Wilson Baston has been charged by the Securities and Exchange Commission for defrauding investors through a Ponzi scheme. Learn more here. #securitiesfraud
Enforcement
SEC Charges Investment Fund Founder William K. Ichioka with $25 Million Offering Fraud
The Securities and Exchange Commission (SEC) has taken filed a complaint in the United States District Court for the Northern District of California, against William K. Ichioka, a resident of New York, New York, for engaging in a fraudulent investment scheme. The complaint alleges that Ichioka targeted individual investors primarily in […]
SEC Charges Audit Firm Marcum LLP for Widespread Quality Control Deficiencies
Marcum LLP Faces SEC Charges for Audit Quality Control Failures In a significant development, audit firm Marcum LLP has come under scrutiny by the Securities and Exchange Commission (SEC) for its systemic quality control failures and violations of audit standards. The charges are particularly related to its audit work for […]
SEC Charges Investment Adviser and Principal in Abusive Naked Short Selling Scheme
The SEC has charged Sabby Management and its managing partner with fraud in a scheme involving misrepresentations and rule violations for short selling. Learn more here.
SEC Halts Alleged Cannabis Fraud Scheme
The SEC obtained an emergency order to halt an alleged ongoing offering fraud and Ponzi-like scheme by Integrated National Resources Inc. (INR), which does business as WeedGenics, and its owners, Rolf Max Hirschmann and Patrick Earl Williams. The SEC alleges that INR raised more than $60 million from investors to […]
Musk Wants to Stop his ‘Twitter Sitter’ Agreement
He tried once before and was denied, but Elon Musk has asked a federal appeals court in New York to throw out his 2018 agreement with US regulators requiring a Tesla Inc. lawyer to screen all his company-related Twitter posts, calling it an illegal limitation on his free-speech rights. Musk, Tesla’s chief executive officer […]
HSBC Securities and Scotia Capital Fined $15M and $7.5M Respectively by SEC for Recordkeeping Failures
On May 11, 2023, the SEC charged HSBC Securities (USA) Inc. and Scotia Capital (USA) Inc. for their employees’ longstanding and widespread failures to preserve and maintain electronic communications. To settle the charges, HSBC and Scotia admitted that their conduct violated recordkeeping provisions of the federal securities laws and agreed […]
Betterment Settles SEC Charges Concerning Tax Loss Harvesting Service
The Securities and Exchange Commission charged investment advisory firm Betterment LLC for material misstatements and omissions related to its automated tax loss harvesting service (TLH), failing to provide clients with notice of contract changes, and failing to maintain certain required books and records. Betterment agreed to pay a $9 million […]
SEC Charges Charlie Javice, Founder of Frank, with Fraud in Connection with $175 Million Sale to JPMorgan Chase
The SEC has filed a complaint against Charlie Javice, the founder of the student loan assistance company Frank. The complaint alleges that Javice committed fraud in connection with the $175 million sale of Frank to JPMorgan Chase Bank, N.A., in 2021. The SEC claims that Javice misled JPMorgan Chase by […]
SEC Charges Chatham Asset Management and Founder Anthony Melchiorre for Improper Fixed Income Securities Trading
April 3, 2023 — The SEC charged New Jersey-based Chatham Asset Management LLC and its founder, Anthony Melchiorre, with improper trading of certain fixed-income securities. Chatham and Melchiorre agreed to pay more than $19.3 million in combined disgorgement, prejudgment interest, and civil penalties to settle the charges. SEC Findings The […]
