According to a Securities and Exchange Commission probe, Forcerank LLC will pay a penalty of $50K for illegally offering complex derivatives products to retail investors. The company did this via mobile phone games referred to as “fantasy sports for stocks.” Forcerank is settling the case without deny or admitting to…
Articles Posted in SEC
SEC Accuses Pennsylvania Broker of $3.2M Securities Fraud Involving 120 Investors
The U.S. Securities and Exchange Commission has put out an emergency asset freeze against Peter Kohli, a former broker. According to the regulator, the Pennsylvania resident bilked at least 120 investors when he fraudulently raised over $3.2M from them between 2012 and 2015. The regulator attributes the funds collapse to…
Ex-Investment Adviser and Talk Show Host Once Again Takes Industry Ban Against Him to the Appeals Court
Three years after the U.S. Securities and Exchange Commission barred Ray Lucia Sr. from the securities industry, the ex-investment adviser and radio talk show host is still seeking to overturn that decision. Last week, he filed a petition asking the U.S. Court of Appeals for the D.C. Circuit to hear his…
SEC Cases: Blank Check Maker is Accused of Fraud, Alleged Scam Involving Company That Makes Containers to Grow Marijuana Faces Civil Charges, & Retail CEO and Promoter Accused of Fraudulent Marketing Campaigns
Florida Man Implicated in Scam Involving Black Check Companies’ Stocks The U.S. Securities and Exchange Commission has filed civil fraud charges against Sheldon R. Rose. The Florida man established over a dozen blank check companies, which the SEC contends are worthless and have no operations despite that they are registered to sell…
Securities Fraud Headlines: Caldwell International to Pay $2M Over Churning Allegations, Alabama Lawyer Allegedly Bilked Professional Athletes, and a Green Tech Company Faces Investor Fraud Charges
Caldwell International Securities Gets $2M Fine to Settle Churning Allegations The Financial Industry Regulatory Authority has imposed a $2M fine on Caldwell International Securities Corp. It is fining Greg Caldwell, who is the principal of the financial firm, $50K. He is now barred from serving as a principal in the…
California Lawyer Goes to Prison for Securities Fraud
Richard Weed, a financial services lawyer, has been sentenced to four years in prison over his involvement in a stock scam involving a number of publicly trading companies. His sentence was issued in the U.S. District Court in Boston. Weed was convicted of securities fraud and wire fraud in May.…
Securities Fraud News: Hedge Fund Manager Accused of Securities Fraud Involving Payoffs to the Terminally Ill, SEC Halts Trading in Neruomama Shares, and Commodity Pool Fraud Leads to More than $10M in Penalties and Restitution
Investment Advisor Firm Accused of Paying Off Terminally Ill Patients to Commit Fraud The SEC has filed fraud charges against Donald Lathen and his Eden Arc Capital Management. Lathen is accused of recruiting at least 60 individuals who had less than six months to live and agreeing to pay them…
Securities Fraud: Unregistered Representatives Bilk Investors of Over $5M & Go Shopping, Broker to Go to Prison Over $131M Market Manipulation Scam, and an Illinois Man is Convicted in $20M Scheme
SEC Files Fraud Charges Against Unregistered Representatives in $5M Fraud The U.S. Securities and Exchange Commission has obtained an asset freeze against Matthew White, Daniel Merandi, and Rodney Zehner for alleged financial fraud. The three men are not registered to sell investments. They are accused of raising over $5M from…
SEC Stops $5M Fraud, Ex-Investment Adviser Faces Criminal Charges, Another Pleads Guilty, and a Broker is Barred for Bilking Elderly Customer Through Variable Annuities
SEC Wins Asset Freeze Against Two Ex-Brokers in Alleged $5M Fraud The Securities and Exchange Commission has obtained an asset freeze from a court to stop the alleged ongoing fraud by ex-brokers Douglas Albert Dyer and James Hugh Brennan III. They are accused of raising over $5M from investors and…
Rhode Island Investment Adviser to Plead Guilty in $21M Ponzi Scam
The U.S. Attorney’s Office has issued a statement announcing that Patrick E. Churchville, the president and owner of ClearPath Wealth Management, will plead guilty to one count of tax fraud and numerous counts of wire fraud related to the running a $21M Ponzi scam. According to prosecutors, Churchville also used…