Gerova Financial Group Chairman and Two Others Plead Guilty in Scam to Defraud Native American Tribe and Other Investors Gary Hirst, Jason Galanis, and Hugh Dunkerley have all pleaded guilty to criminal charges related to a scam to defraud a Native American tribal entity and a number of investment advisory…
Altaba is Fined $35M For Not Disclosing World’s Largest Data Breach Altaba, formerly Yahoo! Inc., will pay a $35M penalty in a data breach settlement to resolve US Securities and Exchange Commission charges accusing the entity of misleading investors because it did not disclose a major cyber-security data breach. Despite…
Fyre Festival Founder Pleads Guilty to Wire Fraud and Must Pay Back Investors Billy McFarland, the founder of the failed Fyre Festival who pleaded guilty to two counts of wire fraud, must may pay back millions of dollars to investors whom he bilked. In Manhattan federal court, McFarland acknowledged that…
The US Securities and Exchange Commission has filed insider trading charges against Jun Ying, the ex-chief information officer of an Equifax US business unit. The regulator contends that Ying engaged in insider trading in 2007 before the consumer credit reporting agency announced that there had been a major data breach…
Investment Adviser Accused of Scamming Pro Athletes and Church Members Admits to Securities Fraud Richard Wyatt Davis Jr., a North Carolina-based investment adviser,has pleaded guilty to tax evasion and securities fraud charges. Davis was indicted for securities fraud, wire fraud, and tax evasion in 2017. He initially pleaded not guilty.…
In its complaint, the US Securities and Exchange Commission has submitted a civil junctive action accusing Malachi Financial Products, Inc. and its principal Porter B. Bingham, of municipal bank fraud targeting Rolling Fork, Mississippi. According to the regulator, Malachi and Bingham charged the city too much for municipal advisory services…
The US Securities and Exchange Commission has filed civil charges against Train Babcock Advisors LLC, lawyer Robert Gaughran, and accountant Kevin Clune related to an over $9M institutional fraud targeting a charitable foundation set up by an elderly widow in 1991. The organization, which focuses on improving healthcare and education,…
The SEC has filed fraud charge against Behavioral Recognition Systems, Inc. and its former CEO Ray C. Davis. According to the Commission, the Houston-based technology company, and Davis solicited over $28M from hundreds of investors, diverting over $7.8M to the latter’s personal use. Between 1/2013 and 7/2015, investors targeted in…
The Financial Industry Regulatory Authority is warning investors interested in buying shares in companies touting potentially high returns related to cryptocurrency-related activities, but that are unable to “back up such claims,” to be on the lookout for potential financial fraud. The self-regulatory organization provided a number of “tips” for avoiding…
The US Securities and Exchange Commission has filed financial fraud charges against the Woodbridge Group of Companies, LLC and its owner Robert H. Shapiro. The Woodbridge Group is comprised of unregistered investment companies. According to the regulator, Woodbridge and Shapiro ran a $1.2B Ponzi Scam that bilked over 8,400 investors,…