Category Archives: HedgeCo News

Federal Court Concludes Receivership in CFTC Ponzi Scheme Action Resulting in the Recovery of Over $1 Billion.

(HedgeCo.Net) The Commodity Futures Trading Commission has announced the successful conclusion of the receivership in CFTC v. Walsh, et al., a $1.3 billion Ponzi scheme case the CFTC filed in 2009. On September 19, the U.S. District Court for the […]

SEC Obtains Final Judgment Against Recidivist Investment Adviser Charged with Defrauding Retirees

(HedgeCo.Net) The Securities and Exchange Commission obtained a final judgment against California-based investment adviser Keith Springer and his firm, Springer Investment Management, Inc. dba Springer Financial Advisors (SFA), whom were charged with defrauding hundreds of retail clients, most of whom […]

New Jersey Development Firm and Four Executives Charged With $600 Million Ponzi-like Fraud

(HedgeCo.Net) The Securities and Exchange Commission has charged New Jersey-based National Realty Investment Advisors LLC (NRIA) and four of its former executives with running a Ponzi-like scheme that raised approximately $600 million from about 2,000 investors.  The SEC’s complaint alleges […]

SEC Obtains Final Judgment Against Fraud Guarantee Co-Founder for Engaging in Fraudulent Securities Offering

(HedgeCo.Net) The U.S. District Court for the Southern District of New York has entered a final consent judgment against Florida resident Lev Parnas for his role in participating in an offering fraud that raised millions of dollars from investors. According […]

SEC Charges Eight in Scheme to Fraudulently Promote Securities Offerings

(HedgeCo.Net) The Securities and Exchange Commission has announced charges against six individuals and two companies for their involvement in a fraudulent scheme to promote the securities of issuers that were conducting (or purporting to conduct) offerings pursuant to Regulation A, […]

SEC Charges Man for Defrauding Investors Out of Millions of Dollars by Posing as Hedge Fund Billionaire

(Hedgeco.Net) The Securities and Exchange Commission charged Justin Costello for using a false persona, as a Harvard-educated military veteran and hedge fund billionaire, to defraud investors out of millions of dollars. The SEC also charged Costello and David Ferraro, an […]

SEC Charges Southern California Firm with Operating a Ponzi-Type Scheme

(HedgeCo.Net) The Securities and Exchange Commission has filed fraud charges against JMJ Capital Group and its president and chief executive officer, Richard Lee Ramirez, with fraudulently raising millions of dollars from investors in Southern California. The SEC’s complaint alleges that […]

SEC Charges Kim Kardashian for Unlawfully Touting Crypto Security

(HedgeCo.Net) The Securities and Exchange Commission has announced charges against Kim Kardashian for touting on social media a crypto asset security offered and sold by EthereumMax without disclosing the payment she received for the promotion. Kardashian agreed to settle the […]

Audit Firm RSM and Three Senior-Level Employees Charged with Failure to Properly Conduct Client Audits

(Hedgeco.Net) The Securities and Exchange Commission has charged audit firm RSM US LLP and three senior-level employees with improper professional conduct for failing to properly audit Revolution Lighting Technologies Inc.’s (“Revolution”) financial statements over a four-year period when Revolution was […]

Barclays Agrees to a $361 Million Settlement to Resolve SEC Charges Relating to Over-Issuances of Securities

(HedgeCo.Net) The Securities and Exchange Commission has charged Barclays PLC and Barclays Bank PLC (BBPLC) in connection with the unregistered offer and sale of an unprecedented amount of securities due to a failure to implement any internal control to track […]

16 Wall Street Firms Charged with Widespread Recordkeeping Failures

(HedgeCo.Net) The Securities and Exchange Commission has announced charges against 15 broker-dealers and one affiliated investment adviser for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications. The firms admitted the facts set […]

SEC Charges Father-Son Duo and Associate in Market Manipulation Schemes Resulting in a New Jersey Deli with a $100 Million Valuation

(HedgeCo.Net) The Securities and Exchange Commission has charged Peter L. Coker Sr., Peter L. Coker Jr., and James T. Patten for their roles in orchestrating fraudulent manipulative securities trading schemes. These schemes included artificially inflating the share price of Hometown International, […]