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Browse: Home / Fraud

Fraud

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

Ex-financial advisor Dawn Bennett found guilty in $20M Ponzi scheme case | Financial Planning

By Securities Docket on October 18, 2018, 7:26 am

After deliberating for under five hours Wednesday, a federal jury convicted Bennett on 17 charges, including false statements on a loan application and three kinds of fraud: securities, bank and wire. The case notably had some unusual elements for a securities fraud trial. FBI agents searching Bennett’s penthouse found evidence of voodoo-type witchcraft, specifically instructions […]

Posted in Criminal, Top | Tagged Fraud, Guilty Verdict

SEC Charges Technology Fund Adviser, Founder in Fraudulent Scheme

By Securities Docket on August 21, 2018, 9:11 am

The SEC’s complaint alleges that Michael B. Rothenberg, 34, marketed his advisory firm, Rothenberg Ventures LLC, as uniquely positioned to identify millennial entrepreneurs and invest in “frontier technology” companies. According to SEC filings, Rothenberg’s funds had nearly 200 investors and more than $64 million in assets. The SEC’s complaint alleges that over a three-year period, Rothenberg […]

Posted in SEC, Top | Tagged Fraud

SEC Charges Failed Fyre Festival Founder and Others With $27.4 Million Offering Fraud

By Securities Docket on July 24, 2018, 12:09 pm

The SEC’s complaint alleges that McFarland fraudulently induced investments into his companies Fyre Media, Inc., Fyre Festival LLC, and Magnises, Inc., including in connection with McFarland’s failed venture to host a “once-in-a-lifetime” music festival in the Bahamas. With substantial assistance from Grant H. Margolin, his Chief Marketing Officer, and Daniel Simon, an independent contractor to […]

Posted in SEC, Top | Tagged Fraud, Fyre Festival

SEC Charges Three Former Healthcare Executives With Fraud

By Securities Docket on May 16, 2018, 2:37 pm

The Securities and Exchange Commission today announced fraud charges against three former Constellation Healthcare Technologies Inc. executives who falsified financial and other information they provided to a private firm in the course of negotiating the private firm’s acquisition of a majority stake in Constellation. Houston-based Constellation filed for bankruptcy in March, a little more than […]

Posted in SEC, Top | Tagged Fraud

Barclays to pay US$2b fine for crisis-era fraud: US authorities

By Securities Docket on April 2, 2018, 10:49 am

British banking giant Barclays has agreed to pay a US$2 billion (RM7.7 billion) fine to resolve a fraud case involving mortgage derivatives sold in the run-up to the 2008 global financial crisis, the US Justice Department said Thursday. Authorities said the loans underlying the investment vehicles “were significantly less creditworthy than Barclays represented,” and the […]

Posted in Global, Top | Tagged Fraud, UK

Ruling means ‘pharma bro’ could get decade or more in prison

By Securities Docket on February 26, 2018, 2:42 pm

“Pharma bro” fraudster Martin Shkreli’s hopes for a light prison sentence were dealt a huge blow Monday as a judge ruled that his crimes caused a loss of $10.4 million. The ruling by Judge Kiyo Matsumoto means that federal sentencing guidelines will likely call for a prison term of up to a decade or more […]

Posted in Criminal, Top | Tagged Fraud

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