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The SEC has barred the President, Treasurer, Chief Compliance Officer and shareholder of Veros Partners, Inc. named Matthew D. Haab, pursuant to Section 203(f) of the Advisors Act.
The Securities and Exchange Commission has issued a Wells notice against troubled Texas real estate investment trust United Development Funding IV (UDF IV) as well as certain individuals associated with the REIT.
The SEC's Office of Investor Education and Advocacy has recently issued a warning to investors who receive lump sum payments from insurance companies following the recent damage from Hurricane Matthew.
In 2013, Cedar Brook Financial Partners, Michael Perlmuter, Howard Slater, and Azim Nakhooda had their securities licenses suspended and were fined after FINRA alleged that they made false statements about the safety of high-risk funds such as Medical Capital Holdings, Inc. (“MedCap”).
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A Michigan judge has sentenced twins James Mulholland of St. Petersburg, Florida and Thomas Mulholland of Midland, Michigan to10 to 20 years in prison and ordered them to pay approximately $208,000 in restitution.
From 2008 to 2014, Charles A Bennett, a licensed attorney, orchestrated a Ponzi scheme by defrauding over 30 investors across the country, most of whom were his law clients, family members or friends, out of at least $5 million.
John T. Burns III was sentenced to a seven year sentence in federal prison after being found guilty of defrauding clients into investing $3.3 million in fake Turkish bonds. Burns promised clients lucrative returns and informed them that he had previous experience with the bonds, even going as far as saying he had personally invested; none of which was true.
The Ponzi scheme lasted eight years and cost clients millions of dollars. After receiving a J.D. from the Thomas Jefferson School of Law in San Diego, Neal Goyal he started a hedge fund. Using his family’s network, he was able to tap into the wealthy, tightknit Hindu community in downtown Chicago.
The SEC has charged a Miami investment adviser after discovering he was running a Ponzi scheme through his fund, Sterling Investment Fund. The Commission alleges that Phil Donnahue Williamson siphoned money from his investment fund and defrauded investors, many of whom were retired public sector retirees such as teachers and police officers as well as church pastors.
Veros Partners, an investment advisor located in Indiana, and its president Michael Haab, have been charged by the SEC for allegedly running a $15 million Ponzi scheme.
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Apex Clearing, the clearing arm of Apex Fintech Solutions, has agreed to pay $3.2 million to settle FINRA allegations that it failed to ensure customers received compensation for lending their securities.
A recent congressional hearing examined potential reforms to the accredited investor definition, a critical threshold determining who can participate in private market investments.
GPB Capital Holdings investors have not received returns on their investments since 2018. According to InvestmentNews, after years of litigation, a court-appointed receiver has submitted a plan to return funds to the 17,000 investors who purchased $1.8 billion in GPB limited partnerships.
