Articles Posted in Other Types of Fraudulent Activity

Thomas Shannon Ensign – Registered Representative, Delaware, Ohio: The Financial Industry Regulatory Authority, Inc. (FINRA) is a self-regulatory authority assigned the responsibility, by the Securities and Exchange Commission, to license, regulate and discipline securities broker/dealers and their employees, including account executives. In the event that FINRA elects to institute and enforcement action, firms and licensed…

In the Matter of Angelo A. Alleca On November 29, 2012, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions against Angelo A. Alleca (Alleca) based on the entry…

Final Judgments Entered Against Derek F.C. Elliott On October 5, 2012 the Honorable James C. Mahan, United States District Judge for the District of Nevada, entered a Final Judgment against Derek F.C. Elliott (Elliott). On May 24, 2012, the United States Securities and Exchange Commission filed a complaint, in the United States District Court for…

SEC Charges Bank Executives in Nebraska With Understating Losses During Financial Crisis September, 2012: The Securities and Exchange Commission recently announced that it charged three former bank executives in Nebraska for participating in a scheme to understate millions of dollars in losses and mislead investors and federal regulators at the height of the financial crisis.…

In the Matter of Roger L. Shoss, Esq. On September 24, 2012, the Commission issued an Order of Suspension Pursuant to Rule 102(e)(2) of the Commission’s Rules of Practice (the “Order”) against Roger L. Shoss, Esq. (“Shoss”). The Order finds that Shoss is licensed as an attorney in Texas with an office in Houston, Texas.…

SEC V. MICHAEL A. BODANZA ET AL., Case No. 1:12-CV-1954 (N.D. Ohio, filed July 27, 2012) July, 2012: SEC Charges Ohio Oil and Gas Concern with Offering Fraud The Securities and Exchange Commission recently announced that it filed a civil injunctive action alleging fraud in connection with the unregistered offer and sale of securities by…

Securities and Exchange Commission v. Ladislav “Larry” Schvacho, Civil Action No. 1:12-cv-2557-WFD (N.D. Ga.) SEC CHARGES CLOSE FRIEND OF STAFFING COMPANY CEO WITH INSIDER TRADING AROUND ACQUISITION Recently, the Securities and Exchange Commission charged the close friend of a CEO with insider trading in the stock of a Houston-based employment services company by exploiting confidential…

Short Selling Brothers Agree to Pay $14.5 Million to Settle SEC Charges July, 2012: The Securities and Exchange Commission recently announced that two options traders who the agency charged earlier this year with short selling violations have agreed to pay more than $14.5 million to settle the case against them. An SEC investigation found that…

Precious Metals Boiler Rooms: Historically, “Boiler Rooms” were associated with securities and commodity futures trading. Generally, a “boiler room” is defined as a place where high-pressure salespeople use banks of telephones to “cold” call lists of potential investors (known in the trade as sucker lists) in order to peddle speculative, even fraudulent investments. Generally, as…

Securities Fraud, Mismanagement and Misrepresentation FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq. June, 2012: SEC Charges Two New Jersey-Based Firms and Owner in Stock-Lending Scheme The Securities and Exchange Commission recently charged a New Jersey businessman with running a stock-lending scheme that defrauded public company officials and brought restricted stock to the market.…