Top News

SEC charges Platinum Partners founder with allegedly running fraudulent scheme

Mark Iandolo Dec. 29, 2016, 9:23am

The Securities and Exchange Commission announced Dec. 19 charges against Mark Nordlicht, founder of Platinum Partners and two of its flagship hedge funds.

NeuStar agrees to $180,000 SEC penalty after alleged whistleblower laws violations

Mark Iandolo Dec. 28, 2016, 11:18am

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced Dec. 19 that Virginia-based NeuStar Inc. has agreed to pay $180,000 to settle allegations involving severance agreements that forbade whistleblowing.

SEC bans several market participants from penny sock industry

Mark Iandolo Dec. 28, 2016, 11:17am

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced Dec. 16 that it has barred several market participants from the penny stock industry for their roles in alleged sham initial public offerings (IPOs) of microcap stocks that defrauded investors.

Morgan Stanley pays $7.5 million SEC fine to resolve alleged customer violations

Mark Iandolo Dec. 28, 2016, 11:16am

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced Dec. 20 that Morgan Stanley & Co. LLC has agreed to pay $7.5 million after allegations it used trades involving customer cash to lower the firm’s borrowing costs in violation of the SEC’s Customer Protection Rule.  

SEC settles with CEO of Wilson-Davis & Co. for alleged SEC market structure rule violations

Mark Iandolo Dec. 28, 2016, 8:00am

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced Dec. 16 that it settled cease-and-desist proceedings against the CEO of Wilson-Davis & Co., a Utah-based broker-dealer for alleged violations of SEC market structure rules.

SEC charges two men involved in allegedly phony day-trading firm that defrauded consumers out of $1.4 million

Mark Iandolo Dec. 23, 2016, 9:05am

WASHINGTON (Legal Newsline) – The Securities and Exchange Commission (SEC) announced charges Dec. 21 against two men behind an allegedly phony day-trading firm that pocketed more than $1.4 million in deposits from defrauded investors across the globe. 

SEC alleges former director of New York State Common Retirement Fund used pay-to-play scheme

Mark Iandolo Dec. 23, 2016, 9:03am

WASHINGTON (Legal Newsline) – The Securities and Exchange Commission (SEC) announced fraud charges Dec. 21 against Navnoor Kang, the director of fixed income for the New York State Common Retirement Fund from January 2014 to February 2016, over allegations of orchestrating a pay-to-play scheme.  

SEC settles with Braskem S.A. over allegations of bribing Brazilian officials

Mark Iandolo Dec. 23, 2016, 8:54am

WASHINGTON (Legal Newsline) – The Securities and Exchange Commission (SEC) announced Dec. 21 that Braskem S.A., a Brazil-based petrochemical manufacturer whose stock trades in the U.S. Markets, agreed to settle allegations of creating false books and records.

Oklahoma-based SandRidge Energy settles SEC whistleblower allegations with $1.4M penalty

Mark Iandolo Dec. 23, 2016, 8:53am

WASHINGTON (Legal Newsline) – The Securities and Exchange Commission (SEC) announced Dec. 20 that Oklahoma City-based SandRidge Energy Inc. agreed to settle allegations of using illegal separation agreements and retaliating against a whistleblower.

Deutsche Bank settles for $37 million in case involving automated order router

Mark Iandolo Dec. 20, 2016, 10:04am

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced Dec. 16 that Deutsche Bank will settle allegations it misled clients about the performance of a core feature of its automated order router that primarily sent client orders to dark pools.

SEC charges two New Jersey-based traders with allegations of manipulating the stock market

Mark Iandolo Dec. 15, 2016, 9:27am

WASHINGTON (Legal Newsline) – The Securities and Exchange Commission (SEC) announced charges Dec. 12 against New Jersey-based traders Joseph Taub and Elazar Shmalo for allegedly manipulating more than 2,000 NYSE- and NASDAQ-traded stocks and gaining roughly $26 million in profits from successful trades.

SEC, Equidate settle allegations of violations of securities laws

Mark Iandolo Dec. 13, 2016, 9:48am

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced Dec. 6 that Equidate Inc. has agreed to settle allegations of violating federal securities laws.

SEC announces settlement with United Airlines' parent company over flight reinstatement for public official

Mark Iandolo Dec. 7, 2016, 10:09pm

WASHINGTON (Legal Newsline) – The Securities and Exchange Commission (SEC) announced Dec. 2 that United Airlines’ parent company will pay $2.4 million to resolve allegations that shareholders had to foot the bill for a public official securing convenient flights.

SEC files charges against Expedia employee for allegedly hacking executives

Mark Iandolo Dec. 7, 2016, 10:08pm

WASHINGTON (Legal Newsline) – The Securities and Exchange Commission (SEC) announced Dec. 5 that it has filed insider trading charges against Jonathan Ly, an Expedia employee, for allegations of hacking senior executives in order to trade on company secrets.

SEC charges Onix Capital with fraud, freezes assets

Mark Iandolo Dec. 6, 2016, 9:41am

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced fraud charges and an asset freeze Dec. 1 against Onix Capital LLC, an asset management company based in Miami Beach, Florida, and owner Alberto Chang-Rajii, a Chilean national who fled the country early this year.

SEC charges California movie producer, private equity executive with defrauding consumers

Mark Iandolo Nov. 17, 2016, 8:23am

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced Nov. 9 it has charged David R. Bergstein of Hidden Hills, California, with defrauding investors.

EZTD owes SEC $1.7 million after allegedly misleading investors into trading binary options

Mark Iandolo Nov. 17, 2016, 8:13am

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced Nov. 10 EZTD Inc. has been ordered to pay more than $1.7 million over allegations of misleading investors into trading binary options over the internet.

SEC Chairwoman White to step down as Obama administration ends

Mark Iandolo Nov. 17, 2016, 8:11am

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced Nov. 14 that Chairwoman Mary Jo White will step down at the end of the Obama administration.

Company paying $500K in 'standalone' whistleblower retaliation case brought by SEC

Robert Lawson Nov. 4, 2016, 12:45pm

WASHINGTON D.C. — The Securities and Exchange Commission (SEC) has closed its first case citing a whistleblower anti-retaliation mechanism without including securities-based charges.

Investment firm defamed pharma company to drive down stock price, lawsuit says

Taryn Phaneuf Nov. 2, 2016, 8:56am

LAS VEGAS (Legal Newsline) — A $20 million lawsuit involving a pharmaceutical company and the investment firm with a stake in the company is a battle for control, a University of Toledo professor says.