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Hamilton Ticket Resale Ponzi Scheme Investor Sues

Adam Blank, an investor in the alleged $81 million Ponzi scheme pertaining to the buying and selling of tickets to popular shows, including Adele concerts and Broadway's Hamilton, sued his broker-dealer, alleging the firm made several false and misleading statements about its due diligence and investigation into the ticket operation. The suit was filed in United States District Court for the Southern District of New York against Tripoint Global Equities, related companies and executives. Blank invested $1.5 million in the alleged scheme. The complaint states that Blank met Mark Elenowitz, Tripoint Global's CEO, in January of last year at a restaurant in Long Island to alk about the possibility to build a professional relationship, which included Tripoint Global assisting Blank in finding investment opportunities and giving financial advice and other services. After the first meeting and later phone discussions, in which Blank noted how important it was that investments be completely vetted, Elenowitz advised and suggested that “the safest and most conservative [...]

By |February 8th, 2017|Fraud, Press Releases & News, SEC|
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SEC: Meyers Associates, L.P. Ignored Pump-And-Dump Scheme

The SEC announced administrative proceedings against John D. Telfer, who worked for Meyers Associates, L.P. as the firm's former anti-money laundering officer. The commission alleges that the firm failed to file Suspicious Activity Reports for $24.8 million worth of suspect transactions, which includes transactions in accounts controlled by Raymond H. Barton and William G. Goode who the SEC charged individually with operating a pump-and-dump scheme. In pump-and-dump schemes, people holdings stock try to inflate the price of that stock, many times via false or misleading statements or other announcements. After investors hurry to purchase the stock because on this misinformation, the operators of the scheme dump the stock. This causes the stock’s price to drop, and investors who bought the stock during the rush end up losing money. The SEC claims that Telfer and his firm should have been aware of the suspect circumstances underlying a number of transactions within client accounts. The commission further claims clients, such as Barton and Goode, [...]

By |February 2nd, 2017|Fraud, Legal Matters, Press Releases & News, SEC|
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Dwayne Edwards Accused Of Fraud By SEC

The SEC charged Dwayne Edwards with fraud and obtained an emergency asset freeze against the South Carolina businessman. The SEC alleges that he funneled money he obtained from investors who believed their money would be used for buying and renovating senior housing facilities. According to the commission, Dwayne Edwards illicitly commingled funds from a number of municipal bond offerings and the revenues of the facilities underlying the offerings. Each offering was purported to fund a specific assisted living or memory care facility in Alabama or Georgia. Edwards used investor funds for his own private use in addition to funding other unrelated bond offerings, according to the SEC. The complaint accuses Edwards of violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934. The complaint was filed in Newark, New Jersey federal district court. The court granted the SEC's request to freeze the assets of Edwards. The court also appointed a temporary receiver over the [...]

By |February 1st, 2017|Fraud, Legal Matters, Press Releases & News, SEC|
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Citigroup Advisory Unit Fined $18.3M

Citigroup will pay $18.3 million to settle charges made by the SEC claiming that it overcharged its investment advisory clients. According to the SEC, Citigroup overbilled about 60,000 advisory clients by about $18 million. The commission also said that Citigroup was not able to find about 83,000 client contracts that were executed from 1990 to 2012 and charged $3.2 million in fees to clients whose contracts Citigroup could not locate. According to its deal with the SEC, the company was censured and will pay $3.2 million in disgorgement, $800,000 in interest, and a penalty of $14.3 million. It will further cease overbilling, create new advisory agreements with those customers whose contracts were lost, and place a link to the SEC's order on its website. “Advisory clients have every expectation that the fees charged by their financial adviser reflect the negotiated rate,” Andrew Calamari, director of the SEC's New York office, stated. “Citigroup failed to take the necessary precautions to ensure [...]

By |January 31st, 2017|Press Releases & News, SEC|
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