Friday, April 24, 2015

SEC News - Fraud, FCPA Violations, and Microcap Scheme

L.A.-Based Pacific West Capital Group Charged With Fraud in Sale of Life Settlement Investments
Los Angeles-based Pacific West Capital Group Inc. and its owner have been charged with fraud in the sale of “life settlement” investments.

Oregon-Based Defense Contractor Charged With FCPA Violations
Oregon-based FLIR Systems Inc. has been charged with violating the Foreign Corrupt Practices Act (FCPA) by financing what an employee termed a “world tour” of personal travel for government officials in the Middle East who played key roles in decisions to purchase FLIR products. FLIR earned more than $7 million in profits from sales influenced by the improper travel and gifts.

SEC Halts Microcap Scheme in South Florida
Fraud charges and an asset freeze have been announced against the operators of a South Florida-based microcap scheme, including three boiler room brokers caught trying to conceal from investors that they have been barred from the industry.

Fraud Charges Announced Against Former Accounting Executive at Japanese Subsidiary
Fraud charges have been announced against the former controller of a suburban Chicago company’s Japanese subsidiary who cost his company millions of dollars in trading losses and manipulated accounting records to avoid detection.
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