Tag Archives: Boca Raton Investment Fraud Lawyers
SEC Bars Three Brokers for “Churning” Client Accounts
Many securities brokers work on commission. This generally means the broker receives a payment for each trade he or she executes on a customer’s behalf. While this is perfectly ethical, some brokers cross the line and engage in an illegal practice known as “churning.” As explained in a 1986 federal appeals court decision, there… Read More »
SEC Charges Texas Pair for Misleading Elderly & Retired Investors in Life Settlements
On May 11, the U.S. Securities and Exchange Commission filed a civil lawsuit in Texas against two insurance salesman accused of illegally selling “life settlements” to more than two dozen investors, many of them elderly and retired. Life settlements are fractional interests investors purchase in the death benefits payable under a life insurance policy…. Read More »
SEC, U.S. Attorney Prosecute Miami Ponzi Scheme That Targeted Retirees
A Miami resident is facing federal criminal charges for allegedly running a Ponzi scheme targeting retired public sector workers. Phil Donnahue Williamson has already settled civil charges brought by the U.S. Securities and Exchange Commission, agreeing to repay nearly $750,000 to investors. The U.S. Attorney’s Office in Miami separately charged Williamson with investment advisor… Read More »
SEC Charges Atlanta Broker With Defrauding Public Employee Pension Funds
Millions of state and local government employees depend on public pension systems to safeguard their retirement. Florida itself operates the fourth-largest public pension system in the country. And when unethical investment advisers try to take advantage of public pension systems by recommending unsuitable uses for pension funds, workers and retirees may be put at… Read More »
SEC Charges Texas Army Veteran With Defrauding Fellow Servicemen
On April 13, the U.S. Securities and Exchange Commission charged Leroy Brown, Jr., of Killeen, Texas, with securities fraud. The SEC said Brown, a 12-year veteran of the U.S. Army, conducted a “fraudulent scheme to lure current and former U.S. military personnel and others to invest with him and his firm.” A federal judge… Read More »
Michigan Real Estate Promoter Sentenced for Running Ponzi-Type Scheme
On April 24, a Michigan judge sentenced a former real estate promoter to prison after a jury convicted him in March of orchestrating what the state attorney general and the U.S. Securities and Exchange Commission described as a Ponzi scheme. Even at his sentencing hearing, Joel I. Wilson maintained he never intended to defraud… Read More »
Feds Charge Son-in-Law of Prominent New York Politician With Securities Fraud
On April 13, federal prosecutors in New York City charged a Brooklyn man with scheming to defraud investors out of more than $7 million. The U.S. Attorney’s Office in Manhattan claims Marcello Trebitsch, also known as Yair Trebitsch, promised to invest customer funds while actually appropriating money for himself. Trebitsch is married to the… Read More »
Supreme Court Says Company May Be Sued For Omitting Facts Which Contradict “Opinions”
On March 24, the U.S. Supreme Court issued a major decision related to securities fraud. The justices addressed the legal standards necessary for shareholders to sue companies for allegedly misleading statements contained in official securities filings. The Court’s decision opens the door for a more permissive standard that could benefit shareholders in the long… 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 »
