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SEC Charges Broker for Assisting Investment Adviser

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 […]

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SEC Charges Former Fannie Mae and Freddie Mac Executives

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 […]

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SEC Charges Madoff Employee

On December 19, 2011, the Securities and Exchange Commission charged a longtime Bernie Madoff employee with falsifying books and records in order to hide Madoff’s fraudulent investment advisory operations from regulators. The SEC alleges that Enrica Cotellessa-Pitz, who worked at Bernard L. Madoff Investment Securities LLC (BMIS) for more than 30 years, assisted in falsifying […]

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CFTC To Pass New Swap Rules

The Commodity Futures Trading Commission on Tuesday approved rules requiring trading firms to turn over data about the buying and selling of over-the-counter derivatives products.  The new rules will for the first time give regulators a window into the market for “swaps,” a previously unregulated corner of the financial markets that played a role in […]

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SEC Charges Rudy Ruettiger and Others in Penny Stock Scheme

The Securities and Exchange Commission announced charges today against Daniel “Rudy” Ruettiger and twelve other individuals who participated in a pump-and-dump scheme involving the stock of Rudy Nutrition, a now defunct Nevada corporation. The SEC’s complaint, filed in the United States District Court for the District of Nevada, alleges that Rudy Ruettiger, who is known […]

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