{"id":1572,"date":"2014-12-31T17:56:49","date_gmt":"2014-12-31T17:56:49","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/12\/securities_fraud_news_sec_char"},"modified":"2022-03-11T13:37:54","modified_gmt":"2022-03-11T19:37:54","slug":"securities-fraud-news-sec-char","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-fraud-news-sec-char\/","title":{"rendered":"Securities Fraud News: SEC Charges NY Firm With Stealing Investor Funds, Stock Promoter Accused of Bilking Clients Over Twitter, Facebook Pre-IPO Shares, and NY Lawyer Under Fire for Alleged Ponzi Scam"},"content":{"rendered":"
\n

SEC Charges NY Firm, Fund Managers With Securities Fraud <\/strong><\/h2>\n

The Securities and Exchange Commission is charging VERO Capital Management, its CFO Steven Downey, President Robert Geiger, and General Counsel George Barbaresi with secretly taking investor money to support a side business. The three men ran funds with offering documents that touted their objective as making good returns via mortgage-backed securities<\/a> investments. Instead, after winding down the funds, the officers allegedly diverted around $4.4 million to undocumented bridge loans to an affiliate company that was supposedly in risk management. Investors and the funds’ directors were purportedly not notified that these unauthorized loans were taking place.<\/p>\n

The SEC Enforcement Division also claims that VERO Capital and the three men compelled the funds to buy three notes totalling $7 million from an affiliate, which is a principal transaction that requires written notice and consent of a client before the transaction can be finished. The division claims that no attempt was made to get this mandatory notice. The regulator is alleging multiple violations of the Investment Advisers Act of 1940 and other rules.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

SEC Charges NY Firm, Fund Managers With Securities Fraud The Securities and Exchange Commission is charging VERO Capital Management, its CFO Steven Downey, President Robert Geiger, and General Counsel George Barbaresi with secretly taking investor money to support a side business. 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