Articles Posted in SEC Enforcement Actions 2012

SEC Charges Massachusetts Company, CEO and Promoters With $9 Million Securities Fraud Recently, the Securities and Exchange Commission filed an enforcement action in federal court in Boston against BioChemics, Inc., a biopharmaceutical company based in Danvers, Massachusetts, its CEO and two individuals it paid to solicit investors. The SEC alleges, among other things, that the…

Securities and Exchange Commission v. EagleEye Asset Management, LLC and Jeffrey A. Liskov, United States District Court for the District of Massachusetts, Civil Action No. 11-CV-11576 Court Enters Final Judgment Against Massachusetts Investment Adviser and its Principal, Orders Payment of Over $1.7 Million in Illicit Gains and Penalties The Securities and Exchange Commission recently announced,…

Securities and Exchange Commission v. Deer Hill Financial Group, LLC, et al., Criminal No. 12-cr-00197-VLB (District of Connecticut) Defendant in SEC Enforcement Action Sentenced and Ordered to Pay Restitution The Securities and Exchange Commission announced recently that, on December 5, 2012, the United States District Court for the District of Connecticut sentenced Stephen B. Blankenship,…

SEC Charges New York-Based Fund Manager with Conducting Fraudulent Trading Schemes The Securities and Exchange Commission recently charged a New York-based fund manager with conducting a pair of illegal trading schemes to financially benefit his investment fund Octagon Capital Partners LP. The SEC alleges that Steven B. Hart made $831,071 during a four-year period through…

Securities and Exchange Commission v. Premco Western, Inc., et al., Civil Action No. 2:12-cv-01120-BSJ (USDC Utah, Filed December 10, 2012) SEC CHARGES OIL AND GAS COMPANY AND PRINCIPAL WITH OFFERING FRAUD Recently, the Securities and Exchange Commission filed a settled civil injunctive action against Premco Western, Inc. (Premco), and its principal, Rodney Ratheal (Ratheal). Premco…

SEC v. Femenia et al., Civil Action No. 3:12-cv-803-GCM (W.D.N.C.) SEC CHARGES 10 IN INSIDER TRADING RING AROUND INVESTMENT BANKER’S ILLEGAL TIPS ON IMPENDING MERGERS On December 5, 2012, the Securities and Exchange Commission charged an investment banker who was primarily based in Charlotte, N.C., and nine others involved in an insider trading ring that…

In the Matter of Benjamin R. Daniels On December 6, 2012, the Commission issued an Order Instituting Administrative and Cease-and Desist Proceedings, Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order (Order) against Benjamin R. Daniels. The Order finds that Daniels,…

SEC Charges Florida-Based Lawyer with Forging Attorney Opinion Letters for Microcap Stocks The Securities and Exchange Commission recently announced charges against a Florida-based securities lawyer for issuing fraudulent attorney opinion letters that resulted in more than 70 million shares of microcap stock becoming available for unrestricted trading by investors. An attorney opinion letter is required…

SEC Charges Prominent Entrepreneur in Miami-Based Scheme The Securities and Exchange Commission recently charged a prominent Miami-based entrepreneur with defrauding investors by grossly exaggerating the financial success of his company that purportedly produced housing materials to withstand fires and hurricanes. Claudio Osorio stole nearly half of the money raised from investors to pay the mortgage…

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…