SEC v. Steven B. Heinz, et al., Case No. 2:13-cv-00753 (D. Utah). On August 8, 2013, the SEC announced it obtained a temporary restraining order and emergency asset freeze against Steven B. Heinz and his company S.B. Heinz and Associates, Inc. The SEC alleges that Heinz raised almost $4 million from former clients, family members, and friends to assist him in executing rapid buy and sell orders of futures contracts. According to the SEC, Heinz used investor money to make it appear as though he is running a successful investment business when, in reality, S.B. Heinz suffered around $1.5 million in trading losses. The SEC also alleges that Heinz paid purported returns to earlier investors using new investor money in a Ponzi like scheme. He also used investor money for personal purposes and for S.B. Heinz’s business expenses such as staff salary and office rent. The SEC charged Heinz and S.B. Heinz with violating of Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act. The SEC seeks further injunctive relief, disgorgement, and civil monetary penalties. The SEC also sued Susan K. Heinz, Heinz’s wife, as a relief defendant in order to disgorge money she received from Heinz’s alleged misconduct.
- SEC Charges Microsoft Manager Brian Jorgenson and his Friend Sean Stokke with Insider Trading
- SEC Obtains Emergency Relief against Robert Helms and Janniece Kaelin in Alleged Ponzi Scheme
- SEC Charges Fifth Third Bancorp and its Former CFO Daniel Poston with Fraud for Accounting Practices during the Financial Crisis
- SEC Settles Insider Trading Case against Charles Langston III
- SEC Settles Penny Stock Case Against Curt Kramer for $1.4 Million
Other BraunHagey Blogs