$85 Million Forex Ponzi Scheme
The U.S. Commodity Futures Trading Commission (CFTC) today announced that it filed an action in federal court in San Francisco charging SNC Asset Management, Inc., (SNC Asset) and SNC Investments, Inc., (SNC Investments), both of Pleasanton, California (collectively SNC), and Chief Executive Officer Peter Son and Chief Financial Officer Jin K. [...]
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 21023 / May 5, 2009
Securities and Exchange Commission v. Jon-Paul Rorech, et. al., Civil Action No. 09 CV 4329- (JGK)(SDNY)
SEC FILES FIRST CREDIT DEFAULT SWAP INSIDER TRADING CASE
The Securities and Exchange Commission filed a civil action in the United States District Court for the Southern District of New [...]
The video below provides details on hedge fund manager Blackstone refusing a request by the SEC to provide information on the returns of its hedge fund and private equity fund returns. Blackstone will not disclose this performance in its filings to investors (although Fortress complied with the SEC request). For more information on this story, [...]
Order Approving Association of William M. Ennis With Kellport Capital Management LLC
On March 17, the Commission issued an Order approving the application of William M. Ennis for consent to associate with Kellport Capital Management LLC, a registered investment adviser. The Order is necessary because Mr. Ennis is subject to a 2007 order of the Commission [...]
SEC Charges Paul M. Gozzo and PMG Capital, LLC With Fraud in the Market Manipulation of Microcap Stocks
Gozzo and PMG Capital Agree to Settle Charges
The Securities and Exchange Commission today filed a settled complaint against Paul M. Gozzo and PMG Capital, LLC of Jupiter, Florida, alleging that they violated the federal securities laws by manipulating [...]
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 [...]
SEC Charges Website Operator in Washington State With Running Ponzi Scheme
The Commission today filed securities fraud and other charges against Quest Holdings, Inc. and its principal, Craig T. Jolly, of Spokane, Washington, for operating an internet-based Ponzi scheme promising monthly returns of up to 19.5 percent.
According to the complaint, defendants Quest and Jolly raised approximately [...]
Longtime Enforcement Director Leaving, Other Positions Filled
Linda Thomsen has been a fixture at the SEC for 14 years. During the past three years I have folled the actions of the SEC Directors and Commissioners fairly closely. In my opinion Linda Thomsen is exactly what we need in a top SEC regulator – she was open [...]
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 [...]