Top News

SEC announces fraud charges in case involving illegal stock sales for marijuana business

Mark Iandolo Sep. 22, 2016, 11:38am

LAS VEGAS (Legal Newsline) — The Securities and Exchange Commission (SEC) has announced fraud charges against William J. Sears, Scott M. Dittman and Cliffe R. Bodden for their alleged scheme involving illegal stock sales and false financial filings of a company that makes containers for growing marijuana.

Self-proclaimed 'stock trading whiz kid' to pay nearly $1.5 million to resolve fraud allegations

Mark Iandolo Sep. 20, 2016, 8:52am

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) has announced Manuel E. Jesus and his newsletter company Wealthpire Inc. will pay close to $1.5 million after allegations of defrauding subscribers through false statements and misrepresentations.

Portugal Telecom to pay $1.25 million fine after allegations of misleading investors

Mark Iandolo Sep. 15, 2016, 3:47pm

WASHINGTON (Legal Newsline) — Portugal Telecom SGPS S.A. will pay a $1.25 million fine after allegations it failed to properly disclose credit risk in its investments and debt instruments issued by companies of Portuguese conglomerate Grupo Espirito Santo, the Securities and Exchange Commission (SEC) has announced.

RBC Capital Markets owes $2.5 million after allegations of false statements

Mark Iandolo Sep. 9, 2016, 12:57pm

WASHINGTON (Legal Newsline) — RBC Capital Markets LLC will pay $2.5 million after allegations of false and misleading statements during a valuation analysis, the Securities and Exchange Commission (SEC) has announced.

SEC charges attorney with fraud, alleging he bilked pro athletes out of millions

Mark Iandolo Sep. 9, 2016, 12:51pm

WASHINGTON (Legal Newsline) — Donald Watkins and his companies have been charged with defrauding professional athletes and other investors out of millions, the Securities and Exchange Commission (SEC) has announced.

Massachusetts woman sues to stop proposed merger between Aegerion and QLT

Mark Iandolo Sep. 6, 2016, 8:54am

BOSTON (Legal Newsline) – A Massachusetts woman is suing to halt a pharmaceutical merger, claiming the merger is illegal and in violation of laws enacted by the Securities and Exchange Commission (SEC).

Priest and hedge fund manager files defamation lawsuit against Bloomberg over news article

Jessica Karmasek Sep. 1, 2016, 2:32pm

Father Emmanuel Lemelson, the chief investment officer of Lemelson Capital Management, argues the article, published in March, has hurt his business and his standing within the Eastern Orthodox Church. Bloomberg had the lawsuit removed to a Massachusetts federal court in August.

D.C. Circuit affirms SEC's use of administrative law judges

April Bamburg Sep. 1, 2016, 12:15pm

WASHINGTON (Legal Newsline) - On Aug. 9, the U.S. Court of Appeals for the District of Columbia rejected a petition for review of a decision by U.S. Securities and Exchange Commission (SEC) administrative law judges.

SEC announces penalties for 13 investment advisory firms that allegedly spread false claims

Mark Iandolo Aug. 26, 2016, 2:56pm

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) has announced penalties for 13 investment advisory firms that allegedly violated securities laws. These companies purportedly spread the false claims made by F-Squared Investments about its flagship product, AlphaSector.

Fired Wis. employee not a whistleblower; Decision part of circuit split

Dawn Geske Aug. 26, 2016, 12:11pm

MILWAUKEE (Legal Newsline) – A recent Wisconsin decision attempting to determine who is a whistleblower under the Dodd-Frank anti-retaliation protection provision is part of a growing split among circuits, a New York attorney says.

Apollo Global Management to pay $52.7 million after allegedly misleading investors

Mark Iandolo Aug. 25, 2016, 11:34am

WASHINGTON (Legal Newsline) — Four private equity fund advisers affiliated with Apollo Global Management will pay $52.7 million for allegedly misleading fund investors about fees on a loan agreement, the Securities and Exchange Commission has announced.

Health Net to pay $340,000 to resolve alleged whistleblower violations

Mark Iandolo Aug. 17, 2016, 11:38am

WASHINGTON (Legal Newsline) — Health Net Inc. will pay $340,000 to resolve allegations of illegally using severance agreements requiring outgoing employees to waive their ability to obtain monetary awards for whistleblowing, the Securities and Exchange Commission (SEC) has announced.

BlueLinx to pay $265,000 to resolve allegations of violating SEC whistleblower laws

Mark Iandolo Aug. 12, 2016, 11:54am

WASHINGTON (Legal Newsline) — BlueLinx Holdings Inc. will pay a $265,000 penalty to resolve allegations of violating securities laws, the Securities and Exchange Commission (SEC) has announced.

State Street Bank & Trust owes at least $382.4 million

Mark Iandolo Aug. 1, 2016, 3:35pm

BOSTON (Legal Newsline) — U.S. Attorney Carmen M. Ortiz for the District of Massachusetts, director Andrew J. Ceresney of the Division of Enforcement for the Securities and Exchange Commission (SEC) and U.S. Labor Secretary Thomas E. Perez have announced that State Street Bank and Trust Company will pay $382.4 million after allegations it deceived clients when giving indirect foreign currency exchange (FX) services.

LAN Airlines to pay more than $22 million after allegations of improper payments

Mark Iandolo Jul. 27, 2016, 4:37pm

LAN Airlines, a South American-based company, will pay more than $22 million after allegations of improper payments it authorized during a labor dispute, The Securities and Exchange Commission (SEC) announced.

Chief of SEC whistleblower program departs after 'pro-employee' tenure

Dawn Geske Jul. 21, 2016, 1:54pm

WASHINGTON (Legal Newsline) – The U.S. Securities and Exchange Commission (SEC) has announced the departure of its chief of the Whistleblower Program.

SEC announces $10 million penalty for Merrill Lynch after allegations it misled investors

Mark Iandolo Jun. 23, 2016, 4:12pm

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) has announced Merrill Lynch will pay $10 million in penalties to settle allegations it misled customers in statements provided to retail investors for structured notes linked to a proprietary volatility index.

SEC targets investment adviser who allegedly swindled money from pro athletes

Mark Iandolo Jun. 23, 2016, 4:06pm

DALLAS (Legal Newsline) — The Securities and Exchange Commission (SEC) has announced it has received a court order to freeze Ash Narayan’s assets after allegations the investment adviser secretly defrauded professional athletes.

Merrill Lynch to pay $415 million after allegations of violating SEC Customer Protection Rule

Mark Iandolo Jun. 23, 2016, 2:44pm

WASHINGTON (Legal Newsline) — Merrill Lynch will pay $415 million after allegations it misused customer cash to generate profits and failed to protect customer securities from the claims of its creditors, the Securities and Exchange Commission (SEC) has announced.

SEC takes action against former VP at SAP America for allegations of insider trading

Mark Iandolo Jun. 17, 2016, 8:00pm

WASHINGTON (Legal Newsline) – The Securities and Exchange Commission (SEC) announced that it has charged Christopher Salis, former global vice president of SAP America, with alleged insider trading.