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Our experts frequently write blog posts about the findings of the research we are conducting.

Displaying 41-50 out of 86 results for "Weekly Regulatory Review".

SEC Litigation Releases: Week in Review - July 20th, 2012

(Jul 2012)

SEC Obtains Final Judgment in Case Involving Ponzi Scheme and Promotion of China Voice Holding Corp.
July 19, 2012, (Litigation Release No. 22418)
A final judgment was entered against Ilya Drapkin on July 6, 2012, which permanently enjoins him from violating various sections of the Securities Act and ordered Drapkin, along with his companies, MG TK Corp. and SMI Chips, to pay over $5.8 million in disgorgement and penalties. This amount represents "profits gained by Drapkin, MG TK, and SMI...

SEC Litigation Releases: Week in Review - July 13th, 2012

(Jul 2012)

Court Issues Final Judgment Enforcing Prior Order of the Commission Against Rodney R. Schoemann
July 12, 2012, (Litigation Release No. 22414)
On July 11, 2012, the District Court ordered Rodney R. Schoemann to pay over $1.3 million in disgorgement and pre-judgment interest. Rodney R. Schoemann had violated "the registration provisions of the federal securities laws in connection with his sales of stock in Stinger Systems, Inc. in November 2004" and had been ordered to pay disgorgement and...

Consumer Financial Protection Bureau Report on Reverse Mortgages

(Jul 2012)

Most American investors are likely aware of the SEC, and may also be aware of FINRA as an important regulatory institution (certainly, readers of this blog should be). But they may be less aware of the relatively new Consumer Financial Protection Bureau (CFPB), which also has a mandate to protect consumers from financial malpractice. The CFPB was created out of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and President Obama appointed its first director in January...

SEC Litigation Releases: Week in Review - July 6th, 2012

(Jul 2012)

SEC Freezes Assets of Missing Georgia-Based Investment Adviser
July 3, 2012, (Litigation Release No. 22409)
According to the complaint (opens to PDF), Aubrey Lee Price has gone into hiding after allegedly "orchestrating a $40 million investment fraud." Price, who started his scam in 2008, not only raised money from more than 100 investors by "selling shares in an unregistered investment fund" but also made illiquid investments in South American real estate and a failing bank. Price then...

Variable Annuity Regulation: Speech by Susan Nash

(Jul 2012)

Last Tuesday, Susan Nash, Associate Director of the Division of Investment Management at the SEC, gave an interesting speech at the URI 2012 Government, Legal & Regulatory Conference regarding variable annuities. Variable annuities continue to grow in sales -- according to Ms. Nash's comments, sales of variable annuities grew by approximately 12% in 2011 -- but have been the subject of numerous FINRA Investor Alerts and Regulatory Notices due to their high costs and complex risks.

Ms. Nash...

SEC Litigation Releases: Week in Review - June 29th, 2012

(Jun 2012)

SEC Shuts Down Mortgage Fund Ponzi-like Scheme
June 28, 2012, (Litigation Release No. 22406)
According to the complaint (opens to PDF), Small Business Capital Corp. ("SB Capital") and Mark Feathers ("Feathers"), its principal, are operating an "alleged Ponzi-like scheme." $42 million have been raised by SB Capital and Feathers through selling securities issued by their mortgage investment funds, Investors Prime Fund, LLC and SBC Portfolio Fund, LLC ("Funds"). The Funds attracted more than 400...

SEC Litigation Releases: Week in Review - June 22nd, 2012

(Jun 2012)

SEC Charges Massachusetts Investment Adviser with Fraud and Obtains Asset Freeze
June 20, 2012, (Litigation Release No. 22396)
Earlier this week, the SEC charged Gary J. Martel with defrauding investors through his companies Martel Financial Group and MFG Funding. According to the complaint), Martel defrauded at least a dozen investors of millions of dollars. Martel allegedly told his clientele (including retirees) that he would invest in fixed-income securities. Martel allegedly composed...

SEC Litigation Releases: Week in Review - June 15th, 2012

(Jun 2012)

Promoters of Convicted Ponzi Scheme Operator Jeffrey L. Mowen Ordered to Pay Over $20 Million in Disgorgement and Civil Penalties
June 13, 2012, (Litigation Release No. 22393)
The US District Court for the District of Utah granted the SEC's motion for entry of final judgment against Defendants Michael W. Averett, Michael G. Butcher, Thomas R. Fry, Gary W. Hansen, James B. Mooring, and Bevan J. Wilde, who allegedly "acted as promoters...through the unregistered offer and sale of high-yield...

SEC Litigation Releases: Week in Review - June 8th, 2012

(Jun 2012)

Court Enters Final Judgments, Including Indemnity Bars, Against Rajnish K. Das and Stormy L. Dean, Former CFOs of infoUSA, Inc.
June 1, 2012, (Litigation Release No. 22388)
As a result of the SEC complaint against Rajnish K. Das and Stormy L. Dean, the US District Court for the District of Nebraska barred the pair from serving as an officer or director of a public company for three years and levied a civil penalty of $50,000 against each of them. In the complaint, the SEC alleged Das and Dean...

SEC Litigation Releases: Week in Review - June 1st, 2012

(Jun 2012)

SEC Charges Two Feeders for One of South Florida's Largest-Ever Ponzi Schemes,
May 31, 2012, (Litigation Release No. 22383)
The SEC charged George Levin and Frank Preve with perpetrating a Ponzi scheme through which they raised nearly $160 million from close to 200 investors in less than two years. The defendants used the investor funds to purchase (fraudulent) discounted legal settlements from Scott Rothstein (former Florida attorney). Rothstein then used the investor funds to make Ponzi...

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