Tag: SEC charges

August 08, 2018 BY Valentina Kirilova

Sonus Networks Inc. charged with misleading revenue projections

The Securities and Exchange Commission (SEC) has announced that it has charged a cloud communications company and two executives with providing misleading quarterly revenue estimates. The company and executives agreed to pay over $1.9 million in penalties to settle the SEC’s charges. According to the SEC’s order, Sonus Networks Inc.’s former CFO, Mark Greenquist, was…

Read more
July 30, 2018 BY Valentina Kirilova

SEC charges recidivist in stock manipulation scheme

The Securities and Exchange Commission (SEC) has informed that it has charged Howard M. Appel with manipulating the stocks of three microcap companies while on supervised release following his criminal conviction for a prior securities fraud. According to the SEC’s complaint, Appel orchestrated multiple schemes to manipulate the market for trading in shares of Virtual…

Read more
sec fraud
July 25, 2018 BY Valentina Kirilova

SEC charges failed Fyre Festival founder with $27.4M offering fraud

The Securities and Exchange Commission (SEC) has just announced that New York entrepreneur William Z. (Billy) McFarland, two companies he founded, a former senior executive, and a former contractor agreed to settle charges arising out of an extensive, multi-year offering fraud that raised at least $27.4 million from over 100 investors. The SEC’s complaint alleges…

Read more
July 24, 2018 BY Valentina Kirilova

Mizuho Securities charged with failure to safeguard customer information

The Securities and Exchange Commission (SEC) announced that it has charged Mizuho Securities USA LLC for its failure to safeguard information pertaining to stock buybacks by its issuer customers. Mizuho failed to maintain and enforce policies and procedures aimed at preventing the misuse of material nonpublic information, including maintaining effective information barriers between different trading…

Read more
July 19, 2018 BY Valentina Kirilova

Temenos Advisory's CEO charged with misleading retail investors

The Securities and Exchange Commission (SEC) announced that it has charged a Connecticut-based investment advisory firm and its chief executive officer with putting $19 million of investor money, including elderly investors’ retirement savings and pension plans, in risky investments and secretly pocketing hefty commissions from those investments. The SEC’s complaint alleges that Temenos Advisory Inc.…

Read more
May 17, 2018 BY Valentina Kirilova

SEC charges owner of investment firm in Belize Airport financing scam

The Securities and Exchange Commission (SEC) announced that it has charged the owner of a Manhattan-based alternative investment firm with misappropriating close to $6 million in investor funds earmarked to finance the construction of an international airport in Belize. The SEC’s complaint alleges that between 2014 and 2017, Brent Borland sold more than $21 million…

Read more
April 02, 2018 BY Valentina Kirilova

Prominent pastor charged in scheme to defraud elderly investors

The Securities and Exchange Commission (SEC) announced that it has charged the pastor of one of the largest Protestant churches in the country and a self-described financial planner in a scheme to defraud elderly investors by selling them interests in defunct, pre-Revolutionary Chinese bonds. The SEC's complaint alleges that, in 2013 and 2014, Kirbyjon Caldwell,…

Read more
March 28, 2018 BY Valentina Kirilova

Maxwell Technologies charged in fraudulent scheme to inflate financial results

The Securities and Exchange Commission (SEC) has informed the public that it has charged a California-based energy storage and power delivery product manufacturer and one of its former sales executives in a fraudulent revenue recognition scheme designed to inflate the company’s reported financial results. According to the SEC’s order, Maxwell Technologies, Inc. prematurely recognized revenue…

Read more