$34M Illegal Stock Scam Leads to New Charges The US Securities and Exchange Commission has filed charges in an alleged nearly $34M illegal stock sale involving Biozoom Inc. stock that caused serious financial losses for retail investors. Biozoom was previously called Entertainment Art Inc.. It was in 2013 that the…
According to the Texas State Securities Board’s Enforcement Division, a four-week probe of investment offerings connected to virtual currencies has uncovered “widespread fraud.” The cryptocurrency fraud investigation took a look at investment offerings targeting investors in the state and which appeared to employ fraudulent and illegal solicitation tactics. Of the…
In the U.S. Securities and Exchange Commission’s (SEC) Puerto Rico bond fraud case against ex-UBS Puerto Rico broker Jose Ramirez, a federal judge has found that Ramirez committed fraud and was in violation of securities laws when he directed customers to use lines of credit to purchase Puerto Rico closed-end funds. …
$300M Stock Scam Allegations Lead to Guilty Verdict A Brooklyn jury has convicted ex-OmniView Capital Advisors LLC CEO Abraxas J. Discala of conspiracy, wire fraud, and securities fraud in a $300M market rigging scam/ pump-and dump fraud. A second defendant, lawyer Kyleen Cane, was acquitted after initially being charged with…
In an agreement reached with the North American State Securities Administrators Association, LPL Financial (LPLA) will pay $26M in fines to a number of US states and jurisdictions over unregistered securities sales going back more than a decade. NASAA reports that the settlement comes after a task force was set…
Yasuna Murakami, a hedge fund manager who oversaw MC2 Capital Management LLC And MC2 Canada Capital Management LLC, is sentenced to six years in prison for fraud. Prosecutors accused him of defrauding hedge fund investors. Additionally, Murakami, must pay over $10.5M in investor restitution. Police arrested the Massachusetts hedge fund manager last year. When pleading…
A former UBS (UBS) banking official is claiming that Wall Street banks like his previous employer played a key role in the Puerto Rico economic crisis that has left the U.S. territory more than $70 billion in debt and mired in bankruptcy-like proceedings. The ex-UBS official, Carlos Capacete, was interviewed…
The US Securities and Exchange Commission has filed fraud charges in an alleged $85M Ponzi scam that may have defrauded at least 150 investors. The defendants in the civil case are Arthur Lamar Adams and his Madison Timber Properties, LLC. Prosecutors have brought a parallel criminal case against Adams charging…
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…
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…
