Securities Lawyer 101 l Brenda Hamilton

Securities Lawyer 101 l Brenda Hamilton

Wednesday, May 31, 2017

Verto Capital Settles Charges for Ponzi-like Scheme


On May 4, 2017, the Securities and Exchange Commission ("SEC") announced that Verto Capital Management, a New Jersey-based firm, and its CEO have agreed to pay more than $4 million to settle charges that they used new investor money to repay earli...
https://www.securitieslawyer101.com/?p=36717

Tuesday, May 30, 2017

Desarrolladora Homex Settle Fraud Charges


On March 3, 2017, the Securities and Exchange Commission ("SEC") announced that Mexico-based homebuilding company Desarrolladora Homex S.A.B. de C.V. has agreed to settle charges that it reported fake sales of more than 100,000 homes to boost reve...
https://www.securitieslawyer101.com/?p=36713

Monday, May 29, 2017

MagnaChip & CFO Settle Accounting Fraud Charges


On May 1, 2017, the Securities and Exchange Commission ("SEC") announced that MagnaChip, a South Korea-based semiconductor manufacturer, and its former CFO have agreed to settle charges related to an accounting scheme to artificially boost revenue...
https://www.securitieslawyer101.com/?p=36710

Sunday, May 28, 2017

Centers for Medicare and Medicaid Services Employees Charged with Insider Trading


On May 24, 2017, the Securities and Exchange Commission ("SEC") announced charges in an alleged insider trading scheme involving tips of nonpublic information about government plans to cut Medicare reimbursement rates by former Centers for Medicar...
https://www.securitieslawyer101.com/?p=36705

Saturday, May 27, 2017

SEC Files Fraud Charges Against Robert Murray


On May 19, 2017, the Securities and Exchange Commission ("SEC") filed fraud charges against Robert Murray, a Virginia-based mechanical engineer accused of scheming to manipulate the price of Fitbit stock by making a phony regulatory filing. ...
https://www.securitieslawyer101.com/?p=36702

Friday, May 26, 2017

SEC Charges David Humphrey with Securities Fraud


On May 9, 2017, the Securities and Exchange Commission ("SEC") charged David Humphrey, a former employee, with securities fraud in connection with his trading of options and other securities. The SEC’s complaint alleges that David Humphr...
https://www.securitieslawyer101.com/?p=36697

Thursday, May 25, 2017

Barclays Capital Required to Refund Advisory Fees by SEC


On May 10, 2017, the Securities and Exchange Commission ("SEC") announced an enforcement action requiring Barclays Capital to refund advisory fees or mutual fund sales charges to clients who were overcharged. In a settlement of more than $9...
https://www.securitieslawyer101.com/?p=36694

Wednesday, May 24, 2017

Miles Nadal Settles $5.5 Million for SEC Case


On May 11, 2017, the Securities and Exchange Commission ("SEC") announced that Miles Nadal, the former CEO of a marketing company, has agreed to pay $5.5 million to settle charges that his perks were not properly disclosed to shareholders. Public...
https://www.securitieslawyer101.com/?p=36689

Tuesday, May 23, 2017

SEC Charges Nomura Securities International Inc. Head Traders


On May 15, 2017, the Securities and Exchange Commission ("SEC") charged a pair of former head traders who ran the commercial mortgage-backed securities (CMBS) desk at Nomura Securities International Inc. with deliberately lying to customers in orde...
https://www.securitieslawyer101.com/?p=36686

Monday, May 22, 2017

Walter Little and Neighbor Charged by SEC for Insider Trading


On May 11, 2017, the Securities and Exchange Commission ("SEC") charged Walter Little, a former partner at an international law firm, and his neighbor with making more than $1 million in illicit profits by insider trading around corporate announcem...
https://www.securitieslawyer101.com/?p=36681

Sunday, May 21, 2017

Axesstel Fails to Comply with Exchange Act


The Securities and Exchange Commission (“SEC”) deemed it necessary and appropriate for the protection of investors that public administrative proceedings be, and hereby are, instituted pursuant to Section 12(j) of the Securities Exchange Act of...
https://www.securitieslawyer101.com/?p=36639

Saturday, May 20, 2017

Jared Galanis Pleads Guilty, SEC Suspends Him


The Securities and Exchange Commission (“SEC”) deemed it appropriate to issue an order of forthwith suspension of Jared Galanis pursuant to Rule 102(e)(2) of the Commission’s Rules of Practice (17 C.F.R. § 200.102(e)(2)), which states tha...
https://www.securitieslawyer101.com/?p=36635

Friday, May 19, 2017

SEC Suspends Mark McKinnies


The Securities and Exchange Commission (“SEC”) deemed it appropriate and in the public interest that public administrative proceedings are instituted against Mark McKinnies pursuant to Rule 102(e)(3)(i) of the Commission’s Rules of Practice.
https://www.securitieslawyer101.com/?p=36632

Thursday, May 18, 2017

SEC Charges Matthew Krimm with Defrauding Investors


On April 25, 2017, the Securities and Exchange Commission ("SEC") charged Matthew Krimm, a former mortgage loan officer, with defrauding investors, including mortgage loan customers of his former employer. The SEC's complaint, filed in federal...
https://www.securitieslawyer101.com/?p=36611

Wednesday, May 17, 2017

SEC Charges Demitrios Hallas for Reckless Trading


On April 25, 2017, the Securities and Exchange Commission ("SEC") charged Demitrios Hallas, a former broker, with knowingly or recklessly trading unsuitable investment products in the accounts of five customers and misappropriating more than $170,0...
https://www.securitieslawyer101.com/?p=36605

Tuesday, May 16, 2017

Whistleblower Awarded Almost $4 Million by SEC


On April 25, 2017, the Securities and Exchange Commission ("SEC") announced an award of nearly $4 million to a whistleblower who tipped the agency with detailed and specific information about serious misconduct and provided additional assistance du...
https://www.securitieslawyer101.com/?p=36602

Monday, May 15, 2017

SEC Charges Avaneesh Krishnamoorthy with Insider Trading


On April 24, 2017, the Securities and Exchange Commission ("SEC") charged Avaneesh Krishnamoorthy, a vice president in the risk management department of a New York-based investment bank, with insider trading on confidential information he learned ...
https://www.securitieslawyer101.com/?p=36592

Sunday, May 14, 2017

SEC Charges Kevin Amell with Fraud


On April 24, 2017, the Securities and Exchange Commission ("SEC") announced fraud charges against Kevin Amell, a Massachusetts-based portfolio manager accused of diverting at least $1.95 million to his personal brokerage account from a fund over wh...
https://www.securitieslawyer101.com/?p=36585

Saturday, May 13, 2017

Magyar Telekom Executives Agree to Pay Penalties


On April 24, 2017, the Securities and Exchange Commission ("SEC") announced that two former executives at Hungarian-based telecommunications company Magyar Telekom have agreed to pay financial penalties and accept officer-and-director bars to sett...
https://www.securitieslawyer101.com/?p=36582

Friday, May 12, 2017

SEC Charges Brothers for Hydrocarb Fraud Scheme


The Securities and Exchange Commission ("SEC") has charged two brothers - Kent and Mike Watts - with orchestrating a fraudulent scheme to qualify the stock of Hydrocarb Energy Corporation for listing on a major stock exchange, which supposedly woul...
https://www.securitieslawyer101.com/?p=36579

Thursday, May 11, 2017

Robert Stewart Fined & Suspended by FINRA


Robert Stewart (CRD #5746657, Dewey, Arizona) submitted a Letter of Acceptance, Waiver and Consent ("AWC") in which he was assessed a deferred fine of $7,500 and suspended from association with any FINRA member in any capacity for four months. Wit...
https://www.securitieslawyer101.com/?p=36571

Wednesday, May 10, 2017

Brian Scarpellini Named Respondent in Check-Kiting Scheme


Brian Scarpellini (CRD #6320844, Plainsboro, New Jersey) was named a respondent in a FINRA complaint alleging that he converted funds totaling $1,158 from his member firm’s bank affiliate by engaging in a check-kiting scheme. The complaint alleg...
https://www.securitieslawyer101.com/?p=36567

Tuesday, May 9, 2017

Austin Morton Named Respondent In FINRA Complaint


Austin Morton (CRD #5538108, Spiro, Oklahoma) was named a respondent in a FINRA complaint alleging that he converted a total of $36,000 from a former elderly customer with dementia. The complaint alleges that Austin Morton first took $20,000 i...
https://www.securitieslawyer101.com/?p=36564

Monday, May 8, 2017

Rosemary McGinley Suspended From Association with FINRA


Rosemary McGinley (CRD #2435216, Doylestown, Pennsylvania) submitted a Letter of Acceptance, Waiver and Consent ("AWC") in which she was suspended from association with any FINRA member in any capacity for 10 business days. In determining the ...
https://www.securitieslawyer101.com/?p=36554

Sunday, May 7, 2017

Legend Securities Named Respondent for Various Claims


Legend Securities, Inc. (CRD #44952, New York, New York) was named a respondent in a FINRA complaint alleging various claims arising from failures in the firm’s compliance and supervisory systems and procedures. The complaint alleges that Legend...
https://www.securitieslawyer101.com/?p=36551

Saturday, May 6, 2017

FINRA Fines Albert Fried & Company


Albert Fried & Company, LLC (CRD #1914, New York, New York) submitted a Letter of Acceptance, Waiver and Consent ("AWC") in which the firm was censured and fined $27,500. Without admitting or denying the findings, Albert Fried & Company co...
https://www.securitieslawyer101.com/?p=36546

Friday, May 5, 2017

Alejandro Falla Barred From Association with FINRA Members


Alejandro Falla (CRD #5064828, Miami, Florida) submitted an AWC in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Falla consented to the sanction and to the entry of findi...
https://www.securitieslawyer101.com/?p=36540

Thursday, May 4, 2017

Jay Hatton Submits Offer of Settlement


Jay Hatton (CRD #1725472, Edinburgh, Indiana) submitted an Offer of Settlement in which he was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in any capacity for two years. Without admitting or denying th...
https://www.securitieslawyer101.com/?p=36537

Wednesday, May 3, 2017

Lightspeed Trading Named Respondent in FINRA Complaint


Lightspeed Trading, LLC (CRD #35519, New York, New York) was named a respondent in a FINRA complaint alleging that it failed to establish, document, and maintain an adequate system of risk management controls and supervisory procedures, including c...
https://www.securitieslawyer101.com/?p=36529

Tuesday, May 2, 2017

J.W. Korth & Company to pay Restitiution


J.W. Korth & Company, Limited Partnership (CRD #26455, Lansing, Michigan) was ordered to pay the approximate amount of $29,268, plus interest, in restitution to customers and in lieu of a fine, is required to retain an independent consultant ...
https://www.securitieslawyer101.com/?p=36525

Monday, May 1, 2017

FINRA Fines BMA Securities


BMA Securities, LLC (CRD #108219, El Segundo, California) submitted a Letter of Acceptance, Waiver and Consent ("AWC"), in which the firm was censured and fined $25,000. Without admitting or denying the findings, BMA Securities consented to th...
https://www.securitieslawyer101.com/?p=36522