Thursday, February 12, 2015

SEC News - Unregistered Stock, Insider Trading Charges, Accounting Violations

Seal of the U.S. Securities and Exchange Commi...Stock-Based Lender Charged With Selling Billions of Penny Stock Shares as Unregistered Broker-Dealer

A Chicago-area company that provides stock loans using equities as collateral, its two co-founders, and its former chief operating officer have been charged with selling more than nine billion shares of penny stocks through purported stock-based loans, block trades, and other transactions without registering with the SEC as a broker-dealer as required under the federal securities laws
A stock research analyst, a corporate insider, and two others have been charged for their involvement in a California-based insider trading ring that generated nearly $750,000 in illegal profits by trading in advance of four corporate news announcements.

AChicago-area alternative energy company, its former CEO, and its CFO are facing charges for accounting and disclosure violations that prevented investors from knowing that reduced business from two significant customers had caused substantial declines in the company’s long-term financial prospects.
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