• Home
  • About
  • ‘Enforcement 40’ for 2020
  • Webcasts
  • Enforcement Hall of Fame
  • Contact
Securities Docket
Experts in Risk
  • Class Actions
  • Criminal
  • Events
  • Features
  • Global
  • People
  • SEC
Browse: Home / 2021 / November / 10 / The SEC’s mind-boggling tale of $40 million fraud on class action administrators | Reuters

The SEC’s mind-boggling tale of $40 million fraud on class action administrators | Reuters

By Securities Docket on November 10, 2021, 6:11 pm

It’s no easy feat to rook securities settlement administrators, whose job, after all, is to make sure that money from settlement funds gets paid out only to investors with legitimate claims.

But according to a newly unsealed indictment and simultaneous U.S. Securities and Exchange Commission complaint in federal court in Philadelphia, three alleged fraudsters managed to extract no less than $40 million over the last seven years by filing false claims on behalf of three fake institutional investors.

Source: The SEC’s mind-boggling tale of $40 million fraud on class action administrators | Reuters

Posted in Class Actions, SEC, Top | Tagged Settlements

« Previous Next »

Subscribe

‘Enforcement 40’ for 2020

The inside story behind the collapse of Queensland Nickel

Our Sponsors

Securities-Docket_260x125_14Sec

Join Us On LinkedIn

Join the Securities Litigation and Enforcement Group on LinkedIn

Archives

Copyright © 2023 Securities Docket.

  • Home
  • About
  • ‘Enforcement 40’ for 2020
  • Webcasts
  • Enforcement Hall of Fame
  • Contact
  • Criminal
  • Class Actions
  • Features
  • Global
  • People
  • SEC
  • Events