March 5, 2013

SEC Imposes Sanction on Mutual Fund Investment Adviser

The SEC issued a cease and desist order against Peak Wealth Opportunities LLC and David W. Dube that, among other things, revoked the investment adviser registration of Peak Wealth and barred Mr. Dube from the advisory industry.

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December 26, 2012

SEC Charges Portfolio Manager with Aiding and Abetting Rule 22c-1 Violation under the 1940 Act

An Administrative Law Judge issued an order finding that Lisa B. Premo willfully aided and abetted and caused Evergreen Investment Management Company, LLC’s violations of Sections 206(1) and 206(2) of the Advisers Act and Evergreen’s Ultra Short Opportunities Fund’s  violation of Rule 22c-1(a) under the 1940 Act.

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October 3, 2012

SEC Brings Fraud Charges Against Hedge Fund Managers

The SEC brought administrative actions against two hedge fund managers for mishandling their investors’ money. The SEC alleges that Hausmann-Alain Banet and his firm Lion Capital Management, located in San Francisco, stole more than $500.000 from a retired schoolteacher.  She had thought she was safely investing her retirement savings in…

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September 14, 2012

SEC Brings Fraud Action Against Hedge Fund Adviser

The SEC brought an administrative action against Walter V. Gerasimowicz (Gerasimowicz), Meditron Asset Management, LLC (MAM) and Meditron Management Group, LLC (MMG) alleging that from 2009 through 2011, Gerasimowicz, MAM and MMG misappropriated approximately $2.65 million belonging to their hedge fund client, the Meditron Fundamental Value/Growth Fund, LLC (Meditron Fund).

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September 6, 2012

Adviser Charged with Holding Seminars Where False and Misleading Information Was Disseminated

The SEC charged Raymond J. Lucia Companies, Inc. (RJL) and Raymond J. Lucia, Sr. for presenting materially misleading information at a series of investment seminars RJL and Lucia hosted for potential clients.

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September 6, 2012

SEC Charges Adviser with Failing to Adequately Disclose Revenue Sharing Arrangement

The SEC brought an administrative proceeding against two Portland, Oregon-based investment advisory firms and their owner regarding the failure to disclose a revenue-sharing agreement and other potential conflicts of interest to clients.

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September 4, 2012

SEC Brings Enforcement Action Against Adviser In Connection with Client Investments in Wrap Program

The SEC Instituted an administrative proceedings against Jason A. D’Amato, the former President and Senior Investment Officer of Stanford Capital Management, LLC (SCM), an investment adviser registered with the SEC from September 2006 through September 2009, for misrepresenting to investors and prospective investors the performance of a proprietary mutual fund wrap product known as Stanford Allocation Strategies (SAS).

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June 6, 2012

OppenheimerFunds to Pay $35 Million to Settle SEC Charges for Misleading Statements During Financial Crisis

The SEC charged investment management company OppenheimerFunds Inc. and its sales and distribution arm with making misleading statements about two of its mutual funds in late 2008. The SEC found that Oppenheimer used derivative instruments known as total return swaps (TRS contracts) to add substantial commercial mortgage-backed securities (CMBS) exposure…

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April 25, 2012

SEC Charges Former Morgan Stanley Executive with FCPA Violations and Investment Adviser Fraud

The SEC charged a former executive at Morgan Stanley with violating the Foreign Corrupt Practices Act (FCPA) as well as securities laws for investment advisers by secretly acquiring millions of dollars worth of real estate investments for himself and an influential Chinese official who in turn steered business to Morgan…

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April 25, 2012

Attorney, Wall Street Trader, and Middleman Settle SEC Charges in $32 Million Insider Trading Case

The SEC settled an insider trading case with a corporate attorney and a Wall Street trader. The SEC alleged that the insider trading occurred in advance of at least 11 merger and acquisition announcements involving clients of the law firm where the attorney Matthew H. Kluger worked. He and the…

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