Blog
Former broker to pay more than $500,000 for defrauding 9/11 widow
March 22, 2012
he Securities and Exchange Commission announced that a federal judge in Massachusetts entered a final judgment on March 14, 2012 ordering defendant James J. Konaxis, formerly a registered representative of Beverly-based broker-dealer Sentinel Securities, Inc., to disgorge more than $483,000 in commissions earned over a two-year period by defrauding a former customer who was left […]
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SEC Charges Senior Executives at California-Based Firm in Stock Lending Scheme
March 21, 2012
The SEC alleges that Argyll Investments LLC’s purported stock-collateralized loan business is merely a fraud perpetrated by James T. Miceli and Douglas A. McClain, Jr. to acquire publicly traded stock from corporate officers and directors at a discounted price from market value, separately sell the shares for full market value in order to fund the […]
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Bond oversight lax according to Securities and Exchange Commission
March 20, 2012
Wall Street banks may not be exercising proper supervision of state and local government bond sales, the Securities and Exchange Commission said, warning investors about risks in the $3.7 trillion municipal market. Reviews of underwriters showed that some may not be sufficiently examining bond documents for evidence of fraud, the agency’s Office of Compliance Inspections and […]
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Stanford class actions to move forward
March 19, 2012
Investors who lost billions in a massive Ponzi scheme orchestrated by convicted former Texas tycoon R. Allen Stanford won a legal victory Monday as a federal appeals court decided to let their class action lawsuits go forward against individuals and companies they allege aided the financier’s fraud. The 5th U.S. Circuit Court of Appeals overturned […]
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Firms charged over private Facebook share offerings
March 14, 2012
Securities regulators took enforcement action against an online trading platform and two private funds offering Facebook shares on Wednesday, the first action in a year-long probe into the lightly regulated world of private company-share trading. The SEC charged SharesPost, which matches buyers and sellers of private shares, and its CEO Greg Brogger with failing to register […]
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