Category Archives: SEC
Company and Florida Couple Charged With Securities Fraud
The Securities and Exchange Commission has charged We The People, Inc. of the United States (“We The People”), a Massachusetts corporation headquartered in Tallahassee, Florida and two of its employees, with securities fraud. The SEC alleges that We The People, purportedly a charitable organization, and its employees Richard and Susan Olive of Vero Beach,… Read More »
Former Stockbroker Charged With Defrauding Investors
The Securities and Exchange Commission has charged Jesse Litvak, formerly with Jefferies & Co., with fraud for allegedly selling mortgage-backed securities (“MBS”) at inflated prices in order to generated additional revenue for his firm. According to Litvak’s CRD BrokerCheck report, a customer complained to the firm in November 2011 regarding pricing on certain non-agency… Read More »
Florida Financial Advisor Charged with Tipping Off Penny Stock Promoter
The Securities and Exchange Commission (“SEC”) has filed civil charges against stockbroker Kevin Dowd, a Boca Raton resident, for allegedly disclosing confidential insider information to a penny stock promoter. The U.S. Attorney’s Office for the District of New Jersey announced criminal charges against Dowd in a parallel action. According to the SEC’s Complaint, in… Read More »
Connecticut Advisory Firm Charged With $276 Million Insider Trading Scheme
The Securities and Exchange Commission (“SEC”) has charged hedge fund advisory firm, Stamford-based CR Intrinsic Investors LLC (“CR”); its former portfolio manager, Mathew Martoma of Boca Raton, Florida; and medical expert Dr. Sidney Gilman of Michigan with perpetrating a $276 million insider trading scheme. The alleged scheme involved a clinical trial for an Alzheimer’s… Read More »
SEC Charges Former Morgan Keegan Directors in Connection With Valuation of Funds’ Assets
The Securities and Exchange Commission (“SEC”) charged eight ex-Morgan Keegan mutual fund directors with violations of the federal securities laws for allegedly failing to properly oversee the valuation of assets in the funds. Morgan Keegan was acquired from Regions Financial Corp. by Florida-based Raymond James in April 2012. The funds at issue are the… Read More »
South Florida Attorney Charged With Securities Violations
The Securities and Exchange Commission (“SEC”) has filed a civil complaint charging attorney Guy M. Jean-Pierre a/k/a Marcelo Dominguez de Guerra with issuing fraudulent attorney opinion letters. According to the SEC, Jean-Pierre currently resides in the Dominican Republic although the Florida Bar reflects his address as Boca Raton, Florida. In its Complaint dated December… Read More »
J.P. Morgan and Credit Suisse Agree to Settle Charges That the Firms Misled Investors
The Securities and Exchange Commission (“SEC”) announced that J.P. Morgan Securities LLC (“J.P. Morgan”) and Credit Suisse Securities (USA) (“Credit Suisse”) have agreed to settle charges that the firms made misrepresentations to investors relating to offerings of residential mortgage-backed securities (“RMBS”). In its Complaint filed in Washington D.C., the SEC alleged that J.P. Morgan… Read More »
SEC Settles With Insurer Over Inadequate Variable Annuity Disclosures
The Securities and Exchange Commission (“SEC”) announced a settlement with Massachusetts Mutual Life Insurance Company (“Mass Mutual”) for $1.65 million concerning allegedly inadequate disclosures on two of its variable annuity riders. The settlement concerns Mass Mutual’s two guaranteed minimum income benefit riders offered between 2007 and 2009: GMIB 5 and GMIB 6. According to… Read More »
Three Former J.P. Turner & Co. Brokers Charged With Disregarding Their Customers’ Investment Objectives and Churning
The Securities and Exchange Commission has charged 3 former brokers of Atlanta-based J.P. Turner & Co. with churning and disregarding their customers’ low-risk tolerances: Ralph Calabro, formerly employed in J.P. Turner’s branch in Parlin, New Jersey; Jason Konner, formerly employed by J.P. Turner in Brooklyn, New York and Dimitrios Koutsoubos, formerly employed in J.P…. Read More »
First SEC Whistleblower Receives Payout
The Securities and Exchange Commission (“SEC”) announced that it has paid out the first whistleblower award under the new whistleblower award program created in 2010. The SEC’s whistleblower program was created as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act to reward individuals who come forward and report possible violations of… Read More »