Tag: SEC San Francisco Regional Office
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URGENT >> BULLETIN >> MOVING: SEC Charges eAdGear, Alleging $129 Million Pyramid- And Ponzi Scheme
URGENT >> BULLETIN >> MOVING: (12th Update 1:28 p.m. EDT U.S.A.) The SEC has gone to federal court in San Francisco, alleging that the eAdGear “program” was a pyramid- and Ponzi scheme that gathered $129 million. The action against eAdGear is the second major pyramid-scheme prosecution announced by the SEC this week. The SEC has…
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SEC: California Scammer Traded On Agency’s Name To Sanitize $60 Million Fraud And Ponzi Caper; John A. Geringer And GLR Capital Management Charged With Fraud Amid Allegations ‘Fund’ Claimed Handsome Return Before It Even Existed
“Geringer painted the picture of a successful fund weathering America’s financial crisis through a diversified, conservative investment strategy. The reality, however, was the complete opposite. Geringer lost millions of dollars in the market, tied up remaining investor funds in a pair of illiquid private companies, and lied about it in phony account statements.” — Marc…
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BULLETIN: Greater San Francisco Investment Adviser ‘Conjured Up An Accounting Firm’ To Dupe Hedge-Fund Clients, SEC Says; James Michael Murray Of Market Neutral Trading LLC Sued Civily, Charged Criminally
EDITOR’S NOTE: Law enforcement has warned that “shell companies” are playing an increasingly larger role in criminal schemes, as scammers turn to them to sanitize their capers, disguise fraud, disarm skeptical investors and keep large sums of cash flowing. The threat to the U.S. economy and the corrosive effects on legitimate commerce cannot be overstated…
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URGENT >> BULLETIN >> MOVING: SEC Says Latvian Trader Hatched ‘Online Account Intrusion Scheme’ And Manipulated Prices Of More Than 100 NYSE And Nasdaq Securities
URGENT >> BULLETIN >> MOVING: In a case that raises grave security concerns, the SEC has gone to federal court in San Francisco, alleging that a 34-year-old Latvian trader who held positions in multiple stocks “hijacked” the online accounts of customers at large broker-dealers and made trades in the accounts to manipulate prices and pocket…