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. […]
Whole Foods Alleged To Have Committed Securities Fraud
A lawsuit brought by a shareholder alleges that Whole Foods committed securities fraud by hiding the fact that it overcharged its New York customers, which resulted in negative publicity that hurt sales and drove its price share down. Plaintiff Yochanan Markman filed a complaint last week in federal court in Austin, Texas claiming that Whole […]
Nine Charged In $30M Computer Hacking, Securities Fraud
Nine alleged computer hackers were charged today for their roles in a securities fraud scheme that earned $30 million in illicit gains by stealing and trading on corporate earnings data procured from newswire services before they were published. The charges, which were brought by U.S. Attorney’s Offices for the District of New Jersey and the […]
SEC Slams Door On $114M Ponzi Scheme
Frederick Alan Voight of Richmond, Texas, a Houston-area businessman promising to prevent car wrecks caused by drowsy drivers, has been charged by the SEC with operating a $114 million Ponzi scheme. Voight has been accused of defrauding over three hundred investors. He most recently raised $13.8 million on claims that the money would be used […]
SEC Warns Investors About False Broker Claims
The SEC’s Office of Investor Education and Advocacy cautions investors to research the credentials of financial professionals before trusting that person with investment money. This precautionary investigation will serve as a safeguard against people who may lie about their backgrounds in an effort to gain more professional trust from investors with their finances. This public […]
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 […]
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 […]
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 […]
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 […]
UBS Loses Arbitration, Forced To Pay $200k
UBS Loses Arbitration and Ordered 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 […]