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David R. Chase P.A.
The US Securities and Exchange Commission last week filed civil charges against the founder of a venture capital fund and his financial advisory firm for over-billing investors to finance his personal business ventures, including funneling millions to his virtual reality company. In its Complaint, the SEC alleged that Michael Rothenberg touted his investment advisory firm as able to identify millennial entrepreneurs...
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The Securities and Exchange Commission recently took a big hit to its enforcement program after a federal court in the Eastern District of New York dismissed its enforcement case with prejudice at the pleadings stage, including its claim for injunctive relief, on statute of limitations grounds. In SEC v. Cohen, et. al., decided last month, the Court ruled that the...
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The securities law firm of David R. Chase, http://www.davidchaselaw.com, is investigating potential arbitration claims against brokerage firms for their offer and sale of American Finance Trust, Inc. (Nasdaq symbol AFIN), a non-traded REIT, which has lost almost half of its value from its initial sales price of $25.00 a share. Non-traded REITs are typically marketed...
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In its relentless pursuit of illegal insider trading, the Securities and Exchange Commission filed charges against a former financial analyst at Stericycle, Inc. and his mother, who he allegedly tipped and who, in turn, traded on the material, non-public information as well. In its charging papers, the SEC contends that in April 2016, Matthew Brunstrum (the son) learned...
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The Securities and Exchange Commission (SEC) last week filed charges against an investment advisory firm and its CEO for unsuitably investing $19 million of retail investor funds, including pension and retirement assets, in speculative investments and reaping large commissions from those securities transactions. In its civil enforcement action, the SEC claims that Temenos Advisory Inc. and its chief...
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In its continued crackdown on illegal insider trading, the Securities and Exchange Commission (SEC) just days ago charged an employee of a credit ratings agency with tipping two friends about the non-public plans of the Sherwin-Williams Company to acquire Valspar Corp., which he learned of through his employment.  The SEC also brought a civil enforcement action against his two friends...
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The Securities and Exchange Commission (SEC) earlier this week filed an emergency enforcement action in federal court seeking to shut down an alleged ongoing fraudulent scheme run by a handful of investment advisors, including Perry Santillo, Christopher Parris, Paul Anthony Larocco, John Piccarreto and Thomas Brenner. The SEC alleges that these individuals were involved in an ongoing...
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This week the United States Securities and Exchange Commission sought and obtained asset freezes against five investment advisers for allegedly defrauding approximately 637 investors over the course of years in a $102 million Ponzi scheme. The SEC filed an enforcement action against Perry Santillo of Rochester, New York, Christopher Parris also of Rochester, Paul LaRocco of Ocala, Florida, John Piccarreto of San Antonio, and Thomas Brenner of...
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The Securities and Exchange Commission has sued an equipment leasing company, Essex Capital Corporation, and its principal for fraud in connection with their sale of over $80 million in promissory notes. Per the SEC’s complaint, between 2014 and 2017, Essex Capital Corporation and its founder, Ralph T. Iannelli, issued numerous false statements and illusory personal guarantees...
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Investors in Summit Healthcare REIT (“Summit”), a non-traded real estate investment trust (Non-traded REIT), may have claims to recover their investment losses against their broker or financial advisor who recommended its purchase. Summit, based in Lake Forest, California, invests in a diversified, income-producing portfolio of assets in the healthcare sector, focusing its investments on operators of senior housing facilities in the United...
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