Two men and their unregistered investment company lied in their sales pitches and invested funds of seniors in a $6 million scam.
Tagged with "SEC"
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SEC Accuses Investment Company And Its Founders Of $6 Million Investment Scam
Posted on January 14th, 2020 at 1:44 PM
SEC Indicts Recidivist Investment Adviser and Firm for Defrauding Retirees
Posted on December 26th, 2019 at 4:02 PM
On December 19th, the Securities and Exchange Commission filed a complaint against investment adviser firm Springer Financial Advisors (“SFA”) and its owner Keith Springer (“Springer”) for allegedly defrauding hundreds of individual investors at or nearing retirement.
CEO and Owner of First Capital Real Estate Trust, Inc. Charged with Fraud
Posted on December 20th, 2019 at 12:15 PM
Suneet Singal, owner and CEO of First Capital Real Estate Trust, Inc., has been charged with fraud by the SEC. According to the SEC Complaint, Singal purported to contribute a dozen hotels to the REIT and received a $15.2 million interest in the REIT’s operating partnership. However, the SEC alleged that Singal lied when he claimed beneficial ownership of the hotels. The Complaint stated that Singal’s misrepresentation caused the REIT’s net asset values to be overstated, which resulted in common shares being issued to investors at higher prices. The Complaint further alleged that Singal made material misrepresentations and omissions regarding these hotels in several SEC filings.
SEC Bars Ex Securities America Rep For $1 Billion Ponzi Scheme
Posted on December 11th, 2019 at 5:06 PM
The U.S. Securities and Exchange Commission ("SEC") has barred former Securities America broker and certified public accountant for his role in a Ponzi scheme that defrauded investors of about $1 billion.
Final Defendant in Ponzi-Like Fraud Case Sentenced to 2 Years in Prison
Posted on December 6th, 2019 at 11:34 AM
Cameron R. Jezierski is the last of three alleged perpetrators to be sentenced in a criminal case parallel to a 2018 SEC complaint regarding a $345 million Ponzi scheme that defrauded over 230 investors across the country.
International Investment Group LLC Registration Revoked by SEC Following $60 Million Fraud
Posted on December 5th, 2019 at 12:07 PM
According to a November 26th press release, the Securities and Exchange Commission (“SEC”) has revoked the registration of investment adviser International Investment Group LLC (“IIG”), following charges of “securities fraud for hiding losses in its flagship hedge fund and selling at least $60 million in fake loan assets to clients.”
Illinois Federal Court Fraud Hearing Ends in $1.8 Million Judgment in Favor of SEC
Posted on December 4th, 2019 at 5:24 PM
According to the Securities and Exchange Commission (“SEC”), on November 12th, 2019, a final judgment was entered in Illinois federal court against an investment adviser charged with “fraud for misappropriating client assets and misrepresenting the value of 15 unregistered advisors.”
SEC Provides Guidance on Form CRS Delivery Requirements and Formatting
Posted on December 3rd, 2019 at 1:52 PM
On November 26, 2019, the Securities and Exchange Commission (“SEC”) published an FAQ regarding Form CRS (a.k.a. “relationship summary”), prepared by the staff of the Division of Investment Management and the Division of Trading and Markets. In the FAQ, the SEC specifies that the responses represent the views of the staff of the Division of Investment Management and the Division of Trading and Markets, and should not be construed as a rule, regulation, or statement of the SEC. The SEC further specifies that the FAQ was neither approved nor disapproved by the SEC, and the FAQ has no legal force or effect.
Equity Crowdfunding on the Rise
Posted on December 2nd, 2019 at 5:11 PM
Equity crowdfunding, though a relatively new practice, is becoming a viable option for investors. The SEC estimates that 1,351 equity crowdfunding offerings have taken place between 2016 and 2018, raising over $107 million in the United States. From 2017 to 2018, the number of investors participating in equity crowdfunding nearly doubled.
SEC Files Action to Stop $6 Million Ponzi Scheme Targeting Seniors in Florida
Posted on November 20th, 2019 at 2:03 PM
The Securities and Exchange Commission ("SEC") has filed an emergency action and obtained a temporary restraining order and asset freeze against two Florida men and the two companies they control in connection with an alleged $6 million Ponzi scheme that has defrauded at least 55 investors, many of whom are senior citizens.
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