SEC Enforcement Actions

Avalon FA Ltd. – South Florida Stock Fraud and Misrepresentation Litigation Attorney

Published on: March 14, 2017 | By Russell L. Forkey, P.A.

The Securities and Exchange Commission recently announced fraud charges against a Ukraine-based trading firm accused of manipulating the U.S. markets hundreds of thousands of times and the New York-based brokerage firm and CEO who allegedly helped make it possible.

The SEC’s complaint alleges that Avalon FA Ltd touted itself to traders as a destination to engage in layering, a scheme in which orders are placed but later canceled after tricking others into buying or selling stocks at artificial prices, resulting in illicit profits. Avalon allegedly made more than $21 million in the layering scheme involving U.S. stocks during a five-year period. According to the SEC’s complaint, Avalon also made more than $7 million in illicit profits through a cross-market manipulation scheme in which the firm bought and sold U.S. stocks at a loss in order to manipulate the prices of the stock and its corresponding options so that it could then profitably trade at artificial prices. Avalon allegedly used traders in Eastern Europe and Asia to conduct its trading, and the firm kept a portion of the profits and collected commissions from the traders.

The SEC’s complaint also describes fraud charges against Avalon’s named owner Nathan Fayyer and Sergey Pustelnik, who allegedly kept his controlling interest in Avalon undisclosed and embedded himself at Lek Securities as a registered representative, using his position to facilitate the schemes.

Professional Athletes Beware Of Placing Too Much Trust In Your Financial Advisors – South Florida Financial Advisor Litigation and Arbitration Attorney

Published on: May 19, 2016 | By Russell L. Forkey, P.A.

Professional Athletes Beware Of Placing Too Much Trust In Your Financial Advisors – South Florida Financial Advisor Litigation and Arbitration Attorney

SEC: Financial Adviser Defrauded Pro Athletes and Lied to SEC Examiners

The Securities and Exchange Commission recently announced fraud charges against a Pittsburgh, Pa.-based financial adviser accused of taking money without permission from the accounts of several professional athletes in order to invest in movie projects and make Ponzi-like payments.

Common Stock Buyers Beware – Boca Raton, Florida Securities Litigation and Arbitration Attorney

Published on: May 19, 2016 | By Russell L. Forkey, P.A.

Common Stock Buyers Beware – Boca Raton, Florida Securities Litigation and Arbitration Attorney

SEC Charges Shell Factory Operators With Fraud

The Securities and Exchange Commission (SEC) recently announced fraud charges against a California stock promoter and a New Jersey lawyer who allegedly were creating sham companies and selling them until the SEC stopped them in their tracks.

Ross McLellan – South Florida Unauthorized and Fraudulent Mark-Up FINRA Arbitration and Litigation Attorney

Published on: May 19, 2016 | By Russell L. Forkey, P.A.

Ross McLellan – South Florida Unauthorized and Fraudulent Mark-Up FINRA Arbitration and Litigation Attorney

Securities and Exchange Commission v. Ross McLellan, Civil Action No. 16-cv-10874 (D. Mass. filed May 13, 2016)

SEC Charges Former Executive of Massachusetts-Based State Street Corporation with Defrauding Investors

Gregory Jones – South Florida Fraudulent Offering Documents Litigation and Arbitration Attorney

Published on: March 24, 2016 | By Russell L. Forkey, P.A.

Gregory Jones – South Florida Fraudulent Offering Documents Litigation and Arbitration Attorney

Securities and Exchange Commission v. Gregory G. Jones., Civil Action No. 4:15-CV-438-A (NDTX)

Court Orders Nearly $2 Million Judgment from Attorney Who Defrauded Investors

Jose G. Ramirez Jr. – Boca Raton, Florida Closed-End Mutual Fund Breach of Fiduciary Duty and Unsuitability FINRA Arbitration and Litigation Attorney

Published on: October 11, 2015 | By Russell L. Forkey, P.A.

Jose G. Ramirez Jr. – Boca Raton, Florida Closed-End Mutual Fund Breach of Fiduciary Duty and Unsuitability FINRA Arbitration and Litigation Attorney

Securities and Exchange Commission v. Jose G. Ramirez Jr., Civil Action No. 15-cv-02365 (USDC District of Puerto Rico, filed September 29, 2015)

The Securities and Exchange Commission recently charged Jose G. Ramirez, Jr., a former top broker at UBS Financial Services Incorporated of Puerto Rico (“UBSPR”), who made material misrepresentations and omissions and orchestrated a fraudulent scheme involving the use of credit line proceeds from a UBSPR-affiliated bank to purchase shares in UBSPR affiliated closed-end mutual funds.

William J. Wells and Promitor Capital Management LLC. – Boca Raton, Florida Investment Advisor Fraud and Mismanagement Litigation and Arbitration Attorney

Published on: October 11, 2015 | By Russell L. Forkey, P.A.

William J. Wells and Promitor Capital Management LLC. – Boca Raton, Florida Investment Advisor Fraud and Mismanagement Litigation and Arbitration Attorney

SEC Charges New Jersey Fund Manager With Securities Fraud

The Securities and Exchange Commission recently charged a New Jersey fund manager and his firm with defrauding investors by lying about his credentials, concealing trading losses, and using investor funds to make Ponzi-like payments to other investors.

Steve Chen and USFIA Inc. – Fort Lauderdale, Florida Securities and Investment Fraud Litigation and Arbitration Attorney

Published on: October 11, 2015 | By Russell L. Forkey, P.A.

Steve Chen and USFIA Inc. – South Florida, including Fort Lauderdale, Pompano Beach, Deerfield Beach and Boynton Beach, Securities and Investment Fraud Litigation and Arbitration Attorney

SEC Halts $32 Million Scheme That Promised Riches From Amber Mining

The Securities and Exchange Commission recently announced it has filed fraud charges and obtained asset freezes against the operator of a worldwide pyramid scheme that falsely promised investors would profit from a venture purportedly backed by the company’s massive amber holdings.

Boca Raton, Florida Boiler Room Fraud and Misrepresentation Litigation Attorney

Published on: October 10, 2015 | By Russell L. Forkey, P.A.

South Florida, including Boca Raton, Fort Lauderdale and West Palm Beach Boiler Room Fraud and Misrepresentation Litigation Attorney

Securities and Exchange Commission v. Commodore Financial Corp., et al., Civil Action No. 15-CV-01567 (C.D. Cal., filed September 30, 2015)

SEC Charges Orange County Oil and Gas Company, CEO, and Arizona Boiler Room Operator with Defrauding Investors

Briargate Trading LLP and Eric Oscher – Boca Raton, Florida Securities and Investment Fraud Litigation and Arbitration Attorney

Published on: October 10, 2015 | By Russell L. Forkey, P.A.

Briargate Trading LLP and Eric Oscher – Boca Raton, Florida Securities and Investment Fraud Litigation and Arbitration Attorney

SEC Charges Firm and Owner With Manipulative Trading

The Securities and Exchange Commission recently charged a New York-based proprietary trading firm and one of its co-founders with engaging in a manipulative trading strategy known as “spoofing.”