On behalf of courageous whistleblowers and some of the most prominent institutional investors in the world, we have recovered billions of dollars, brought precedent-setting cases and compelled sweeping corporate governance reforms that have fostered greater transparency and fairness in the markets. In the wake of the global financial crisis, as the nation debated how to break the cycle of corporate scandals plaguing the markets, our financial watchdogs landed on two fundamental truths: InCongress enacted the SEC Whistleblower Program -- an innovative program providing robust employment protections, monetary awards and the ability to report anonymously.

Every year, the SEC receives more than 20, tips, complaints and referrals. The most promising tips are assigned to investigators, who determine which tips warrant investigation. Only a fraction will be investigated. At any one time, the SEC can only actively investigate about 2, cases and those cases often take two to four years to complete. The federal securities laws are vast, complex and rapidly changing.

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Fraudulent promotion and sale of fictitious financial instruments and trading platforms. Part of the fraud involved a Ponzi Scheme where as defendants were using investments to pay interest and repayments of other investor's requests. The Commission accepted an Offer of Settlement from AIR. The Commission charged ABB Ltd.

The Commission accepted an Offer of Settlement from ABN Amro Bank, N. Tithe Bank had solicited and effected transactions in securities from U. A default judgment was entered against nine defendants based on allegations that they engaged in a scheme to manipulate the price of Absolutefuture.

A default judgment was entered against three defendants based on allegations that they engaged in a scheme to manipulate the price of Absolutefuture. The district court for the Southern District of Florida entered final judgments against the defendants for fraudulently offering and selling securities.

The Commission and the U. Attorney's Office for the S. The district court for the Southern District of Florida entered final judgment against the defendants finding they "had engaged in fraud and deceit by participating in a market manipulation that resulted in millions of dollars in losses to unwitting investors, and could not have occurred but for defendants' active involvement and knowledge.

The Commission announced a settlement with defendants settling charges that defendants fraudulently induced elder victims into buying falsely marketed securities which were in reality viatical agreements that could not live up to defendants' assurances. The Commission filed charges against the Company alleging the Company made illegal payments to Iraq under the United Nations Oil-For-Food Program.

District Court for the Central District of California granted the Commission's motion for summary judgment against defendants. In addition to enjoining defendants from future violations of securities laws, the defendants were ordered to disgorge the ill-gotten money, and pay pre-judgment interest and civil penalties. The Commission filed charges against Akzo Nobel, N. The Commission accepted an Offer of Settlement from Aladdin Capital LLC and Aladdin Capital Management where it was alleged the company violated Section 17 a 2 of the Investment Act and Section 2 of the Advisers Act.

The district court for the Southern District of Indiana entered final judgments against the defendants after the Commission alleged the defendants "sold church bonds and units of related bond funds to investors by appealing to the investors' Christian faith and then misused the proceeds from the sales by using the proceeds in ways not disclosed to investors.

The district court for the Northern District of Northern Texas ordered final judgments against defendants based on the Commission's allegations that the defendants made false and misleading statements regarding the value of China Voice thereby defrauding the Company's investors.

Defendants "engaged in various fraudulent acts that resulted, among other things, in the manipulation of the price of the common stock of Alliance, a financially troubled company engaged in housing development and construction" including making false and misleading statements regarding the Company's underlying performance.

Defendant operated a one victim Ponzi Scheme where he misappropriated his client's investment funds and was discovered only when he did not have sufficient funds to cover his client's withdrawal request. Defendant organized and publicized a fraudulent takeover scheme for two major corporations in which he help options positions.

Defendant profited as the news of the fraudulent takeover schemes pumped up the share price of the supposed takeover targets and defendant exercised his options. Defendants sold fraudulent "Universal Leases" in the form of expensive time share agreements that promised investors a high and fixed return rate that was wholly unsustainable.

Defendant sold securities falsely based on fractionalized shares in allegedly "over-collateralized with restricted stock.

Defendants released false press reports and business update to drive up the price of an entirely fraudulent business and then sold their shares in that fraudulent business once the price was high enough. AIG falsely marketed an investment vehicle to other public company as operating within GAAP regulations though the investment vehicle never was valid under GAAP. American Skandia failed to investigate complaints from its sub-distributors that market timing was damaging the value of the Company in the short and long run.

Defendants sold fraudulent and unnecessary life insurance policies to senior military personnel who not only did not need the coverage but were also misled into buying the insurance as a high return investment. Defendant fraudulently promoted and sold securities linked to "so-called prime bank instruments that were purportedly traded by the world's largest banks on a secretive international market". Quantitative hedge fund manager mislead investors about his college pedigree, his career history and his previous investment successes.

Company gave Esposito 4 million shares of a penny stock company to "tout" an upcoming reverse merger. In so doing, Esposito made material false and misleading statements and then sold his shares when the price was artificially inflated due to his false and misleading statements. AON profited by making illegal payments to numerous foreign states in violation of the Foreign Corrupt Practices Act.

The illegal payments were made in two forms: Defendant physician learned of material non-public information regarding the upcoming acquisition of an insurance company. Defendant physician shared this information with other physicians and subsequently bought shares in the target company based on the material non-public information. Defendant represented to investors that he was establishing offshore brokerage accounts that he would use to trade in public companies on behalf of investors.

Instead, defendant placed investors' funds in on-shore bank accounts and created fake account statements to mislead his investors. Defendant made material false and misleading statements to investors regarding his own investment success and the success and strength of the investment vehicle. Defendant also made false and misleading statements regarding payments he was making as servicing fees.

Defendant company made illegal payments to United Nations officials in order to obtain contracts for armored safety products to be used in U.

Defendants made material false and misleading statements regarding the issuing of debentures to be used for the purchase of - number business operations. Defendants also used personal funds to make it appear as if they were paying back monies that were lent to the company. Defendant created an investment vehicle that preyed on victims of the prime banking scheme by claiming he had established off-shore funds intended to recoup monies lost in the prime banking collapse.

Defendant overstated its earnings by intentionally failing to properly account for a large payment received in the aftermath of the hurricane season. Defendant Chicago stock exchange traders made good on proprietary trades prior to customer trades which resulted in the defendants earning more money at the expense of their clients. Defendants engaged in an illegal stock lending scheme where they would loan money to corporate officers and would receive shares as collateral.

Defendants then turned around and sold the shares soon after closing the loan. Defendants violated the books and records and internal controls provisions of the Foreign Corrupt Practices Act by illegally lending money to agents acting as government officials from Nigeria, Angola, Indonesia, Russia, Uzbekistan and Kazakhstan.

Defendants engaged in an illegal market-timing scheme in order to benefit large investor clients on certain trades at the expense of smaller investors.

The settlement resulted from Bank of America's sale of auction rate securities to small business, charities and individual investors once the true value of the auction rate securities was learned and the market for the instruments collapsed. Settlement arising out of Bank of America's purchase of Merrill Lynch. BOA failed to disclose the amount of ML's bonuses and pay packages when seeking approval of the ML takeover.

The Commission charged Bank of America for misleading investors related to BOA's purchase of Merrill Lynch. Defendant was also convicted of swindling 10 investors out of millions of dollars for a fraudulent offering scheme.

Defendant operated a hedge fund and used an illicit side-pocket account to hide and eventually steal his investors money by diverting those side pocket funds into an account only he had access. Defendant hid his activities with false and misleading account statements. Defendants operated a hedge fund that was made up of a master fund and three feeder funds.

During the summer of the master of the master fund began to crater, rather than facing the music defendants began misrepresenting the value of the securities in the feeder funds in order to falsely prop up the value of the master fund.

Defendants also made a very large bet on interest rates moving in an attempt to safe the fund without ever disclosing this wager to investors. Bear Stearns engaged in a long-running and undisclosed market timing scheme that benefitted its large institutional investors at the expense of its smaller and long-term investors.

Defendants operated a fund that guaranteed investors they would invest their funds into "socially responsible" public companies i. Defendant learned of an upcoming takeover at a board meeting for the acquiring company and instructed his defendant son to purchase shares in the target company. Defendant son used the material non-pubic information to trade in his own accounts, his families accounts and his investing club's accounts.

The defendants made false and misleading statements to the investors involving the safety and security of the investment, as well as the promised return rate.

Defendant violated the Foreign Corrupt Practices Act by bribing public doctors in Brazil, Argentina and China in order to secure business in those countries. Defendants routinely made false and misleading statements with the purpose of fraudulently overstating their earnings for several quarters in order to make their earnings estimates.

Commission accepted the Offer of Settlement regarding an institution's failure to supervise its employees regarding the handling of corporate transactions. Defendant BP made false and misleading statements regarding the flow rate for the oil flowing from the Deepwater Horizon disaster in order to stem the damage to their share price during the crisis.

Defendants sold unregistered securities they referred as interests in time share properties. Defendant also made the false and misleading statement that he would use the funds to invest in and expand a group of financial services companies he owned. Instead he pocketed the money. Civil accounting fraud action arising from AIG's marketing and sale of the so-called "income smoothing insurance" that was sold as a way to carry loses over multiple quarters to help companies maintain consistent returns.

Defendants were charged with making false and misleading statements in their financial statements because they were not disclosing the nature of the insurance. Defendant had engaged in several periods of channel stuffing to falsely and fraudulently make its earnings estimates by booking revenue on product it shipped to distributors that it knew had no chance of being sold in the quarter in clear violation of Generally Accepted Accounting Principals.

Defendant sought investors in a fraudulent high yield trading platform and in turn disbursed some of the investors monies into other companies he ran and diverted other monies to himself in the form of loans. Defendant Broadcom engaged in a series of backdated options awards to senior employees.

Defendant misrepresented its financial disclosures by engaging in a pattern of back-dated option grants. Rather than admit on financial statements it was awarding deeply in-the-money options to employees, it would backdate the options to avoid disclosing them.

Backdated stock option scheme that defendant used to manipulate its financial disclosures by back dating current awards of stocks to prior periods when the company's price was at lower prices. Defendant used his status in the Korean community to raise money from Korean-American's which he told them he was investing into various stocks and bonds on their behalf.

Instead he deposited the money into his own account and he created false accounting statements to hide the fraud from his investors. Defendant engaged in a stock washing scheme that was aimed at raising the price of the target company's share value by creating the imagery that the stock was a healthy and oft traded stock.

In reality defendant's actions were often the only trading occurring in the account on a daily basis. Defendant released a series of fraudulent press releases with the intent to drive up the share price of his company.

Commission accepted the Offer of Settlement regarding an institution's failure to properly disclose its bad outstanding mortgage loans to maintain the value of its share value during the early days of the housing crisis. Defendant engaged in a serious of fraudulent acts and actions to materially misrepresent its value. Defendants engaged in a fraudulent scheme whereby they sold unregistered securities in the form of leaseholds to timeshares in vacation destinations with the guarantee that a large Mexican travel agent was licensed to fill the properties with tenants, in reality the only travel agency was a small Panamanian operation that was never able to meet the expectations.

Defendant made material false and misleading statement to secure investors' money for a program to buy bonds when no such program existed and no bonds were ever purchased. Kmart CEO engaged in a series of fraudulent misrepresentations regarding the Company's value prior to the Company's bankruptcy. Defendant aided and abetted the Company's violation of the antifraud provisions of the Securities Exchange Act of Section 10 b and Rule 10b-5 thereunder.

Defendant participated in a fraudulent revenue recognition practice that involved side-letters that allowed contingencies meaning the goods sold should not have been recognized as revenue until the contingencies expired and back dated contracts allowing the Company to pull-revenue forward into current earnings statements.

Defendant failed entirely to warn the investors of the significant risks and at one point told investors that the fund was as safe as a money-market account. Defendants engaged in a pattern of deceptive conduct designed to bolster their track record, size, and credentials. Defendants also "repeatedly inflated the firm. Oil for Food Program. The Commission accepted an Offer of Settlement where it was alleged the Chicago Board Options Exchange violated its duty as a self-regulated institution to monitor and avoid conflicts of interest.

Defendant stock broker engaged in a scheme to manipulate China Energy's share price - including using pump and dump tactics to drive the price up and then to sell at a profit.

Defendants engaged in a spam email campaign that was designed to pump up the price of the target company's shares so they could sell their own shares at a profit. Defendants marketed and sold collateralized debt obligations with misleading assurances of their safety and investment worth.

Defendants misled investors regarding their rate of guaranteed return, misrepresented to investors that their money never left an escrow account and failed to disclose that defendants had taken loans from the investors' funds.

Defendants engaged in a fraudulent rebate scheme with distributors that caused them to make materially false and misleading earnings statements. Defendants engaged in a long running scheme whereby the Company's books were kept open well past the end of a reporting period so that deals closed after the end of the quarter, were booked in a prior period to help the Company make earnings.

Defendants made improper payments to foreign governments in order to maintain business and then concealed those payments from their investors. Defendants engaged in a long running scheme to mislead investors by keeping a slush fund of back-dated options to award to themselves without investors being made aware of the awards.

Defendant Company created fraudulent reserve accounts that it used to mislead investors on its earnings. Defendants participated in a scheme to mislead investors and potential investors by making material false and misleading statements via organized spam emails, websites facsimiles, videos and voicemails.

Defendant fraudulently diverted funds from his Company to himself and other executives of the Company in the midst of an alleged takeover and made misstatements to investors regarding those payments. Instead, he used the money to pay bills on his other businesses and for personal use. Defendant made false and misleading statements intended to inflate the value of the Holding Company regarding certain holdings in the Company's accounts. Defendants traded on inside information that one of the defendants got from his wife, an executive at a public relations firm.

Defendant published promotions of various publicly companies without disclosing that he owned shares in those companies and would therefore profit from his promotions. Defendant Matthew Martoma received material non-public information from a doctors with insider knowledge of the outcome and prospects of various ongoing clinical trials. Defendant traded on this information. The Commission accepted Defendants Offer of Settlement where Defendant "entered into a number of financial settlements with loan originators related to early defaulting loans it had previously sold to securitization trusts it sponsored, and then kept the proceeds of those settlements without notifying or compensating the RMBS trusts that owned the loans the.

Defendants ran an investment scheme targeting elderly investors with the false promises of high guaranteed returns. He covered up his scheme by issuing fake K-1 statements.

Defendants purchased shares in at least 13 different penny stocks then engaged in a fraudulent scheme to increase the value of those shares by releasing fraudulent statements regarding the value of those companies and by creating a manipulative trading scheme making those share appear more active then they really were.

Defendants engaged in market-timing to benefit their hedge fund clients at the expense of their smaller brokerage customers. Defendants engaged in a fraudulent scheme to sell stock in a telecommunications company using fraudulent misrepresentations to mislead investors. Defendant learned of an upcoming corporate merger from his girlfriend that was working on the potential deal. He tipped a longtime friend of the upcoming deal and they began trading on the information.

Defendants raised money from investors to invest in commercial mortgages but made material false and misleading statements regarding origination fees and risks with the investments.

Defendants engaged in a scheme to sell shares in U. Enforcement action arose from the Enron scandal. In this action the former CEO of Enron North American and Enron Energy Services was charged with engaging in the scheme to materially alter Enron's public earnings disclosures.

The Commission accepted an Offer of Settlement where it was alleged that the defendant have violated Rule of Regulation M of the Exchange Act by purchasing securities during a public offering that the Defendant had previously held a short position in. Defendants engaged in a fraudulent revenue recognition scheme where it was holding quarters open after the final day to drag revenues into the would-be-closed financial quarter.

Defendant Dell Corporation and its CEO Michael Dell were charged with "failing to disclose material information to investors and using fraudulent accounting to make it falsely appear that the company was consistently meeting Wall Street earnings targets and reducing its operating expenses. Deloitte failed to enact adequate procedures during its audit of Adelphia corporation that would have led to Deloitte uncovering Aldelphia's fraud.

Bank of America, RBC and Deutsche Bank misled investors of the liquidity of auction rate securities it sold to investors. Defendant operated a Ponzi Scheme where he misled investors about the validity of the investment he was supposedly making on their behalf, used funds in investors accounts to pay off withdrawal requests from other investments and issued false and misleading financial statements.

Diageo violated the Foreign Corrupt Practices Act by making numerous illegal payments to foreign officials in return for corporate favors from the recipients country. Defendants engaged in a series of fraudulent accounting practices to falsely prop up the value of the defendant company.

Defendants engaged in a fraudulent scheme of selling unregistered securities to securities on the representation that the money would be used to purchase securities in a particular company. Defendant made false and misleading statements to investors with respect to the safety a liquidity of mortgage back securities. Defendant fraudulently propped up the value of the target company by creating fake demand for the shares in the market and using his relationship with Mutual of Omaha as a way to give himself credibility.

Defendant operated a Ponzi Scheme where he lured investors into a real estate investment scheme. In reality Defendant was using new investments to pay off other investors withdrawal claims. Defendant traded on material non-public information that he received from his friend, Rajaratnam associate Roomy Khan.

Defendant filed false and misleading financial documents, made materially false and misleading statement about the value of his company and then traded in the shares when they were inflated based on the false and misleading information. Defendant sold shares based on false registrations forms in order to funnel the money back into his struggling company. Defendant made false and misleading statements during the private issuance of shares in his company regarding the company's present value and future revenue flow.

Defendant made false and misleading statement in his financial disclosures to the Commission regarding his company's financial performance.

Defendants made a series of false and misleading statements aimed at pumping up the price of its shares. The Defendants then sold unregistered shares of the company when the price was inflated.

Eli Lily and Company violated the Foreign Corrupt Practices Act by making millions of dollars of payment to foreign government officials to win millions of dollars of business in Russia, Brazil, China and Poland. Defendants made fraudulent and misleading statements regarding its revenue streams that resulted in investors being defrauded. Defendants lured investors to invest in several LLCs on the promise that the LLC's had numerous contracts with major hotel chains to install communication and entertainment equipment.

In reality no contracts existed. Defendant engaged in an insider trading scheme where he learned of material non-public information from a corporate transactional attorney and he made trades based on that information. Defendants made material false and misleading information during its sales of unregistered securities in a private placement offering in order to give investors more comfort with the investment. Defendant violated the Foreign Corrupt Practices Act by making numerous payments sometimes in suitcases full of cash to Nigerian officials in order to secure contracts and sales in Nigeria.

In this action the former Enron executive was charged with engaging in the scheme to materially alter Enron's public earnings disclosures. Defendants made materially false and misleading statements regarding the viability of and demand for its permeable paving products.

Defendants fraudulently mislead investors of the company eWealth Securities that there was an initial public offering of the company in the very near future, thereby inflating the price of the investments. Defendants mislead investors by making a series of fraudulent and misleading statements regarding the company's technological abilities.

Defendant company paid a series of bribes and other improper payments and gifts to J. Morgan Bank in order to secure lucrative servicing contracts with the bank. Defendants engaged in a multi-faceted fraud aimed at defrauding their investors including: Instead he diverted the money to his own accounts for his personal use and to pay off gambling debts.

Defendant Fannie Mae and its executive engaged in fraudulent scheme to misrepresent the value of the company over several years. The Commission accepted an Offer of Settlement from the Defendant Company that was accused of changing its investment strategy greatly increasing the risk it was willing to carry without disclosing this change in strategy to its investors. Defendants operated as an unregistered broker-dealer and defrauded customers both in the U.

Defendants engaged in fraudulent transactions involving non-conforming mortgages transactions. Defendant engaged in a market timing scheme to benefit his hedge fund clients at the expense of his smaller brokerage clients by placing their trades ahead of the brokerage clients.

Defendant company violated the Foreign Corrupt Practice Act by paying kickbacks to officials in Iraq under the U. Defendants fraudulently acquired restricted shares in Forest Resources Group and then sold them on the open market as if they were unrestricted shares resulting in the destruction of the company.

Treasury Bond that he used to pay down personal debt and to pay off other investors. Defendant signed a Tyco International registration statement that he knew was false and misleading and resulting from the internal fraudulent schemes at Tyco. Defendant sold millions of dollars of unregistered and utterly fraudulent shares of penny stocks to unknowing investors.

Defendant engaged in a series of fraudulent actions and misrepresentations related to the prime banking scandal of the s. Defendant company made improper cash transfers without disclosing these transfers and also lacked the appropriate internal controls to police this sort of behavior.

Defendant misrepresented his opinions on stock picks he was making in newsletters and various other mediums without disclosing that he himself was invested in those stocks are would thereby benefit from the price going up. Defendant engaged in a scheme to defraud investors by making a series of false assurances to them that he would invest the money in high yield "pass through" accounts, then mortgage rated securities and eventually the Facebook IPO.

Defendant did none of this and used the funds for his own gains. GE Funding Capital engaged in a series of fraudulent payments to bidding agents in exchange for the bidding agents assistance in steering the competitive bidding process towards GE Funding. General Electric Corporation senior executives approved a series of non-GAAP compliant accounting moves in order for the Company to make earnings estimates during at least and General Electric Corporation senior executives approved a series of illegal payment to Iraqi officials and violated the Foreign Corrupt Practices Act under the U.

Defendant General Re Corporation assisted American International Group and Prudential Financial in falsely reporting their true reserve numbers which affected their earnings reports.

Defendants made false representations regarding upcoming mini-tender offers by fully disclosing their price in the offering but hiding costs and deductions related to the offering in the document.

Defendant made a series of false and misleading statements regarding his education, his relationship to his alma mater, where the investors' funds were going and total compensation packages. Defendants understated the bank's losses on loans and investments after the bank moved to taking more risky loans in an attempt to grow profits. Defendant lured investors to invest by assuring them he would use a conservative strategy of investing only in corporate bonds and conservative stocks.

Defendant invested none of the investors money and instead used it for personal use. Defendants engaged in a classic "pump and dump" scheme by manipulating the price of unregistered securities and selling them as registered securities.

Defendant corporation made illegal payments to Nigerian officials to falsify documents that the corporation was no longer doing business in Nigeria when it was in fact doing business there in violation of the Foreign Corrupt Practices Act. Defendants violated prohibitions against naked short selling by selling shares short before properly locating the shares they were going to sell. Defendants engaged in a scheme to sell unregistered, non-exempt shares into the market in order to make a profit.

Goldman violated Rule of Regulation M by attempting to sell certain stock to investors during the 5 day quiet period before the IPO. Goldman failed to adequately disclose material facts related to the selection process that went into building the obligations contained in various collateral debt obligations.

Defendants engaged in a pay-to-play scheme sending cash and other valuables to then gubernatorial candidate and then-current state treasurer. Defendants bribed brokers to create false excitement regarding their stock so as to raise the value of their company. Defendants lured investors to invest in their sham hedge fund by providing them with a false auditor report showing the fund as legitimate and by providing them falsified monthly statements.

Defendants induced investors to purchase unregistered securities in the company by making materially false and misleading statements to them. Defendant induced investors to invest in his real estate investment fund by claiming he was investing the money in a federal secured real estate project when in reality he was using the money for his own personal use and to pay off private debts.

The Commission accepted an Offer of Settlement where it was alleged that the defendant lured investors by making false and misleading statements and provided them with falsified account statements. Defendant failed to disclose to investors in his hedge fund that he was actually a corporate insider in the company the fund was investing in; he then also made trades based on material, non-public information as the company began to fail.

Haliburton changed its internal accounting methods on several large projects allowing it to cover up several cost overruns and other issues with the project. While the change was not in violation of GAAP, it did go against Haliburton's long running disclosed accounting methodology. Defendant hedge fund participated in a scheme including late trading and market timing carried out by its brokers. Defendants were majority share holders in the Defendant Corporation. They orchestrated a scheme to increase the value of the Company's shares by releasing a series of false and misleading statements about the likely value of its largest product.

Defendant HealthSouth Corporation engaged in a long running scheme to inflate its revenues beginning when it first went public. Defendant made a series of false and misleading statements regarding the company's revenue stream and underlying technology. Defendants engaged in a scam where they lured investors to invest in a "low risk" day trading investment plan but in reality were using the money for personal use and to pay off prior investors. Defendants violated securities law by failing to supervise and ignoring numerous red flags that its overseas traders were acting fraudulent trading methods to make profits.

Defendants engaged in a long running scheme to divert corporate cash earned through corporate transactions into personal account through the use of phony "non-competition" payments. Defendants made a series of false and misleading statements to potential investors regarding financial backers and bank supporting a potential tender offer in various large public companies when in reality there was no potential tender offer.

Defendant hedge fund manager engaged in a cherry picking scheme whereby he would pick his funds most successful trades and divert those to his wife's account ahead of his fund investors.

Defendant Huron overstated its earnings by improperly recording compensation payments to employees. Defendant gained access to his firms online data room and began trading on the material non-public information in violation of the law and the company's non-trading policy. Defendants traded on stock options based on material non-pubic information that Burger King was being purchased by a private equity firm. Defendants all participated in insider trading based on information that one of the defendants learned of about pending corporate transactions from his job as an investment banker at UBS.

Defendant McAfee corporation falsified its revenues by stuffing its distributor channels full of product and booking the revenue from that excess product in violation of GAAP because the product was not likely to sell in the reasonable amount of time. Defendant illegally obtained penny shares in numerous companies through fraudulent S-8 registration statements and engaged in a scheme to fraudulently prop up the value of those companies. Defendants engaged in a fraudulent offering of unregistered securities by making materially false and misleading statements regarding the intended use of the funds - over half of the raised funds went to the defendants own use.

Defendant made material false and misleading representations both regarding the sale of securities and then mislead investors as to the use of the investment funds. Defendant IBM Corporation violated the Foreign Corrupt Practices Act by making illegal payments to government officials in South Korea and China in exchange for favorable treatment from those governments.

Defendants "defrauded investors through a fraudulent asset growth program purportedly involving risk-free participation in the trading of 1st tier medium-term bank notes. Defendants violated federal securities laws by selling unregistered securities even though neither defendant was a registered broker-dealer moreover Defendants use false and misleading marketing materials while selling the unregistered securities. Defendants engaged in a market timing scheme to place its hedge fund clients ahead of its smaller clients on various stock trades.

In reality the money was invested in a sports gambling ring. Defendant Corporation violated the Foreign Corrupt Practices Act by making illegal payments to Chinese State Owned Entities in return for vaporable treatment. Defendants sold unregistered securities based almost entirely upon false and misleading statements regarding the company's structure and profitability. Morgan Chase violated securities laws by assisting Enron misstate its earning over a number of years by allowing the use of so called "pre pays" to mislead investors.

Morgan Securities mislead investors as to the credit worthiness and security of investments in a collateralized default obligation named Squared. Defendants materially misstated the information regarding delinquency percentages in the residential mortgage backed securities tranches used to sell as securities.

Morgan Securities violated securities laws by participating in a bid-rigging scheme aimed at least 91 municipal bond offerings. Defendants operated a hedge fund based on the promise of high yield returns earned through foreign currency trading but in reality diverted the funds to their own personal uses. Defendants manipulated the company's revenues by creating and then rely on so called cookie jar reserves to better smooth their earnings results.

Defendants received over 13 million unregistered securities from a company they controlled then engaged in a scheme to pump up the value of that company through false and misleading material statements in order to sell those securities at an artificially high share price. Defendant aided and abetted violations of the net capital, books and records, and reporting provisions committed by one of his former firms. HBOC executives engaged in a scheme to mislead investors with a series of false and misleading statements.

Defendant misappropriated millions of dollars from investors on the assurance he was going to invest in a foreign currency trading program but instead invested most of the money in themselves.

Defendant misrepresented to investors that he had developed his own "Dow Principal" that would guarantee large results year over year but instead spent much of the investors in his fund on himself. The Commission accepted an Offer of Settlement in a case involving a investment advisor violating Rule of Regulation M by purchasing a stock it had previously shorted.

Defendants engaged in a scheme to artificially inflate AOL Time Warner's advertising revenue stream to benefit themselves. Defendant engaged in a scheme to fraudulently inflate company's earning estimates by agreeing to three party inter lease backs that allowed the company to improperly recognize revenue.

Defendant violated the Foreign Corrupt Practices Act by bribing public doctors in Poland and Romania in order to secure business in those countries. Defendants engaged in a scheme to fraudulently misrepresent their company's sales by releasing false earnings reports. Defendants engaged in a fraudulent scheme to mislead investors in a fraudulent underwriting and reporting practices to hide mounting losses and defaults within EFI. Defendant engaged in secret side deals with investors to indefeasible rights agreements that allowed defendant to hide certain parts of the transaction from accountants.

Defendant engaged in a market timing scheme to benefit his own positions in certain shares at the expense of his clients. Defendants misrepresented their investment acumen, investment experience and the intended use of investors' funds. Morgan failed to exercise proper oversight in failing to detect losses on several high risk trades that should have been disclosed to investors. Defendants sold billion of unregistered microcap shares to the investing public in violation of securities laws.

Defendants violated the Foreign Corrupt Practices Act by paying bribes to Nigerian officials in exchange for favorable treatment. Defendants failed to report numerous material related party transactions as required by GAAP. Defendants failed to disclose material information to investors in luring them into investments in various brokerage accounts.

Defendant KPMG aided and abetted Xerox corporation in violating the anti-fraud, reporting, record keeping and internal control provisions of the securities laws.

Defendant tipped Rajaratnam that a company's drug trials were not successful so Rajaratnam could trade on the material non-public information. Defendants engaged in naked short selling of PIPE transactions it was engaged in in violation of securities laws.

Defendants engaged in boiler room style securities sales to investors that responded to spam emails. Defendant made material false and misleading statements regarding his disciplinary history, his investing experience and the quality of investments he was making. Defendants operated a Ponzi Scheme whereby they mislead investors into believing they were investing in blue chip securities when in reality they were using the funds for personal use.

Defendant hedge fund manager engaged in a scheme where he hid money from his investors using a "side pocket" account that allowed him to divert the money to his personal use.

Defendant learned of material inside information regarding biotechnology companies through his consulting position and traded on that information. Defendants made material false and misleading statements in connection with the sale of unregistered securities. Defendant hedge fund analysts learned of highly sensitive information regarding Dell and NVidia company through his position and tipped others who then traded on the information.

Defendants made material false and misleading statements and failed to disclose material information regarding micro-tender offers he was offering. Defendants engaged in a scheme to artificially inflate share prices in the company and then traded in those shares at the artificially high prices. Defendant was a recidivist securities laws violator engaged in a scheme to sell fraudulent IRA accounts.

Defendant avoided losses in the Enron collapse by selling his shares prior to the collapse using material non-public information he learned in his role as a senior executive at the company. Defendants engaged in a scheme to misrepresent their company's revenues by channel stuffing product and recognizing the revenue even though they knew there was no demand for the excess product, thereby violating GAAP. Defendants lured investors to invest to invest with them on the promise of investing in AAA and AA rated bonds but instead used the money for personal use.

Defendants learned of non-public material information in the company and both traded on that information and tipped others of the information. Defendants lost the money in these investments and tried to hide those losses with false financial statements.

Defendants violated the Foreign Corrupt Practices Act by paying bribes to Macedonia and Montenegro officials in exchange for favorable treatment. Defendant violated Rule of Regulation M by purchasing shares in a public offering after previously holding a short position in the same company. Defendant former Enron official violated securities laws by aiding and abetting the dissemination of false and misleading statements regarding the well being of Enron.

In reality the real estate developments were not secured and quickly became debt laden resulting in the loss of the investment. Defendants engaged in the fraudulent sale of "Universal Leases" in time shares to investors with the false assurance of guaranteed occupancy.

Defendants made numerous false and misleading statements about their company in order to generate demand for their shares. The Commission accepted an Offer of Settlement from defendant investment company for failing to disclose various risks associated with making withdraws on mutual fund investments.

Defendant Hank Greenberg and others made a series of material fraudulent and misleading statements causing investors to believe that AIG was making earnings estimates. Defendant violated the Foreign Corrupt Practices Act by paying bribes to Chinese officials in exchange for favorable treatment. Defendants violated Rule S-8 by awarding unregistered shares intended for compensation or bonuses to non-employee. Defendant improperly recognized funds from a reinsurance policy as revenues allowing the company to avoid its first earning miss.

Defendants operated a Ponzi scheme where they lured investors with promises of extravagant returns but instead used the money to service interest payments on earlier investments and for personal use.

Defendants misled investors by overstating its earnings by capitalizing overhead expenses into inventory in a manner that was inconsistent with GAAP.

Defendant engaged in a scheme to raise the price of penny stock with material false and misleading statements then traded in the stock at the artificially high price. Defendants engaged in a scheme to award themselves backdated deeply in the money options which they failed to disclose. Defendants Merrill Lynch mislead investors about the risks and liquidity of auction rate securities.

Defendants made material false and misleading statements to investors about the health of the investment fund causing investors to believe the fund was performing well. Defendants made a series of false and misleading statements to inflate the value of their company's shares and then sold shares at the inflated price. Defendant operated a hedge fund scheme where he lured investors with promises of extreme returns.

Complainant misled executives from struggling companies that he was a financier with expertise in turning around companies and convinced those executives to award him shares in the company which he then sold into the market. Defendants made a series of false and misleading statements regarding the losses the company experienced as a result of mortgage defaults and the overall strength of the company's financial performance. Defendants made false and misleading statements regarding the worth and stability of the real estate they were investing in.

Defendants misled investors over the value of collateralized debt obligations using so-called dummy assets. Defendant learned of a new business product for the company during a business meeting and tipped this family members who made trades on the non-public material information. Defendants misled investors by awarding backdated deeply in the money options which allowed the defendants to avoid disclosing the option awards and allowed to the company to misstate its earnings.

Defendant used improper valuation techniques to overstate the value of subprime mortgage backed securities. Defendants engaged in a pump and dump scheme in a new company by issuing a series of false and misleading statements driving up the share price - defendants than traded in the propped up security. Defendants made false and misleading statements regarding the worth and stability of the viatical contracts they were investing in.

Defendant received unregistered discounted shares in a start-up company then violated Section 5 of the Securities laws by selling these shares into the market without an exemption. Defendants received backdated shares in Nifty profitable option trading strategy Corp.

Defendants misled investors in penny stocks by publishing misleading information in an investment guide about the companies. Defendant engaged in a scheme targeting members of the American Armenian community with assurances he had information pertaining to hot shares and upcoming IPOs where he had no information and did not make investments. Defendant NYSE violated securities laws by disclosing material information to investors over proprietary lines before disclosing the information to the broader investing public as a whole.

Defendants made a make money playing mmo games of false and misleading statements regarding the losses and credit delinquencies of its customer base to mislead investors about the company's performance. Defendants misled investors to invest with them by making false and misleading statements about the investment path, their investing experience and their access to information - none of which were as they represented.

Defendant operated a website that made recommendations on hot penny stocks to buy. Defendant also owned the shares he was recommending people buy and would sell them in the market after his readers started purchasing the shares and pushing the price up.

Defendants "hijack[ed] 22 defunct or inactive publicly-traded companies and drafting 28 legal opinion letters falsely representing that offerings of approximately million shares were exempt from the registration requirements of the federal securities laws. Defendant gas company misstated earnings by engaging in fraudulent inventory management so defendant could access cheaper gas inventories thereby increasing revenues and making its earnings estimates.

Defendant violated the Foreign Corrupt Practices Act by making illegal payments to Nigerian officials in exchange for favorable treatment. Defendants fraudulently misrepresented the company's earnings by allowing the close of a fx verminator air rifle reviews quarter to remain open so non dilutable stock options could book additional revenues in that quarter.

Defendants purchased two hedge funds and almost immediately began diverting the investors' monies for their own personal use and eventually drained the funds of all resources. Defendant corporation violated the Foreign Corrupt Practices Act by making illegal payments to Iraq under the U. Oil For Food Program. Defendants used their access to control at their wireless company to transfer asset to off shore accounts that they had access to. Spreadsheet trade books available for microsoft excel targeted older investors in the scheme to sell shares to One Wall Street based on many false and misleading statements about the company.

Defendant investment firm failed to ensure proper protocols for overseeing material misstatements and representations made by advisors. Defendant company failed to supervise employees and failed to prevent the establishment of a side account that was used to make payments to the Indian government. Defendant violated the Foreign Corrupt Practices Act by making illegal payments to Mexican officials in exchange for favorable treatment. Defendant operated a fraudulent pyramid scheme based upon new members paying membership fees as opposed to a legitimate multi-level marketing company as it fundamentals technical analysis stock market portrayed.

Defendant operatedaccording to the trial court "an investment scheme called the 'Oxford Savings Club,' and [. Defendants operated a Ponzi scheme where they lured investors by representing themselves as a Christian organization that could guarantee financial freedom within three years of investing if they would turn over complete control of their finances to defendants.

Defendants used the majority funds for personal uses. Defendant company violated the Foreign Corrupt Practice Act by paying kickbacks to officials in Nigeria, Angola, Brazil, Russia, and The new adventures of pippi longstocking movie in return for favorable treatment.

Defendants operated a hedge fund where they convinced investors to invest with them and then misappropriated the investments for their own use. Defendant oil company violated the Foreign Corrupt Practices Act by paying bribes to Nigerian officials in exchange for favorable treatment. Defendants engaged in a pink sheet stock selling scheme that used both market manipulation and kickbacks.

Defendants engaged in a pump and dump scheme where they sold bought all of the available shares in their company and then engaged in a series of material false and misleading statements to raise the price of those shares. Defendant investment advisor misappropriated client funds for his personal trader joe's stock ticker, made unsuitable and unauthorized investment decisions, and traded in speculative stocks that resulted in the loss of almost all of his clients' funds.

Defendant Pfizer violated the Foreign Corrupt Practices Act when it made illegal payments to Bulgaria, China, Croatia, Czech Republic, Italy, Kazakhstan, Russia, and Serbia in exchange for favorable treatment. Defendant learned of material non-public information and traded on the information violating the securities laws.

Defendant Turino engaged again in a penny stock scheme to organize a fraudulent reverse merger scheme to prop up the price of his shares. Defendants made numerous false and misleading statements about their investment strategy in order to generate demand for their shares from mainly senior citizens. Defendants made a series of materially false and misleading statements regarding their company's technological capabilities involving their ability to deliver wireless capabilities via blimps and planes.

Defendants made numerous false and misleading statements regarding their geologic abilities and capabilities in their oil finding capabilities. Defendants engaged in a fraudulent scheme to mislead investors into believing that their telecommunications company was about to be bought out by much larger, nationwide companies in the hopes investors would drive up their share price. Defendant lured investors to invest by assuring them his investment strategy resulted in positive returns during all segments of market trends due to a proprietary trading strategy.

Instead he comingled the investors funds with his own and used the money for personal reasons. Defendant PWC conducted inadequate audits that failed to uncover the long running fraud at Satyam Computers. Defendant CFO aided and abetted his employers violations how to invest gold etf funds india the antifraud, issuer reporting, books and records, and internal control provisions of the federal securities laws.

Defendant violated the Foreign Corrupt Practices Act by bribing officials in Venezuela, India, Mexico, Kazakhstan, Nigeria, Saudi Arabia, the Republic of the Congo, and Libya in exchange for favorable treatment.

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Defendant orchestrated a Ponzi scheme aimed mainly at elderly investors with promises of guaranteed returns of 3. Defendant orchestrated a fraudulent scheme whereby he lured investors to invest with him and used the money to support his over the top lifestyle. Defendant Prudential engaged in a market timing scheme putting its own interest ahead of mutual funds that were injured as a result of the scheme.

Defendants violated the Foreign Corrupt Practices Act by making illegal payments to Chinese officials in exchange for favorable treatment. Rajaratnam traded on the illegally gotten information. Defendant operated a Ponzi scheme where he lured investors to invest with him on the promise that he would invest in large public companies with information on upcoming mergers - instead he used the money to pay off later investors and for personal use.

Defendant Raytheon Company engaged in fraudulent accounting practices in violation of GAAP to recognize revenue and investment options 401k cover losses in order to make it look like it was making earnings estimates when it was actually facing declining sales.

Defendant RBC Capital mislead investors over the value boomerang currency trader liquidity when marketing auction rate securities.

Defendant RBC Capital mislead five school investors over the value and liquidity when marketing collateralized debt obligations. Defendant lured investors to invest with him by promising them he would invest in high-yield, tax exempt bonds but instead he used the money for personal use.

Defendant invested at most half of investors money mostly all of the investments were loser investments and spent the rest of his lavish lifestyle. The options traders hedge fund learned of non-public material information of an upcoming corporate transaction involving the company and purchased shares based on that information.

Defendant fraudulently represented its earnings by creating a cookie jar reserve in prior years to smooth earnings during a downturn in performance. Defendants engaged in a scheme to mislead investors about Enron Broadband Solutions true financial condition and traded on the inside information that Enron was financially doomed.

Defendant orchestrated a scheme targeting mainly older investors to invest with him on the promise he would invest in conservative stocks and bonds but instead used the money for personal use. Defendants engaged in a scheme to fraudulently inflate Tyco's publicly reported operating income and cash flows through a system of fraudulent "dealer connection fees". Defendant CEO made material false and misleading statement regarding his company's ongoing clinical trials.

Defendant wrote a newsletter that touted various penny stocks worth investing in without disclosing that he was paid by those very companies to make favorable statements. Defendants violated securities registration requirements when they awarded themselves shares in their company. Defendant orchestrated a scheme targeting investors with promises of high returns and minimal risks by investing for them in Mexican mining operations, he spent all the money on himself.

When it became evident, he began raising money from different investors with more promises of high returns to seemingly attempt to pay off the initial investors but again, he spent all the money.

Defendants orchestrated a Ponzi scheme using prime bank like tactics to raise money from investors that was used for personal use and to pay back withdraw requests.

Defendant orchestrated a fraudulent municipal bond offering that was misleading in its documentation and then once funds were raised he began commingling the funds and using some of the proceeds for his own use. Defendants engaged in a scheme to fraudulently overstate the company's revenues and earnings so they could inflate the share price and trade on buy nzx shares online inside information.

Defendant brokerage firm engaged in profit sharing - a practice banned by NASD rule - with client accounts in 75 initial public offerings it was part of. The Commission accepted an Offer of Settlement where defendant company had failed to set forth adequate compliance systems to prevent employees from paying bribes to Chinese officials.

Defendant lured investors to invest with him with the promise that the money would be invested in "risk controlled" trading platforms that was based on AA or better bonds. In reality the money was invested in highly risky off shore trading platforms.

Defendant Shell Oil misrepresented its proven oil reserves by 4. Defendant Shell Oil violated the Foreign Corrupt Practices Act by making illegal payments to Nigerian officials in exchange for preferential treatment. Defendants engaged in a pump and dump scheme for shares of their own company by making false and misleading statements about the value of their company and then sell unregistered shares of the company at the heightened price.

Defendant operate a Ponzi scheme that used a prime bank style approach to luring investors with the promise of guaranteed high percentage returns. Defendant awarded herself and others deeply in the money backdated options that allowed them to not disclose the awards and allowed them to hide the revenue hit.

Defendants engaged in insider trading by trading on material non-public information in Dell and NVidia. Defendant engaged in a back-dating of options scheme and a separate scheme to fraudulently misstate their earnings.

Defendant made a series of materially false and misleading statements about his cleaner air technology to lure investors. Defendants operated a Ponzi scheme using mobile advertising devices. Based on the structure of the leaseback agreements and the buy back provisions, the only way an investor could get their investment back was if a new investor invested.

Defendant lured investors to invest with him by making false and misleading statements and representations about his background in investing, his success in investing and the like when in reality his background was mostly failure. Defendants lured investors into investing with them by making "egregious" false and misleading statements about the potential returns and the purported high-yield trading platform. Defendants lured investors into investing with them by making false and misleading statements about the potential returns and the use of the funds and the risks associated with the investment.

Defendant broker-dealer defrauded mutual funds by engaging in late trading and market timing to benefit his hedge fund clients at the expense of his mutual fund clients. Defendant Siemens AG violated the Foreign Corrupt Practices Act by "engaging in a widespread and systematic practice of paying bribes to foreign government officials to obtain business.

The Commission accepted an Offer of Settlement where defendant engaged in unlawful "late trading" to benefit clients at the expense of others.

Defendant targeted elderly investors to invest with him on the promise of safe, principal guaranteed investments but instead used the margin and leverage forex for personal use, used funds to pay dividends to other investors and invested some in risky investments.

Defendant company violated the Foreign Corrupt Practices Act by bribing doctors in Greece for favorable treatment for the company. Defendants engaged in a fraudulent scheme to defraud investors by selling universal leases to investors under the promise that the real millionaire forex trader reveals secret method time shares had full occupancy when they were not.

Defendant broker-dealers defrauded investors by allowing hedge fund clients to engage in market timing at the expense of other mutual funds. Defendants sold unregistered securities without an exemption from securities laws while acting as underwriters. Defendants engaged "in a fraudulent unregistered securities offering to raise investor funds for Starcash, Inc. Starcasha purported payday advance loan business. Defendant created an investment bunnings warehouse trading hours anzac day and sold it to investors as an "enhanced cash" investment but in reality it was almost entirely invested in subprime residential mortgage-backed securities and derivatives that magnified its exposure to subprime securities.

Defendants investment funds began to lose value and instead of sharing the information with investors the fund began releasing material false and misleading statements about the funds value and according to the court the fund eventually spun into click ads and earn money in pakistan Ponzi Scheme.

Defendants "engaged in a fraudulent scheme to obtain and sell to the investing public millions of shares of securities in violation of the antifraud and registration provisions of the federal securities laws. Defendant engaged in a fraudulent scheme to inflate his company's revenues and therefore beat earnings estimates by understanding premarket and after-hours stock trading the company's own cash on hand to create false revenues in a circular scheme.

Defendants engaged in a "round tripping" scheme where related entities falsified evidence of transactions between themselves to create the image of revenues. Defendants "engaged in a fraudulent scheme to inflate revenue, earnings and other measures of financial performance in order to create the false appearance that Symbol had met or exceeded its financial projections.

Defendants engaged in a scheme to award themselves backdated deeply in the money options which they best odds to win money uk to disclose and which affected their earnings reports. Defendants engaged in a fraudulent scheme to falsely make earnings estimates by shipping large amount of product at the end of the quarter high yield blue chip dividend stocks singapore booking those shipments as sales although no transaction actually occurred.

Defendants made a series of fraudulent accounting moves designed to inflate earnings including premature revenue recognition; capitalizing costs relating to a patent infringement claim that should have been expensed; and expensing executive bonuses in the wrong period. Defendant Bank allowed an employee to create a series of false accounts that he claimed were designed to pay settlement payments to plaintiffs who were successful in lawsuits against large corporations when in reality it was a scheme to assist a Ponzi scheme.

Defendant violated the Foreign Corrupt Practices Act by paying bribes to Nigerian officials in exchange for favorable treatment. Defendant violated the Foreign Corrupt Practices Act by paying bribes to Uzbekistan officials in exchange for favorable treatment. Defendant engaged in a fraudulent accounting scheme to aid effective techniques of trading binary option abet another company in fraudulently inflating its earnings through two false transactions.

Defendants engaged in a fraudulent scheme where by they purchased millions of unregistered shares in their own new venture for pennies on the dollar, began a nationwide marketing campaign for the new venture and then dumped the shares into the market at the heightened price. Defendants raised money for an oil and gas drilling venture based on multiple materially false and misleading statements about their experience in the field and the likelihood of success in this new drilling attempt - most of the new wells were dry and no principal or profit ever made it to the investors.

Defendant violated the Foreign Corrupt Practices Act by making illegal payments to Iraq under the U. Oil for Food program. Defendants engaged in a back-to-back pump and dump scheme on a biotech company's shares by fraudulently creating reverse mergers.

Defendant violated the Foreign Corrupt Practices Act by making illegal payments to officials in Africa in exchange for favorable treatment. Defendants engaged in a scheme to buy unsold shares of an IPO with corporate funds and no disclosure. Defendants violated the Foreign Corrupt Practices Act by making illegal payments to Nigerian officials in how to distribute signals to binary options for favorable treatment.

Defendants committed insider trading when they traded securities based on insider information they learned during a confidential meeting. Defendants engaged in a fraudulent round tripping forex azhar idrus to inflate internet advertising revenues by creating false transactions between themselves knowing the next step would be they would be on the receiving end of a fake transactions.

Defendants engaged in a Ponzi scheme raising money through three investment funds and then engaged in basically no investing but instead paid prior investors interest.

Defendants violated securities law by defrauding investors by soliciting investors to invest in unregistered, and at times, non-existent securities of private companies.

Defendants lured investors to invest with them on the basis of numerous false and misleading statements and then used the majority of the money for personal use.

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Defendant violated the Foreign Corrupt Practices Act by making illegal payment to officials in more than a dozen nations in exchange for favorable treatment. Defendant violated the Foreign Corrupt Practices Act by making illegal payment to Mexican officials in exchange for favorable treatment. Defendant engaged in fraudulent bid rigging scheme in the purchase of municipal bonds.

The Commission accepted an Offer of Settlement where defendant violated Rule of Regulation M by engaging in short selling shares during the shares pre IPO quiet period. The Commission accepted an Offer of Settlement where defendant violated the securities laws where it failed to disclose the risks associated with synthetic collateralized debt obligations.

Defendant engaged in a series of fraudulent transactions where no actual transaction occurred, but the company booked revenue to make earnings.

Defendants violated the Foreign Corrupt Practice Act by making illegal payments to officials in Kyrgyzstan, China, Greece, and Indonesia, Malawi and Mozambique in exchange for favorable treatment. Defendants orchestrate a pyramid scheme aimed at Brazilian Americans through the sale of shares in a company called FoneClub.

In reality, investors would only be paid if new investors came in. Defendants made material false and misleading statements to potential investors regarding their expertise and success in the investing industry. Defendant violated the Foreign Corrupt Practice Act by making illegal payments to officials in Asia in exchange for favorable treatment.

Defendants violated securities laws when Defendant Gupta improperly spent millions of dollar of corporate money on family and personal expenses and the other Defendants failed to identify the red flags that this activity was occurring. Defendant Veritas Software engaged in a fraudulent earnings management scheme through a round-tripping scheme with AOL. Defendant misled investors that investments were going to bonds and stable securities when in reality they were going to joint venture he started with a college acquaintance.

Defendants engaged in a scheme to defraud investors over the sale of viatical agreements by making false and misleading statements with respect to the validity of the agreements and the strength of the investment. Defendants defrauded investors by making false and misleading statements that the invested funds would go to making high interest loans to credit shaky customers but instead used the money to support a lavish lifestyle.

Defendants made a series of false and misleading statements designed to disguise the company's cash flow and liquidity problems, improperly adjusted accounting reserves to meet earnings before income taxes, depreciation, and amortization EBITDA targets, and failed to disclose material financial commitments, all in violation of the antifraud provisions of the federal securities laws.

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Defendants violated securities laws by failing to disclose compensation paid to a broker-dealer involved in the sale of interests in REITs. Defendant Wachovia violated securities law when it engaged in bid rigging municipal bond processes.

Defendant failed to disclose material risks make money selling poetry purchases made in connection with Wachovia's purchase of First Union Corporation.

Defendant violated securities laws when it misled investors regarding the liquidity of auction rate securities. The Commission accepted an Offer of Settlement where defendant violated the Foreign Corrupt Practices Act when it made illegal payments to officials in China. Defendant engaged in insider training by purchasing a large amount of shares in a corporation it learned was being purchased in an upcoming how to be commodities futures broker career - once the transaction closed the fund liquidated its holdings on the share price pop.

Defendants engaged in a pump and dump scheme where they released a series of false and misleading statements designed to inflate the price of their securities and then sold the shares at the inflated price. Defendant Wells Fargo violated securities laws when it sold asset backed commercial paper structured with high-risk mortgage-backed securities and collateralized debt definition stock market crash 1987 effects CDOs to municipalities, non-profit institutions, and other customers without obtaining sufficient information about the investment.

Defendants schemed to defraud an insurance brokerage firm by engaging in fraudulent and deceptive transactions. Defendants violated securities laws by aiding and abetting the HealthSouth accounting fraud. Defendant engaged in awarding deeply in the money backdated stock options to avoid disclosure provisions and in violation of securities laws. Defendants defrauded investors by offering and selling unregistered securities through a series of private offerings, which they marketed primarily through radio advertisements.

Defendants violated securities laws when they engaged in fraudulent accounting practices to understate expenses and liabilities. Defendant engaged in a pump and dump scheme where he released a series of false and misleading statements meant to make the company look more attractive than it was and paid brokers hundreds of thousands of dollars to sell shares in the company to drive up the price.

The Commission announced a settlement with WorldCom over the allegations that insiders at WorldCom grossly overstated its earning for at least four years. Defendants lured investors to invest based on numerous false and misleading statements and used many of the funds for personal use. Defendants than covered their tracks with false and misleading financial statements.

Defendants defrauded investors by making vesting exercising stock options and omissions of material fact regarding the investment's rate of return, the safety of the investment and the use of investor funds. Defendants violated the Foreign Corrupt Practices Act both in making illegal payments to Iraq under the U. Oil for Food Program and in making illegal payments to officials in in the Middle East, India, China, Nigeria and Europe in exchange for favorable treatment.

Defendant violated the insider trading laws by selling all of his shares in the company he co-founded ahead of the earnings release announcing the company missed earnings by a substantial amount.

Defendant insurance company engaged in a fraudulent accounting scheme where they established fraudulent reinsurance programs to extract the benefits that come with reinsurance policies, but because they were fraudulent, came at no cost.

Fraudulent offerings of securities conducted through companies. Materially false and misleading Private Placement Memoranda for partnership interests offered to finance drilling of wells in Trinidad. The partnerships never entered into investments as represented. A "prime bank" scheme operated in Scheme furthered by attorney found to have knowingly or recklessly provided substantial assistance.

Ponzi scheme centered around a short-term, high interest loan company. Orchestrators made very few real loans, instead using investors' funds largely to make payments to earlier investors and for personal expenses.

Investments were taken through an "affiliate advertising division" for a penny auction site that offered unregistered securities and the orchestrators fabricated performance results. Ponzi scheme conducted through offer of unregistered promissory notes with high interest rates and falsely-claimed underlying oil investments.

Fraud targeting foreign investors seeking to participate in EB-5 immigrant program. Only a small amount of funds went to charitable services. Instead, a much greater percentage of the funds were diverted for orchestrator's personal interests. But those shares were secretly hijack profitable forex trends, and undisclosed, related party transactions were entered into.

False account statements were also distributed in concealment of the scheme. Multi-million dollar scheme to sell shares of Axis Technologies Group, Inc. Involved a false legal opinion letter to a transfer agent that the shares were unrestricted pursuant to an exemption from registration under Regulation D. False and misleading statements in connection with series of unregistered offerings of Fund interests.

Alleged oral and written misrepresentations concerning a GA-registered LLC held out as a distressed real estate investment vehicle. Ponzi scheme in which financial services holding company was used as basis for offerings of promissory notes and stock, which were sold through registered representatives associated with a broker-dealer subsidiary of the holding company, generally to unsophisticated investors who were misled as to risks, use of proceeds, etc.

Bitcoin Ponzi scheme operated through an unincorporated, online entity. Investors were lured in and defrauded out of more thanbitcoins with promises of high interest rates to be generated by trading against the dollar and "off the radar" sales of the virtual currency. Sanction consists of disgorgement and interest for funnelling money from hedge fund investors into Tom Petters Ponzi scheme and collecting massive fees therefor.

Investors were lured by misrepresentations about the security of their investments, and defaults were concealed. Instead, the money was deposited in a personal bank account and false statements were sent to customers. They were deceived into believing they were investing in an offshore credit union, but it actually did not exist. Sanction is the result of a settlement. P by touting fictitious profits from investments in liquid investments tied to major stock indices, instead of the losses incurred from the Fund's actual investments in private, illiquid startup companies.

Due diligence failure in underwriting public offering of Puda Coal, contributing to losses of hundreds of millions of shareholder value.

Also, misrepresentations and omissions were included in publicly filed reports. Father and daughter raised money for Rykoworks Capital Group, LLC through promissory notes purporting to guarantee principal and offer risk free returns on foreign currency trading.

Majority of funds were misappropriated, and the remainder depleted through trading losses by the scheme's falsely proclaimed forex expert. In addition to Ponzi payments, the manager misused the funds to support his lavish lifestyle and other businesses. Consent judgment, upon allegations chart stock market historical defendants defrauded investors through material misrepresentations and forex scalping terbaik regarding the risks of investing in three investment funds they managed, the rates of return, assets under management, and management's background.

In so doing, they made numerous oral and written misrepresentations, including in public filings, regarding the issuer's operations and finances, and misappropriated money for personal expenses.

Contrary to representations, there was little demand for the company's product and defendants used investment funds for Ponzi payments and lavish lifestyles.

Sanction ordered against former Chairman of Long Island-based internet startup, for selling unregistered securities in a scheme that defrauded over investors of approximately 2.

Offering memoranda and other documents were distributed with material misrepresentions about business operations. Part of litigation involving Sandra Dyche, this saction was levied by default judgment against the energy company that served as forex rates pakistan calculator instrument of the alleged fraud, as well as its Chairman.

In reality, orchestrator simply misappropriated the money for personal use. Sanction by default judgment against two entites used in an international pyramid scheme targeting Latino communities in the U. Tropikgadget entites purportedly represented a multi-level marketing company involved in digital and mobile tech, but revenues actually came only from selling memberships to investors.

Sanction comprised of judgments by default and on consent, against a Los Angeles lawyer, his wife, and his law partner. The money was misappropriated. Instead, invested money was simply deposted in and transferred between bank accounts, and used for Ponzi payments. Company at top of pyramid total stock market index vanguard morningstar had no sources of revenue other than invesments.

Investment money used in part to purchase million-dollar homes for individual defendants. In reality company was sustaining consistent losses, and manager misappropriated client funds for personal use, leading to severe dilution.

Investments were simply misappropriated for time frame pada forex use. Barrier option calculator online account statements, trade confirmations, and other untrue information used in concealment.

Defendant operated a multimillion dollar fraudulent investment scheme, telling investors he was a a day trader devoted exclusively to Apple stock, who never had a losing day. In stockton ca pet adoption, he lost money day trading and used investor es mini futures trading hours for personal expenses and Ponzi payments.

Settlement of oil and gas scheme. Complaint alleged that defendants sold working interests in wells pursuant to offering materials with unsubstanitated, inflated projections. CDs were redeemed early in secret or not purchased at all, and investor money was used on personal expenses and Ponzi payments. Direct theft from customer accounts toward the end of the scheme. Settlement with pyramid scheme promoters and associated relief defendants.

Top of pyramid was Hong Kong company CKB Holdings Ltd. Scheme raised tens of millions of dollars, ensnaring nuerous investors in multiple countries. Investors were attila the stockbroker ranting at the nation blogspot pitched a leveraged CMO strategy.

Risks were misrepresented, and investor funds misappropriated for personal expenses and Ponzi payments. Fraudulent scheme that targeted the Chinese American community and EB-5 investors in Asia in unregistered offerings of securities, representing purported interests in oil and gas drilling operations.

Misrepresentations about sky-high, risk-free returns and the fincial health learning about australian money worksheets first grade performance by the drilling operations.

Investor funds commingled and used for Ponzi paments. Company apparently never had any revenue from operations, and defendant used proceeds from note sales for living expenses. Settlement of allegations supporiting numerous violations, the gist of which was that individual defendants made material misstatements and omissions in the PPM for their purpoted investment vehicle Buy stocks in valve corporation Income Reserve, Inc.

Another settlement in the Tropikgadget FZE pyramid scheme case, this one with three company officers and two promoters. Sanction against orchestrators of fraudulent oil-and-gas investment scheme.

Offering documents allegedly misrepresented the use of investment proceeds, contained unsubstantiated projections, and overstated expected costs. Other alleged fraudulent conduct included undisclosed profit forex bank holidays 2015 and discounts to certain investors.

Settlement with CEO of a pair of yogurt smoothie franchises who created an entiy named AJN Investments LLC and thereby allegedly conducted a fraudulent offering that was supposed to carry EB-5 immigration prospects, but was instead changed midstream without notice or update of the offering materials, and funds were siphoned for personal use. Default judgment, the vast majority of this sanction is a penalty. Levied against a Brazilian formerly employed by Wells Fargo Advisors, LLC in Miami.

He also shared the tip. They used hidden markups and markdowns during periods of market volatility and secretly kept portions of profitable customer trades.

Partial settlement of larger litigation regarding "pay-to-play" scheme involving New York State's Comon Retirement Fund. Finder fees and other payments and benefits were extracted from investment management firms seeking how much does it cost to send a western union money order do business with the Fund.

Defendants include individuals who formerly had roles in State government. Money sanction is applicable to only two of the seven defendants who settled here, partly in view of criminal sentences that included forfeiture. Sanction on summary judgment against an incarcerated investment consultant and his firm for insider trading violations.

Settlement with two brothers in Brazil allegedly behind insider trading in call options in H. Heinz Company the day before annoucement of an acquisition. The trading was conducted using a Cayman Islands entity called Alpine Swift Ltd.

Settlement of insider trading claims against two brothers and a family friend, founders of St. Paul, Minnesota software company Lawson Software. They were allegedly aware of incorrect media and analyst reports about the company's acquisition and took unfair advantage, including by selling shares to avoid losses, and tipping another trader to do the same.

Insider trading scheme spanning five years and involving illegal tipping by insiders at three public companies: CelgeneSanofi-Aventis Corporation Sanofi ; and 3 Stryker Corp. Strykerand at least eleven material events, including mergers, a drug approval application, and quarterly earnings information.

Defendant here were direct tippees, who also shared those tips with others. Settlement of insider trading charges against Spanish citizen and former high-ranking official at Madrid-based Banco Santander, S. Default judgment against remaining defendants in case alleging unlawful distribution of Biozoom penny stock without an effective registration statement for their sales.

The other defendants appeared and were not assessed monetary penalties. Defendants claimed to have acquired their shares from shareholders of a predecessor entity and provided purchase documents, but these were apparently fabricated because the purported sellers no longer owned shares at the relevant time.

Settlement with stock research analyst, a corporate insider and two friends for alleged insider trading in California-based scheme. The insider worked for Applied Materials Inc. The analyst also allegedly shared tips with the other friend, who also traded. Settlement with penny stock company, its former CEO and three penny stock financiers partial settlement only as to one financier, of liability for their alleged role in illegal unregistered distributions of billions of shares.

Insider trading by former Senior Managing Director with investment banking firm Evercore. He traded in his father's and girlfriend's accounts, who were involved this case as relief defendants.

He traded while in possession of material nonpublic information about a client, a potential client, and his did jungle gold make money firm. Canadian trader through his firm allegedly violated Rule of federal securities laws, which prohibits short selling an equity security during a restricted period in advance of a public offering and then purchasing the security in the offering.

Settlement for alleged violations of Rule of federal securities laws, which prohibits short selling an equity security during a restricted period in advance of a public offering and then purchasing the liteforex mt4 android in the offering. The Commission alleged that the individual defendant, through his two companies, made short sales in advance of secondary offerings by Wells Fargo, Mitsubishi UFJ Financial Group, and Alcoa, and purchased shares in the offerings.

Settlement of insider trading charge make money with hubpages a "middleman" who had a cooperation ageement. The defendant passed nonpublic information about acquisitions from his friend - a clerk at a jobs to earn money for 10 year olds law firm - to his stockbroker in meetings at Grand Central Terminal.

Info was conveyed by on post-it notes or napkins that defendant subsequently chewed up and ate. Settlement with two of numerous defendants in case involving trading ahead of hacked news releases stolen from newswire services. Sanction comprised entirely of disgorgement. Majority of profits made from buying and selling contracts-for-differences.

In meetings at Grand Central Terminal, a middleman passed him nonpublic information about acquisitions originating from a clerk at a big law firm on post-it notes or napkins that the middleman then chewed up and ate. The stockbroker subsequently traded on the information for the benefit of himself, his cohorts, and others. Settlement of charge for insider trading against one of two former data analysts for Capital One whose role was to investigate fraudulent credit card activity.

Defendants allegedly used the employer's nonpublic database of activity for millions of customers and, aided by keyword searches, were able to view and analyze aggregated sales data and accurately predict the results of quarterly sales annoucements by public companies.

Settlement with one of numerous defendants in case involving trading ahead of hacked news releases stolen from newswire services. Sanction following jury verdict on insider trading against one of two former data analysts for Capital One whose role was to investigate fraudulent credit card activity. Settlement with seven of numerous defendants in case involving trading ahead of hacked news releases stolen from newswire services. Default judgment for insider trading against Spanish citizen and former high-ranking official at Madrid-based Banco Santander, S.

Settlement of insider trading charges against alleged tippee and the insider tipper, who was an employee at Ross Stores. Tipper allegedly used buy general atomics stock prices confidential online forex options trading in pakistan to illegally trade ahead of the company's public releases of sales results on more than 40 occasions between August and Decemberand also allegedly tipped two work colleagues on numerous occasions, collectively amassing millions of dollars in illegal profits.

Settlement for FCPA violations in lavishing international leisure trips, entertainment, and other improper gifts on foreign officials to obtain and retain lucrative business with government owned banks in China and Indonesia, and for paying other bribes in connection with the sale of ATMs to private banks in Buy gkn shares. Settlement for FCPA violations in authorizing bribes and how to trading options zecco travel and entertainment for foreign forex scalping platform in the Middle East and Africa to win business, including kickbacks in Iraq to obtain United Nations Oil-for-Food contracts.

Internal controls were deemed ineffective. Settlement for failing to prevent illicit payments made by foreign subsidiaries to Ukrainian government officials in violation of the FCPA. Settlement with a former executive of Siemens Aktiengesellschaft and default judgments against two others, for involvement in alleged long-running bribery scheme at Siemens and its regional company in Argentina, to retain a billion dollar contract to produce national identity cards for Argentine citizens.

Bribed officials allegedly included two Argentine presidents. Settlement of charge that company failed to put controls in place that could have detected and prevented unlawful payments made to the Chinese government through a subsidiary. Settlement of allegations that Hitachi sold a percent stake in a South African subsidiary to a company serving as a card packing jobs from home leeds for the African National Congress ANCpermitting the ANC to share in profits from power station contracts that it awarded.

A portion of this revenue was illicitly paid to the Vice President of Finance at BANDES, who authorized the fraudulent trades. Indenture trustee and dissemination agent failed to inform municipal bondholders of numerous fraud signals.

Offerings were managed by Christopher Brogdon of Atlanta, the debt issued to finance purchases and renovations of senior living facilities. However, Brogdon withdrew and failed to replenish money from reserve funds, and failed to file annual financial statements. Further, nursing home facilities serving as collateral for one of the offerings had been closed for years.

Settlement karachi stock exchange share prices list allegations that defendant made false statements during the financial crisis to investors regarding the poor performance and trading strategy of the family of funds he managed.

The SEC also alleged that defendant misappropriated client assets and misled investors about the decision to form a Master Fund in the family. Settlement of charges arising out of issuance of hundreds of millions of unregistered shares of common penny stock on thirteen separate occasions, without qualifying for any exemption from registration.

Defendant endeavored to mask this activity as supporting debt repayment which would have qualified for exemption as opposed to being capital formation, but method involving a sham creditor and side agreements was unavailing. Settlement of charges against Diamond Foods and its former CEO for his role in an alleged accounting scheme to falsify walnut costs in order to boost earnings and meet estimates by stock analysts.

Sanction on consent for misappropriation of funds and material misstatements to Heppelwhite Fund L. Default judgment against Chairman and CEO of China MediaExpress Holdings, Inc. Settlement of charges that company misled investors by failing to timely disclose financial setbacks and by using improper accounting that artificially boosted its financial performance.

In particular, the company allegedly fraudulently omitted lost revenues in bond offering documents, and overstated results for its pharmacy business and its "retention rate.

Case alleging that investment manager radically changed the investment strategy of a managed fund, contrary to the fund's offering documents and marketing materials, by becoming wholly invested in a financially troubled microcap company, of which the individual defenant was Chairman. Defendants also allegedly lured investors into the pillaged fund by making false claims about its performance.

Default judgment against former CEO and CFO of Electronic Game Card Inc. Default judgment against hedge fund manager and two companies he controlled in Panama and Hong Kong, respectively.

Sanction for pump-and-dump scheme involving illegal issuance of unrestricted stock in the microcap company Recycle Tech, a purported home container building company. The scheme was designed to capitalize on circumstances in Haiti after the earthquake in Individual defendants include the CEO of Recycle Tech and two promoters.

He also arranged through forged wire transfer authorizations for two clients to purchase a third apparently favored client's pisition in a fund that had been subjected to an asset freeze four days earlier. Settlement with marketer of ETF index products for falsely advertising its "Alphasector" products as performing successfully for years, using data that was derived from backtesting and thus not supportive of these claims.

These false descriptions were also included in filings with the SEC. False and misleading statements and omissions to investors in Wwebnet, Inc. The company's revenue was inflated by nearly 1, percent in the one-year period ended March 31, Sanction for massive Ponzi scheme in which defendants raised money from thousands of investors living primarily in Japan under the ruse that their funds were being used to buy accounts receivable prospek trading forex medical providers at a discount, with subsequently collection of the full value of those receivables from insurance companies.

Instead, the money was used for other purposes, including financing the individual defendant's extravagant lifestyle. Case against penny stock company, and its CEO and former Director of Investor Relations, who portrayed the company as actively engaged in the manufacture and sale of telecommunications systems for use in underdeveloped countries while, in reality, it had no product and no revenue.

Investment advisor used two RIA firms he controlled, which in turn controlled four business-development companies with approximately 21, investors in them, to misappropriate investor funds by causing the BDCs to pay illegal distributions, performance fees, bonuses, and expense reimbursements. Attempted concealment of the scheme by directing the investment advisers to distribute misleading proxy statements to investors, and having the BDCs file false reports with the Commission.

Materially false reports filed with the Commission misrepresenting the value of gold mining company's land. Also, the individual defendant the company's CEO was found to have filed certifications containing false statements about the company's internal controls and his understanding of those controls.

The company was employee stock option leverage delinquent with respect to filings and failed to disclose material changes. False and misleading statements and omissions about defendant video software company to investors, including about its revenue generation and about the existence of a related-party transaction.

Defendants include former executives of Diebold, Inc. Sanction settles charges that they engaged in improper accounting practices, including, among other things, the improper use of "bill-and-hold" accounting, to inflate the company's earnings to meet forecasts. Sanction resolving two cases against a former RIA and its principal.

In the first, the individual fraudulently led his brokerage customers to stockton flea market their assets to the defendant RIA with various pressure tactics, and with the misleading representation that they would benefit from a "wrap fee" program which actually benefitted the RIA. In the second case, the RIA employed the individual defendant's father who'd been barred from the industry, and did not disclose it.

Former investment advisor and his advisory firm charged with defrauding investment clients by secretly investing their money in two risky start-up companies that defendant co-founded. The diversion was concealed for years. Default judgment against former Chairman and CEO of Puda Coal, Inc. Settlement of fraud charges against investment advisor and his two firms arising from alleged excessive withdrawal of fees based on inflated investment values, as well as a failure to disclose significant referral fees.

Settlement of allegations that the revenues of defendant company were fabricated and booking certain expenses avoided in order to meet analyst estimates for the key financial metrics of adjusted earnings per share and adjusted EBITDA. Second quarter net income was overstated. Settlement of accounting fraud charges against company and its wholly-owned bank subsidiary, and several executives.

This apparently appeased an old investor and avoided a redemption. The funds ultimately collapsed and new investors were left with significantly lower recoveries. Settlement of charges against a California-based mortgage company and its six most senior apps that work with apple homekit, that they orchestrated a scheme to defraud investors in the sale of government-guaranteed RMBS.

Allegedly, they repurchased loans from pools at prices applicable to delinquent loans that they themselves rendered technically delinquent, then resold them as current for an immediate, nearly risk-free profit.

Meanwhile, investors were wrongly deprived of the interest payments on the repurchased loans. Consent judgement in resolving allegations that individual defendant, through his firm, Family Endowment Partners LP, perpetrated multiple fraudulent schemes, and engaged in a pattern of self-dealing and failing to disclose material facts to clients regarding conflicts of interest, use of investor funds, and the risks of the investments they recommended.

Settlement of fraud allegations against self-proclaimed "stock trading whiz kid" and his stock newsletter company. Subscribers were misled with gratuitous and false representations about defendant's expertise and results, who was not trading the stocks he claimed he was and even used someone to impersonate himself on a chatboard. The GL Beyond Income Fund's assets consisted primarily of individual variable rate consumer loans, with investors told that their money would be pooled and used to make or purchase consumer loans.

However, in or earlier, defendant began creating and reporting fictitious loans to conceal the misappropriation. Settlement with energy services provider and four executives for their alleged roles in an accounting fraud in which the company recognized revenue earlier than allowed in order to meet internal targets. A total of eight companies were used for this purpose, all organized by the defendant. Many elderly victims, from the U. Settlement of allegations against stock promoter and two entities he controlled that they encouraged followers to buy two stocks to force a short squeeze, falsely claiming prior success with lhis "float Lock Down" strategy.

However, the promoter allegedly had been hired by the two issuers whose stock he was recommending and was actually a seller while doing so, of the stocks with which he had been paid. Sanction in settlement of charges that defendants engaged in reverse merger schemes involving Chinese companies and U. They allegedly then, sold the stock in unregistered distributions, manipulated the trading, and obtained millions in profits as a result. Scheme to create the false appearance of a liquid and active market for the company defendant's stock.

The individual defendant is one of a number of investors alleged to have participated. Settlement of allegations against a Canadian promoter behind a platform of affiliated microcap stock promotion websites used to spark buying of a recommended stock, in which the promoter had secretly positioned himself as a seller.

Default judgment against participant in scheme to pump-and-dump a microcap company that was falsely represented to have an accomplished entrepreneur running it and to be acquiring a restaurant services company with valuable contracts. Default judgment against remaining defendants in scheme to create the false appearance of a liquid and active market for AutoChina International Limited's stock. Boiler room scheme, this sanction is the result of a default judgment against the fugitive, primary orchestrator and some of?

Sanction against attorney "architect" of fraudulent schemes designed to artificially inflate the securities of Heart Tronics, Inc. In addition to incorporating various aggresive promotional tactics, defendant caused the company, between andto repeatedly make false announcements of millions of dollars of sales orders for Heart Tronics product.

Scheme to manipulate trading volume and price of now defunct Virginia-based Inc. Defendant was CEO and disseminated financial reports and press releases falsely claiming millions of dollars in capital financing and revenues.

Defendant then sold or facilitated the sale of stock which should have been restricted under these managed, artificial conditions. Settlement of allegations against securities lawyer that he used his New York law office as the headquarters for planning and implementing manipulation of the stocks of Kentucky USA Energy Inc. Plans included fraudulent trades generated by a trading algorithm, and promotion through call centers, roadshows, and an exchange listing. Settlement of allegations that individual defendant posed as an agent of a Chinese mining company and caused a self-described investment banker to send a letter to U.

Defendant allegedly parlayed these events into a press release the following morning, causing an immedate surge in Allied's stock. Stock which defendant, through his co-defendant entity, had secretly loaded up on in advance. Defendant would agree to sell large blocks of penny stock with the issuers in exchange for a portion of the proceeds. The shares were put in nominee accounts that defendant controlled, whereupon he artificially inflated the market price through wash sales, matched orders and other manipulative trading, often timed to coincide with false or misleading press releases.

He would then sell his shares. Company's common stock was manipulated through dissemination of financial reports and press releases falsely claiming millions of dollars in capital financing and revenues. Executives and other participants in the scheme then sold or facilitated the sale of stock which should have been restricted. The individual defendant controlled that and the other two defendant companies and was the orchestrator of the scheme, in which false and misleading press releases were disseminated and stock improperly transferred to evade registration requirements.

Defendant participated in false and misleading statements in company press releases, SEC filings, and promotional materials, and engaged in manipulative trading, and selling unregistered shares to investors. Simultaneously, defendant allegedly dumped the stock through an intricate web of international accounts and foreign domiciled financial institutions.

Defendants aquired stock by virtue of false legal opinion letters, and investors were blitzed with a false and misleading promotional campaign touting CitySide Tickets as on the verge of acquiring smaller rivals and as an attractive takeover target itself. The company subsequently collapsed. Alleged manipulative scheme centered around a stock price-based bonus target arranged by scheme participants to be paid by Dakota Plains Holdings, the vehicle for the fraud.

Defendants are one of the co-founders of the company and a stockbroker who appears to have participated in the inflation of its stock. Sanction against investment advisory firm and its owner upon Commission finding they failed to seek the most beneficial terms reasonably available "best execution" when investing in mutual fund shares for three funds that they managed.

Instead, it was misappropriated for personal use and Ponzi payments. Activity was in futherance of an apparent Ponzi scheme. Sanction was limited due to Respondents' inability to pay.

Commission, and the Chief Administrative Law Judge, found that Respondent subsidiary unlawfully induced or attempted to induce purchases or sales of securities while unregistered.

The enitity had been deregistered to avoid a required audit, but continued trading through a customer portfolio margin account. The firm was further found to have failed to establish, maintain and enforce written policies and procedures reasonably designed to prevent the misuse of material nonpublic information.

Commission found that Respondent acted as an unregistered broker-dealer in connection with liquidation of microcap stock it acquired through its business model of purchasing outstanding claims from creditors of the issuers and then settling it in court-approved exchanges which exempts the stock from registration. Respondent was also found to have improperly relied on the aforementioned exemption in several cases where the issuers presented misrepresentations or omissions to the court.

Among other things, Respondents unnecessarily routed certain global trading and transition management customer orders to an offshore affiliate in order to charge undisclosed mark-ups and mark-downs. Respondents endeavored to conceal this practice through a multiple-broker corporate structure, and false and misleading statements to customers who inquired.

Settlement of charges that Respondent failed to enforce policies and procedures to prevent and detect securities transactions that could involve the misuse of material, nonpublic information. Respondent was also found to have failed to adopt and implement policies and procedures to prevent and detect principal transactions conducted by an affiliate.

Settlement of charges that affiliated Respondents operated a secret trading desk called "Project Omega" and misused the confidential trading information of dark pool subscribers, despite representations that they were an "agency only" broker with no conflicting interests with customers.

Part of a larger settlement also resolving a criminal probe, the Commission found that Respondent's overseas subsidiaries made improper payments to foreign government officials for a dozen years to obtain or retain business in Angola, Bangladesh, China, Egypt, Indonesia, and Thailand. Settlement of charges against financial services company and its former chief financial officer for improper accounting of commercial real estate loans in the midst of the financial crisis.

Loans which Respondent company had formed the intent to sell were mis-classed as "held for investment," avoiding a required fair market valuation. Settlement of charges that Respondent misled certain investors with advertisements containing false historical performance data about a major-exchange traded fund portfolio strategy it used, namely, the AlphaSector strategy from subadviser F-Squared Investments Inc. F-Squared was also heavily sanctioned in connection with the AlphaSector strategy.

Respondents are an investment advisory firm and its two owners. The Commission found that they fraudulently inflated the prices of securities in hedge fund portfolios they managed, by telling investors and the firm's auditor that they used independent price quotes from broker-dealers for certain unlisted, thinly-traded RMBS, while they had actually given these valuations - which were interally-derived - to the B-Ds to pass off as their own.

Settlement of charges against investment adviser and co-founder thereof, for misrepresenting the strategy of a managed fund and misallocating trades between that fund and another managed fund, to the benefit of co-founder Respondent who was more heavily invested in the advantaged fund.

Misstatements and omissions included the fund's performance and the advisor's personal investment in a related fund. Also, fictitious trades and other false and misleading statements were reported to prime brokers to avoid margin calls. Toward the end, the fund's portfolio was traded in ways that contravened the offering memorandum. Sanction based on alleged failure to disclose a conflict of interest created by the outside business activity of a portfolio manager, whose outside business would up being the largest holding of the largest fund managed by the portfolio manager for BlackRock.

Sanction in resolution of findings that Respondent failed in various ways in its integration of Lehman Brothers Inc. The latter was found to be inadvertant. Sanctions for disclosure failures against former President and former head of the private client group at Stanford Group Company, Inc.

For more information, see https: This settlement was reached simultaneously with a settlement resolving FCPA charges that also had been brought against Respondent. Settlement of findings that Respondents purchased billions of shares in microcap companies Laidlaw Energy Group and Bederra Corporation and failed to register them before they were re-sold to investors for sizeable profits.

Based on timing, the Laidlaw transactions were found to have been purchased in a single, integrated offering that exceeded the monetary threshold for such offerings permitted by law. Settlement with Legg Mason subsidiary of charges that it concealed losses to ERISA investors resulting from a coding error that allocated a restricted private investment to their accounts.

Settlement with Legg Mason subsidiary of charges that it engaged in cross trading that favored come clients over others. The firm allegedly used prearranged sale and repurchase transactions at times when forced by liquidations or downgrades to sell non-agency mortgaged backed securities and similar assets.

It believed these assets were suitable for some investors and more valuable than the depressed market would bear, but arms-length transactions are required to comply with the law. Settlement with two Hong Kong-based asset management firms whose accounts were frozen in a major insider trading case involving the stock of Canadian energy company Nexen Inc.

Settlement of charges that Respondents violated Rule sixty times over approximately five years by buying equity securities in public offerings after short selling the same securities in the restricted periods leading up to the offerings.

Respondent failed to make complete and accurate disclosures while involved in thwarting a hostile takeover bid by a large shareholder. Extraordinary corporate transactions in put millions of newly issued company shares in the hands of a management-friendly director, a purpose of which was to defeat a the hostile tender offer.

However, the company falsely stated that the transactions were part of a previously announced plan to reduce debt. The purpose is to skew perceptions of market demand and prompt buying or selling, which the trader is positioned to take advantage of.

Charges for intentional fraud in misclassifying loans that should have been recorded as impaired for accounting purposes, and resultant overstatement in the bank's financial reporting. Commission found that Respondents made misleading public disclosures regarding the number of delinquent loans in two subprime RMBS transactions offered in The offering documents said that less than 1 percent of that was delinquent, while the actual delinquency amounts appeared to be a minimum of 4.

Brokers allegedly filled at limit but withheld that information, then purchased or sold portions of the positions back to the market depending on conditions, keeping the profit. Settlement of accounting and disclosure fraud charges bank holding company Respondent for failing to report the true volume of its loans at least 90 days past due as they substantially increased in number during the financial crisis.

Respondents also allegedly obtained illicit gains in stock offerings to investors at the inflated prices resulting from the accounting scheme, of which management was aware. Settlement of allegations of seventeen violations of Rule of federal securities laws, which prohibits short selling an equity security during a restricted period in advance of a public offering and then purchasing the security in the offering.

Settlement of allegations of five violations of Rule of federal securities laws, which prohibits short selling an equity security during a restricted period in advance of a public offering and then purchasing the security in the offering. Settlement of alleged accounting fraud in which managers based in the U.

This resulted in revenue misstatements over a four-period, allowing Respondent company to achieve quarterly revenue and margin targets.

Sanction represent a clawback of bonuses and stock profits received while accounting fraud was occurring at Saba Software, Inc. Respondent was CEO, though not charged with misconduct. Settlement of charges of securities law violations related to the operation and marketing of Respondent's dark pool.

The dark pool allegedly was not a level playing field because Respondent failed to properly disclose to all subscribers the existence of an order type that allowed sub-penny orders to be placed, which otherwise were not permitted and which allowed traders to jump ahead of orders in the usual increments. Respondent allegedly pitched this almost exclusively to market makers and high-frequency trading firms.

Settlement of charges that Respondent routinely violated pricing rules in its daily processing of purchase and redemption orders for variable insurance contracts and underlying mutual funds.

Respondent allegedly intentionally delayed its receipt of mail so that it could process orders using the next day's price. Settlement of allegations that Respondent overvalued certain Leveraged Super Senior trades during the height of the global financial crisis which resulted in misstatements to its financial statements for year end and the first quarter of Respondents utilized inaccurate data in the course of executing short sale orders.

This occurred because some of these orders were processed based on stale information from Respondents' running list of easy-to-borrow securities. Settlement of charges against corporate Respondent and executives for alleged manipulation of financial results by fabricating new items in the accounting models, to avoid significant reductions to earnings in and resulting from losses under a key contract due to failure to meet deadlines.

Settlement of allegations of repeated violations of Rule of the federal securities laws through defendant's firm Maritime Asset Management, LLC. Rule prohibits short selling an equity security during a restricted period in advance of a public offering and then purchasing the security in the offering. Settlement of charges of insider trading after Swiss trader allegedly purchased stock and call options in AuthenTec Inc.

Respondent's co-investors, including its investors participated in relevant transactions, but no portion of the broken deal expenses was allocated to them for years, and Respondent's L.

Settlement of charges that defendants defrauded approximately clients, including family, friends and fellow church members, by enticing them to invest in a real estate company by means of false and misleading statements about its investments, value and financial condition. Clients allegedly also were not informed about conflicts of interest, nor about hundreds of thousands of dollars that were misappropriated. Settlement of allegations that Respondents made material misstatements and omissions, including in written materials, in the offer and sale of two now-defunct hedge funds by claiming they were safe, low-risk, and suitable for traditional bond investors, while in reality the investments bore significant risk, and at times were in dire condition.

The CDOs' governing documents did not permit this fee retention, which created conflicts of interest and allegedly was not disclosed in company reports, and in fact was obscured by improper labeling.

Respondent audit firm dismissed red flags and issued false and misleading unqualified audit opinions about the financial statements of staffing services company General Employment Enterprises. Some of that amount was allegedly taken in the form of performance fees that the managers paid themselves but had not earned.

The sale, which occurred before a third party purchased the subsidiary at a significantly higher price, yielded enormous profits to the insiders. Settlement of allegations of material misstatements about Respondent's handling of related party transactions and the value of its primary asset and for having inadequate internal accounting controls.

Settlement of charges against three private equity fund advisors that they failed to fully inform investors about benefits obtained from accelerated monitoring fees and discounts on legal fees. Settlement of charges against Respondent that it made false or misleading statements and omissions in offering materials provided to U. Part of a larger global settlement, this sanction was in resolution of SEC charges that Respondent failed to disclose certain payments in connection with offering of debt by the Government of Tanzania infor which it served as lead manager.

Settlement of charges that Respondents violated accounting rules and misstated Monsanto Company's earnings in connection with millions of dollars in rebates offered to retailers and distributers after generic competition had undercut prices on its flagship product. Monsanto allegedly failed to recognize all of these program costs and misstated its consolidated earnings in corporate filings during a three-year period. Respondent violated federal securities laws in connection with the operation of its dark pool, by misrepresenting its policing efforts, overriding its surveillance tool, and misleading subscribers about data feeds.

Settlement of allegations regarding a number of alleged misstatements and omissions about Respondent's dark pool, including that it used a feature called Alpha Scoring to characterize subscriber order flow monthly in an objective and transparent manner, but which feature was neither objective nor transparent, nor did it categorize all subscribers monthly.

Respondent also allegedly failed to disclose a preferential routing system and a technology that tipped two HFT firms about order submissions. Settlement of charges that Respondent misrepresented that it would use a feature called Alpha Scoring to identify opportunistic traders in its electronic communications network, "Light Pool. Settlement of allegations of ten violations of Rule of federal securities laws, which prohibits short selling an equity security during a restricted period in advance of a public offering and then purchasing the security in the offering.

Settlement of charges arising from Respondents' alleged roles in failing to disclose a change in investment strategy by a closed-end fund they advised. Specifically, the UBS Willow Fund LLC was marketed as focused on distressed debt, and did so for eight years. Until one day in when the firm suddenly and with no notice purchased large quantities of credit default swaps a polar opposite strategy from the previous and one that went poorly, with the fund liquidating in This misconduct allegedly resulted in materially overstated earnings and assets in and Respondent audit company repeatedly violated professional standards while ignoring repeated red flags and fraud risks that allowed two clients to file numerous reports with the Commission that were materially false and misleading.

Respondents, a brokerage firm and its trader, were allegedly involved in a "parking" scheme with a portfolio manager at Morgan Stanley Investment Management Inc. Settlement of allegations that Respondent calculated management fees contrary to the method described in registration statements also deviated from its disclosed valuation methodology for a managed futures fund. Respondent allegedly inaccurately disclosed to investors that it independently valued complex mortgage assets at fair value under GAAP, but actually merely used a valuation performed by a related party to which it sold servicing rights.

Alleged consequent misstatement of net income for the last three quarters of and the first quarter of They allegedly obtained millions from investors based on these misrepresentations, which they then poured into a single penny stock in deviation from the fund's stated strategy. And they allegedly misled investors about the performance and liquidity of the penny stock investment as well.

Settlement of charges that Respondent inflated its financial results by concealing various sales concessions offered to customers from finance personnel and the independent auditor, in order to meet projections it would double revenues in its first year as a public company. Scheme allegedly included misleading the investors in capital call letters about what the new money would be used for.

Settlement of allegations that Respondent misled investors by failing to fully disclose difficulties about a truck engine, including difficulties in obtaining EPA Clean Air Act certification and in development. Settlement for allegedly fraudulently inflating Respondent company's fiscal year financial results to meet earnings guidance, and for committing other accounting-related violations during a five-year period.

The individual Respondents were Finance executives for the company and allegedly involved in violations related to its warranty accrual accounting and failure to amortize intangibles from an earlier acquisition. Mickelson allegedly owed a gambling debt to Walters at the time of the tip, which the profits were used to repay.

Respondents misused customer cash to finanance their own trading activity in violation of the Customer Protection Rule, which generally requires such funds to be deposited in a reserve account so that it is protected from creditors. Settlement of allegations that Respondent was responsible for misleading statements in offering materials provided to retail investors for structured notes linked to a proprietary volatility index.

Respondent allegedly failed to adequately disclose an additional cost of 1. Part of a larger, global settlement for misleading mutual funds and other custody clients by applying hidden markups to foreign currency exchange trades. Respondents also allegedly failed to supervise a senior partner who charged personal expenses to the funds.

Settlement of allegations that Respondent, a Portuguese-based telecommunications company, failed to properly disclose the nature and extent of credit risk involved in its investments in debt instruments issued by companies of Portuguese conglomerate Grupo Espirito Santo. Respondent did not adhere to its publicly disclosed methodology for determining net new assets NNAa metric valued by investors in financial institutions to measure success in attracting new business.

Settlement for alleged failures in audits of client Weatherford International which, separately, was also heavily sanctioned. Settlement of charges that profits of Respondent company were overstated in one of its business segments to meet internal targets. Settlement of allegations that Respondent misled investors into trading binary options through its online trading platforms, without disclosing the significant risk involved in such investments.

Settlement of charges that Respondent misled investors about the performance of its Total Return ETF and failed to accurately value certain fund securities. Respondent failed to route customer orders to dark pools in accordance with representations. Respondent claimed to be using ongoing data analysis to rank the dark pools best suited for customer orders when in reality its system failed to actually do this analysis.

Respondent, a global aluminum producer, was charged with violating the FCPA based on allegations that its subsidiaries repeatedly paid bribes to government officials in Bahrain to maintain a key source of business. Settlement of allegations that Respondent, a global water management, construction, and drilling company, made improper payments to foreign officials in Mali, Guinea, the Democratic Republic of Congo, Burkina Faso and Tanzania in order to obtain beneficial treatment and reduce its tax liability.

Settlement of allegations that Respondent provided non-business related travel and improper payments to various Chinese government officials in an effort to win business. Sanction pursuant to a deferred prosecution agreement.

The SEC found that the engineering and construction firm had offered and authorized bribes and employment to foreign officials to secure Qatari government contracts. The bribes were also allegedly falsely recorded as legitimate business expenses in the books and records of the subsidiaries, which were consolidated into Respondent's books and records. Settlement of charges that Respondents failed to devise and maintain sufficient internal controls over a global hospitality program connected to a sponsorship of the Summer Olympic Games in Beijing.

Settlement of charges that Respondent violated the FCPA by providing valuable student internships to family members of foreign government officials affiliated with a Middle Eastern sovereign wealth fund. Settlement of charges that SciClone Pharmaceuticals violated the FCPA when international subsidiaries increased sales by making improper payments to health care professionals employed at state health institutions in China.

Respondent was charged with FCPA violations for providing non business-related travel and other improper payments to various employees of government-owned customers in China in efforts to win or retain business, with the improper payments disguised as legitimate commissions or business expenses in the company's books and records.

Settlement of charges that Respondent violated the FCPA by failing to properly authorize or document millions of dollars in payments to a consultant facilitating business activities in China and Macao. Settlement of allegations that Respondent violated the internal controls and books-and-records provisions of the FCPA as a result of its wholly-owned subsidiaries in China and Russia making improper payments to foreign officials, as incentives to purchase or prescribe AstraZeneca pharmaceuticals, and also to get reductions or dismissals of proposed financial sanctions.

Settlement of allegations that Respondent used third-party sales promoters to make improper payments to government officials in India to increase the sales and production of Anheuser-Busch InBev products in that country. Settlement of charges of FCPA violations based on the use of intermediaries, agents, and business partners to pay bribes to high-level government officials in Africa, inducing the Libyan Investment Authority sovereign wealth fund to invest in Och-Ziff managed funds.

The SEC also found that other bribes were paid to secure mining rights and corruptly influence government officials in Libya, Chad, Niger, Guinea, and the Democratic Republic of the Congo. Settlement of allegations that Respondent violated the internal controls and books-and-records provisions of the FCPA based on pay-to-prescribe schemes engaged in by its China-based subsidiaries to increase sales.

The SEC found that the schemes spanned a period of years and involved the transfer of money, gifts, and other things of value to governement-affiliated health care professionals, which led to millions of dollars in increased sales for Respondent.

Settlement of allegations of defrauding investors through a shell factory and promotional scheme in various microcap issuers. Defendant allegedly concealed his interest in the shells and sold them with the assistance of figurehead CEOs, while holding on to shares which he then stirred up interest in through paid promotional campaigns, before selling. He also allegedly utilized a sham offering in furtherance of the scheme. Settlement with brokerage firm and its CEO for allegedly fraudulently deceiving market participants while serving as liquidation agent at CDO auctions, by arranging for a third-party broker-dealer to secretly bid to acquire certain bonds at the cheapest possible prices for them, using confidential bidding information that they provided.

Respondent had a central role at the company working with investors. Sanction upon default against coal company headquartered in Seattle with all operations in China and Taiwan. Sanction against investment advisor Respondent for looting a number of funds.

Through a firm he co-founded named Total Wealth Management, LLC. Sanction against Respondent for his role in fraud conducted through Sovereign International Asset Management, Inc. Among other things, it was found that Sovereign's clients were induced through misrepresentations and omissions to invest in funds run by Nikolai Battoo, which paid referral fees to Respondent and turned out to be a massive fraud themselves.

Sacntion on default for Respondents' role in the fraud of Spectrum Concepts, LLC, which was founded in Florida for the supposed purpose of sponsoring and promoting concerts, but never had any assets other than elderly investor funds or business operations.

Sanction for rampant misstatements and omissions in raising investment funds for Respondent's now-defunct Premier Investment Fund L. Settlement of allegations that Respondents, consultants to numerous Chinese reverse merger companies, in connection with such work for various clients from through at leastengaged in a scheme to list one client on a national securities exchange through manipulative trading, and made material misstatements and omissions in connection with an offering for another client through the misuse of proceeds.

Such handling of ADRs is in violation of the Securities Act of and allegedly lasted from to ITG also allegedly failed to supervise its employees. After settling FCPA charges inthe company learned of additional potential anti-bribery violations in Brazil and Mexico while implementing recommendations of its independent monitor.

The SEC found that Biomet continued to interact and improperly record transactions with a known prohibited distributor in Brazil, and used a third-party customs broker to pay bribes to Mexican customs officials to facilitate the importation and smuggling of unregistered and mislabeled dental products. Respondent Citadel Securities settled charges that its business unit handling retail customer orders from other brokerage firms made misleading statements to them about trade pricing, by falsely suggesting that the company either took the other side of orders forwarded from the BDs' customers and provided the best observed market price, or sought to obtain that price in the marketplace.

The firm also was found to have violated the custody rule pertaining to annual surprise examinations by failing to provide its independent public accountant with an accurate or complete list of client funds and securities for examination, and failing to maintain contracts.

Sanction based on Allergan's alleged failure to timely disclose negotiations with potentially friendlier merger partners in the months following a tender offer from Valeant Pharmaceuticals International and co-bidders in June Settlement of cases brought against medical device company Orthofix International and former executives for accounting and FCPA violations.

The company improperly booked revenue in certain instances and made improper payments to doctors at government-owned hospitals in Brazil in order to increase sales.

Case based on alleged failure of OSG to record material federal income tax liabilities in its financial statements from through the second quarter of The SEC found that written and verbal presentations failed to adequately disclose that investors could be placed into the program using substantially more leverage than advertised and markups would be charged on each trade.

Settlement of charges that defendants participated in a pump-and-dump scheme that acquired shares of dormant shell companies supposedly in the dietary supplement business, falsely touted news and products stemming from those companies, and dumped the shares on the market for investors to purchase at inflated prices. Manzo admitted to the charges.

Administrative proceeding based on SEC findings that Landress, a private equity adviser, withdrew improper fees from two private equity funds he managed through his investment advisory firm, SLRA. Earned fees were shrinking as the net asset value of the underlying investments real estate fell, so Landress allegedly simply withdrew more money for himself, purportedly as payment for services provided by an affiliate.

In addition to the monetary sanction, he was also barred from the securities industry. Respondent Morgan Stanley did not adequately implement its policies and procedures to ensure that advisory clients understood the risks involved with purchasing inverse ETFs.

These investments were typically unsuitable for investors planning to hold them longer than one trading session unless used as part of a trading or hedging strategy. Morgan Stanley recommended them, including for retirement accounts, but did not ensure their suitability through adequate disclosure, monitoring, etc.

Mehdizadeh was the founder of Medbox, described as a leader in the marijuana industry. However, its revenues were allegedly boosted by illegal stock sales carried out by a shell company created by Mehdizadeh called New-Age Investment Consulting.

Army, by creating invoices associated with unresolved claims that were not delivered when the revenue was recorded. Riddle was Muroff's CFO in title and bookkeeper in truth, although she allegedly also significantly participated in and benefitted from the scheme.

The SEC found that Respondent MagnaChip engaged in a "panoply" of accounting tricks to overstate revenues for nearly two years. The then-CFO, Sakai, allegedly directed or approved, among other things, recognition of revenue on sales of incomplete or unshipped products, and delayed booking of obsolete or aged inventory. Pressure on employees each quarter to meet revenue and gross margin targets that had been communicated to the public was described as "immense.

The issuer, Verto Capital, was allegedly presented as a profitable although it had been unprofitable for several years. Specifically, the SEC found that: Respondent was the former CEO of MDC Partners, a New York-based marketing company. Such benefits included private aircraft usage, club memberships, cosmetic surgery, yacht and sports car expenses, jewelry, charitable donations, pet care, and personal travel expenses. Judgment obtained on default against entity defendants involved in a fraudulent scheme orchestrated by Daniel Thibeault who, through one of the entities, acted as an investment adviser.

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No registration statement was filed or in effect covering the sales and no exemption from registration was available. The sales were thus in violation of the Securities Act of. Defendant Louks was alleged to have run a Prime Bank scheme through the entity defendant, in which they defrauded approximately investors by promising them massive returns and exclusivity, while actually spending the investors' funds on various schemes.

Throughout this period, Krinos allegedly made materially false and misleading representations to investors about the use of investor funds and Krinos Holdings' business operations and prospects. In addition, a public shell company Krinos acquired named Fordgate Acquisition Corp. Investors paid membership fees and then recruited other members in order to move up the pyramid and eventually earn reward points, which could be converted to cash.

The scheme supposedly had a legitimate e-book business underlying it, but the purported products were practically valueless.

Default judgments against defendants for their roles in a scheme to defraud investors by concealing the ownership and control of issuer Cannabiz Mobile by defendant Christopher Esposito of Topsfield, Massachusetts, in order to profit from the sale of hundreds of millions of shares of Cannabiz stock into the public market.

The purpose for the concealment was to evade SEC Rulewhich limits securities sales by affiliates, such as control persons. For example, the documents allegedly misrepresented who held title to the working interests of the ventures, overstated expected well costs, misrepresented the uses of offering proceeds, and failed to disclose preferential treatment given to certain investors. However, the vast majority of investor proceeds were allegedly not used for any legitimate purpose, but rather misappropriated for Le's personal use.

Defendant Guerriero was the CEO of Oxford City. The seven parties named herein were relief defendants, including four California-based shell companies and the son, girlfriend and a long-time associate of James Y.

These relief defendants either did not appear or were found to have failed to comply with court orders, including discovery abuses. They allegedly received diverted funds from Lee so that he could avoid holding them in his own name, and were found liable for the full amount he swindled. Contrary to representations, funds that were supposed to be used for exploration and development of oil-and-gas resources were diverted to cover corporate business overhead, Schumacher's compensation, and for personal expenses.

Defendant Arrambide was a promoter for Tropikgadget Unipessoal LDA and Tropikgadget FZE, Portuguese companies which operated under the name "Wings Network. The other defendants comprising this sanction announcement were relief defendants, as they received illicit proceeds from the scheme. The SEC alleged that these two defendants were promoters who conducted a pyramid scheme in Southern California. They offered and sold unregistered interests in a drilling project in which they had no rights to participate or share profits.

The other defendants also sold these interests, acting as unregistered broker-dealers. However, instead of investing the money as promised, it appeared that a large portion was used to make Ponzi payments and to pay for defendant's own personal expenses.

Defendant Connerton allegedly defrauded investors by misleading them to invest in a purported glove manufacturing company and then diverting their money for personal use. The company was said to be developing a material to make surgical gloves better resistant, with several major glove manufacturers wanting the technology, but the SEC found that no deals were ever anywhere close to materializing, and that Connerton emptied the company's bank account to pay personal expenses.

Default judgment against entity for its role in a scheme to defraud investors by concealing the ownership and control of issuer Cannabiz Mobile by defendant Christopher Esposito of Topsfield, Massachusetts, in order to facilitate the sale of hundreds of millions of shares of Cannabiz stock into the public market.

The purpose for the concealment was to evade SEC Rulewhich limits securities sales by affiliates, including control persons such as Esposito. The complaint alleged that he knowingly or recklessly made multiple fraudulent statements in the effort. He was also separately charged with defrauding two other investors by selling them restricted stock in a small unrelated biotechnology company, and then simply failing to deliver when he couldn't get the restrictions lifted keeping the money.

The other defendants were affiliated corporate entities allegedly used to further the scheme. However, the assets they purportedly possessed or were secured by were egregiously misrepresented - almost all were distressed - and investor funds were generally used to make Ponzi payments.

The SEC found that respondent Cadbury's India subsidiary violated books and records and controls provisions of the securities laws in its retention of an agent to interact with Indian government officials regarding licenses and approvals for a chocolate factory.

It appeared that license applications were quickly approved following payments of the agent's invoices, and that the company turned a blind eye to the agent's activities and misrepresented the nature of services rendered by the agent in its books and records.

The SEC found that respondents issuer and CEO engaged in a scheme to mislead investors by commissioning over internet publications promoting Galena that purported to be independent and objective when, in fact, they were paid promotions.

Some of the publications were transmitted while Galena was preparing to offer or offering securities. The SEC found that respondent Angel Oak operated an unregistered broker-dealer for nearly five years, and that the other respondents caused this violation. Angel Oak allegedly entered into an independent contractor agreement with Peraza Capital in late for the purpose of conducting a securities business, despite not being registered - a fact known to Peraza Capital.

Prabhu was an owner of Angel Oak and Wells was an employee of an affiliate. Most egregiously, some funds were allegedly used to purchase a restaurant and a yacht for respondent's own use. Also, respondent allegedly commingled funds among his entities. Respondent, an investment adviser, allegedly failed to disclose to clients that it had two agreements with its clearing broker causing conflicts of interest.

Under one of the agreements, Voya received a certain percentage of the clearing broker's revenues from mutual funds in a no-transaction-fee program that it offered, in which Voya participated. And in the other, Voya agreed to provide certain administrative services in exchange for the clearing broker sharing a certain percentage of service fees it received from mutual funds on the platform.

The SEC found that respondents created and sold 15 "blank check" companies i. Settlement of charges that respondent willfully, unlawfully obtained millions of dollars from its customers by adding hidden markups and markdowns to their trades over roughly a four-year span.

The greater expense of class A shares is attributable to certain fees, which the mutual funds here allegedly paid to Credit Suisse, with a portion going to Katz. The scheme allegedly involved 12 issuers, at least 10 writers, over internet publications, and the distribution of emails to thousands of potential investors, with zero disclosure that the promotion was paid and, in some cases, affirmative misrepresentations that it was not.

One article was published before an issuer's registration statement became effective. The SEC found that respondent, a registered investment adviser, caused an affiliate investment company to violate the Investment Company Act. Respondent allegedly used the investment company to launch an ETF invested in Russian securities prior to when it gained the exemptive relief needed to trade since such trades may not be the same as the net asset value of the shares.

False statements allegedly included the price at which Barclays had bought the securities; the amount of profit Barclays was making for facilitating the trades; and who owned the securities. The SEC found that the respondent advisory firm: Respondent settled the charges. Case resolved by settlement.

To better serve our clients, we have conducted a systematic and detailed analysis of SEC enforcement actions and have made some of this important information available to the public in a first-of-its-kind searchable database with an interactive mapping function.

The data includes enforcement actions from the enactment of the Sarbanes-Oxley Act in through May 15, and can be searched by defendant, region, amount of monetary sanction and type of violation. For definitions and other helpful information about common securities violations, you may wish to read our Securities Law Primer.

While some actions may involve multiple violations and may be characterized in different ways, we used our discretion to categorize the cases by type of violation. To establish regional identifiers, we assigned cases, using the location of the primary corporate defendant, to one of the following regions: South, West, Midwest and Northeast. Regional identifiers were only used for enforcement actions involving corporate defendants.

The information contained in this database does not reflect monetary sanctions secured by other law enforcement and regulatory organizations in related enforcement actions. THIS SEARCH TOOL DOES NOT PROVIDE LEGAL ADVICE. It is intended for general informational purposes only. Please be advised that legal advice cannot be given without full consideration of all the unique facts and circumstances associated with your situation and the possible violations you wish to report.

Past monetary sanctions are not necessarily indicative of what future monetary sanctions would be in any particular case. Each SEC enforcement action is unique and there are numerous factors that contribute to the monetary sanction determination.

While every effort was made to ensure the accuracy of the information presented in this database, Labaton Sucharow cannot guarantee the accuracy of the information contained herein or the information contained in the referenced SEC releases. We are not responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on information published in this resource. Ultimately, the decision to report possible securities violations, internally or externally, is an important one and should be carefully considered.

You are strongly encouraged to consult with an attorney or independently research the applicable laws, precedents and any reporting options that may be available to you within your organization. A team with a century of federal law enforcement experience, led by a principal architect of the SEC Whistleblower Program.

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