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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInSEC Obtains Judgment Against Former CEO and General Counsel Who Raised Millions of Dollars from Investors Through False Statements
On May 3, 2023, the United States District Court for the District of Connecticut entered a final judgment against former Connecticut resident Ronald D. Swanson ordering him to pay over $927,000 in disgorgement and penalties in a securities offering fraud action previously filed by the SEC in May 2020. The Court also ordered Swanson barred […]
Silicon Valley Start-Up Founder Pleads Guilty To Securities Fraud For Overstating Revenue To Investors | DOJ
Manish Lachwani pleaded guilty in federal court in San Francisco today to wire fraud and securities fraud charges in connection with his scheme to dupe potential investors into supporting the technology start-up he founded and led, announced United States Attorney Ismail J. Ramsey and FBI Special Agent in Charge Robert K. Tripp. The guilty pleas […]
Tycoon Mike Lynch Set to Be Sent to US After Losing Appeal – Bloomberg
UK tech tycoon Mike Lynch is set to be extradited to the US to face criminal charges over the sale of his Autonomy Corp. to Hewlett Packard after British courts closed the door on any future UK appeals. Lynch lost his bid to block his transfer to the US after the London judges refused permission […]
SEC Files Charges in Fine Wine Investment Fraud Scheme
According to the SEC’s complaint, between January 2018 and September 2021, Charles Winn, through Scott-Britten, Stewart, and Alexander, its sales representatives, and marketing materials, represented to investors that Charles Winn would buy investment-grade wines for the investors, later sell the wine at a profit, and would share in a portion of the profits with investors. […]
Ex-Deutsche Bank Investment Banker Charged With Crypto Fraud – Bloomberg
A former Deutsche Bank investment banker was charged with engaging in a Ponzi-like cryptocurrency fraud in which he falsely promised investors “guaranteed” returns and used some of their money to pay off others. Rashawn Russell, 27, was arrested on Monday and accused by US prosecutors of defrauding multiple investors by telling them their funds would […]
Former Start-Up Founder Charged by Prosecutors for Defrauding JPMorgan Chase – The New York Times
Charlie Javice, the 31-year-old start-up founder who JPMorgan Chase accused in a December lawsuit of lying to the bank as it prepared to acquire her company, is now facing criminal charges as well. On Tuesday, the U.S. attorney’s office for the Southern District of New York charged her with wire, bank and securities fraud. It […]
SEC Charges Founder of Frank with Fraud in Connection with $175 million Sale of Student Loan Assistance Company
The Securities and Exchange Commission today charged Charlie Javice, the founder of the now shuttered student loan assistance company previously known as Frank, with fraud in connection with the $175 million sale of the company to JPMorgan Chase Bank, N.A., (JPMC) in 2021. The SEC’s complaint alleges that Javice orchestrated a scheme to deceive JPMC […]
Judge Jed Rakoff on Fraud and Fraudsters – Business Law Prof Blog
Judge Rakoff also offered–relevant to some of the work that I have done and am doing on friends-and-family insider trading cases–that based on his personal experience, fraud and other white collar criminal misconduct may be motivated by greed, a desire for power or status, psychological issues, etc. But he noted overall that those who commit […]
Chinese Billionaire Guo Says He’d Be Worse Off if He Fled US – Bloomberg
Chinese billionaire Guo Wengui, who was arrested in New York earlier this month on fraud charges, says he’d be worse off if he fled the US than if he stayed and faced trial. Guo, also known as Ho Wan Kwok, asked to be released on a $25 million bond, arguing he’s not a flight risk. […]
SEC Charges Three Executives at U.S. Navy Shipbuilder Austal USA with Accounting Fraud
The Securities and Exchange Commission today charged three executives of Mobile, Alabama-based shipbuilder, Austal USA LLC, for orchestrating a fraudulent revenue recognition scheme that allowed its parent company to meet or exceed analyst expectations. The SEC alleges that, from at least January 2013 through July 2016, Austal USA’s former president, Craig D. Perciavalle, its current […]