Tagged with "Fraud"

SEC Charges Texas Resident With Fraud In Connection With Chicago Real Estate Scheme

Posted on May 30th, 2019 at 4:01 PM
SEC Charges Texas Resident With Fraud In Connection With Chicago  Real Estate Scheme

On May 29, 2019, the Securities and Exchange Commission (SEC) charged George Slowinski with perpetrating a more than $20 million real estate fraud in Chicago, Illinois, impacting more than 600 investors.

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Washington Investment Adviser Pleads Guilty To $3.1 Million Fraud Scheme

Posted on April 3rd, 2019 at 3:40 PM
Washington Investment Adviser Pleads Guilty To $3.1 Million Fraud Scheme

Sweetwater Investments Inc. principal, Dennis Gibb has pled guilty in Washington federal court to stealing $3.1 million from his clients and covering his tracks with falsified account statements and tax documents.

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The SEC Charges Castleberry Financial Services Group for Orchestrating a $3.6 Million Alternative Investment Fraud Scheme

Posted on February 27th, 2019 at 2:08 PM
The SEC Charges Castleberry Financial Services Group for Orchestrating a $3.6 Million Alternative Investment Fraud Scheme

A federal judge for the U.S. District Court for the Southern District of Florida has granted the SEC’s request for a temporary restraining order and temporary asset freeze of Florida based alternative investment firm, Castleberry Financial Services Group, LLC.

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IRS Awarded $300 Million to Whistleblowers in 2018

Posted on February 12th, 2019 at 12:05 PM
IRS Awarded $300 Million to Whistleblowers in 2018

According to the Internal Revenue Service’s annual report for 2018, its whistleblower reward program has triggered collections of over $1.4 billion in sanctions from individuals and entities involved in tax fraud and other related violations.

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Virginia Investment Adviser Sentenced to 13 Years in Prison in Connection with Operating a $5 Million Ponzi Scheme

Posted on February 8th, 2019 at 10:27 AM
Virginia Investment Adviser Sentenced to 13 Years in Prison in Connection with Operating a $5 Million Ponzi Scheme

According to the U.S. Department of Justice, Virginia investment adviser, Edward Lee Moody Jr. has been sentenced to 13 years in prison after pleading guilty to mail fraud and other related charges in connection with orchestrating a 13-year Ponzi-scheme.

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FINRA Panel Awards Two Teachers $2.38 Million in Connection with Fraud Claim

Posted on February 6th, 2019 at 9:57 AM
FINRA Panel Awards Two Teachers $2.38 Million in Connection with Fraud Claim

A FINRA panel has awarded two retired school teachers a total of $2.38 in connection with a claim that they had filed against Virginia-based broker-dealer, Capitol Securities, and its former broker, identified in the award as “Mr. T.”

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Wells Fargo Agrees to Pay $575 Million to 50 State Regulators Over Fake Account Scandal and Other Activities

Posted on January 11th, 2019 at 1:28 PM
Wells Fargo Agrees to Pay $575 Million to 50 State Regulators Over Fake Account Scandal and Other Activities

In a statement announced by Iowa Attorney General Tom Miller, Wells Fargo has agreed to pay $575 million to state attorney generals in all 50 states in order to resolve claims against the bank for violations of consumer protection laws relating to the opening of millions of fake accounts as well as other fraudulent activities.

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Former NBA No. 1 Draft Pick Files Lawsuit Against Merrill Lynch and Advisor

Posted on December 19th, 2018 at 5:09 PM
Former NBA No. 1 Draft Pick Files Lawsuit Against Merrill Lynch and Advisor

Former National Basketball Association player and 2001 first round draft pick, Kwame Brown has filed a lawsuit in California Superior Court in Los Angeles against Merrill Lynch, Bank of America and his former adviser, Michelle Marquez, alleging fraud, breach of fiduciary duty and breach of contract.

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SEC Charges New York Investment Adviser Hector May for Operating a Ponzi-Scheme

Posted on December 17th, 2018 at 2:51 PM
SEC Charges New York Investment Adviser Hector May for Operating a Ponzi-Scheme

The SEC has filed a complaint in the Southern District of New York against former Rockland County, New York-based investment adviser, Hector May and his daughter, Vania Bell for misappropriating more than $7.9 million in a Ponzi-scheme involving the sale of bonds.

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SEC's Whistleblower Program Gains Momentum in 2018

Posted on November 28th, 2018 at 2:21 PM
SEC's Whistleblower Program Gains Momentum in 2018

The SEC’s whistleblower program has been an important tool for individuals since 2011. The awards are distributed from an investor protection fund established by Congress. To obtain an award, the whistleblower’s information must be unique, useful and lead to a successful enforcement action. 

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