28 million arbitration award to investors who were defrauded by Aubrey Lee Price, who had feigned his death in 2012 to avoid being investigated for his $40 million Ponzi scheme. FSC, a broker-dealer in the AIG Advisor Group, was alleged by 8 investors to have failed to supervise a number […]