On May 28, SEC charged advisor with overcharging client fees. Stephen Anderson defrauded clients due to overcharging advisory fees by $367k. Anderson owned River Source Wealth, a now-defunct investment advisory firm. The fees were based on each customer’s assets under management, as agreed. Allegations Order finds, that during 2015 to 2016, Anderson overcharged most of…
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SEC Stop Crypto Pyramid Scheme
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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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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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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SEC Elon Musk Twitter Fraud
On Apr. 26, 2019, Elon Musk agreed with SEC not to tweet on Tesla's revenue, financial condition, potential merger/acquisition, production, sales numbers. Or new, proposed business line, projection, forecast without lawyer approval. To resolve SEC contempt motion on Feb. 25, 2019, for violating pre-approval requirements of Oct. 16, 2018 final judgement by tweeting on Feb.…
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