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Monthly Archives: July 2012
Federal Jury Clears Former Citigroup Manager Brian Stoker of Fraud Charges
On July 31, 2012, a federal jury found that former Citigroup Manager Brian Stoker was not liable for fraud in connection with the bank’s sale of mortgage-related investments.
SEC Files Settled Offering Fraud Action Against Michael Bodanza
SEC v. Michael A. Bodanza, et al., Case No. 1:12-cv-1954 (N.D. Ohio). On July 30, 2012, the SEC announced the filing of a settled civil action against Michael Bodanza, the former CFO and founding member of Preferred Financial Holdings Co., … Continue reading
Posted in Securities
Tagged Fraud, SEC, Securities Act, Securities Exchange Act, Unregistered Securities Transactions
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SEC Freezes Assets of Insider Traders in Nexen Acquisition
SEC v. Well Advantage Limited, et al. The SEC is continuing its pursuit of insider traders, obtaining an emergency asset freeze on traders’ assets. On July 27, 2012, the SEC filed a complaint against Well Advantage Limited, Certain Unknown Traders … Continue reading
SEC Charges Ronald Feldstein for Role in Facilitating Fake Investment in Penny Stock Company
SEC v. Ronald Feldstein. On July 25, 2012, the SEC filed a complaint against Ronald Feldstein. The suit stems from the role played Feldstein played in the disclosure of materially misleading information by Interlink-US-Network, Ltd. (“Interlink”) and its officers concerning a … Continue reading
SEC Charges Ladislav “Larry” Schvacho With Insider Trading
SEC v. Ladislav “Larry” Schvacho, Case No. 1:12-mi-99999-UNA (N.D. Ga.). On July 24, 2012, the SEC announced insider trading charges against Larry Schvacho. Schvacho traded in the common stock of Comsys IT Partners, Inc. (“Comsys”) based on material, non-public information … Continue reading
SEC Charges Chicago-Based Huron Consulting Group and Two Former Executives With Accounting Violations
In the Matter of Huron Consulting Group, Inc., Gary L. Burge, CPA, and Wayne E. Lipski, CPA, Admin. Proc. No. 3-14958. On July 19, 2012, the SEC issued an administrative order finding that Huron Consulting Group Inc., a provider of … Continue reading
Posted in Securities
Tagged Books and Records, Internal Controls, SEC, Securities Exchange Act
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SEC Charges Monouchehr Moshayedi With Insider Trading
SEC v. Monouchehr Moshayedi, Case No. SACV12-1179 (C.D. Cal.) On July 19, 2012, the SEC announced insider trading charges against Monouchehr Moshayedi in connection with the sale of nine million shares of stock in STEC, Inc. (“STEC”) in August 2009. Moshayedi is a founder, and … Continue reading
Posted in Securities
Tagged Fraud, Insider Trading, SEC, Securities Act, Securities Exchange Act
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SEC Charges Mizuho Securities USA With Misleading Investors By Obtaining False Credit Ratings for Collateralized Debt Obligation.
SEC v. Mizuho Securities USA Inc., Case No. 12-cv-5550 (S.D.N.Y); In the Matter of Alexander V. Rekeda, Admin. Proc. No. 3-14953; In the Matter of Xavier Capdepon and Gwen Snorteland, Admin. Proc. No. 3-14954; In the Matter of Delaware Asset Advisers … Continue reading
Senators Are Seeking Tougher Penalties For Wall Street
Two U.S. Senators plan to introduce a bill that would increase the fines that the SEC can impose on Wall Street.
SEC Announces Deferred Prosecution Agreement with Amish Fund
On July 18, 2012, the SEC announced a deferred prosecution agreement with a non-profit corporation that offers securities to fund mortgage and construction loans to young Amish families in Ohio. The agreement with the non-profit, Amish Helping Fund (“AHF”), hopes … Continue reading
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