Friday, October 19, 2018

SEC News - Fraud, Theft, and Improper Conduct

SEC Charges Lawyer and Her Husband in EB-5 Fraud
A California-based immigration attorney and her husband have been charged in a fraudulent scheme that generated millions of dollars of undisclosed compensation from foreign investors seeking permanent U.S. residency through the EB-5 Immigrant Investor Program.

Investment Adviser Charged With Stealing From Friends, Community Members
According to the SEC’s complaint, from at least 2014 through at least 2017, this individual solicited investments from close friends he met through a local community organization, telling them that he was going to invest their money in initial and secondary offerings, which he would then sell before the end of the trading day. In reality, rather than investing these funds, he allegedly used investor money to pay mounting personal debt and personal expenses.

SEC Suspends Former BDO Accountants for Improperly “Predating” Audit Work Papers
Three former BDO USA LLP accountants have been suspended for their improper professional conduct during an audit of an exchange-listed insurance company.

SEC Stops Fraudulent ICO That Falsely Claimed SEC Approval
The SEC announced that it has obtained an emergency court order halting a planned initial coin offering (ICO), which backers falsely claimed was approved by the SEC. The order also halts ongoing pre-ICO sales by the company, Blockvest LLC and its founder.

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 to mja@sallahlaw.comThe Securities Law Blog.

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