On Dec. 19, SEC charged additional brokers in Woodbridge Ponzi. Charges against further 13 brokers, who sold Woodbridge securities to investors. Also charged 10 companies who had unlawfully sold these Woodbridge securities. Woodbridge Background Woodbridge collapsed into bankruptcy in Dec. 2017. and SEC previously charged company, its sowner and others with operating $1.2bn Ponzi scheme. 13…
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SEC Panasonic Accounting Fraud
On Dec. 18, SEC charged Panasonic executives with accounting fraud. Paul Margis, CEO of Panasonic Avionics used a third party to pay over $1.76mn to consultants, including government official who was offered a consulting position. This would assist in obtaining and retaining business from a state-owned airline. Company falsely recorded payments, and Margis circumvented company…
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CFTC $200mn Ponzi Scheme
On Dec. 17, CFTC amended complaint in precious metal fraud. Complaint against Rust Rare Coin and Gaylen Rust charges additional defendants. Alleged Violation Amended complaint alleges Denise Rust and Joshua Rust, participated in a fraud. Defendants signed checks issued to Silver Pool investors knowing that they were Ponzi payments involving repaying money recently contributed by…
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UK FCA Angela Burns Fine/Ban
On Dec. 14, UK FCA fined, banned NED £20k for conflict of interest. Angela Burns banned from acting as non-executive director (NED), fined £20,000. Allegations Experienced UK investment professional, chief executive of investment consultancy. She acted as NED at two mutual societies and chair of their investment committees. Participated in discussions about Vanguard Asset Management…
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UK FCA UBS Compliance Insider
On Dec. 12, 2018, UK FCA stated that it sought re-trial for insider dealing case. Jury was discharged, following failure to reach verdict, in a trial brought by FCA.
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SEC International Insider Trading
On Dec. 6, SEC charged insider trading ring across three countries. Rajeshwar Gannamaneni gave information on impending mergers, acquisitions, and tenders to his wife, Deepthi Gandra, and father, Linga Rao Gannamaneni. Alleged Violation Gannamaneni was IT contractor, working at Singapore branch investment bank. Traded in account he controlled that was opened in the name of…
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