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

Displaying 71-80 out of 709 results

Enforcement Actions: Week in Review - August 14th, 2015

(Aug 2015)

SEC ENFORCEMENT ACTIONS

Guggenheim Partners Investment Management LLC Settles Charges it Failed to Disclose Conflict to Clients
August 10, 2015 (Litigation Release No. 162)
The SEC has announced that charges against Guggenheim Partners Investment Management LLC have been settled for $20 million. The charges were over a breach of fiduciary duty in which Guggenheim failed to disclose a $50 million loan that an advisory client had given to a senior Guggenheim executive. The SEC order found...

Enforcement Actions: Week in Review - August 10th, 2015

(Aug 2015)

SEC ENFORCEMENT ACTIONS

SEC Charges Houston-Area Businessman in Ponzi Scheme
August 3, 2015 (Litigation Release No. 158)
Frederick Alan Voight, owner of F.A. Voight & Associates LP and DayStar Funding LP, has been charged with defrauding investors while operating a $114 million Ponzi scheme. As Ponzi scheme's tend to go, Voight's scheme was caught after he could not find enough new money to pay previous investors his promised 42% annual return rate. Recently, Voight raised $13.8 million...

Enforcement Actions: Week in Review - July 31st, 2015

(Jul 2015)

SEC ENFORCEMENT ACTIONS

SEC Charges Three Penny Stock Promoters Behind Pump-and-Dump Schemes
July 21, 2015 (Litigation Release No. 152)
Former Oppenheimer & Co. Inc. employees: Scott A. Eisler, Arthur W. Lewis and Robert Okin, agreed to settle the SEC's charges involving unregistered sales of billions of shares of penny stocks on behalf of an Oppenheimer customer. Lewis and Okin failed to respond to red flags associated with sales that violated the federal securities laws and allowed...

Enforcement Actions: Week in Review - July 17th, 2015

(Jul 2015)

SEC ENFORCEMENT ACTIONS

SEC Announces Settlement With Cooperator in Grand Central Post-It Notes Insider Trading Case
July 13, 2015 (Litigation Release No. 143)
The SEC announced a settlement with Frank Tamayo for cooperating in a continuing insider trading investigation where illegal information was passed via Post-It notes at Grand Central Terminal. Tamayo was alleged to distributing received tips from a law firm clerk to a stockbroker that he would meet up with at Grand Central Terminal,...

Enforcement Actions: Week in Review - July 10th, 2015

(Jul 2015)

SEC ENFORCEMENT ACTIONS

SEC Charges Oil Company and CEO in Scheme Targeting Chinese-Americans and EB-5 Investors
July 6, 2015 (Litigation Release No. 141)
The SEC has charged CEO Bingqing Yang and her company Luca International Group for fraud. The SEC alleges that Yang gave presentations with falsely depicting a large, successful company. Yang allegedly used new investors' funds, in a Ponzi-scheme fashion, to make payments to older investors. The SEC also claims that over $2.4 million of...

Enforcement Actions: Week in Review - July 2nd, 2015

(Jul 2015)

SEC ENFORCEMENT ACTIONS

SEC Charges KKR With Misallocating Broken Deal Expenses
June 29, 2015 (Litigation Release No. 131)
Kohlberg Kravis Roberts & Co. (KKR) has agreed to pay nearly $30 million to settle the SEC's charges of misallocating more than $17 million in broken deal expenses. The SEC also found that KKR incurred $338 million in broken deal or diligence expenses during a six-year period ending in 2011. KKR failed to expressly disclose how fund expenses would be allocated; KKR did...

Enforcement Actions: Week in Review - June 26th, 2015

(Jun 2015)

SEC ENFORCEMENT ACTIONS

SEC Charges Unregistered Brokers in EB-5 Immigrant Investor Program
June 23, 2015 (Litigation Release No. 127)
Ireeco LLC and its successor Ireeco Limited were charged with being unregistered brokers after the firms handled more than $79 million of investments. Ireeco brokered investments for more than 150 foreign investors through the governments EB-5 program. The EB-5 program allows foreigners who invest directly in a U.S. business or private "regional centers"...

The Worst Investment in the World! Behringer Harvard's Priority Income Fund

(Jun 2015)

I. Introduction

What could be worse than a non-traded REIT? Well, REIT-sponsor Behringer Harvard has managed to create something even worse than a non-traded REIT: The Priority Income Fund. On May 9, 2013, Behringer Harvard and the manager of publicly traded BDCs, Prospect Capital Management, announced the initial public offering for their new joint-effort Priority Senior Secured Income Fund (PSSI) now renamed Priority Income Fund.ⁱ

The best thing that can be said of the Priority Income Fund...

Securities-Based Lending

(Jun 2015)

In this blog post I summarize my recently published working paper, "Securities-Based Lending".

Introduction

The securities industry has long targeted the liability side of the customer's balance sheet as an opportunity to cross-sell banking products, increase wallet share, and diversify revenue streams away from cyclical trading commissions. In the current euphoric market environment, with portfolio values soaring and borrowing rates historically low, lending to customers has become "Wall...

Enforcement Actions: Week in Review - June 19th, 2015

(Jun 2015)

SEC ENFORCEMENT ACTIONS

Swiss Trader to Pay $2.8 Million to Settle Insider Trading Charges
June 15, 2015 (Litigation Release No. 119)
The SEC alleges that Swiss trader Helmut Ansheringer bought stock and call options based on non-public information that AuthenTec, a company that provides fingerprint sensors and software, would be purchased by Apple Inc. AuthenTec's public announcement that they would become a wholly-owned subsidiary of Apple led to a roughly 60% increase in their stock...

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