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SEC Obtains Asset Freeze Against Massachusetts-Based Investment Advisers Charged with Misappropriation of Money from an Investment Fund

January 27, 2015

The Securities and Exchange Commission yesterday announced that a federal court has imposed an asset freeze against a group of Massachusetts-based investment advisory companies and their President/CEO, based on the alleged misappropriation of at least $16 million from an investment fund. Judge Nathaniel Gorton of the United States District Court for the District of Massachusetts […]

City of Harvey Agrees to Settle Charges Stemming from Fraudulent Bond Offering Scheme

December 6, 2014

The Securities and Exchange Commission announced today that on December 4, 2014, the City of Harvey, Illinois agreed to settle charges stemming from an enforcement action filed in June 2014. The city has consented to the entry of a final judgment which includes undertakings designed to provide significant protections for bond investors. On June 25, […]

SEC charges Sands Brothers Asset Management LLC, Steven Sands and Martin Sands

October 29, 2014

The Securities and Exchange Commission today announced charges against an investment advisory firm and three top officials for violating the “custody rule” that requires firms to follow certain procedures when they control or have access to client money or securities. Advisory firms with custody of private fund assets can comply with the custody rule by […]

SEC Announces Cases Targeting International Pyramid Scheme Operators

September 26, 2014

The Securities and Exchange Commission today announced charges against the operators of an international pyramid scheme that raised more than $129 million from investors worldwide, primarily in the U.S., China, and Taiwan. The case follows another against a separate pyramid scheme that lured investors in the U.S., China, and Korea with seminars, webinars, and YouTube […]

SEC Charges Former Cleveland-Area Investment Promoter with $18 Million Scheme

August 26, 2014

The Securities and Exchange Commission (“Commission”) filed a civil injunctive action on August 26, 2014 against Oscar F. Villarreal, formerly of Gates Mills, Ohio. The Commission’s complaint alleges that Villarreal defrauded 51 investors out of more than $18 million in three securities offerings since 2009. The complaint, filed in the U.S. District Court for the […]