Tagged with "cease-and-desist"

SEC Enters Cease and Desist Order Against Potamus Trading and Eric J. Pritchett

Posted on July 9th, 2020 at 3:51 PM
SEC Enters Cease and Desist Order Against Potamus Trading and Eric J. Pritchett

The U.S. Securities and Exchange Commission (“SEC”) issued a cease and desist order against Potamus Trading LLC and its former CEO, Eric J. Pritchett. According to the SEC, Potamus and Pritchett “portrayed the firm as filling its clients’ orders on a principal basis by trading from its own inventory of securities or risking its capital in the market.” However, the SEC said that the firm “filled the vast majority of its clients’ orders by engaging in net trading” and “rarely traded from inventory or risked its capital[.]” The SEC alleged that this conduct took place between September 2013 and March 2017.

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Ex-Adviser Gets Five Years in Prison for Stealing $3.1M from Clients

Posted on July 9th, 2019 at 5:20 PM
Ex-Adviser Gets Five Years in Prison for Stealing $3.1M from Clients

A U.S. District Court judge in Seattle sentenced former adviser, Dennis Gibb, to five years in prison for theft, wire fraud and falsification of records, having defrauded his clients for over a decade.

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LATEST NEWS AND ARTICLES

September 22, 2023
State Regulators Maintain Opposition to FINRA's Remote Supervision Pilot Program

The North American Securities Administrators Association (NASAA) and the Public Investor Advocate Bar Association (PIABA) has consistently opposed the Financial Industry Regulatory Authority's (FINRA) proposal for a voluntary three-year pilot program for remote inspections.

September 21, 2023
SEC Charges Private Equity Firm Over Fee Disclosure Failures to Affiliate

The Securities and Exchange Commission (SEC) has charged Prime Group Holdings LLC, a private equity firm specializing in alternative real estate asset investments, with
inadequate disclosure of millions of dollars in real estate brokerage fees paid to a brokerage firm owned by its CEO.

September 20, 2023
SEC Orders Legendary Capital Founder and REIT Advisors to Pay Nearly $5 Million

Corey Maple, co-founder of non-traded REIT sponsor Legendary Capital, has agreed to a $100,000 civil penalty to settle charges brought by the Securities and Exchange Commission (SEC).