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Monthly Archives: September 2012
SEC Charges H. Thomas Davis, Jr., Kenneth Wrangell and Mark Badgett With Insider Trading
On September 20, 2012, the SEC brought three separate insider trading cases related to an illegal tip about an impending merger. The SEC alleges that H. Thomas Davis, Jr., breached his fiduciary duty to Mercer Insurance Group by passing on … Continue reading
SEC Freezes Assets of Waldyr De Silva Prado Neto in Connection with Insider Trading of Burger King Stock
SEC v. Waldyr De Silva Prado Neto, Case No. 12 CIV 7094 (S.D.N.Y.). On September 20, 2012, the SEC announced it obtained an emergency court order to freeze the assets of a stockbroker who used nonpublic information from a customer … Continue reading
SEC Charges Hedge Fund Manager Angelo Alleca With Running a Ponzi-Like Scheme
SEC v. Angelo A. Alleca, et al., Case No. 1:12-cv-03261-WSD (N.D. Ga.). On September 19, 2012, the SEC announced fraud charges against hedge fund manager Angelo A. Alleca and his investment advisory firm, Summit Wealth Management, Inc. and three funds he operated … Continue reading
Posted in Securities
Tagged Fraud, Investment Advisers Act, Ponzi Scheme, SEC, Securities Act, Securities Exchange Act
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SEC Charges Bruce Cole, Former CEO of Mamtek With Fraud in the Offer and Sale of Municipal Bonds
SEC v. Bruce Cole and Nanette Cole, Case No. CV 12-8024 ABC (SHx) (C.D. Cal.). On September 18, 2012, the SEC announced fraud charges against Bruce Cole, the former CEO and chairman of Mamtek U.S. The case concerns a fraud scheme … Continue reading
Posted in Securities
Tagged Fraud, municipal bonds, SEC, Securities Act, Securities Exchange Act
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SEC Obtains Judgments Of More Than $135 Million in “Green” Ponzi Scheme
SEC v. Mantria Corporation, Troy B. Wragg, Amanda E. Knorr, Speed of Wealth, LLC, Wayde M. McKelvy, and Donna M. McKelvy, Case No. 09-cv-02676-CMA-MJW (D. Colo.). On September 18, 2012, the SEC announced it obtained final judgments against Troy B. Wragg, Amanda E. … Continue reading
SEC Obtains Asset Freeze and Temporary Restraining Order Against Michael Borish and Michael Ciarlone
SEC v. Freedom Environmental Services, Inc., et al., Case No.: 6:12-CV-1415-ORL-28-DAB (M.D. Fl.). On September 17, 2012, the SEC announced it had obtained a temporary restraining order, asset freeze and appointment of a receiver to preserve assets. The SEC charged Michael … Continue reading
Posted in Securities
Tagged Books and Records, Fraud, Internal Controls, SEC, Securities Act, Securities Exchange Act
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SEC Announces Joseph Brass and Michael Schlager Were Sentenced in a Criminal Financial Fraud Action
US v. Joseph M. Brass, et al., Case No. 10-cr-00753-PD (E.D. Pa.) On September 13, 2012, the SEC announced that Joseph M. Braas and Michael J. Schlager were sentenced in a criminal action in connection with a financial fraud. Braas and Schlager were senior … Continue reading
SEC Charges Stephen Blankenship and His Company With Stealing $600,000 From Customers
SEC v. Deer Hill Financial Group, LLC and Stephen B. Blankenship, Case No. 3:12-cv-01317 (D. Conn.) On September 13, 2012, the SEC announced it charged Stephen Blankenship and his company with stealing $600,000 from customers. Most of the investors deceived … Continue reading
Posted in Securities
Tagged Fraud, Investment Advisers Act, SEC, Securities Act, Securities Exchange Act
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SEC Settles With ICP Asset Management and Others on Charges They Defrauded Collateralized Debt Obligations They Managed
Securities and Exchange Commission v. ICP Asset Management, LLC, ICP Securities, LLC, Institutional Credit Partners, LLC, Thomas C. Priore, Lori A. Priore, and Bertrand H. Smyers, Case No. 10-CV-4791 (S.D.N.Y.). On September 10, 2012, the SEC announced advisory firm ICP … Continue reading
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