Monthly Archives: January 2013

SEC Charges Five Cay Clubs Resorts and Marinas Executives in $300 Million Ponzi Scheme

SEC v. Barry J. Graham, Fred Davis Clark, Jr., a/k/a Dave Clark, Cristal R. Coleman, a/k/a Cristal Clark, David W. Schwarz, Ricky Lynn Stokes, Case No. 4:13-cv-10011 (S. D. Fl.).  On January 30, 2013, the SEC announced fraud charges against … Continue reading

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CFTC Files Settled Charges Related to Illegal Off-Exchange Transactions in Precious Metals

In the Matter of Secured Precious Metals International, Inc., Secured Precious Metals Management, Inc. and Linda Laramie, CFTC Docket No. 13-12; In the Matter of Barclay Metals, Inc., Universal Clearing, LLC, Sean Stropp and Sylvia Williams, CFTC Docket No. 13-13.  … Continue reading

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SEC Brings Affinity Fraud Charges against Firas Hamdan in Investment Scheme Targeting Lebanese Community

SEC v. Firas A. Hamdan, Case No. 4:13-CV-215 (S.D. Tex.).  On January 29, 2013, the SEC announced fraud charges against Firas Hamdan for targeting members of the Lebanese and Druze communities with an investment scheme involving a supposed high-frequency trading … Continue reading

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SEC Brings Financial Crisis-Related Case against Jesse Litvak for Selling Mortgage-Backed Securities

SEC v. Jesse C. Litvak, Case No. 3:13-cv-00132 (D. Conn.). On January 28, 2013, the SEC announced fraud charges against Jesse Litvak, a former executive at broker-dealer Jeffries & Co.  The SEC alleges that Litvak arranged trades for customers as … Continue reading

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SEC Charges Financial Adviser Kevin Dowd with Tipping Insider Information

SEC v. Kevin L. Dowd.  On January 25, 2013, the SEC announced charges in New Jersey Federal Court against Kevin Dowd for illegally tipping inside information.  The SEC alleges that Dowd learned about the acquisition of Pharmasset Inc. by Gilead … Continue reading

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President Obama Plans to Nominate Mary Jo White to Lead the SEC

The Associated Press is reporting that President Obama will nominate former federal prosecutor Mary Jo White to serve as Chairman of the SEC.

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SEC Charges Jonathan Gilchrist with Stock Manipulation

SEC v. Jonathan C. Gilchrist, Case No 4:13-cv-00163 (S.D. Tex.).  On January 23, 2013, the SEC announced it filed charges against Jonathan C. Gilchrist for engaging in a stock manipulation scheme in violation of the registration and antifraud provisions of the … Continue reading

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CFTC Obtains Default Judgment against Lincolnshire Trading Partners, LLC

CFTC v. Lincolnshire Trading Partners, LLC, and Scott Geisinger, Case No 2:12-cv-07417-PA-VBK (N.D. Cal.).  On January 18, 2013, the CFTC announced that it obtained a default judgment against Lincolnshire Trading partners, LLC and Scott Geisinger for violating CFTC registration requirements.  The CFTC … Continue reading

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Kenneth Dachman Sentenced to Lengthy Prison Term in Investment Fund Scheme

SEC v. Kenneth A, Dachman, et al., Case No 1:12-cv-00821 (N.D. Illinois).  On January 22, 2013, the SEC announced that in a parallel criminal action brought by the Unites States Attorney’s Office, Kenneth A Dachman was sentenced to 120 months … Continue reading

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Egan-Jones and its Founder Agree to 18-Month Bars from Rating Asset-Backed and Government Issuers

In the Matter of Egan-Jones Ratings Company and Sean Egan, Admin Proc. No. 3-14856. On January 22, 2013, the SEC announced that Egan-Jones Ratings Company (“EJR”) and its president Sean Egan have agreed to settle charges that they made misleading … Continue reading

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