Articles Posted in SEC Enforcement Actions

SEC Obtains Asset Freeze and Other Relief in $4 Million Offering Fraud Recently, the Securities and Exchange Commission (“Commission”) obtained a temporary restraining order and an emergency asset freeze in a $4 million offering fraud and Ponzi scheme orchestrated by Steven B. Heinz (Heinz) and his company S.B. Heinz & Associates, Inc. (S.B. Heinz), a…

SEC Halts Ex-Marine’s Hedge Fund Fraud Targeting Fellow Military The Securities and Exchange Commission (the” Commission”) recently obtained an emergency court order to halt a hedge fund investment scheme by a former Marine living in the Chicago area who has been masquerading as a successful trader to defraud fellow veterans, current military, and other investors.…

SEC Charges Bank of America Entities with Material Misrepresentations and Omissions in Connection with an RMBS Offering Recently, the Securities and Exchange Commission (“Commission”) filed a civil injunctive action against Bank of America, N.A. (BANA), Banc of America Mortgage Securities, Inc. (BOAMS), and Merrill Lynch, Pierce, Fenner & Smith, Inc. f/k/a Banc of America Securities…

Florida Collateralized Debt Obligation – FINRA Arbitration and Litigation Attorney: Pool Identification – ACA ABS 2007-2: UBS to Pay $50 Million to Settle SEC Charges of Misleading CDO Investors The Securities and Exchange Commission (“Commission”) recently charged UBS Securities with violating securities laws while structuring and marketing a collateralized debt obligation (CDO) by failing to…

Securities and Exchange Commission v. John G. Rizzo, Civil Action No. 13 CV 1801 MMA (BLM) (S.D. Cal. August 2, 2013) SEC Charges Penny Stock CEO in International Boiler Room Scheme The Securities and Exchange Commission recently announced charges against a penny stock company CEO in Boca Raton, Fla., for orchestrating an international boiler room…

Securities and Exchange Commission v. Cort Poyner and Mohammed Dolah, Civil Action No. 13 Civ. 4331 (SJ) (E.D.N.Y.) SEC Charges Stock Promoters with Market Manipulation The Securities and Exchange Commission recently announced that it filed a civil injunctive action against Cort Poyner (“Poyner”) and Mohammad Dolah (“Dolah”), alleging that they engaged in a fraudulent broker…

Securities and Exchange Commission v. Jorge Bravo, Jr., Civil Action No. 13-CV-5116 (PGG) (S.D.N.Y., July 23, 2013) SEC Charges Florida Resident with Unregistered Sales of Securities Recently, the Securities and Exchange Commission filed settled charges against Florida resident Jorge Bravo, Jr., for unlawful sales of millions of shares of a microcap company to the public…

City of Miami and Michael Boudreaux – South Florida (Miami) Municipal Bond Offering Fraud and Misrepresentation Litigation and FINRA Arbitration Attorney: Securities and Exchange Commission v. City of Miami, Florida, and Michael Boudreaux, Civil Action No. 1:13-cv-22600 (U.S. District Court for the Southern District of Florida, filed July 19, 2013) The Securities and Exchange Commission…

In the Matter of Steven J. Brewer: On July 12, 2013, the Securities and Exchange Commission announced the issuance of an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 (Exchange Act) and Section 203(f) of the Investment Advisers Act of 1940 (Advisers Act), Making Findings and Imposing Remedial…

The Securities and Exchange Commission Sanctions Johnny Clifton for Antifraud and Failure to Supervise Violations The Securities and Exchange Commission (Commission) recently announced that it barred Johnny Clifton, who was president, chief executive officer, and principal of MPG Financial, LLC, a former Commission-registered broker-dealer, from associating with any broker, dealer, investment adviser, municipal securities dealer,…