Saturday, January 9, 2016

SEC News - Insider Trading, Market Manipulation, and Fraud

Traders in China and Hong Kong Paying $920,000 to Settle Insider Trading Case
Two traders in China and Hong Kong have agreed to pay more than $920,000 to settle an insider trading case against them. The traders' assets were frozen by an emergency court order when the SEC’s complaint was filed against them, and they now must disgorge their entire ill-gotten profits of $306,929.59 plus pay penalties of $306,929.59 each.

Morgan Stanley Settles Charges in “Parking” Scheme
Morgan Stanley Investment Management has agreed to pay $8.8 million to settle charges that one of its portfolio managers unlawfully conducted prearranged trading known as “parking” that favored certain advisory client accounts over others.

Financial Advisor Charged in Market Manipulation Case
The SEC amended its previous complaint in a market manipulation case to additionally name a Las Vegas-based financial advisor who allegedly agreed to buy shares of three microcap stocks in client accounts in exchange for hundreds of thousands of dollars in cash kickbacks.

Convicted Fraudster Using Aliases Charged Again for Defrauding Investors
A known securities fraudster has been charged for conducting a new scheme since his release from prison by using fake names to solicit investors while hiding his criminal past. Edward Durante, who served a 10-year prison term following his securities fraud conviction in 2001, has again been soliciting investors under such aliases as Ted Wise, Efran Eisenberg, and Anthony Walsh.

The attorneys at Sallah Astarita & Cox include veteran securities litigators and former SEC Enforcement Attorneys. We have decades of experience in securities litigation matters, including the defense of enforcement actions. We represent investors, financial professionals and investment firms, nationwide. For more information call 212-509-6544 or send an email.

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