Last fall, we wrote about a highly unusual cash dividend paid by penny stock Calissio Resources Group, Inc. (CRGP). The payment process was so badly botched it resulted in a Financial Industry Regulatory Authority (FINRA) U3 trading… Read More
On January 13, 2016, the United States Court of Appeals for the Eleventh Circuit affirmed entry of summary judgment in favor of the Securities and Exchange Commission (SEC) on its claims of securities fraud against defendant Stewart Merkin… Read More
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The Securities and Exchange Commission (SEC) announced that Sanderley Rodrigues de Vasconcelos (“Rodrigues”) of Davenport, Florida, who is charged with promoting a pyramid scheme, was ordered to jail for civil contempt arising from his repeated violations of Court… Read More
The Securities and Exchange Commission (SEC) filed a complaint in the United States District Court for the Southern District of Florida against Nicholas Toms seeking enforcement of the SEC Order requiring him to pay disgorgement of $85,918, representing profits… Read More
The Securities and Exchange Commission (SEC) announced that the U.S. District Court for the District of Rhode Island denied defendants Anthony Andrade’s and Kenneth Rampino’s motion to dismiss an SEC insider trading action. The SEC’s complaint, filed June… Read More
The Securities and Exchange Commission (SEC) filed a complaint against Robert Crowe, a law firm partner who worked as a fundraiser and lobbyist for State Street Bank and Trust Company. The complaint alleges that Crowe participated in a… Read More
The Securities and Exchange Commission (SEC) obtained a jury verdict in its favor in a federal district court trial in Philadelphia against Nan Huang, who the agency charged with insider trading on information he illegally obtained from his… Read More
The Securities and Exchange Commission (SEC) announced that on January 8, 2016, the United States District Court for the Southern District of New York entered a judgment against defendant Steven Davis. The judgment resolves all issues of liability… Read More
On December 30, 2015, the Securities and Exchange Commission (“SEC”) published a notice that it was soliciting comments for a proposed rule change submitted by The Depository Trust Company (“DTC”) filed a pursuant to section 19(b)(3)(A) of the… Read More
On December 17, 2015, the Securities and Exchange Commission (SEC) charged Martin Shkreli, former CEO of pharmaceutical company Retrophin, with committing fraud during a 5-year period when he also was working as a hedge fund manager. He is… Read More
On December 10, 2015, the Securities and Exchange Commission (SEC) filed a complaint that charged Oxford City Football Club, Inc. and its CEO, Thomas Anthony Guerriero, with securities fraud and other violations of the federal securities laws. The… Read More
The United States Securities and Exchange Commission (SEC) announced that, on December 4, 2015, the Court for the Southern District of New York issued a final judgment, on consent of defendant Timothy Quintanilla, which permanently enjoined him from violating… Read More
The Securities and Exchange Commission (SEC) announced that on December 15, 2015, it filed charges against Vu Le a/k/a Vinh Le and his company, TeamVinh.com LLC (“TeamVinh”), in connection with their fraudulent raising of more than $3 million from… Read More
The Securities and Exchange Commission (SEC) charged Edward Durante, a recidivist securities law violator with operating a multi-year offering fraud that targeted investors in New England, Ohio and California. The SEC’s complaint alleges that between 2012 and 2014,… Read More
The U.S. capital markets have long been a desired goal for foreign companies that are interested in raising funds or establishing a trading market for their securities. Two of the most important laws applicable to companies seeking to… Read More
Last month, the Fixing America’s Surface Transportation Act, or FAST Act became law. The FAST Act is primarily a transportation bill but there are changes to the federal securities laws which should assist in the capital raising process… Read More
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Securities Lawyer 101 Blog Private companies seeking to go public often use a direct public offering (“Direct Public Offering”). Unlike an Initial Public Offering (“IPO”), a Direct Public Offering allows an issuer to sell its shares directly to investors without… Read More
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The Securities and Exchange Commission (SEC) announced that on February 1, 2016, the Honorable Richard Seeborg of the United States District Court for the Northern District of California entered final judgments against defendants eAdGear Holdings Limited, eAdGear, Inc.,… Read More
The Securities and Exchange Commission (SEC) announced that on January 28, 2016, a jury in the federal court in Boston Massachusetts, returned a guilty verdict against Watertown real-estate developer Robert Bray in a criminal trial prosecuted by… Read More
The Securities and Exchange Commission (SEC) filed an action to enforce compliance with document and testimony subpoenas served upon Jessica Gilbertson in an SEC investigation for possible violations of the securities laws captioned In the Matter… Read More
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On December 14, 2015 the Securities and Exchange Commission (SEC) charged a Pittsboro, North Carolina-based startup energy company and two executives with defrauding investors in an unregistered stock offering as they purported that a big influx of capital… Read More
On December 9, 2015 the Securities and Exchange Commission (SEC) obtained a court order in its subpoena enforcement action against respondent Steve Karroum that requires Mr. Karroum to sign a written consent for the release of his e-mails from… Read More
On December 2, 2015, the Securities and Exchange Commission (SEC) charged Robert Seibert with operating a multi-year offering fraud that targeted elderly investors. According to the SEC’s complaint: Seibert, who was previously charged by the SEC in 1993… Read More
The Securities and Exchange Commission (SEC) charged a California-licensed attorney and a stock promoter behind a pump-and-dump scheme that defrauded investors in Greenway Technology, a Las Vegas-based company purporting to operate resorts for gay and lesbian travelers. The… Read More
The United States Bankruptcy Court for the Eastern District of Pennsylvania issued an order approving of the terms of a proposed settlement between the SEC and Covenant Partners, L.P., a Philadelphia-area private equity fund.
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The Securities and Exchange Commission (SEC) obtained a summary judgment against former Enron president, COO, and CEO Jeffrey Skilling to conclude its civil case that was stayed by the court starting in 2004 until the outcome of criminal… Read More
On December 4, 2015 the Securities and Exchange Commission (SEC) filed suit against Trudy Gilmond for her participation in the unregistered offer and sale of securities through Rex Venture Group LLC d/b/a ZeekRewards.com, an internet-based combined Ponzi… Read More
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It’s that time of year again when companies filing reports with the Securities and Exchange Commission (“SEC”) that have a December 31st year end, must file their annual report on Form 10-K. Recent enforcement actions against SEC filers and insiders… Read More
The SEC filed a complaint alleging that Hui Feng and his firm, Law Offices of Feng & Associates P.C., acted as unregistered brokers by selling EB-5 investments to over 100 foreign investors, who were also their legal clients,… Read More
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The Securities and Exchange Commission (SEC) won a case involving a Ponzi scheme. According to the SEC Wayne Palmer and his company National Note of Utah. The SEC filed fraud charges against them in June 2012 in connection with the Ponzi… Read More
Court Approves Summary Judgment Against Stewart Merkin
On January 13, 2016, the United States Court of Appeals for the Eleventh Circuit affirmed entry of summary judgment in favor of the Securities and Exchange Commission (SEC) on its claims of securities fraud against defendant Stewart Merkin… Read More
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