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Browse: Home / Fraud

Fraud

SEC Charges CEO and President of Synergy Settlement Services with Fraudulent Operation of Special Needs Pooled Trusts

By Securities Docket on May 2, 2022, 1:00 pm

The SEC alleges that Lazarus and Prieto formed the Foundation for Those with Special Needs, Inc. as a non-profit company to “assist personal injury victims with special needs.” The defendants, however, concealed from the beneficiaries, the Internal Revenue Service, and the Social Security Administration that they diverted at least $775,000 in trustee and joinder fees […]

Posted in SEC, Top | Tagged Fraud

SEC Charges Financial Company and Its President with Engaging in Fraudulent Schemes to Boost Stock Price

By Securities Docket on December 29, 2021, 10:31 am

According to the SEC’s complaint, Medallion’s core business was making loans backed by taxicab medallions to taxicab owners and operators. However, the popularity of ride-sharing companies like Uber and Lyft led to a decline in the value of taxicab medallions and of Medallion’s stock price. Murstein and Medallion allegedly directed two separate schemes to inflate […]

Posted in SEC, Top | Tagged Fraud

Nikola Corporation to Pay $125 Million to Resolve Fraud Charges

By Securities Docket on December 21, 2021, 9:53 am

According to the SEC’s order, before Nikola had produced a single commercial product, Milton embarked on a public relations campaign aimed at inflating and maintaining Nikola’s stock price. Milton’s statements in tweets and media appearances falsely gave investors the impression that Nikola had reached certain product and technological milestones. The order finds that Milton misled […]

Posted in SEC, Top | Tagged Fraud

A Skeptical Stock Analyst Wins Big by Seeking Out Frauds – The New York Times

By Securities Docket on August 16, 2021, 2:12 pm

Mr. Anderson’s five-person firm, which takes its name from the German airship that blew up in 1937, is a newbie in the world of finance. Founded in 2017, Hindenburg specializes in publishing detailed reports about publicly traded companies, poking holes in their stories and alerting investors to potential malfeasance. The boom in special purpose acquisition […]

Posted in Industry, Top | Tagged Fraud

SEC Charges Founder of Nikola Corp. With Fraud

By Securities Docket on July 29, 2021, 11:16 am

The SEC’s complaint, filed in U.S. District Court for the Southern District of New York, alleges that Milton founded Nikola in 2015 with the primary goal of manufacturing trucks that run on alternative fuels with low or zero emissions, and building an alternative fuel station infrastructure to support those vehicles.  Milton allegedly helped Nikola raise […]

Posted in SEC, Top | Tagged Fraud, Nikola

Trevor Milton: Grand jury indicts Nikola founder on three counts of fraud

By Securities Docket on July 29, 2021, 10:13 am

Trevor Milton, founder of EV start-up Nikola, was indicted on three counts of criminal fraud by a federal grand jury for allegedly lying about “nearly all aspects of the business,” according to the indictment, which was unsealed Thursday. The U.S. Attorney’s Office in Manhattan accused the billionaire, who resigned as chairman in September, with two […]

Posted in Criminal, Top | Tagged Fraud, Nikola

Longfin CEO Settles Fraud Action

By Securities Docket on January 4, 2020, 10:52 am

The Securities and Exchange Commission today announced that Longfin Corp. CEO Venkata S. Meenavalli has agreed to pay $400,000 in disgorgement and penalties to resolve the SEC’s fraud action against him.  The settlement, which remains subject to court approval, concludes the SEC’s actions against Longfin, its CEO, and three other individuals in which the SEC […]

Posted in SEC, Top | Tagged Fraud

Everything Everywhere Is Securities Fraud – Bloomberg

By Securities Docket on June 27, 2019, 11:31 am

This is mostly a theory of U.S. law. It is also not an exactly accurate statement of U.S. law, and sometimes courts actually reject everything-is-securities-fraud theories, but it is a good practical tool for predicting whether a scandal at a U.S. public company will lead to a securities-fraud lawsuit. It always predicts that the answer will be “yes,” and […]

Posted in Class Actions, SEC, Top | Tagged Fraud

SEC Charges Former Executives of Plastics Manufacturer with Fraud

By Securities Docket on February 13, 2019, 9:45 am

According to the SEC’s complaint, Lucent Polymers, Inc. premised its business model on its ability to transform “garbage to gold” – that is, to use low-grade, non-prime feedstock to develop high-quality plastics. The company’s near-magic “garbage to gold” process, the SEC alleges, was a huge commercial success. However, the complaint alleges that Lucent’s business model […]

Posted in SEC, Top | Tagged Fraud

Is Not Telling the ‘Whole Truth’ Securities Fraud? –

By Securities Docket on November 28, 2018, 10:00 am

Does complying with company disclosure procedures and consulting with legal counsel protect public-company CFOs from liability arising from statements made in press releases and during investor conferences? Based on a recent federal court jury verdict against David Johnston, the former CFO of Aveo Pharmaceuticals, the answer appears to be: It depends. via Is Not Telling […]

Posted in SEC, Top | Tagged CFOs, Fraud

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