In the Matter of Stephen J. Glantz
On February 10, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions (Order) against Stephen J. Glantz. The Order finds that from January [...]
The Commission announced today that the Honorable Orinda D. Evans, United States District Judge for the Northern District of Georgia, entered an order permanently enjoining Ross Owen Haugen (Haugen). The order restrained and enjoined Haugen from future violations of Section 17(a) of the Securities Act of 1933, and Sections 10(b) and 15(a) of the Securities [...]
Recent SEC Actions Affecting Investment Advisors and the Hedge Fund Industry
In the Matter of Peter J. Dawson
On January 12, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings and Imposing Remedial Sanctions (Order) against Peter J. Dawson. The Order finds that a final [...]
United Kingdom Court of Appeal Upholds SEC Asset Freeze Order Against Defendant in SEC Case Alleging Fraud by a Hedge Fund Manager
The Commission announced that on January 28, the Supreme Court of Judicature Court of Appeal in the United Kingdom dismissed the appeal of Glenn Manterfield, a citizen of the United Kingdom, of an order [...]
United Kingdom Court of Appeal Upholds SEC Asset Freeze Order Against Defendant in SEC Case Alleging Fraud by a Hedge Fund Manager
The Commission announced that on January 28, the Supreme Court of Judicature Court of Appeal in the United Kingdom dismissed the appeal of Glenn Manterfield, a citizen of the United Kingdom, of an order [...]
Release: 5606-09
For Release: January 27, 2009
CFTC Charges Nicholas Cosmo and Agape Companies with Defrauding Customers of Tens of Millions of Dollars in Commodity Futures Trading Scheme
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today filed a federal law suit against Nicholas Cosmo of Lake Grove, New York, Agape World, Inc., (Agape World), and [...]
The SEC announced that a Massachusetts broker, who was acting as an investment advisor at the time, defrauded a number of investors out of $2 million or more. The fraudster used the money, which was supposed to be invested in non-existent “federal housing certificates,” to buy clothes and liquor. The full release is reprinted in [...]
The SEC release below describes another hedge fund fraud case. As is typical with many of the hedge fund fraud cases, some simple hedge fund due diligence would have paid off for investors. Here, the manager made many false claims which would have been uncovered if investors had simply taken the time to check up [...]
This release comes from the CFTC and involves a fraudulent commodity hedge fund.
Release: 5590-08
For Release: December 22, 2008
Florida Resident Joerg Heierle and Swiss Corporation INH-Interholding SA Ordered to Pay More Than $9 Million in Restitution and Penalties in CFTC Commodity Pool Anti-Fraud Action
Relief Defendant Futures Trading Academy, Inc. Ordered to Disgorge More Than $420,000 in [...]
SEC News Digest
Issue 2009-5
January 8, 2009
Mutual Benefits’ Founding Principals and Others Charged In $1 Billion Investor Fraud and Ponzi Scheme
On January 5, 2009, the United States Attorney for the Southern District of Florida announced the Indictment of Joel Steinger, Steven Steiner, Michael McNerney and Anthony Livoti, Jr., in connection with their involvement with Mutual Benefits [...]