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SEC shuts down Los Angeles based Ponzi scheme

The Securities and Exchange Commission today obtained an emergency court order to halt an alleged ongoing $7.54 million Ponzi scheme that targeted members of the Persian-Jewish community in Los Angeles. The Commission alleges that for the past two years, Shervin Neman raised money from investors by claiming to be a hedge fund manager. Neman told […]

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SEC charges Silicon Valley man for start up fraud

The Securities and Exchange Commission today charged a Silicon Valley businessman raised millions for two Internet start-ups by falsely promising investors that his companies were on the verge of undergoing successful initial public offerings and were well on their way to becoming the “next Google.” The SEC alleges that Benedict Van, of San Jose, Calif., […]

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Rothstein colleague indicted in Ponzi scheme case

Steven Lippman, 49, of Plantation, was charged with conspiracy to violate the Federal Election Campaign Act, to defraud the U.S., and to defraud a financial institution. Prosecutors said Lippman, a shareholder in Rothstein’s now defunct law firm, Rothstein, Rosenfeldt and Adler (RRA), was illegally reimbursed by RRA for certain political contributions he made including the […]

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Schwab considers warning customers about complex ETF's

The move follows the sudden plunge in an exchange-traded note called VelocityShares Daily 2X VIX Short-Term ETN, or TVIX, which lost 60 percent of its value in a short span of March. The warning would be similar to one that pops up when investors trade options related to volatility, which are more complex than stocks.  […]

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Fiduciary duty conversation continues

New rules that could require certain brokers to act in the best interests of clients should enhance laws already in place for some financial advisers, a coalition of investor advocacy and trade groups wrote late on Thursday. The letter to Securities and Exchange Commission Chairman Mary Schapiro from groups that include the Consumer Federation of […]

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