Dawn Bennett Barred From Securities Industry
The SEC barred Dawn Bennett from the securities industry for inflating her firm’s assets under management and investment performance to bring in more business from well-to-do clients. The commission also ordered her and her firm, Bennett Group, to pay over $4 million in fines and disgorgement. The ruling was handed down by Administrative Law Judge James […]
AL Man Charged With $1.5M Securities Fraud Involving Church
Terry Earl Hester of Pike County, Alabama was charged with violating the Alabama Securities Act after allegedly making false promises to a Tuscaloosa County church involving $1.5 million in funds. [su_spacer size=”10″]Hester turned himself into authorities on June 15. The charges are the result of a six-count indictment by a Tuscaloosa County grand jury, according […]
Andrew Caspersen Pleads Guilty To $40M Fraud
Andrew Caspersen, an ex-Wall Street executive and descendant of a wealthy family, pleaded guilty this week to federal charges that he defrauded friends, family, and a hedge fund billionaire’s foundation out of almost $40 million. He pleaded guilty to one count of securities fraud and one count of wire fraud, each of which carries a […]
Adviser To Plead Guilty To $21M Ponzi Scheme
Patrick E. Churchville, an investment adviser from Rhode Island, is expected to plead guilty to criminal charges for running a $21 million Ponzi scheme, according to a statement made by the U.S. Attorney’s Office. In addition, Churchville used $2.5 million of his clients’ cash to buy a house, and he failed to pay over $820,000 […]
SEC Accuses Breitling Energy Of $80M Fraud
The SEC charged Breitling Energy Corp., its CEO, and seven others with defrauding investors out of nearly $80 million by misleading them about the value of oil and gas assets [su_spacer size=”10″]The Commission’s suit alleges that CEO Christ Faulkner of Breitling, an oil and gas driller from Texas, had worked with numerous accomplices to defraud […]
Raymond James Settles Compliance Failure Case For $5.95M
Raymond James Financial Inc. has agreed to settle a compliance failure case with Vermont’s Department of Financial Regulation for $5.95 million. The alleged compliance failure pertained to real-estate development projects at ski resort Jay Peak. [su_spacer size=”10″]According to Vermont’s Commissioner Susan Donegan, Raymond James will pay $4.5 million to a federal receiver who will return […]
SEC Bans MA Brokerage Firm Owner From Industry
The SEC has banned Massachusetts resident Lee Weiss from the brokerage and investment advisory industry for a fraudulent scheme pertaining to a French company that claimed it could reduce the harmful effects of tobacco smoking. Weiss, of Newton, Massachusetts, and his firm, Family Endowment Partners LLC, will pay roughly $8.4 million in relief to investors […]
Medical Capital COO Gets 10 Years For Ponzi Scheme
Joseph J. Lampariello, the former president and Chief Operating Officer of Medical Capital Holdings Inc., was sentenced to ten years in federal prison by U.S. District Judge David O. Carter. Additionally, Lampariello was ordered to pay nearly $40 million in restitution to investors. [su_spacer size=”10″]Medical Capital was a private placement that turned into a Ponzi […]
SEC, FINRA Fine Merrill Lynch
Following on the heels of Merrill Lynch’s agreement yesterday to pay $415 million to settle claims made by the SEC, the commission and FINRA fined the firm an additional $15 million in another action brought by the SEC and a third brought by FINRA. [su_spacer size=”10″]In an announcement yesterday, the SEC stated that Merrill Lynch […]
Merrill Lynch Settles SEC Charges, Will Pay $415M
Merrill Lynch has agreed to pay $415 million and admit wrongdoing to settle charges filed by the SEC accusing the firm of misusing customer cash to create profits, according to the commission. [su_spacer size=”10″]“An SEC investigation found that Merrill Lynch violated the SEC’s customer protection rule by misusing customer cash that rightfully should have been […]
