Risky trading practices that caused huge losses for J.P. Morgan went undetected by U.S. regulators, sparking Congressional hearings at which SEC officials have been taken to task and one top official admitted some red flags went unheeded.
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One lawyer’s dismal drama leads to unexpected payments to CRA
OSC alleges David Charles Phillips, founder and directing mind of First Leaside Group, intentionally deceived investors by selling and overseeing securities sales of approximately $19 million in 2011, while withholding important information.
An Ontario Securities Commission (OSC) panel has released its reasons for decision on sanctions and costs against Sextant Capital Management (SCM), Sextant Capital GP (SC), Otto Spork, Konstantinos Ekonomidis, and Natalie Spork (N. Spork). On May 17, 2011, an OSC panel found Spork, SCM and SC committed fraud contrary to the Securities Act. The panel […]
The Autorité des marchés financiers (AMF) has launched a penal proceeding against Sylvain Laroche, born August 6, 1961*, for illegal distributions and illegal practice as a securities dealer and derivatives adviser. He’s now facing 11 charges, and the AMF is seeking $432,000 in fines from him. Laroche allegedly convinced two investors to make investments in […]
The SEC is currently investigating George Levin and Frank Preve, Fort Lauderdale residents, for their part in one of South Florida's largest-Ever Ponzi Schemes.
Disgorgement is such an ugly word. But it could happen to Jason J. Koiner, a New York-based ‘fund manager’ and his two firms Absolute Fund Management and Absolute Fund Advisors. The SEC alleges that since November 2011 Koiner raised $11 million selling investors limited partnership interests. He promised investors that he would allocate capital of […]
A U.S. District Court in New Hampshire entered final judgments last week against New Futures Trading International Corporation, a New Hampshire business, and Henry Roche for running a Ponzi scheme.
Mark Spangler, former national chairman of the National Association of Personal Financial Advisors (NAPFA), once pushed financial professionals to act in the best interests of their clients. Now, however, he’s accused of securities fraud; he allegedly diverted $47 million of his clients’ funds into private ventures, and an FBI agent claims he made false statements […]