The Securities and Exchange Commission today filed an emergency enforcement action to stop a fraudulent scheme targeting investors seeking coveted stock in Internet and technology companies like Facebook and Groupon in advance of a public offering. The SEC alleges that Florida resident John A. Mattera and several other individuals carried out the scam using a […]
The Securities and Exchange Commission announced today that on November 8, 2011, the U.S. District Court for the Northern District of Texas ruled that Timothy Page, of Malibu, California, and his company Testre LP are liable for violating the registration provisions of the federal securities laws. The Court ordered Page to pay $2.49 million in […]
The Securities and Exchange Commission today filed a Complaint in United States District Court for the Southern District of New York charging Tyrone L. Gilliams and his company TL Gilliams, LLC with fraud for misappropriating approximately $5 million from investors through an offering scheme involving U.S. Treasury STRIPS. According to the SEC’s Complaint, Gilliams and […]
Jefferson County, Ala., commissioners Wednesday voted to file the largest municipal bankruptcy in U.S. history, saying they could not come to terms with creditors over restructuring $3.14 billion of defaulted sewer debt. On a 4 to 1 vote, commissioners decided to proceed with a Chapter 9 filing. The decision was rendered after commissioners met over […]
The Securities and Exchange Commission is warning broker-dealers it will scrutinize the procedures they use to ensure they don’t run afoul of the new market access rule when dealing in subaccounts used by disreputable day traders. In a communique made on Sept. 29 entitled “National Exam Risk Alert,” the SEC’s Office of Compliance Inspections and Examinations says […]