Shareholder & Investor Protection

CFTC Orders an Iowa Introducing Broker and Its Principals to Pay $11.9 Million in Restitution to Farmers and a $1.25 Million Civil Monetary Penalty for Fraud, Unauthorized Trading, and False Statements to the CME, Among Other Violations On September 26,... Read More →

On September 26, 2018, the Securities and Exchange Commission announced that a Des Moines-based broker-dealer and investment adviser has agreed to pay $1 million to settle charges related to its failures in cybersecurity policies and procedures surrounding a cyber intrusion... Read More →

On September 20, 2018, the Securities and Exchange Commission announced that it charged the former chief financial officer of Barrett Business Services Inc. for his role in an accounting fraud involving BBSI’s workers’ compensation expenses. The SEC also charged BBSI... Read More →

On September 18, 2018, the Securities and Exchange Commission announced that a Boulder, Colorado-based biopharmaceutical company, its CEO, and its former CFO will pay more than $20 million in penalties to settle charges of misleading investors about the company’s developmental... Read More →

On September 19, 2018, the Securities and Exchange Commission announced that it has obtained a court order halting an ongoing Ponzi-like scheme that raised more than $345 million from over 230 investors across the U.S. The SEC also obtained an emergency asset... Read More →

On September 12, 2018, the SEC announced that Connecticut-based United Technologies Corporation will pay $13.9 million to resolve charges that it violated the Foreign Corrupt Practices Act (“FCPA”) by making illicit payments in its elevator and aircraft engine businesses. According... Read More →

On September 5, 2018, the Securities and Exchange Commission announced that it charged a Texas-based investment fund and its founder with defrauding investors with false promises of massive returns in cannabis-related businesses.  The SEC also issued an alert to warn retail investors... Read More →

On September 4, 2018, the Securities and Exchange Commission announced that Paris-based pharmaceutical company Sanofi has agreed to pay more than $25 million to resolve charges that its Kazakhstan and the Middle East subsidiaries made corrupt payments to win business. According... Read More →

On August 28, 2017, the Securities and Exchange Commission announced that Moody’s Investors Service Inc. has agreed to pay a total of $16.25 million in penalties to settle charges involving internal control failures and failing to clearly define and consistently... Read More →

On August 27, 2018, the Securities and Exchange Commission announced charges against four Transamerica entities for misconduct involving faulty investment models and ordered the entities to refund $97 million to misled retail investors. According to the SEC’s order investors put billions... Read More →

The CFTC announced that a federal court entered final judgment ordering Patrick K. McDonnell (“McDonnell”) of Staten Island, New York, and CabbageTech, Corp., d/b/a Coin Drop Markets (“CDM”), McDonnell’s New York-based company, to pay over $1.1 million in civil monetary penalties and... Read More →

On August 15, 2018, the Securities and Exchange Commission announced that Ameriprise Financial Services Inc., a wholly-owned subsidiary of Ameriprise Financial, Inc., will pay $4.5 million to settle charges that it failed to safeguard retail investor assets from theft by... Read More →

On August 20, 2018, the Securities and Exchange Commission announced that it charged the founder of San Francisco-based venture capital funds and his investment advisory firm with overcharging investors to fund personal projects, including sending millions of dollars to his... Read More →

On August 20, 2018, the Securities and Exchange Commission announced that it charged five individuals and four companies for unlawfully selling securities of Woodbridge Group of Companies LLC (“Woodbridge”) to retail investors.  Woodbridge collapsed into bankruptcy in December 2017 and... Read More →

The SEC’s Office of Investor Education and Advocacy recently issued an Investor Bulletin containing the following basic, useful information about index funds: What Is An Index Fund? An “index fund” is a type of mutual fund or exchange-traded fund that seeks to track the... Read More →

SEC Updates Its List of Unregistered Firms That Use Misleading Information to Primarily Solicit Non-U.S. Investors On August 6, 2018, the SEC announced that it has updated its list of unregistered firms that use misleading information to primarily solicit non-U.S.... Read More →

On July 23, 2018, the Securities and Exchange Commission announced that the SEC charged Mizuho Securities USA LLC for its failure to safeguard information pertaining to stock buybacks by its issuer customers.  Mizuho, according to the SEC, failed to maintain... Read More →

Improper Handling of “Pre-Released” American Depositary Receipts (“ADRs”) On July 20, 2018, the SEC announced that two U.S.-based subsidiaries of Deutsche Bank AG will pay nearly $75 million to settle charges of improper handling of “pre-released” ADRs. The case, according... Read More →

On June 19, 2018, the SEC announced that it charged Merrill Lynch, Pierce, Fenner & Smith with misleading customers about how it handled their orders.  Merrill Lynch, according to the SEC, agreed to settle the charges, admit wrongdoing, and pay... Read More →

The SEC’s Office of Investor Education and Advocacy and Retail Strategy Task Force Warn Investors About Red Flags that a Broker May Be Running a Side Business Offering Investments Not Approved for Sale Through the Broker’s Firm The SEC advises... Read More →

SEC Launches “SEC Action Lookup for Individuals,” a/k/a “SALI,” An Online Tool For Investors to Identify Individuals Subject to Judgments or Orders in Enforcement Actions Kehoe Law Firm, P.C. reports that on May 2, 2018, the Securities and Exchange Commission... Read More →

On April 30, 2018, the SEC announced that Japan-based Panasonic Corp. will pay more than $143 million to resolve charges of Foreign Corrupt Practices Act (FCPA) and accounting fraud violations involving its global avionics business. Panasonic Avionics Orchestrated Bribery Scheme... Read More →

Wells Fargo Being Examined To Determine if the Bank Pushed 401(k) Retirement Plan Participants into More Expensive IRAs On April 26, 2018, The Wall Street Journal reported that the U.S. Department of Labor . . . is examining whether Wells... Read More →

$2.4 Million Ponzi Scheme and Related $1.4 Million Offering Fraud Targeting Retirees On April 6, 2018, the Securities and Exchange Commission announced charges against two Texas companies and their principals in a $2.4 million Ponzi scheme and in a related,... Read More →

Important Things to Know About Ponzi Schemes Which Target Seniors The SEC’s Office of Investor Education and Advocacy and Retail Strategy Task Force issued a warning to senior investors, many of whom have spent many years saving and investing, about... Read More →

Three Investment Advisers Settle Charges for Breaching Fiduciary Duties and Generating Millions in Improper Fees On April 6, 2018, the Securities and Exchange Commission announced that three investment advisers have settled charges for breaching fiduciary duties to clients and generating... Read More →

Fraudulent Initial Coin Offering Raised More than $32 Million From Thousands of Investors Two co-founders of a purported financial services start-up were charged on April 2, 2018 by the Securities and Exchange Commission with orchestrating a fraudulent initial coin offering... Read More →

Mozido Inc. Founder Charged with Scheme to Trick Hundreds of Investors to Invest in His Shell Companies On April 2, 2018, the Securities and Exchange Commission announced that it has charged Michael Liberty (“Liberty”), the founder of the fintech startup... Read More →

Pastor and Self-Described Financial Planner Charged in Scheme to Defraud Elderly Investors On March 30, 2018, the Securities and Exchange Commission announced that it charged the pastor of one of the largest Protestant churches in the country and a self-described... Read More →

Barclays Resolves Claims with DOJ for Fraud in the Sale of Residential Mortgage-Backed Securities On March 29, 2018, the United States Department of Justice (“DOJ”) issued a press release which reported that the United States has reached an agreement with... Read More →

SEC Charges Energy Storage Company and Former Sales Executive in Fraudulent Scheme to Inflate Financial Results On March 27, 2018, the Securities and Exchange Commission announced that it charged a California-based energy storage and power delivery product manufacturer, Maxwell Technologies,... Read More →

SEC Charges Operators of Private Real Estate Fund Involved in Long-Term Scheme Which Raised More than $66 Million From Approximately 300 Investors On March 22, 2018, the Securities and Exchange Commission announced that it settled charges against the operators of... Read More →

Federal Court at Request of FTC Stops Activities of Individuals Who Allegedly Promoted Deceptive Cryptocurrency-Based Money-Making Schemes On March 16, 2018, the FTC announced that at its request, a federal court halted the activities of four individuals who allegedly promoted deceptive money-making... Read More →

Electronic Transaction Clearing Agrees to Settle Charges That it Illegally Placed More Than $25 million of Customer Securities at Risk to Fund Its Own Operations On March 19, 2018, the Securities and Exchange Commission announced that Los Angeles-based Electronic Transaction... Read More →

SEC Charges Related to Massive Fraud – Holmes Stripped of Control of Theranos, Inc. for Defrauding Investors On March 14, 2018, the Securities and Exchange Commission announced that it charged Silicon Valley-based private company Theranos Inc., its founder and CEO... Read More →

Investors Should Only Use an Online Digital Trading Platform or Entity Registered with the SEC Recently, the SEC published a public statement about online trading platforms where investors can buy and sell digital assets, including coins and tokens offered and... Read More →