In the Matter of MiddleCove Capital, LLC and Noah L. Myers The United States Securities and Exchange Commission (Commission) recently announced the issuance of an Order Making Findings and Imposing Remedial Sanctions and Cease-and-Desist Order Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934, Sections 203(e), 203(f), and 203(k) of the…
Continue reading ›SEC Files Settled Insider Trading Charges Against Former Trader Eric Rogers The Securities and Exchange Commission recently filed a settled civil enforcement action against Eric Rogers, a former proprietary trader at the now-defunct registered broker-dealer Spectrum Trading, LLC, charging Rogers with using inside information to trade ahead of the September 28, 2007 announced acquisition of…
Continue reading ›Securities and Exchange Commission v. Spongetech Delivery Systems, Inc., RM Enterprises International, Inc., Steven Y. Moskowitz, Michael E. Metter, George Speranza, Joel Pensley and Jack Halperin, Civil Action No. 10-2031 (E.D.N.Y.) (filed May 5, 2010) SEC OBTAINS JUDGEMENTS AGAINST FORMER SPONGETECH EXECUTIVES MICHAEL E. METTER AND STEVEN Y. MOSKOWITZ The Securities and Exchange Commission recently…
Continue reading ›Securities and Exchange Commission v. Edward J. Woodard, Jr., Cynthia A. Sabol, CPA and Stephen G. Fields, Civil Action No. 2:13cv16 (Eastern District of Virginia, Complaint filed January 9, 2013) SEC Charges Three Former Senior Officers of Commonwealth Bank With Understating Losses and Material Misstatements During Financial Crisis The Securities and Exchange Commission today charged…
Continue reading ›SEC Charges Two KPMG Auditors for Failed Audit of Nebraska Bank Hiding Loan Losses During Financial Crisis The Securities and Exchange Commission today charged two auditors at KPMG for their roles in a failed audit of a Nebraska-based bank that hid millions of dollars in loan losses from investors during the financial crisis and eventually…
Continue reading ›SEC Bans Arizona-Based Investment Adviser From Securities Industry For Fraudulent Actions In Mutual Fund Collapse The Securities and Exchange Commission recently barred an Arizona-based mutual fund manager from the securities industry for failing to follow the investment objectives of a stock mutual fund managed by his firm, leading to the fund’s collapse. An SEC investigation…
Continue reading ›Securities and Exchange Commission v. Rajat K. Gupta and Raj Rajaratnam, Civil Action No. 11-CV-7566 (SDNY) (JSR) SEC Obtains Final Judgment on Consent as to Raj Rajaratnam The Securities and Exchange Commission recently announced that, on December 26, 2012, the Honorable Jed S. Rakoff, United States District Judge, United States District Court for the Southern…
Continue reading ›SECURITIES AND EXCHANGE COMMISSION v. ERIC TODD SEIDEN AND KAMAL ABDALLAH, Civil Action No. CV 09-3116 (KAM) (EDNY) COURT ENTERS FINAL JUDGMENTS BY CONSENT AGAINST SEC DEFENDANTS ERIC TODD SEIDEN AND KAMAL ABDALLAH The Securities and Exchange Commission recently announced that on March 30, 2012, the Honorable Kiyo A. Matsumoto, United States District Court Judge…
Continue reading ›Securities and Exchange Commission v. Steven B. Hart, Civil Action No. 12-CV-8986 (S.D.N.Y.) SEC CHARGES NEW YORK-BASED FUND MANAGER WITH TWO WIDESPREAD FRAUDULENT TRADING SCHEMES SPANNING NEARLY FOUR YEARS The Securities and Exchange Commission recently charged New York-based fund manager Steven B. Hart (Hart) with repeated violations of the federal securities laws related to two…
Continue reading ›Securities and Exchange Commission v. Danny Garber, Michael Manis, Kenneth Yellin, Jordan Feinstein, Aluma Holdings LLC, Azure Trading LLC, Coastal Group Holdings, Inc., Greyhawk Equities LLC, Leonidas Group Holdings LLC, The Leonidas Group LLC, Nismic Sales Corp., The OGP Group, Perlinda Enterprises LLC, Rio Sterling Holding LLC, Slow Train Holding LLC, and Spartan Group Holdings…
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