Recent Blog Posts
SEC Cannot Be Sued for Failing to Stop Ponzi Scheme Sooner
Federal securities regulators are responsible for identifying and stopping fraud that harms investors. But what happens when the regulators act too late? Can the government be held responsible for the negligence of its own officials when they fail to act on obvious warning signs of securities fraud? A federal appeals court recently addressed this… Read More »
SEC Announces Million-Dollar Whistleblower Award to Compliance Officer
Washington D.C., April 22, 2015 — The Securities and Exchange Commission today announced an award of more than a million dollars to a compliance professional who provided information that assisted the SEC in an enforcement action against the whistleblower’s company. The award involves a compliance officer who had a reasonable basis to believe that… Read More »
Michigan Businessman Sentenced to Up to 20 Years for Defrauding Investors
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 23250 / April 30, 2015 The Securities and Exchange Commission announced today that on April 24, 2015, the Honorable Joseph K. Sheeran of the Bay County Circuit Court in Bay City, Michigan sentenced Joel Wilson to concurrent prison terms of 105 months to 20 years and… Read More »
SEC Announces Revised Rules for Smaller Securities Sales
The U.S. Securities and Exchange Commission recently adopted new regulations designed to increase smaller companies’ access to capital markets. The SEC revised one of its oldest set of rules, known as Regulation A, which exempts certain “small issues of securities” from the normal registration process. SEC Commissioner Luis A. Aguilar formally announced the new… Read More »
Ex-Miami Dolphins Player Accused of Running Ponzi Scheme
Miami Dolphins fans may remember Will Allen’s five-year stint with the team as a defensive back. Allen played 11 seasons altogether in the NFL, ending his career with the New England Patriots in 2012. However, Allen’s time in New England was not exclusively devoted to football; he also co-founded a group of investment companies… Read More »
FINRA Launches Toll-Free FINRA Securities Helpline for Seniors
FINRA News Report – Monday, April 20, 2015 WASHINGTON—The Financial Industry Regulatory Authority (FINRA) has launched the toll-free FINRA Securities Helpline for Seniors™ to provide older investors with a supportive place to get assistance from knowledgeable FINRA staff related to concerns they have with their brokerage accounts and investments. Senior investors can call FINRA’s new toll-free… Read More »
The Role of “Whistleblowers” in Securities Fraud Cases
Congress passed the Dodd-Frank Act (DFA) in 2010 in response to the post-2007 financial crisis. The DFA included a number of provisions designed to strengthen regulation of the securities and financial industries. One such provision involved the use of “whistleblowers” in securities fraud investigations. Broadly defined, a whistleblower is anyone who provides “information relating… Read More »
Brokerage Firms Reminded – Senior Investors Must Be Treated Fairly
SEC Staff and FINRA Issue Report on National Senior Investor Initiative 04/15/2015 01:00 PM EDT With the Social Security Administration estimating that each day for the next 15 years, an average of 10,000 Americans will turn 65, the staff of the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) today… Read More »
Missing Boater Returns: Former Boca Financial Adviser was Listed as Missing Two Weeks Ago
By Matt Morgan, Palm Beach Post Staff Writer mmorgan@pbpost.com A boater who went missing about two weeks ago has returned to his home and admitted that he orchestrated his disappearance to escape his legal problems, according to the Palm Beach County Sheriff ’s Office. Richard Ohrn, 44, went missing off the coast of Boca Raton… Read More »
Final Defendant Sentenced in Massive North Carolina Ponzi Scheme
Earlier this year, a federal judge in North Carolina sentenced the 11th and final defendant in a massive Ponzi scheme that cost investors upwards of $40 million. The so-called Black Diamond Ponzi Scheme conned about 400 victims with promises of significant profits through trading in foreign currencies. Unlike traditional securities markets, foreign exchange (or… Read More »
