Securities and Securities Fraud

Broker/Dealer Requirements Relating to a Contingency or Best Efforts Offering – South Florida Securities Arbitration and Litigation Attorney

Published on: February 26, 2022 | By Russell L. Forkey, P.A.

CONTINGENCY OR BEST EFFORTS OFFERING:

Securities and Exchange Act Rules 10-b9 and 15c2-4 contain requirements that must be satisfied in “Contingency” or “Best Efforts” offerings. FINRA (the Financial Industry Regulatory Authority) has provided guidance to broker/dealers regarding the requirements of these rules and to remind broker-dealers of their responsibility to have procedures reasonably designed to achieve compliance with these rules.

Broker-dealers that participate in best efforts public and private securities offerings that have a contingency (i.e., an underlying condition or qualification that must take place by a specified date prior to the issuer taking possession of the offering proceeds) must safeguard investors’ funds they receive until the contingency is satisfied. If the contingency is not met, broker-dealers must ensure that investors’ funds are promptly refunded. There are various contingencies that might need to be satisfied in addition to meeting a subscription amount.

Mohamud Abdi Ahmed and 2waytrading, LLC. – South Florida Unregistered Investment Adviser Fraud and Misrepresentation Attorney

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

South Florida Unregistered Investment Adviser Fraud and Misrepresentation Attorney.

Securities and Exchange Commission v. Mohamud Abdi Ahmed and 2waytrading, LLC, No. 17-cv-1478 (D. Minn. filed May 4, 2017)

SEC Halts Fraudulent Conduct by Recidivist and Unregistered Investment Adviser Firm

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.

Gregory Ruehle – Boca Raton, Florida Unregistered Broker and Securities Fraud Attorney

Published on: February 13, 2016 | By Russell L. Forkey, P.A.

Gregory Ruehle – Boca Raton, Florida Unregistered Broker and Securities Fraud Attorney

SEC Charges Oceanside Man with Defrauding Investors and Acting as an Unregistered Broker-Dealer

Securities and Exchange Commission v. Gregory Ruehle, Civil Action No. 3:16-cv-00366-AJB-MDD (S.D. Cal., filed February 11, 2016)

Anthony Guerriero and Oxford City Football Club, Inc. – Boca Raton, Florida Micro-Cap Penny Stock Fraud Litigation Attorney

Published on: December 12, 2015 | By Russell L. Forkey, P.A.

Anthony Guerriero and Oxford City Football Club, Inc. – South Florida, including Boca Raton, West Palm Beach, Delray Beach, Lake Worth and Royal Palm Beach, Florida Micro-Cap Penny Stock Fraud Litigation Attorney

The Securities and Exchange Commission (SEC) recently announced fraud charges and a court-ordered asset freeze obtained against a Florida-based penny stock company falsely touting itself as “the largest publicly traded diversified portfolio of professional sports teams in the world.”

The SEC alleges that Thomas Anthony Guerriero as CEO of Oxford City Football Club Inc. used pressure tactics and a boiler room of salespeople to raise more than $6.5 million from primarily inexperienced investors who were misled to believe that the company was a thriving conglomerate of sports teams, academic institutions, and real estate holdings. But in reality the company was losing millions of dollars each year and turning zero profit from its two lower-division soccer teams in the U.K.

Bitcoin Ponzi Scheme – South Florida Securities Fraud and Misrepresentation State and Federal Court Litigation Attorney

Published on: December 1, 2015 | By Russell L. Forkey, P.A.

Bitcoin Ponzi Scheme – South Florida Securities Fraud and Misrepresentation State and Federal Court Litigation Attorney

Securities and Exchange Commission v. Homero Joshua Garza, Civil Action No. 3:15-cv-01760 (D. Conn., Complaint filed Dec. 1, 2015)

SEC Charges Bitcoin Mining Companies

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.”