Florida Broker/Dealer and Investment Advisor Securities Fraud, Misrepresentation and Breach of Fiduciary Duty FINRA Arbitration and Litigation Attorney:
SEC Charges Brokerage Firm Executives in Kickback Scheme to Secure Business of Venezuelan Bank
The Securities and Exchange Commission recently announced another round of charges in its ongoing case against several individuals involved in a massive kickback scheme to secure the bond trading business of a state-owned Venezuelan bank.
South Florida, including Hollywood, Fort Lauderdale, Pompano Beach, Deerfield Beach, Boca Raton and Delray Beach, Florida Investment Advisor Fraud and Breach of Fiduciary Duty FINRA Arbitration and Litigation Attorney:
The Securities and Exchange Commission recently announced charges against a San Diego-based investment advisory firm, its chief executive officer, chief compliance officer, and another employee for misleading investors and breaching their fiduciary duties to clients.
The SEC’s Enforcement Division alleges that Total Wealth Management and its owner and CEO Jacob Cooper entered into undisclosed revenue sharing agreements through which they paid themselves kickbacks or so-called “revenue sharing fees.” They failed to disclose to clients the conflicts of interest created by these agreements as they recommended the underlying investments to clients and investors in the Altus family of funds. Total Wealth and Cooper also materially misrepresented the extent of the due diligence conducted on the investments they recommended. Total Wealth’s CCO Nathan McNamee and investment adviser representative Douglas Shoemaker also breached their fiduciary duties and defrauded clients by failing to disclose conflicts of interest and concealing the kickbacks they received from the investments they recommended.
South Florida, including Dade, Monroe, Broward and Palm Beach County, Florida Social Media and Hedge Fund Misrepresentation of Credentials and Trading Experience FINRA Arbitration and Litigation Attorney:
The Securities and Exchange Commission recently announced fraud charges against a Honolulu woman posing as an investment banker and soliciting investors through Twitter, Facebook, and other social media.
An SEC investigation found that Keiko Kawamura engaged in two separate fraudulent schemes to raise money from investors while casting herself as an investment and hedge fund expert when in fact she had virtually no prior trading experience. In one scheme, she sought investors for her self-described hedge fund and posted on Twitter some screenshots of brokerage account statements suggesting she was personally obtaining incredible investment returns. However, the account statements were not hers. And instead of investing the money she raised from investors, she spent it on her own living expenses and luxury trips to Miami and London. In a later scheme, Kawamura continued to boast phony experience to attract investors to her subscription service for investment advice. She falsely told subscribers that she had been in the investment banking industry for nearly a decade and had achieved 800 percent returns in her personal brokerage account.
Securities and Exchange Commission v. JCS Enterprises, Inc. et al., Civil Action No. 14-civ-80468 (S.D. Fla.) (April 7, 2014)
SEC, Criminal Authorities Halt Florida Ponzi Scheme Targeting Investors in Virtual Concierge Machines
Securities and Exchange Commission v. World Capital Market Inc., et al., Civil Action No. CV14-2334-CAS (MRWx)
South Florida Pyramid Scheme, Ponzi Scheme and Affinity Fraud Litigation and Arbitration Attorney:
SEC Halts Los Angeles- and Hong Kong-Based Pyramid Scheme Targeting Asian and Latino Communities
Fort Lauderdale, Hollywood, Davie, Pompano Beach, Deerfield Beach, Lighthouse Point and Boca Raton, Florida Oil and Gas Fraud and Sale of Unregistered Securities Litigation and Arbitration Attorney:
Securities and Exchange Commission v. Jason A Halek, Joshua D. Spivey, Patrick J. Booths and Steven J. Little, Civil Action No. 3:14-cv-01106-D (NDTX) (March 28, 2014)
SEC Charges Four Texas Residents for Selling Fradulent Oil and Gas Investments
Florida Variable Annuity Fraud and Elder, Senior and Retirement Financial Abuse and Exploitation FINRA Arbitration, Litigation and Probate Estate Attorney:
SEC Announces Charges Against Brokers, Adviser, and Others Involved in Variable Annuities Scheme to Profit From Terminally Ill
The Securities and Exchange Commission recently announced enforcement actions against a pair of brokers, an investment advisory firm, and several others involved in a variable annuities scheme to profit from the imminent deaths of terminally ill patients in nursing homes and hospice care.
Securities and Exchange Commission v. Jeremy Fisher, The Good Life Financial Group, Inc., and The Good Life Global, LLC, Civil Action No. 3:13-cv-00683 (W.D. Wisc.)
Jeremy Fisher Indicted for Fraud
The Securities and Exchange Commission recently announced today that on February 5, 2014, a Grand Jury in the United States District Court for the Middle District of Florida returned an Indictment charging Jeremy S. Fisher with four counts of wire fraud. The Indictment also seeks forfeiture of property obtained as a result of the alleged criminal violations.
South Florida Ponzi Scheme, Boiler Room and Movie Fraud and Misrepresentation Litigation and Arbitration Attorney:
SEC Charges Three California Residents Behind Movie Investment Scam
The Securities and Exchange Commission recently charged three California residents with defrauding investors in a purported multi-million dollar movie project that would supposedly star well-known actors and generate exorbitant investment returns.
The Securities and Exchange Commission recently announced charges against Zurich-based Credit Suisse Group AG for violating the federal securities laws by providing cross-border brokerage and investment advisory services to U.S. clients without first registering with the SEC.
Credit Suisse agreed to pay $196 million and admit wrongdoing to settle the SEC’s charges.
South Florida Arbitration & Litigation Lawyer Blog