The US Securities and Exchange Commission is charging the partner of a Hong Kong-based private equity firm with securities fraud. The regulator claims that Shaohua (Michael) Yin of Summitview Capital Management Ltd. obtained over $56M of DreamWorks Animation SKG stock by using the US brokerage accounts of five Chinese nationals,…
RIA Misappropriated Over $865K and Withdrew $640K in Excess Fees, Say Prosecutors Broidy Wealth Advisors CEO Mark Broidy has pleaded guilty to taking $640K in excess management fees from clients and misappropriating over $864K in stock that were in trusts of which he was the trustee. Now, the registered investment…
Arizona Man to Pay $500K To Settle SEC Fraud Charges James P. Toner will pay over $500K to settle charges accusing him of taking investors’ money. The Arizona man claimed to be a real estate manager and allegedly told investors that he would be personally managing three real estate ventures…
Citigroup Global Markets Inc. (C) has been ordered to pay $25M penalty by the U.S. Commodity Futures Trading Commission to settle charges alleging spoofing in US Treasury futures markets. The regulator is also accusing the firm of not doing a diligent enough job of supervising agents and employees that were…
The Securities and Exchange Commission has filed fraud charges against Sentinel Growth Fund Management and its owner Mark J. Varacchi. The regulator is accusing the Connecticut-based investment advisory firm of stealing at least $3.95M from investors. Over $1M was allegedly used to resolve private litigation in which Varacchi was the…
Port Authority Admits Wrongdoing Related to Failure to Disclose Municipal Bond Risks to Investors The Port Authority of New Jersey and New York will pay a $400K to resolve Securities and Exchange Commission charges accusing the municipal issuer of knowing about the municipal bond risks involved a number of NJ…
Chicago Hedge Fund Manager Gets Over Four Years in $1.8M Fraud Clayton Cohn is sentenced to more than four years behind bars and he will pay $1.55M in restitution for targeting military veterans in a $1.8M hedge fund fraud. Cohn is an ex-US Marine. He pleaded guilty to the criminal…
Citigroup is Accused of Overcharging At Least 60 Investment Advisory Clients Citigroup Global Markets (C) will pay $18.3M to resolve Securities and Exchange Commission charges accusing the firm of overbilling clients and misplacing client contracts. According to the regulator’s order, at least 60,000 investment advisory clients were overcharged about $18M…
The US Securities and Exchange Commission has filed an administrative case against Windsor Street Capital and John D. Telfer, its ex-anti-money laundering officer. The regulator’s enforcement division claims that the New York-based broker dealer did not file Suspicious Activity Reports for $24.8M of suspect transactions, including those connected to an…
The US Securities and Exchange Commission is awarding $7M, to be split between the three whistleblowers who helped the regulator go after an investment scam. This latest whistleblower award, the second issued this year, ups the collective total that the SEC has granted to 41 whistleblowers to $149M. Of the…