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SEC-FINRA Defense Blog
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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In a high-profile enforcement action, the Securities and Exchange Commission charged Congressman Christopher Collins, his son and his son’s girlfriend’s father with illegal insider trading.  In a coordinated move, the U.S. Attorney’s Office for the Southern District of New York filed parallel criminal charges against all three arising out of the same underlying illicit securities trading. In...
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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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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 announced its recent settlement of charges against securities broker-dealers Chardan Capital Markets LLC and Industrial and Commercial Bank of China Financial Services LLC (ICBCFS) for failure to report suspicious sales of billions of penny stock shares. Securities brokerage firms are required under law to timely file Suspicious Activity Reports (SARs) for suspected fraudulent transactions. Per the SEC’s allegations, from...
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The Securities and Exchange Commission continued its efforts to crack-down on illegal insider trading this week as it announced charges against a foreign citizen who, in conjunction with his brother, is alleged to have profited by trading prior to the May 2013 public announcement of WH Group’s acquisition of Smithfield Foods. In its complaint, the SEC alleges...
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Earlier this month, a federal court in New Jersey entered a judgment against Scott Newsholme, an investment adviser and tax-preparer out of New Jersey, for defrauding his clients in excess of $1 million. The Complaint of the Securities and Exchange Commission alleged that Newsholme fabricated securities account statements, doctored stock certificates, and forged promissory notes — all in furtherance of his investment scheme...
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In its continuing efforts to investigate, detect and prosecute investment adviser fraud, the US Securities and Exchange Commission filed civil charges agains Investment Adviser Amrit J.S. Chahal alleging that since February 2015 he utilized his company, Kane Capital Investment Group, to fraudulently raise almost $1.5 million from approximately 50 individual investors. Chahal duped his investors by misrepresenting to be a successful securities trader capable...
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