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SEC-FINRA Defense Blog
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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The Securities and Exchange Commission last week filed fraud charges against Andrew J. Kandalepas, CEO of Wellness Center USA, Inc., a Chicago-based company.  In its complaint, the SEC alleged that Kandalepas manipulated the company’s stock and made false statements in the company’s SEC filings and press releases. Specifically, the SEC claims that Kandalepas misappropriated $450,000 in unauthorized withdrawals from the company and then covered his misconduct by...
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The Securities and Exchange Commission (SEC) recently charged a former Equifax Chief Information Officer of a U.S business division with engaging in illegal insider trading ahead of Equifax’s September 2017 announcements of a massive data breach. The SEC’s complaint alleged that Jun Ying, who was next in line to become Equifax’s Global CIO, used confidential,nonpublic...
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FINRA recently censured Huntleigh Securities Corporation and ordered it to pay $98,252.33, plus interest, in restitution to customers pursuant to an AWC (Acceptance, Waiver and Consent) settlement. The firm was also required to review and amend, as necessary, its written supervisory procedures (WSPs) and compliance policies. With neither admitting nor denying the findings, the firm...
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FINRA has censured and imposed a $250,000 fine upon City National Securities, Inc., a registered broker-dealer located in Beverly Hills, California. With neither admitting nor denying the findings contained in the FINRA AWC (Acceptance, Waiver and Consent), the firm consented to findings that it failed to supervise certain registered representatives to ensure their compliance with FINRA rules involving outside business activities, private securities...
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The Securities and Exchange Commission recently filed civil charges against a former employee of International Rectifier Corporation (IRC) and his friend for trading on material, nonpublic information in advance of the company’s acquisition. ​The SEC alleges that Lanny Brown knew that Infineon Technologies AG intended to acquire his then-employer, IRC, before the deal was publicly released.  Brown then tipped his friend,...
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More SEC Adviser Exams Projected for 2017 and 2018 An article published in InvestmentNews on November 4, 2017, reported that the Chairman of the Securities and Exchange Commission (SEC), Jay Clayton, intends to increase the number of financial adviser examinations conducted by the SEC each year, thus enabling the securities law enforcement agency’s examination division...
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How to Respond to a SEC Wells Notice The Securities and Exchange Commission’s (SEC) Division of Enforcement is responsible for enforcing the federal securities laws. The Enforcement Division performs this function through its investigations and, if evidence is developed in the investigation that would support filing charges, through the SEC’s filing of cases either in...
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The Securities and Exchange Commission has filed a civil enforcement action against a Philadelphia, Pennsylvania  based hard money lender, Paul Singer, and his company, Singer Financial Corp., alleging an illegal and unregistered offering of securities to the investing public. In its complaint, the SEC asserts that Singer and his company raised around $4.5 million from approximately 70 investors in an unregistered offering of unsecured promissory notes.  The...
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