Articles Posted in SEC Enforcement Actions 2013

SEC Charges Trader in Houston-Area Investment Scheme Targeting Lebanese and Druze Communities The Securities and Exchange Commission recently charged a day trader in Sugar Land, Texas, with defrauding investors in his supposed high-frequency trading program and providing them falsified brokerage records that drastically overstated assets and hid his massive trading losses. The SEC alleges that…

SEC Charges Real Estate Executives in Florida-Based $300 Million Investment Scheme The Securities and Exchange Commission recently charged five former real estate executives who defrauded investors into believing they were funding the development of five-star destination resorts in Florida and Las Vegas when they were actually buying into a Ponzi scheme. The SEC alleges that…

Kenneth A. Dachman Sentenced to 10 Years in Prison and Ordered to Pay Over $4 Million in Restitution The Securities and Exchange Commission (SEC) announced that on January 17, 2013, in a criminal action brought by the U.S. Attorney’s Office for the Northern District of Illinois, the Honorable James B. Zagel in the Northern District…

In the Matter of Raymond Y.H. Park Recently, the Securities and Exchange Commission (the “Commission”) issued an Order Instituting Administrative Proceedings Pursuant to Section 203(f) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions (Order) against Raymond Y.H. Park. The Order finds that Park was the head trader for Tiger Asia…

In the Matter of Sung Kook Hwang Recently, the Securities and Exchange Commission (the “Commission”) issued an Order Instituting Administrative Proceedings Pursuant to Section 203(f) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions (Order) against Sung Kook (Bill) Hwang. The Order finds that Hwang was the sole principal and portfolio…

Egan-Jones and Founder Sean Egan Agree to 18-Month Bars from Rating Asset-Backed and Government Securities Issuers as NRSRO The Securities and Exchange Commission recently announced that Egan-Jones Ratings Company (EJR) and its president Sean Egan have agreed to settle charges that they made willful and material misstatements and omissions when registering with the SEC to…

United States District Court Enters Final Judgments in Penny Stock Distribution Scheme Charged by the Commission The Commission announced the entry of final judgments against each of the five defendants in SEC v. Christel S. Scucci, et al., Case No. 6:12-cv-646 (M.D. Fla.). The Commission’s complaint, filed on April 30, 2012, charged the defendants with…

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…

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…

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…