Lawyers representing a retired couple in a claim against Oppenheimer & Co., Inc. recently obtained an award from a Financial Industry Regulatory Authority (“FINRA”) arbitration panel awarding them $800,000 in damages. The claim was based upon an investment of the couple’s money, including retirement assets, into various energy stocks, including Breitburn Energy Partners, Sandridge Permian…
Panasonic Fined by United States in Bribery Scheme Panasonic Corp. will pay over $143M in disgorgement plus prejudgment interest to resolve a US Securities and Exchange Commission case involving a bribery scheme, accusing the company of accounting fraud violations and violating the Foreign Corrupt Practices Act (FCPA). Panasonic consented to the order, which finds that…
According to New Jersey’s Attorney General’s Office and Division of Consumer Affairs, JB Financial Resources and its owner Jeffrey Mitchell Isaacs must pay a $750K for allegedly selling NJ investors over $7M in unregistered securities connected to the $1.2B Woodbridge Ponzi Scam. More than 8,500 people are said to have been defrauded nationally in that…
Longfin’s Illegal Trading Was an Easy Catch for the SEC The US Securities and Exchange Commission has gotten a court order to freeze $27M in trading proceeds because of allegations that restricted shares of Longfin Corp. (NASDAQ:LFIN) stock may have been illegally sold and distributed. The regulator’s complaint, unsealed in federal court early this month,…
Altaba is Fined $35M For Not Disclosing World’s Largest Data Breach Altaba, formerly Yahoo! Inc., will pay a $35M penalty in a data breach settlement to resolve US Securities and Exchange Commission charges accusing the entity of misleading investors because it did not disclose a major cyber-security data breach. Despite settling, Yahoo is not denying or…
Michael Scronic Pleads Guilty in Ponzi Scheme Michael Scronic, who touted himself as the hedge fund manager of the unregistered Scronic Macro Fund, has agreed to a US Securities and Exchange Commission ban permanently blocking him from buying or selling securities. In a parallel criminal case, Scronic pleaded guilty to securities fraud that involved 45…
The United States Court of Appeals for the 9th Circuit has refused to overturn the US Securities and Exchange Commission ruling that Wedbush Securities Inc. engaged in inadequate supervision of its own regulatory compliance. The appeals court also affirmed the suspension of the brokerage firm’s president and principal Edward W. Wedbush. The SEC’s 2016 finding had sustained…
Daniel Glick, a Chicago-Based investment adviser who bilked clients, including older investors, of $5.2M, has been sentenced to 151 months in prison. He also has to pay $5.2M in restitution. Glick’s Ponzi-like fraud took place between 2011 and 2016. Glick, who is the owner of Glick Accounting Services Inc., Financial Management Strategies Inc., and Glick &…
The US Securities and Exchange Commission is proposing a rule that would keep registered representatives and brokers from also referring to themselves as investment advisors. In almost 1,000 pages of new proposals, the regulator articulated that it wants brokerage firms to make sure that the investing public knows that while brokers can sell investment products…
The US Securities and Exchange Commission is accusing John S. Jumper, a Tennessee businessman and ex-broker, of stealing about $5.7M from the pension plan of Snow Shoe Refractories, LLC, a Pennsylvania company. Now, the commission wants disgorgement of ill-gotten gains with interest, injunctive relief, and penalties. According to the regulator’s complaint, three times, between 3/2015…
