Articles Posted in Fraud and Misrepresentation

Securities and Exchange Commission v. Thomas D. Coldicutt, Jr., et al., Case No. 4:12-CV-00505 (E.D.Tex.) (filed August 13, 2012) SEC Charges Six Individuals in $6 Million “Shell-Factory” Scheme Recently, the SEC filed suit in the United States District Court for the Eastern District of Texas against Thomas D. Coldicutt, Jr., Elizabeth L. Coldicutt, Robert C.…

SEC Charges Wells Fargo for Selling Complex Investments Without Disclosing Risks August, 2012: The Securities and Exchange Commission recently charged Wells Fargo’s brokerage firm and a former vice president for selling investments tied to mortgage-backed securities without fully understanding their complexity or disclosing the risks to investors. The SEC found that Wells Fargo improperly sold…

SEC Charges College Football Hall of Fame Coach in $80 Million Ponzi Scheme August, 2012: The Securities and Exchange Commission recently announced fraud charges against a former college football coach who teamed with an Ohio man to conduct an $80 million Ponzi scheme that included other college coaches and former players among its victims. The…

Securities and Exchange Commission v. James V. Mazzo, David L. Parker and Eddie C. Murray, Case No. SACV-121327JST-(JPRX) (C.D. Cal. Aug. 17, 2011) NEW CHARGES IN INSIDER TRADING CASE INCLUDE FORMER CEO AND PROFESSIONAL BASEBALL PLAYER The Securities and Exchange Commission recently announced a second round of charges in an insider trading case involving former…

Investment Contract – Ponzi Scheme August, 2012: The Securities and Exchange Commission recently announced fraud charges and an emergency asset freeze to halt a $600 million Ponzi scheme on the verge of collapse. The emergency action assured that victims can recoup more of their money and potentially avoid devastating losses. The SEC alleges that online…

SEC Halts Denver-Based Ponzi Scheme August, 2012: The Securities and Exchange Commission recently announced fraud charges and an emergency asset freeze against a Denver-based company and two Colorado residents carrying out a $15.7 million Ponzi scheme harming more than 120 investors nationwide. The SEC alleges that Michael J. Turnock of Denver and William P. Sullivan…

Securities and Exchange Commission v. Avanti Capital Partners, LLC, et al, Civil No.: 2:12-cv-788-BCW (USDC Utah, Filed August 13, 2012). August, 2012: SEC CHARGES HOME AND CONSTRUCTION LOAN COMPANIES AND THEIR PRINCIPAL WITH OFFERING FRAUD Recently, the Securities and Exchange Commission filed a civil injunctive action against Ivan Wade Brown (Brown) and two companies he…

Securities and Exchange Commission v. Edward M. Laborio, Jonathan Fraiman, Matthew K. Lazar, Envit Capital, LLC, Envit Capital Group, Inc., Envit Capital Holdings, Inc., Envit Capital Private Wealth Management, LLC, Envit Capital Multi Strategy Mixed Investment Fund I LP, Aetius Group PLC, and Aetius Group LLC, 1:12-cv-11489-MBB (District of Massachusetts, Complaint filed August 10, 2012)…

SEC v. Nancy Shao Wen Chu, et al., CV 11-09859 (C.D. Cal.) August, 2912: Former Chief Financial Officer of Soyo Group Ordered to Pay $15,600,000 Penalty for Securities Fraud The Securities and Exchange Commission recently announced that Nancy Shao Wen Chu, the former Chief Financial Officer for the now defunct Soyo Group, Inc., was ordered…

Former Deloitte Partner Pleads Guilty to Insider Trading August, 2012: The Securities and Exchange Commission recently that on August 8, 2012, Thomas P. Flanagan, a former Deloitte and Touche LLP partner, pleaded guilty to one count of criminal securities fraud for engaging in insider trading after he obtained material, nonpublic information about several Deloitte clients.…