http://www.sec.gov/litigation/litreleases.shtml The latest litigation releases from the Securities and Exchange Commission en-us Thu, 8 Jan 2009 00:00:01 EST Thu, 8 Jan 2009 14:19:45 EST http://www.sec.gov/litigation/litreleases/2009/lr20848.htm SEC brings emergency action to halt Ponzi scheme and affinity fraud targeting clergy, Catholics and senior citizens. LR-20848 Thu, 8 Jan 2009 14:19:45 EST http://www.sec.gov/litigation/litreleases/2009/lr20847.htm SEC Charges Joseph S. Forte for Conducting $50 Million Ponzi Scheme LR-20847 Thu, 8 Jan 2009 11:27:44 EST http://www.sec.gov/litigation/litreleases/2009/lr20846.htm Mutual Benefits' Founding Principals and Others Charged in $1 Billion Investor Fraud and Ponzi Scheme LR-20846 Wed, 7 Jan 2009 14:34:00 EST http://www.sec.gov/litigation/litreleases/2009/lr20845.htm The Securities and Exchange Commission announced that on November 19, 2008, the federal court in the Central District of California sentenced Stephen C. Sayre ("Sayre"), age 52, of Hollywood, California on a criminal securities fraud charge relating to his "pump and dump" stock manipulation. The sentence ordered Sayre to serve 57 months in prison to be followed by three years of supervised release. The sentence reflects a sentencing enhancement because the Court found that Sayre obstructed justice by lying under oath to the Commission during its investigation. LR-20845 Wed, 7 Jan 2009 12:36:53 EST http://www.sec.gov/litigation/litreleases/2009/lr20844.htm First Circuit Court of Appeals affirms summary judgment against former Prudential registered representative in connection with deceptive market timing practices. LR-20844 Tue, 6 Jan 2009 17:35:54 EST http://www.sec.gov/litigation/litreleases/2009/lr20843.htm Final default judgments entered against defendants Pavlos Meletiou, R.K. Dhawan and Co. and R.K. Dhawan in connection with their audits of AremisSoft Corporation; each suspended from practicing or appearing before the Commission as accountants in related administrative proceedings. LR-20843 Tue, 6 Jan 2009 16:27:57 EST http://www.sec.gov/litigation/litreleases/2009/lr20842.htm South Florida Investment Adviser Indicted for Multi-Million Dollar Misappropriation and Ponzi Scheme LR-20842 Tue, 6 Jan 2009 15:07:22 EST http://www.sec.gov/litigation/litreleases/2009/lr20841.htm Court enters final judgments against Massachusetts company and its principal in securities fraud case. LR-20841 Mon, 5 Jan 2009 11:58:36 EST http://www.sec.gov/litigation/litreleases/2008/lr20840.htm SEC halts $23 Million Ponzi scheme and affinity fraud targeting Haitian-American investors. LR-20840 Tue, 30 Dec 2008 12:05:21 EST http://www.sec.gov/litigation/litreleases/2008/lr20839.htm SEC files settled financial fraud case against Rica Foods and its former CEO. LR-20839 Mon, 29 Dec 2008 14:36:16 EST http://www.sec.gov/litigation/litreleases/2008/lr20838.htm SEC sues three stock promoters and their Minnesota-based entities for registration and fraud violations. LR-20838 Tue, 23 Dec 2008 11:47:35 EST http://www.sec.gov/litigation/litreleases/2008/lr20837.htm Court appoints receiver in SEC fraud action against oil and gas promoter. LR-20837 Tue, 23 Dec 2008 10:45:31 EST http://www.sec.gov/litigation/litreleases/2008/lr20836.htm SEC files settled enforcement actions against UnitedHealth Group Inc. and former general counsel in stock options backdating case. LR-20836 Mon, 22 Dec 2008 15:51:57 EST http://www.sec.gov/litigation/litreleases/2008/lr20835.htm SEC Files Settled Books and Records and Internal Controls Charges Against Fiat S.p.A. and CNH Global N.V. For Improper Payments to Iraq Under the U.N. Oil for Food Program; Fiat Agrees to Pay Over $10 Million in Disgorgement, Interest, and Penalties LR-20835 Mon, 22 Dec 2008 12:27:04 EST http://www.sec.gov/litigation/litreleases/2008/lr20834.htm SEC obtains preliminary injunction, asset freeze, and other relief against defendants. LR-20834 Fri, 19 Dec 2008 17:05:39 EST http://www.sec.gov/litigation/litreleases/2008/lr20833.htm Defendant in NewAlliance bancshares IPO fraud settles with SEC. LR-20833 Fri, 19 Dec 2008 17:05:39 EST http://www.sec.gov/litigation/litreleases/2008/lr20832.htm Disgorgorgement, prejudgment interest, and civil penalties entered against Ira Dicapua. LR-20832 Fri, 19 Dec 2008 13:30:22 EST http://www.sec.gov/litigation/litreleases/2008/lr20831.htm SEC charges Wall Street professionals and others with widespread insider trading. LR-20831 Thu, 18 Dec 2008 15:48:59 EST http://www.sec.gov/litigation/litreleases/2008/lr20830.htm SEC seeks contempt against Jeffrey G. Turino for violating penny stock bar and obtains ex parte asset freeze and extension of penny stock bar. LR-20830 Mon, 15 Dec 2008 16:34:10 EST http://www.sec.gov/litigation/litreleases/2008/lr20828.htm SEC sues National Lampoon, Inc. and others for wide-ranging market manipulation schemes. LR-20828 Mon, 15 Dec 2008 13:31:00 EST http://www.sec.gov/litigation/litreleases/2008/lr20829.htm SEC files settled foreign corrupt practices act charges against Siemens AG for engaging in worldwide bribery with total disgorgement and criminal fines of over $1.6 billion. LR-20829 Mon, 15 Dec 2008 13:16:58 EST http://www.sec.gov/litigation/litreleases/2008/lr20827.htm Former Standard & Poor's Financial Ratings Services Senior Analyst Settles Insider Trading Action; Tippees Also Settle LR-20827 Mon, 15 Dec 2008 11:18:49 EST http://www.sec.gov/litigation/litreleases/2008/lr20826.htm Court orders defendants One Wall Street, Inc., Donte C. Jarvis, Willis "Bill" White III and Cecil Baptiste, also known as John Latorri, to disgorge ill-gotten gains and to pay civil penalty in fraud against senior citizens; court also orders relief defendant La Shondra Hatter to make disgorgement. LR-20826 Fri, 12 Dec 2008 16:26:47 EST http://www.sec.gov/litigation/litreleases/2008/lr20825.htm Zurich Pays $25 Million Civil Penalty to Settle Securities Fraud Charges LR-20825 Thu, 11 Dec 2008 13:21:00 EST http://www.sec.gov/litigation/litreleases/2008/lr20824.htm SEC Finalizes Auction Rate Securities Settlements With Citigroup and UBS Providing Nearly $30 Billion in Liquidity to Investors LR-20824 Thu, 11 Dec 2008 10:09:43 EST http://www.sec.gov/litigation/litreleases/2008/lr20823.htm SEC Charges Marc S. Dreier, New York Attorney, With Multimillion Dollar Fraud; Seeks Emergency Relief LR-20823 Mon, 08 Dec 2008 13:50:37 EST http://www.sec.gov/litigation/litreleases/2008/lr20822.htm First Circuit Court of Appeals Reverses Lower Court's Dismissal of SEC Action Against Two Former Columbia Executives For Conduct Relating to Mutual Fund Market Timing Arrangements LR-20822 Fri, 05 Dec 2008 14:03:48 EST http://www.sec.gov/litigation/litreleases/2008/lr20821.htm Birmingham Mayor and Friends Indicted For Bribery Scheme in Connection With Municipal Bond Deals LR-20821 Fri, 05 Dec 2008 10:58:28 EST http://www.sec.gov/litigation/litreleases/2008/lr20820.htm SEC Charges Silicon Valley Venture Capitalist William J. "Boots" Del Biaggio III with Defrauding Clients and Banks out of $65 Million LR-20820 Thu, 04 Dec 2008 15:10:14 EST http://www.sec.gov/litigation/litreleases/2008/lr20819.htm SEC Recovers More Than $2.6 Million Upon Entry of Default Judgment Against Italian Resident For Insider Trading LR-20819 Wed, 03 Dec 2008 15:21:14 EST http://www.sec.gov/litigation/litreleases/2008/lr20818.htm Parties Stipulate to Dismissal of Action Without Prejudice LR-20818 Wed, 26 Nov 2008 13:12:48 EST http://www.sec.gov/litigation/litreleases/2008/lr20817.htm Former Diebold Sales Representative Settles SEC Insider Trading Charges LR-20817 Wed, 26 Nov 2008 13:12:48 EST http://www.sec.gov/litigation/litreleases/2008/lr20814a.htm SEC Charges Two Day-Traders and Former Chief Executive Officer of Brokerage Firm for Participating in Manipulative Short Selling Scheme LR-20814A Mon, 24 Nov 2008 16:53:03 EST http://www.sec.gov/litigation/litreleases/2008/lr20816a.htm Offshore hacker permanently enjoined from future violations of the federal securities laws. LR-20816A Fri, 21 Nov 2008 11:24:25 EST http://www.sec.gov/litigation/litreleases/2008/lr20815.htm Defendant in SEC enforcement action sentenced to over 16 years in prison on related criminal charges for defrauding investors in a prime bank scheme. LR-20815 Thu, 20 Nov 2008 10:19:07 EST http://www.sec.gov/litigation/litreleases/2008/lr20813.htm The Securities and Exchange Commission ("Commission") announced today that on November 18, 2008 it filed a Complaint For Injunctive and Other Relief (the "Complaint") in the United States District Court for the Middle District of Tennessee against the following four defendants arising out of an alleged $11 million securities offering fraud based in Tennessee: (1) J.C. Reed & Company, Inc. ("JC Parent"); (2) J.C. Reed Advisory Group, LLC ("JC Advisory"); (3) Barron A. Mathis ("Mathis"); and, (4) the estate of John C. Reed, Lana L. Reed, Executor ("Reed's Estate"). Corporate founder John C. Reed ("Reed") died on June 7, 2008. JC Advisory, a wholly-owned subsidiary of JC Parent, is registered with the Commission as an investment adviser. In addition to JC Advisory, JC Parent owned a mortgage banking subsidiary and several other related businesses. JC Parent and JC Advisory recently filed bankruptcy petitions in United States Bankruptcy Court for the Middle District of Tennessee. LR-20813 Wed, 19 Nov 2008 12:55:50 EST http://www.sec.gov/litigation/litreleases/2008/lr20811.htm SEC charges banker and brokerage executives with multimillion dollar financial fraud. LR-20811 Tue, 18 Nov 2008 13:19:52 EST http://www.sec.gov/litigation/litreleases/2008/lr20812.htm First circuit court of appeals dismisses appeal of Brian M. Adley, former chairman and CEO of Boston-based Chancellor Corporation, in securities fraud case. LR-20812 Tue, 18 Nov 2008 13:06:00 EST http://www.sec.gov/litigation/litreleases/2008/lr20810.htm SEC files insider trading charges against Mark Cuban. LR-20810 Mon, 17 Nov 2008 11:36:48 EST http://www.sec.gov/litigation/litreleases/2008/lr20809.htm SEC prevails in trial against Michael W. Crow for unlawfully controlling registered broker-dealer. LR-20809 Fri, 14 Nov 2008 14:45:06 EST http://www.sec.gov/litigation/litreleases/2008/lr20808.htm Final judgment entered against former CFO of Massachusetts company. LR-20808 Fri, 14 Nov 2008 13:29:16 EST http://www.sec.gov/litigation/litreleases/2008/lr20807.htm The Securities and Exchange Commission ("Commission") announced that on November 12, 2008, it filed a Complaint For Injunctive Relief ("Complaint") in the United States District Court for the Western District of North Carolina, alleging an unregistered offering of securities and fraudulent conduct by defendants J. V. Huffman, Jr. ("Huffman") of Claremont, North Carolina, and Biltmore Financial Group, Inc. ("Biltmore"), a North Carolina corporation controlled by Huffman. The Complaint also seeks to recover property transferred to relief defendant Gilda Bolick Huffman ("G. Huffman"), Huffman's wife. The Honorable Richard L. Voorhees, United States District Judge for the Western District of North Carolina, issued orders freezing the assets of the defendants and relief defendants, appointing a receiver for the defendants, and permanently enjoining the defendants from future violations of the registration and antifraud provisions of the federal securities laws. LR-20807 Thu, 13 Nov 2008 15:58:45 EST http://www.sec.gov/litigation/litreleases/2008/lr20806.htm Federal court grants summary judgment and enters permanent injunction and officer and director bar against former MCA CEO. LR-20806 Thu, 13 Nov 2008 14:08:55 EST http://www.sec.gov/litigation/litreleases/2008/lr20805a.htm SEC Files Settled Insider Trading Action Against Former Senior Finance Manager of McKesson Corporation LR-20805A Thu, 13 Nov 2008 12:03:48 EST http://www.sec.gov/litigation/litreleases/2008/lr20804a.htm SEC Files Insider Trading Charges Against Former McKesson Corporation Vice President of Sales LR-20804A Thu, 13 Nov 2008 12:03:48 EST http://www.sec.gov/litigation/litreleases/2008/lr20803.htm Former Aspen Technology, Inc. Chairman and CEO Settle SEC Charges For Their Roles in Corporate Accounting Fraud LR-20803 Thu, 13 Nov 2008 10:50:24 EST http://www.sec.gov/litigation/litreleases/2008/lr20802.htm Default final judgment of permanent injunction and other relief entered against defendant Larry W. Kerschenbaum. LR-20802 Wed, 12 Nov 2008 16:26:22 EST http://www.sec.gov/litigation/litreleases/2008/lr20801.htm Blue Coat Systems and former CFO settle charges of stock option backdating. LR-20801 Wed, 12 Nov 2008 13:22:45 EST http://www.sec.gov/litigation/litreleases/2008/lr20800.htm SEC charges phony investment adviser Jeffrey Laumbattus for defrauding investors and obtains emergency asset freeze. LR-20800 Fri, 7 Nov 2008 17:40:24 EDT http://www.sec.gov/litigation/litreleases/2008/lr20799.htm Court permanently enjoins Bulverde, Texas resident George "Lin" Phelps from violating certain antifraud and registration provisions. LR-20799 Thu, 6 Nov 2008 16:45:19 EDT http://www.sec.gov/litigation/litreleases/2008/lr20798.htm Massachusetts federal court enters judgment against California based relief defendant in SEC enforcement action, ordering it to pay over $14 million. LR-20798 Mon, 3 Nov 2008 12:38:24 EDT http://www.sec.gov/litigation/litreleases/2008/lr20797.htm Two former executives of Putnam Fiduciary Trust Company settle fraud action brought by SEC. LR-20797 Mon, 3 Nov 2008 11:23:57 EDT http://www.sec.gov/litigation/litreleases/2008/lr20796.htm Donald A. Erickson, former audit committee chairman and director of Magnum Hunter Resources, enjoined and ordered to disgorge illegal insider trading gains; court also imposes officer and director bar and civil penalty LR-20796 Fri, 31 Oct 2008 17:39:00 EDT http://www.sec.gov/litigation/litreleases/2008/lr20795.htm Securities and Exchange Commission files motion to authorize distribution of funds to victims of the fraud perpetrated by Adelphia Communications Corp. ("Adelphia") in accordance with procedures adopted by U.S. Department of Justice in connection with Adelphia Victim Fund. LR-20795 Thu, 30 Oct 2008 17:57:16 EDT http://www.sec.gov/litigation/litreleases/2008/lr20794.htm The Securities and Exchange Commission today filed a civil injunctive action in the United States District Court for the Southern District of Florida against Andres L. Pimstein, The Bottom Line of South Florida, Inc. ("Bottom Line") and Summit Trading LLC ("Summit") alleging they conducted a $30 million Ponzi scheme. LR-20794 Thu, 30 Oct 2008 14:06:48 EDT http://www.sec.gov/litigation/litreleases/2008/lr20793.htm Steven B. Misner, former CEO and chairman of Southwestern Water Exploration Co., enjoined; court also imposes officer and director and penny stock bars. LR-20793 Tue, 28 Oct 2008 15:27:37 EDT http://www.sec.gov/litigation/litreleases/2008/lr20791.htm Court enters judgment by default against Alliance Transcription Services, Inc. (formerly known as Strategy X, Inc.) in fraudulent scheme to manipulate stock price and evade registration requirements. LR-20791 Tue, 28 Oct 2008 15:27:37 EDT http://www.sec.gov/litigation/litreleases/2008/lr20792.htm Unregistered Broker-Dealer Sentenced to 10 Years Incarceration LR-20792 Mon, 27 Oct 2008 15:05:52 EDT http://www.sec.gov/litigation/litreleases/2008/lr20790.htm SEC sues mining company for securities registration violations and stock promoter for blast text message touts sent to cell phone users. LR-20790 Fri, 24 Oct 2008 16:18:40 EDT http://www.sec.gov/litigation/litreleases/2008/lr20789.htm SEC Charges Owner of Hayden Communications, Inc. With Insider Trading LR-20789 Thu, 23 Oct 2008 15:08:32 EDT http://www.sec.gov/litigation/litreleases/2008/lr20788.htm Former Peregrine Systems president settles SEC charges for his role in corporate accounting fraud. LR-20788 Wed, 22 Oct 2008 17:43:18 EDT http://www.sec.gov/litigation/litreleases/2008/lr20787.htm The Securities and Exchange Commission (“SEC”) today filed a complaint alleging that Raymond Thomas (“Thomas”) and his company, Strictly Stocks Investment Company, Inc. (“Strictly Stocks”) operated a fraudulent offering scheme that raised at least $620,000 from at least 26 investors, many of whom were retired police officers and firefighters. LR-20787 Wed, 22 Oct 2008 16:26:40 EDT http://www.sec.gov/litigation/litreleases/2008/lr20786.htm Defendant in SEC enforcement action sentenced to 63 months in prison on related criminal charges for defrauding investors. LR-20786 Mon, 20 Oct 2008 17:22:47 EDT http://www.sec.gov/litigation/litreleases/2008/lr20785.htm Court enters amended final judgment by default against Spiro Germenis, Oracle Services Inc., Oracle Evolution, LLC, Oracle E Fund, LP, Oracle J Fund, LP, and Oracle Evolution Capital, LLC. LR-20785 Mon, 20 Oct 2008 13:04:46 EDT http://www.sec.gov/litigation/litreleases/2008/lr20784.htm SEC Charges Former Hedge Fund Analyst with Improper Trading LR-20784 Mon, 20 Oct 2008 11:18:36 EDT http://www.sec.gov/litigation/litreleases/2008/lr20783.htm The Securities and Exchange Commission announced that a federal court jury on October 14, 2008 returned a verdict in favor of Stephen J. Wilson, a former registered representative of a broker-dealer in Media, Pennsylvania. The Commission had charged Wilson with violating the federal securities laws by participating in a scheme to manipulate the stock price of Competitive Technologies, Inc., ("CTT"), a technology development company located in Fairfield, Connecticut. The verdict followed a one-week trial in Bridgeport, Connecticut before the Honorable Janet Hall, United States District Court Judge for the District of Connecticut. LR-20783 Thu, 16 Oct 2008 15:42:03 EDT http://www.sec.gov/litigation/litreleases/2008/lr20782.htm Defendant in SEC Enforcement Action Sentenced on Related Criminal Charges in Connection With Fraudulent Offering of CD-Like Securities LR-20782 Thu, 16 Oct 2008 15:42:03 EDT http://www.sec.gov/litigation/litreleases/2008/lr20780.htm The Securities and Exchange Commission announced today the completion of a $272,037.33 Fair Fund distribution to defrauded customers of Strategic Investments, Inc. (SII), a now-defunct broker-dealer based in Springfield, Illinois. The defendants were the owners and associates of Strategic Investment Advisory, Inc. (SIA), a stock promoter that falsely claimed to provide independent recommendations about microcap companies. As the U.S. District Court for the Central District of Illinois concluded, registered representatives at SII defrauded customers by recommending the purchase of securities that SIA had been paid to tout, without disclosing that material fact to their brokerage customers. LR-20780 Thu, 16 Oct 2008 14:54:04 EDT http://www.sec.gov/litigation/litreleases/2008/lr20781.htm SEC files enforcement action against Connecticut real estate company and its CEO for fraudulent market manipulation scheme. LR-20781 Thu, 16 Oct 2008 14:34:13 EDT http://www.sec.gov/litigation/litreleases/2008/lr20779.htm Federal judge permanently enjoins Jim W. Dixon and Lance D. McKee from future insider trading violations. LR-20779 Tue, 14 Oct 2008 15:49:15 EDT http://www.sec.gov/litigation/litreleases/2008/lr20778.htm The Securities and Exchange Commission today charged two former senior executives of Duane Reade with fraud for orchestrating multi-million dollar accounting schemes that caused the Duane Reade to inflate its reported earnings and overstate its net income. LR-20778 Thu, 9 Oct 2008 15:07:54 EDT http://www.sec.gov/litigation/litreleases/2008/lr20777.htm SEC Charges a Stock Promoter with Market Manipulation. LR-20777 Wed, 8 Oct 2008 12:38:20 EDT http://www.sec.gov/litigation/litreleases/2008/lr20776.htm SEC Charges Four Stock Promoters With Market Manipulation. LR-20776 Wed, 8 Oct 2008 12:38:20 EDT http://www.sec.gov/litigation/litreleases/2008/lr20775.htm SEC Charges Beverly Hills Firm and Principal for Illegal Short Selling. LR-20775 Tue, 7 Oct 2008 14:57:13 EDT http://www.sec.gov/litigation/litreleases/2008/lr20774.htm SEC charges former vice president at Restoration Hardware and three friends in insider trading scheme. LR-20774 Tue, 7 Oct 2008 13:55:38 EDT http://www.sec.gov/litigation/litreleases/2008/lr20773.htm Jonathan W. Mikula, John B. Craddock, JW&P Consulting, LLC, and Nations Warranty Group, Inc. LR-20773 Mon, 6 Oct 2008 15:43:07 EDT http://www.sec.gov/litigation/litreleases/2008/lr20772.htm SEC Alleges Norman Hsu and Next Components Defrauded Investors in Multi-Million Dollar Ponzi Scheme LR-20772 Mon, 6 Oct 2008 14:28:58 EDT http://www.sec.gov/litigation/litreleases/2008/lr20771.htm Final Judgment Entered Against Defendant Paul Spreadbury LR-20771 Mon, 6 Oct 2008 14:29:38 EDT http://www.sec.gov/litigation/litreleases/2008/lr20770.htm Judgments Entered Against Defendants Southwestern Medical Solutions, Inc., Richard R. Powell, Basil J. Meecham and John R. Hedges LR-20770 Mon, 6 Oct 2008 14:29:38 EDT http://www.sec.gov/litigation/litreleases/2008/lr20769.htm Judgment of Permanent Injunction and Other Relief Entered Against Defendant Timothy J. Ward LR-20769 Mon, 6 Oct 2008 14:29:38 EDT http://www.sec.gov/litigation/litreleases/2008/lr20768.htm Commission Charges Five Registered Representatives with Fraudulent Sales of Unsuitable Securities Funded Through Subprime Mortgage Refinancings LR-20768 Fri, 3 Oct 2008 16:07:51 EDT http://www.sec.gov/litigation/litreleases/2008/lr20767.htm On September 30, the Securities and Exchange Commission ("Commission") filed a civil injunctive action against James N. Turek ("Turek") and Plasticon International, Inc. ("Plasticon") for defrauding investors in a purportedly private offering and issuing false and misleading press releases. The Commission's complaint also names three entities that Turek owns or controls—LexReal Co. LLC, Promotional Containers, Inc., and TelcoBlue, Inc.—that did not engage in fraudulent conduct, but that received proceeds from the fraudulent offering. LR-20767 Thu, 2 Oct 2008 17:29:39 EDT http://www.sec.gov/litigation/litreleases/2008/lr20766.htm The Securities and Exchange Commission today announced the filing of a civil injunctive action against Michael J. Park, individually, and doing business as Park Capital Management Group, of Brentwood, TN. LR-20766 Thu, 2 Oct 2008 14:59:19 EDT http://www.sec.gov/litigation/litreleases/2008/lr20765.htm SEC sues sixteen individuals for insider trading in advance of a tender offer. LR-20765 Wed, 1 Oct 2008 16:23:41 EDT http://www.sec.gov/litigation/litreleases/2008/lr20764.htm SEC charges registered broker-dealer, three individuals, and related entities with violating broker-dealer registration and reporting requirements. LR-20764 Wed, 1 Oct 2008 14:29:42 EDT http://www.sec.gov/litigation/litreleases/2008/lr20763.htm Final judgments entered against relief defendants in over $40 million prime bank fraud. LR-20763 Wed, 1 Oct 2008 16:23:41 EDT