Monday, July 27, 2015

SEC News - Ponzi Schemes, Rule Violations, Fraudulent Funds


Oil Company and CEO Charged in Scheme Targeting Chinese-Americans and EB-5 Investors
A Bay Area oil and gas company and its CEO have been charged with running a $68 million Ponzi-like scheme and affinity fraud that targeted the Chinese-American community in California and investors in Asia, including some solicited as part of the EB-5 Immigrant Investor Program.


SEC Halts Pyramid/Ponzi Scheme Targeting Spanish and Portuguese Communities
Fraud charges and an asset freeze have been announced against the operators of a pyramid and Ponzi scheme falsely promising a gold mine of investment opportunity to investors in Spanish and Portuguese-speaking communities in Massachusetts, Florida, and elsewhere in the U.S.

Deloitte & Touche Charged With Violating Auditor Independence Rules
Deloitte & Touche LLP has been charged with violating auditor independence rules when its consulting affiliate maintained a business relationship with a trustee serving on the boards and audit committees of three funds it audited. Deloitte agreed to pay more than $1 million to settle the charges.

Former Stockbroker Charged With Conducting Ponzi Scheme
A former stockbroker in Pennsylvania has been charged with conducting a Ponzi scheme and stealing investor money to purchase a condominium in Florida and afford his own vacations and other luxuries.

Hedge Fund Advisory Firm Charged With Conducting Fraudulent Fund Valuation Scheme
A Greenwich, Conn.-based investment advisory firm and its two owners have been charged with fraudulently inflating the prices of securities in hedge fund portfolios they managed.

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