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Monthly Archives: June 2012
Illinois Federal Court Orders Richard C. Regan and Pro Trading Course, LLC to Pay $600,000 Restitution and Civil Monetary Penalties
CFTC v. Richard Regan et al., Case No. 1:11-cv-08679 (N.D. Il.). On June 14, 2012, the CFTC announced an order of default judgment and permanent injunction against Richard C. Regan and Pro Trading Course, LLC (“PTC”) of La Jolla, CA. The … Continue reading
SEC Charges 14 Sales Agents in $415 million Ponzi Scheme
SEC v. Bryan Arias et al., Case No. CV12-2937 (E.D.N.Y.). On June 12, 2012, the SEC charged 14 sales agents who misled investors and illegally sold securities for a Long Island-based investment firm at the center of a $415 million … Continue reading
CFTC Charges Jose S. Rubio in $1.8 Million Commodity Pool Fraud
CFTC v. Jose Rubio et al., Case No. 1:12-cv-22128 (S.D. Ga.). On June 7, 2012, the CFTC filed an enforcement action against Jose S. Rubio and Rubio Wealth Management, LLC (RWM) alleging they violated the Commodity Exchange Act by defrauding investors … Continue reading
CFTC Settles Forex Fraud Action Against Luis Salazar-Correa For $2.6 Million
In the Matter of Prosperity Team, LLC and Luis Salazar-Correa, CFTC Docket No. 12-23. On June 6, 2012, the CFTC ordered Luis Salazar-Correa and his Nevada-based company, Prosperity Team, LLC, to pay more than $2.6 million in a settled administrative proceeding. From … Continue reading
CFTC Charges Ronnie Gene Wilson and His Company Charged With Operating a $90 Million Ponzi Scheme
CFTC v. Atlantic Bullion & Coin, Inc. and Ronnie Gene Wilson, Case No. 8:12-1503-JMC (D.S.C.). The CFTC filed a federal civil enforcement action against Ronnie Gene Wilson and Atlantic Bullion & Coin, Inc. (“AB&C”), charging them with with operating a $90 … Continue reading
CFTC Orders Morgan Stanley to Pay $5 Million for Unlawful Noncompetitive Trades
In the Matter of Morgan Stanley & Co., CFTC Docket No. 12-22. On June 5, 2012, the CFTC issued an order settling charges that, over an 18-month period, Morgan Stanley & Co. unlawfully executed, processed, and reported off-exchange futures trades to … Continue reading
SEC Charges Richard DeMaria in $4 million Prime Bank Scheme
SEC v. Richard DeMaria, Case No. 1:12-cv-04145 (N.D. Ill.). On May 30, 2012, the SEC charged Chicago-area resident Richard DeMaria with fraud, alleging that he operated a prime bank scheme that defrauded at least thirteen investors out of approximately $4.3 million. … Continue reading
SEC Obtains Emergency Relief Against Jason Konior in $11 Million Fraud
SEC v. Jason Konior, Absolute Fund Advisors, LLC, and Absolute Fund Management, LLC, Case No. 1:12-cv-04145-LLS (S.D.N.Y.). On May 24, 2012, the SEC obtained a preliminary injunction, asset freeze, and an order for a verified accounting against Jason Konior and his affiliated … Continue reading
SEC Charges George Levin and Frank Preve in $157 million Ponzi Scheme
SEC v. George G. Levin and Frank J. Preve, Case No. 1:12-cv-21917-UU (S.D. Fl.). On May 22, 2012, the SEC charged Levin and Preve, who provided the biggest influx of funds into one of the largest-ever Ponzi schemes in South Florida. From … Continue reading
Posted in Securities
Tagged Fraud, Ponzi Scheme, SEC, Securities Exchange Act, Unregistered Securities Transactions
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SEC Settles With Hedge Fund Adviser Charged With Misleading Investors
In the Matter of Quantek Asset Management, LLC, Bulltick Capital Markets Holdings, LP, Javier Guerra, and Ralph Patino, AP File No. 3-14893. On May 29, 2012, the SEC issued an Order Instituting Administrative and Cease-And-Desist Proceedings against Quantek, Bulltick, Guerra and Patino. … Continue reading
Posted in Securities
Tagged Hedge Fund, Investment Advisers Act, SEC, Securities Act
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