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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April 23, 2012

SEC Charges Former CalPERS CEO and Friend With Falsifying Letters in $20 Million Placement Agent Fee Scheme

The SEC charged the former CEO of the California Public Employees' Retirement System (CalPERS) and his close personal friend with scheming to defraud an investment firm into paying $20 million in fees to the friend's placement agent firms.The SEC alleges that former CalPERS CEO Federico R. Buenrostro and his…

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January 20, 2012

Fund Adviser is Subject to Failure to Supervise Charge

The SEC brought an administrative action against AXA Advisors, LLC (AXA Advisors), finding that the fund advisory firm failed reasonably to supervise Leo T. Buggy  with a view to preventing and detecting his violations of the federal securities laws.

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January 18, 2012

SEC Obtains Emergency Relief Against Private Investment Funds after Fraud Charges

The SEC obtained an order freezing the assets of St. Louis-based private investment funds and management firms after charging them for engaging in a scheme to defraud investors.

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January 4, 2012

SEC Charges Illinois-Based Adviser in Social Media Scam

The SEC charged an Illinois-based investment adviser with offering to sell fictitious securities on LinkedIn, and issued two alerts highlighting the risks investors and advisory firms face when using social media.

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