The Securities and Exchange Commission today filed fraud charges against a California-based mining company and its CEO who induced hundreds of investors to pour $16 million into a fruitless gold mining venture. The SEC alleges that Nekekim Corporation and Kenneth Carlton defrauded investors with representations that a special “complex ore” found at Nekekim’s mine site […]
On December 14, the Securities and Exchange Commission charged a Santa Monica-based hedge fund manager and his investment advisory firm with conducting a “cherry-picking” scheme by steering winning trades to their own trading accounts and favored clients to the detriment of certain hedge fund investors. They are also charged with failing to disclose the firm’s […]
Aidikoff, Uhl & Bakhtiari announces the launch of an investigation of the sales practices of LPL Financial, LLC in recommending non-traded REITs to their clients. The investigation follows the recently filed complaint by the Commonwealth of Massachusetts Securities Division into similar non-traded REIT sales practices. The Massachusetts complaint charged LPL with dishonest and unethical business […]
A sole UBS trader used a combination of bribery, flattery and fictitious trading to rig the price of money over three years, regulatory filings show. The employee, only identified by regulators as “Trader A,” colluded with brokers, counterparts at other firms and his colleagues to influence yen Libor, which reflects how much banks charge each for […]
Hedge fund Diamondback Capital Management LLC told investors Thursday that it plans to close and wind down its funds after receiving redemptions requests totaling more than a quarter of its assets. In a letter to investors Thursday, the Stamford, Conn., hedge fund’s founders Richard Schimel and Larry Sapanski said they received redemption requests for Dec. […]