Monthly Archives: November 2013

SEC Settles Penny Stock Case Against Curt Kramer for $1.4 Million

In the Matter of Curt Kramer et al., Admin Proc. No. 3-15621.  On November 25, 2013, the SEC announced the filing of a settled Order Instituting Cease-and-Desist Proceedings(“OIP”) against Curt Kramer and his firms Mazuma Corporation, Mazuma Funding Corporation, and … Continue reading

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SEC Charges Gary Snisky with Defrauding Elderly Investors

SEC v. Gary C. Snisky, Case No. 1:13-cv-03149 (D. Colo.).  On November 21, 2013, the SEC announced it charged Gary Snisky with defrauding elderly investors.  According to the SEC, Snisky targeted retired annuity holders by using insurance agents to sell … Continue reading

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SEC Charges Sam Miri with Insider Trading in Connection with the Galleon Trading Scheme

SEC v. Sam Miri, Case No. 13-cv-8324 (S.D.N.Y.).  On November 21, 2013, the SEC announced insider trading charges against Sam Miri, a former employee at Marvell Technology group for tipping inside information used in connection with Raj Rajaratnam’s insider trading … Continue reading

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SEC Charges Investment Advisers Gregory Adams and Larry Grossman with Fraud

In the Matter of Larry C. Grossman and Gregory J. Adams, Admin. Proc. No. 3-15617. On November 20, 2013, the SEC announced it issued an Order Instituting Administrative Cease-and-Desist Proceedings (“OIP”) against investment advisers Larry Grossman and Gregory Adams.  The … Continue reading

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SEC Examiner Steven Gilchrist Criminally Charged for Allegedly Making False Statements about Prohibited Stock Holdings

On November 19, 2013, SEC examiner Steven Gilchrist was charged by the United States Attorney’s Office for allegedly making misstatements about prohibited stock holdings.

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DOJ Announces $13 Billion Settlement with JPMorgan for Misleading Investors About Mortgage-Backed Securities

On November 19, 2013, the DOJ announced that it secured a $13 billion settlement with JPMorgan for misleading investors about securities containing toxic mortgages.

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SEC Publicizes 2013 Whistleblower Results

On November 15, 2013, the SEC publicized its 2013 Annual Report on the Dodd-Frank Whistleblower Program.  Although the Whistleblower Program is only in its third year, the SEC trumpeted its results as “historic.”  During Fiscal Year 2013, the program paid … Continue reading

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CFTC Settles with MF Global for $1.2 Billion

CFTC v. MF Global, Inc.  et al., Case No. 1:11-cv-07866-VM (S.D.N.Y.).  On November 18, 2013, the CFTC announced a settlement with MF Global Inc. (“MF Global”) requiring it to pay $1.212 billion in restitution to customers and a $100 million … Continue reading

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SEC Charges Mark Megalli with Insider Trading

SEC v. Mark Megalli, (N.D. Ga.).  On November 14, 2013, the SEC announced it filed insider trading charges against Mark Megalli for trading on nonpublic information about clothing company Carter’s Inc.  According to the SEC, Megalli got inside information through a … Continue reading

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SEC Enters into Deferred Prosecution Agreement with Scott Herckis

On November 12, 2013, the SEC announced that it entered into its first deferred prosecution agreement (“DPA”) with an individual.  DPAs are intended to encourage cooperation with the SEC as it investigates wrongdoing.  In return for such cooperation, the SEC … Continue reading

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