The Colorado Court of Appeals has affirmed the 100-year prison term that was imposed on financial advisor Will Hoover for racketeering, securities fraud, and theft convictions. Hoover had received his original sentencing in 2004, after being convicted for operating a number of investment scams that led to investors losing some…
The SEC (Securities and Exchange Commission) was granted summary judgment in its action charging the principal of 800America.Com Inc., a supposed Internet retailing venture, with securities fraud and other violations. The judge, however, refused to impose penalties on Tillie Ruth Steeples (the principal) to the full extent wanted by the…
The New York Attorney General’s Office has announced that Attorney General Eliot Spitzer, also now Governor-elect of New York, is filing a lawsuit against Samaritan Asset Management Services Inc., Johnson Capital Management Inc., and the principals of both companies for allegedly participating in a fraudulent mutual fund market timing scheme.…
The NASD (National Association of Securities Dealers) and the New York Stock Exchange (NYSE) Group Inc. took a major step forward toward developing a consolidated, single, not-for-profit self-regulatory organization (SRO). They recently signed a historic letter of intent for the merger. Before the SRO can be created however, both parties’…
REIT Investors around the world can now take advantage of a global property boom in commercial real estate. Whereas several years ago, only six other nations, including the United States, allowed investors to invest in real estate investment trusts, there are now nearly 24 countries that either have established REITs…
On November 30, The Securities and Exchange Commission made moves to stop what it is calling an “ongoing $2 million fraud” against the elderly by filing an emergency action in the U.S. District Court for the Eastern District of New York. The SEC says that Peter Dawson and his two…
The NASD is charging Albert Lowenthal, Oppenheimer & Co.’s CEO, with knowingly turning in data that was not complete or accurate when it responded to the self-regulatory agency’s request that the brokerage firm assess its own practices pertaining to mutual fund breakpoint discounts. This latest complaint stems from a report…