On Jun. 14, DoJ charged venture capital fund for $8mn Ponzi. David Wagner and Marc Lawrence, were arrested on securities and wire fraud charges stemming from their several corporate entities (known to as Downing). Charges Defendants offered employee-investors the opportunity to get in on the ground floor of a multi-million-dollar venture capital business, in healthcare…
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U.S. – DoJ Elder Fraud Strike Force
On Jun. 13, DoJ announced transnational elder fraud strike force. The strike force will be a law enforcement effort bringing together the resources and expertise of the DoJ consumer protection, and USAO for 6 federal districts. Also includes the FBI, the US Postal Inspection Service, and other organizations. Collaboration There will also be collaboration with…
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PHI SEC Investment Scams
On Jun. 11, PHI SEC penalized investment scams issued warnings. Continues to intensify efforts in protecting investing public from fraudulent schemes and abuses through its all-out campaign against various forms of investment scams. Warrants As part of this all-out campaign, a total of 24 search warrants were implemented in connection with the investment-taking activities of…
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SEC GS Banker Insider Trading
On May 31, SEC charged Goldman banker in insider trading scheme. SEC charged Woojae Steve Jung, VP at major investment bank with insider trading. Allegations Repeatedly used access to confidential information for illicit and profitable trades. Information obtained as investment banker on material events for 12 companies. Proceeded to trading companies' securities from 2015 -…
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FDIC Fined Alma $1.25mn BSA
On Apr. 4, FDIC fined Alma Bank for Bank Secrecy Act violations. Advised Alma Bank of right to receive assessment notice for civil money penalty. Alma waived right to hearing, entered into stipulation, consented to order to pay. Alleged Violation FDIC determined has reason to believe Alma violated the Bank Secrecy Act, and implementing regulations,…
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SEC Charges IA Overcharges
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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