On May 23, SEC charged perpetrator of crypto pyramid scheme. Daniel Pacheco is the alleged perpetrator of a multimillion-dollar pyramid scheme. Defendants fraudulent pyramid scheme promised investors cryptocurrency riches. Pacheco conducted a fraudulent, unregistered offering of securities through two companies which he controlled, IPro Solutions LLC and IPro Network LLC. IPro raised \$26mn by selling…
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About: ILG
Recent Posts by ILG
DoJ Mozambique $2bn Bribery
On May 20, 2019, news outlets reported Detelina Subeva entered a guilty plea. Plead guilty pursuant to a sealed agreement to one count conspiracy to launder. Reportedly admitted laundering secret payments to bankers paid by Privinvest. Background On Mar. 8, DoJ indicted officials from Mozambique in $2bn fraud. Mozambique ex-finance minister was charged with other…
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FINRA Client Terminated Broker
On May 10, FINRA issued investor alert on when a broker leaves. Follows FINRA Apr. 2019 notice communication for departing reps. Investor alert on how clients will be communicated with, when a broker leaves. Investor Guidance Complete answers about departing broker allows informed decision on account. Broker departure should not disrupt the service the firm…
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CAN BC FIC Money Laundering
On May 9, CAN BC FIC issued report on real-estate laundering. Expert panel on money laundering in real estate, reported that the over C$7bn in dirty money laundered in BC in 2018 had increased cost of a home about 5%. Expert Reports Report released with remainder of Peter German review on money laundered in real…
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SEC Insider Trading Settlement
On May 7, SEC settled in a case of insider trading worth $250k. Brian Fettner traded on confidential information taken from a lifelong friend. Alleged Violations While a guest at his friend’s house Fettner surreptitiously viewed confidential information re a pending corporate acquisition of G&K Services Inc. by Cintas. Using this information and without telling…
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FINRA Fine Axa re 401k Fraud
On May 2, FINRA fined Axa for lying to 401k sponsors, members. AXA Advisors, LLC, misrepresentations to 401(k) plan sponsors and participants. Firm sells and services, group annuity contracts for employer-sponsored 401(k) retirement plans that an affiliated life insurance company issues and administers. Alleged Violations AXA advised employers to help determine what funds should be…
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