Merrill’s Gatekeeping Failures in the Unregistered Sales of Securities
Merrill Lynch Settles Charges with SEC for Merrill’s Failure to Perform Required Gatekeeping Functions in the Unregistered Sales of Securities on behalf of Longtop Financial The SEC announced on March 8, 2018 that it settled charges against Merrill Lynch, Pierce,... Read More →
Preliminary Injunction Issued Regarding Virtual Currency Scheme
Preliminary Injunction Order Issued Against Patrick K. McDonnell and His Company, CabbageTech, Corp., d/b/a Coin Drop Markets, in Connection with Fraudulent Virtual Currency Scheme On March 6, 2018, the Commodity Futures Trading Commission (“CFTC”) announced that a federal judge entered... Read More →
Manipulative Trading in U.S. Microcap Stocks – Charges Announced
U.K. Brokerage Firm, Investment Manager, CEO, and Others Charged by SEC for Manipulating the Securities of Microcap Issuers HD View 360 Inc. and West Coast Ventures Group Corp. On March 2, 2018, the SEC announced securities fraud charges against a... Read More →
SEC Charges Filed to Stop Recidivist’s Fraud Scheme
Three-Time Recidivist Charged with Operating an Unregistered Broker-Dealer, Facilitating an Unregistered Securities Offering, and Defrauding Small Businesses On March 1, 2018, the SEC issued a litigation release regarding Securities and Exchange Commission v. Steven J. Muehler, Claudia M. Muehler, Koorosh... Read More →
Georgetown University – Alleged Breach of Fiduciary Duties
Georgetown University Voluntary Contribution Retirement Plan & Georgetown University Voluntary Contribution Retirement Plan Subject of ERISA Class Action On February 23, 2018, a class action complaint was filed in U.S. District Court for the District of Columbia against Georgetown University... Read More →
Ameriprise Financial Services, Inc. Settles SEC Charges
Ameriprise Financial Settles Charges That It Overcharged Retirement Account Customers for Mutual Fund Shares On February 28, 2018, the Securities and Exchange Commission announced that Minnesota-based Ameriprise Financial Services, Inc., a broker-dealer and investment adviser, has agreed to settle charges... Read More →
CFTC Issues First “Pump-and-Dump” Virtual Currency Customer Advisory
Be Aware Of and Avoid Pump-and-Dump Schemes That Can Occur in Thinly-Traded or New Virtual Currencies, Digital Coins or Tokens Do Not Purchase Virtual Currencies, Digital Coins or Tokens Based on Social Media Tips or Sudden Price Spikes – Thoroughly... Read More →
Three Cryptocurrency-Related Companies – SEC Suspends Trading
SEC Issues Trading Suspension Orders Against Cherubim Interests Inc., PDX Partners Inc., and Victura Construction Group Inc. On February 16, 2018, the Securities and Exchange Commission announced that it suspended trading in Cherubim Interests Inc. (CHIT), PDX Partners Inc. (PDXP),... Read More →
Former Bitcoin-Denominated BitFunder Exchange & Operator Charged
SEC Charges Former Bitcoin-Denominated BitFunder Platform and Its Operator with Operating and Defrauding Users of an Unregistered Securities Exchange On February 21, 2018, the Securities and Exchange Commission announced that it charged a former bitcoin-denominated platform and its operator with... Read More →
Investor Alert: Investments Purchased or Funded By Credit Cards
SEC’s Office of Investor Education and Advocacy Issues Investor Alert Warning of the Risks of Using Credit Cards to Buy Investments or Fund an Investment Account On February 14, 2018, the SEC issued an investor alert to inform investors about... Read More →
Deutsche Bank Settles SEC Charges – Misled Customers Will Be Repaid
SEC Investigation Finds That Traders and Salespeople Made False and Misleading Statements While Negotiating Sales of Commercial Mortgage-Backed Securities (“CMBS”) On February 12, 2018, the Securities and Exchange Commission announced that the SEC instituted an enforcement action against Deutsche Bank... Read More →
Alleged AriseBank Initial Coin Offering Scam Stopped
SEC Stops AriseBank’s Allegedly Fraudulent Initial Coin Offering Targeting Retail Investors to Fund the World’s First “Decentralized Bank.” AriseBank Used Social Media and Celebrity Endorsements to Raise $600 Million of Its $1 Billion Goal in Two Months Unregistered Investments in... Read More →
“My Big Coin” Virtual Currency CFTC Enforcement Action
Randall Crater, Mark Gillespie, and My Big Coin Pay, Inc. Charged by Commodities Futures Trading Commission (“CFTC”) with Fraud and Misappropriation in Ongoing Virtual Currency Scam Virtual Currency Investors Allegedly Solicited for More Than $6 million for Investments in “My... Read More →
Fraudulent Virtual Currency Scheme Enforcement Action
CFTC Charges Patrick K. McDonnell & CabbageTech, Corp. d/b/a Coin Drop Markets, With Engaging in Fraudulent Virtual Currency Scheme On January 19, 2018, the Commodity Futures Trading Commission (“CFTC”) issued a press release stating that the CFTC filed a federal... Read More →
CFTC Bitcoin Fraud Enforcement Action
Bitcoin Fraud Enforcement Action: Bitcoin & Binary Options Fraud Scheme: CFTC Charges Colorado Resident Dillon Michael Dean & The Entrepreneurs Headquarters Limited On January 19, 2018, the Commodity Futures Trading Commission (CFTC) issued a press release stating that on January 18,... Read More →
Cryptocurrencies & Initial Coin Offerings: SEC & NASAA Urge Caution
SEC Chairman and Commissioners Issue Statement Regarding NASAA’s Reminder to Investors to Use Caution When Approaching Cryptocurrencies, ICO’s & Other Cryptocurrency-Related Investment Products On January 4, 2018, SEC ChairmanJay Clayton and Commissioners Kara M. Stein and Michael S. Piwowar issued... Read More →
ATBCoin Initial Coin Offering – Lawsuit Alleges Unregistered Securities
ATBCoin Initial Coin Offering – Class Action Lawsuit Filed for Violation of the Securities Act of 1933 On December 21, 2017, a class action lawsuit was filed in United States District Court, Southern District of New York, against ATBCoin LLC,... Read More →
Cryptocurrency & Initial Coin Offerings – SEC Chairman’s Statement
Cryptocurrency & Initial Coin Offerings – SEC Chairman’s “Statement on Cryptocurrencies and Initial Coin Offerings” On December 11, 2017, SEC Chairman Jay Clayton issued a “Statement on Cryptocurrencies and Initial Coin Offerings.” The statement provided the SEC Chairman’s general views... Read More →
Initial Coin Offerings – Be Aware of Potential Initial Coin Offering Risks
Initial Coin Offerings – ICOs The SEC’s Office of Investor Education and Advocacy has provided the following information to make investors aware of the potential risks of participating in Initial Coin Offerings – ICOs:* Initial Coin Offerings, also known as... Read More →
Woodbridge Ponzi Scheme: SEC Charges Ponzi Scheme Operators
SEC Charges & Asset Freeze Against Group of Unregistered Funds & Their Owner Who Allegedly Bilked Thousands of Retail Investors in a $1.2 Billion Ponzi Scheme Robert H. Shapiro & Woodbridge Group of Companies LLC Defrauded More than 8,400 Investors... Read More →
Investor News: Behavioral Recognition Systems & Ex-CEO Charged
Behavioral Recognition Systems & Former CEO Charged with Fraudulently Raising Approximately $28 million from Investors & Diverting More than $7.8 million for Former CEO’s Benefit On December 14, 2017, the SEC issued a Litigation Release which stated: The Securities and... Read More →