Category: Fraud

Online marketplace Trustify Inc. and its founder charged in $18.5 million fraud
July 27, 2020 BY Steffy Bogdanova

SEC charges online marketplace Trustify Inc. with $18.5 million fraud

Kelly L. Gibson, Director of the SEC’s Philadelphia Regional Office commented: As alleged in our complaint, Boice and Trustify lied to investors about their failing business to give the appearance of a thriving technology startup, while misappropriating investor funds to support an extravagant lifestyle. The scheme resulted in millions of dollars in investors losses, and…

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July 23, 2020 BY Steffy Bogdanova

Organised crime investigation into $17 million fraud leads to charges against 12 people

AFP Commander Investigations, Eastern Command, Kirsty Schofield commented: Transnational and serious organised crime groups are evolving. No longer do they target any specific crime type or commodity, they adapt to their environments by recruiting professional enablers to provide experience in the financial, legal or any other field they feel can earn them money. This investigation…

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CFTC
June 30, 2020 BY Steffy Bogdanova

Long Leaf Trading Group and six employees involved in multi-million dollar options fraud scheme

CFTC’s complaint states that all of Long Leaf’s customers lost money in “Time Means Money” trading program. Over 400 customers lost approximately $6.1 million, while the company made $4.4 million from commissions. The Commission seeks restitution for the defrauded customers, return of the gains, monetary penalties and permanent trading ban. CFTC settled charges against Gecas…

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FCA investigates Coronavirus scams
June 15, 2020 BY Steffy Bogdanova

Broker defrauds seniors out of nearly $1 million

Justin Jeffries, Associate Regional Director for the SEC's Atlanta Regional Office said: Far too often, veterans and seniors who depend on their investments for retirement income are targeted by fraudulent schemes. As alleged in our complaint, Stow took advantage of these seniors, abusing his access to their brokerage accounts to generate income for himself. The…

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Online marketplace Trustify Inc. and its founder charged in $18.5 million fraud
June 12, 2020 BY Steffy Bogdanova

SEC stops Covid-19 microcap fraud scheme

Paul Levenson, Director of the SEC’s Boston Regional Office commented: Microcap stocks can be particularly vulnerable to manipulative schemes, and investors should be alert to the heightened risks that exist during this national emergency. The SEC will continue to act quickly to protect investors from investment scams, including those seeking to capitalize on the COVID-19…

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MAS Monetary Authority of Singapore
May 29, 2020 BY Steffy Bogdanova

MAS blocks unregulated overseas online trading platform Arotrade

The police and MAS have determined that Arotrade is in breach of the Securities and Futures Act (SFA) and IMDA assessed that the information on its constitutes prohibited content under the Internet Code of Practice (ICOP). ). IMDA has directed Internet Access Service Providers (IASPs) to block access to Arotrade’s website from Singapore residents. The…

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