Per the terms of a proposed consent judgment filed in New York Federal Court, International Investment Group LLC (“IIG”) has agreed to pay $35.2 million to resolve a case brought by the U.S. Securities and Exchange Commission (“SEC”). In the Complaint filed by the SEC, IIG was alleged to have run a Ponzi scheme going back to 2007. The agreed upon penalty consists of $30.9 million in disgorgement and $4.3 million in prejudgment interest.
The Securities and Exchange Commission (“SEC”) has barred Marcus Boggs. Boggs had previously been terminated from Merrill Lynch and barred by the Financial Industry Regulatory Authority (“FINRA”).
The SEC charged three individuals who, during their course of their employment, falsified and withheld documents that were requested by staff of the SEC during an ongoing investigation.
The Securities and Exchange Commission convinced a federal court to freeze assets and put an advisory firm into receivership.
The Securities and Exchange Commission ("SEC") obtained a final judgment against a New York-based broker Donald J. Fowler who was charged with fraud for excessively trading customer accounts using a trading scheme that resulted in hefty commissions for the broker but significant losses for his customers.
The Better Housing Foundation (“BHF”) has defaulted on roughly $170 million in municipal bounds. Additionally, Lindran Properties, a subsidiary of the BHF, filed for Chapter 11 bankruptcy on January 31, 2020. The Securities and Exchange Commission (“SEC”) since has launched an investigation into BHF. In a subpoena, the SEC sought “records related to the events that preceded current ownership’s involvement in [Better Housing Foundation] and its affiliates.”
FINRA has filed proposed rule amendments with the SEC seeking to update FINRA’s expungement arbitration code. Under FINRA’s current rules, a broker seeking expungement will pay a lower fee if they include a request for nominal damages. If nominal damages are requested along with an expungement, then the case is governed by the arbitration rules for cases seeking under $50,000 in damages. The filing fee for these cases can be as little as $50. Expungement cases with no damages requested are filed under the same rules as arbitration cases seeking more than $100,000 in damages, and carry a filing fee of $1,575.
Jeffrey and Paulette Carpoff are being accused by the Securities and Exchange Commission (SEC) of running a nearly one billion dollar Ponzi scheme.
Two men and their unregistered investment company lied in their sales pitches and invested funds of seniors in a $6 million scam.
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.
