Articles Posted in SEC Enforcement Actions 2011

Negligence and Breach of Contract FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq. October, 2011: The SEC Sanctions Direct Edge Electronic Exchanges and Orders Remedial Measures to Strengthen Systems and Controls The Securities and Exchange Commission recently sanctioned two electronic stock exchanges and a broker-dealer owned by Direct Edge Holdings LLC for violations of…

Investment Fraud, Misrepresentation and Mismanagent FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq. September, 2011: SEC Charges Long Island-Based Hedge Fund Manager with Fraud Involving PIPE Transactions. The Securities and Exchange Commission recently charged a Long Island-based investment adviser with defrauding investors in hedge funds investing in PIPE transactions and misappropriating more than $1…

Securities FINRA Arbitration and Litigations Fraud and Mismanagement Attorney, Russell L. Forkey, Esq. September, 2011: On or about September 22, 2011, The Securities and Exchange Commission entered an Order Instituting Administrative and Cease and Desist Proceedings, Pursuant To Section 9(b) of the Investment Company Act of 1940, and Sections 203(f) AND 203(k) of the Investment…

FINERA Arbitration and Securities Fraud Litigation Attorney, Russell L. Forkey, Esq. September, 2011: The Securities and Exchange Commission recently filed a subpoena enforcement action against Deloitte Touche Tohmatsu CPA Ltd. for failing to produce documents related to the SEC’s investigation into possible fraud by the Shanghai-based public accounting firm’s longtime client Longtop Financial Technologies Limited.…

Securities Fraud and Misrepresentation FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq. September, 2011: Securities and Exchange Commission v. National Stock Transfer, Inc., Kay Berenson-Galster and Roger Greer, Case No. 2:11-CV-00798 (USDC Utah). SEC FILES CIVIL INJUNCTIVE ACTION AND OBTAINS EMERGENCY RELIEF AGAINST NATIONAL STOCK TRANSFER, INC., KAY BERENSON-GALSTER AND ROGER GREER Recently,the Securities…

Hedge Fund Investment Fraud Attorney, Russell L. Forkey, Esq. August 31, 2011: Securities and Exchange Commission v. Anthony Scolaro, Civil Action No. 11-CV-6112 (S.D.N.Y.) SEC Files Settled Insider Trading Charges Against Former Diamondback Portfolio Manager Anthony Scolaro The Securities and Exchange Commission recently filed a settled civil enforcement action against Anthony Scolaro, a former portfolio…

Central Florida Fraud and Misrepresentation FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq. August 29, 2011: The Securities and Exchange Commission recently charged two Florida men with operating a Ponzi scheme disguised as a purported private equity fund that fraudulently raised approximately $22 million from more than 100 investors, many of whom were Florida…

FINRA Equity Linked Note Fraud and Misrepresentation Arbitration and Litigation Attorney, Russell L. Forkey, Esq. August, 2011: Recently, The Securities and Exchange Commission (“Commission”) deemed it appropriate and in the public interest that public administrative and cease-and-desist proceedings be instituted pursuant to Section 8A of the Securities Act of 1933 (“Securities Act”), Sections 15(b) and…

Securities Fraud Litigation and Arbitration Attorney, Russell L. Forkey, Esq. July, 2011: Securities and Exchange Commission v. Sam Otto Folin, Benchmark Asset Managers LLC, and Harvest Managers LLC, Civil Action No. 11-cv-4447 (E.D. Pa. July 12, 2011) SEC Charges Philadelphia-Based Registered Investment Adviser With Fraud. The Securities and Exchange Commission recently charged Sam Otto Folin…

Florida Securities Litigation and FINRA Arbitration Attorney, Russell L. Forkey, Esq. July, 2011: Roman Lyniuk: The Respondent submitted an Offer of Settlement (the “Offer”) which the Commission accepted. Solely for the purpose of the administrative proceedings and any other proceedings brought by or on behalf of the Commission, or to which the Commission is a…