Tag Archives: SEC
SEC Cites “Lax” Oversight in Illegal “Trading Profits” Case
Investors should always be on the lookout for brokers who add charges to their stated commissions. Securities fraud does not always involve Ponzi schemes or people selling fictitious investments. Many times, there is fraud in routine, everyday transactions where a seemingly legitimate broker takes markups on trades without telling the investor. SEC v. Lax… Read More »
SEC Warns Investors Not to Fall for “Prime Bank” Scams
Securities fraud frequently involves misleading potential investors by using complicated-sounding language. After all, the more complex the investment sounds, the more likely it is to earn enormous profits, right? At least that is what the perpetrators of the fraud want you to believe. The U.S. Securities and Exchange Commission has identified a number of… Read More »
SEC Fines Broker $10 Million for Laundering Penny Stocks
On January 27th, the U.S. Securities and Exchange Commission said New York-based broker Oppenheimer & Co., Inc., admitted to multiple violations of federal securities laws and agreed to pay a $10 million civil penalty. The SEC’s order cited two series of illegal activities by Oppenheimer. Both involved Oppenheimer acting as an intermediary for unregistered… Read More »
Prosecutors Extradite Accused Ponzi Scheme Operator from Brazil to Florida
On Dec. 8, former Miami Beach concert promoter Jack Utsick made his first appearance in federal court on eight counts of mail fraud related to a Ponzi scheme he ran for nearly 10 years. Utsick previously settled civil charges with the U.S. Securities and Exchange Commission related to the scheme. But four years ago,… Read More »
Top Firms Settle with SEC over Puerto Rican Junk Bonds
The U.S. Securities and Exchange Commission announced this week that 13 top financial firms have settled charges against them alleging that they inappropriately sold Puerto Rican junk bonds to retail investors. The firms, including Charles Schwab, JP Morgan, and UBS, have all agreed to pay penalties ranging between $54,000 and $130,000, without admitting any… Read More »
