The Securities and Exchange Commission announced today the resolution of an enforcement action filed by the Commission on March 1, 2010 in federal district court in Massachusetts against several Massachusetts-based parties who offered real estate investments. The court entered final judgments by consent against several defendants on January 10, 2012, and the Commission agreed to […]
The Securities and Exchange Commission today charged Texas-based financial services firm Life Partners Holdings, Inc. and three of its senior executives for their involvement in a fraudulent disclosure and accounting scheme involving life settlements. Life Partners is a Nasdaq-traded company that generates virtually all of its revenues from brokering life settlements. Life settlements involve the […]
The Securities and Exchange Commission has sued a Georgia attorney and his client for securities fraud for failing to disclose the client’s criminal indictment in offering documents related to the 2006 sale of $2.96 million of industrial redevelopment revenue bonds by Raleigh County, W. Va. The SEC’s complaints, filed in federal courts in Georgia and […]
On December 15, 2011, the Securities and Exchange Commission filed a civil injunctive action against Stephen M. Folan, a former registered representative in the Chicago office of FTN Financial Securities Corp. (“FTN”), for assisting Sentinel Management Group, Inc. (“Sentinel”), a bankrupt former investment adviser, in its fraud against its advisory clients. The SEC’s complaint alleges […]
The Securities and Exchange Commission (SEC) on Friday, December 16, 2011, charged six former top executives of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) with securities fraud, alleging they knew and approved of misleading statements claiming the companies had minimal holdings of higher-risk mortgage loans, including […]