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Displaying 10 out of 13 results for "Commodities".

Enforcement Actions: Week in Review - May 16th, 2014

(May 2014)

SEC ENFORCEMENT ACTIONS

SEC Charges Unregistered Securities Salesman for Selling Millions of Dollars in Oil-And-Gas Investments
May 15, 2014, (Litigation Release No. 22993)
According to the complaint, Behrooz Sarafraz "acted as the primary salesman on behalf of TVC Opus I Drilling Program LP and Tri-Valley Corporation" and received over $16 million in sales commissions while failing to be registered with the SEC as a broker-dealer. Sarafraz has agreed to a final judgment that enjoins...

Enforcement Actions: Week in Review - May 2nd, 2014

(May 2014)

SEC ENFORCEMENT ACTIONS

SEC Charges Barry R. Bekkedam with Defrauding Investment Advisory Clients in Connection with Multimillion Dollar Rothstein Ponzi Scheme
April 30, 2014, (Litigation Release No. 22983)
According to the complaint, Barry R. Bekkedam, former SEC-registered investment advisor and former owner, Chairman, and Chief Executive Officer of Ballamor Capital Management, LLC, "fraudulently induced, or assisted in inducing, his advisory clients and others to invest approximately...

Enforcement Actions: Week in Review - April 25th, 2014

(Apr 2014)

SEC ENFORCEMENT ACTIONS

SEC Files Action Against Former Stock Promoter Now in Prison for Lying to SEC Investigators
April 23, 2014, (Litigation Release No. 22977)
According to the complaint, Robert J. Vitale and Realty Acquisitions & Trust, Inc. "fraudulently raised at least $8.7 million from investors through four real estate securities offerings" by making "materially false and misleading statements and omissions concerning, among other things, the credentials and experience of Vitale...

Enforcement Actions: Week in Review - April 11th, 2014

(Apr 2014)

SEC ENFORCEMENT ACTIONS

SEC Charges Carter's, Inc.'s Former Vice-President of Operations with Insider Trading and Tipping
April 10, 2014, (Litigation Release No. 22970)
Richard T. Posey,former Vice-President of Carter's, Inc., has been charged with trading "based on inside information that he possessed as a result of his position at Carter's, and...tip[ping] material nonpublic information to the company's former Vice-President and Director of Investor Relations, Eric M. Martin." Posey...

Enforcement Actions: Week in Review - April 4th, 2014

(Apr 2014)

SEC ENFORCEMENT ACTIONS

SEC Charges Two Friends with Insider Trading Ahead of Impending Acquisition Announcement
April 3, 2014, (Litigation Release No. 22965)
According to the complaint, Walter D. Wagner and Alexander J. Osborn traded on insider information they learned from investment banker, John W. Femenia, "about the impending acquisition of The Shaw Group Inc." Wagner has agreed to a settle the charges by "disgorging his ill-gotten gains plus interest, with any additional financial...

Enforcement Actions: Week in Review - March 28th, 2014

(Mar 2014)

SEC ENFORCEMENT ACTIONS

SEC Obtains Order Enforcing Compliance with Order to Pay Over $5 Million in Disgorgement, Prejudgment Interest, and Civil Penalties
March 26, 2014, (Litigation Release No. 22952)
An opinion and order were entered this week "directing Walter Gerasimowicz, Meditron Asset Management, LLC, and Meditron Management Group, LLC to comply with the SEC order requiring them to pay $3,143,029.41 in disgorgement and pre-judgment interest, and a civil penalty of...

Enforcement Actions: Week in Review - March 21st, 2014

(Mar 2014)

SEC ENFORCEMENT ACTIONS

Manager of Pre-IPO Investment Funds Settles Fraud Claims
March 20, 2014, (Litigation Release No. 22949)
Frank Mazzola,brokerage firm Felix Investments, LLC, and investment adviserFacie Libre Management, Associates, LLC, have been charged with defrauding "investors in funds created to purchase shares of Facebook, Twitter, and other technology companies prior to their initial public offerings." According to the SEC, Mazzola and Felix Investments "arranged to be...

Are Managed Futures a License to Steal?

(Dec 2013)

Bloomberg's David Evans raised this question in his recent Fleeced by Fees. David found that 89% of the futures trading profits and interest on collateral in 63 SEC-registered managed futures funds from 2003 to 2012 were consumed by fees and commissions. David's story shines a light on the abusive fees charged by the managed futures partnerships. His story quotes a spokesperson for the National Futures Association self-regulatory organization / trade group as saying that "We can't just give...

Self-Indexing in Commodity-Linked Investments - Citi CUBES

(Dec 2013)

Over the past few weeks and months, we've noticed a pattern in the products coming across our desks: structured investments linked to esoteric proprietary indexes, created by the same bank that issued the product. We touched on this topic a bit when we discussed self-indexing in the context of structured certificates of deposit, but we thought we'd revisit the issue with a few of the examples that we've been looking into more recently. The examples we'll discuss each reference a proprietary...

SEC Litigation Releases: Week in Review - September 13th, 2013

(Sep 2013)

SEC Charges Atlanta-Based Investment Adviser Representative with Securities Fraud
September 12, 2013, (Litigation Release No. 22797)
Earlier this week, the SEC chargedPaul Marshall, Bridge Securities, LLC, Bridge Equity, Inc. and FOGFuels, Inc. with misappropriation of client funds as well as violations of Securities Exchange Act of 1934, the Securities Act of 1933 and the Investment Advisers Act of 1940. The SEC alleges that over the past two years, Marshall has misappropriated "at least $2...

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