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SEC Litigation Releases: Week in Review - December 7th, 2012

SEC Secures Trial Victory and Obtains Over $2.1 Million in Disgorgement and Penalties in Market Manipulation Case
December 6, 2012, (Litigation Release No. 22561)
A final judgment was entered against brothers Mayer Amsel and David Amsel "following a bench trial in a market manipulation case involving the securities of a company known as East Delta Resources Corp." The final judgment orders the brothers to pay, jointly and severally, over $2.4 million in disgorgement, pre-judgment interest, and...

SEC Litigation Releases: Week in Review - November 30th, 2012

SEC v. John H. Pamplin, Jr.
November 29, 2012, (Litigation Release No. 22550)
According to the complaint (opens to PDF), former TurboChef Technologies, Inc. employee John H. Pamplin, Jr. traded with insider information regarding TurboChef's pending acquisition by The Middleby Corporation in 2008 which resulted in a $68,000 illicit profit. According to the SEC, Pamplin violated the Exchange Act. The SEC seeks "permanent injunctive relief, disgorgement, pre-judgment interest, and civil...

SEC Litigation Releases: Week in Review - November 23rd, 2012

Brian Stoker Found Not Liable
November 21, 2012, (Litigation Release No. 22541)
On July 31, 2012, the United States District Court for the Southern District of New York found Brian H. Stoker, former Citigroup Global Markets Inc. employee, "not liable for violations of the Federal securities laws related to the issuance of a $1 billion collateralized debt obligation (CDO) called Class V Funding III." The SEC did not appeal the verdict, and "the time for appeal has expired." The SEC filed its...

SEC Litigation Releases: Week in Review - November 16th, 2012

BP to Pay $525 Million Penalty to Settle SEC Charges of Securities Fraud During Deepwater Horizon Oil Spill
November 15, 2012, (Litigation Release No. 22531)
According to the complaint (opens to PDF), BP p.l.c misled investors by understating the flow rate of oil that was escaping from its Deepwater Horizon oil rig in 2010. According to the SEC, while BP reported the flow rate was about 5,000 barrels of oil a day, it had "at least five different flow rate calculations, estimates, or data...

SEC Litigation Releases: Week in Review - October 26th, 2012

Former Silicon Valley Executive to Pay $1.75 Million to Settle Insider Trading Charges
October 26, 2012, (Litigation Release No. 22523)
The SEC charged Kris Chellam, former senior executive of Xilinx Inc., with illegally tipping "hedge fund manager Raj Rajaratnam with nonpublic information that allowed the Galleon hedge funds to make nearly $1 million in illicit profits." Chellam allegedly tipped Rajaratnam on December 5, 2006 that Xilinx Inc. "would fall short of revenue projections it had...

SEC Litigation Releases: Week in Review - October 19th, 2012

SEC Charges Three Individuals for Their Roles in a $5.77 Million Investment Scheme
October 18, 2012, (Litigation Release No. 22514)
According to the complaint (opens to PDF), from February 2010 to February 2011 Geoffrey H. Lunn, Darlene A. Bishop, and Vincent G. Curry raised $5.77 million in an "investment scheme [through] Dresdner Financial, a fictitious financial services company." Lunn allegedly attracted investors by posing as the vice-president of Dresdner and telling investors that...

SEC Litigation Releases: Week in Review - October 12th, 2012

SEC Brings New Charges in Insider Trading Case Against Chinese Citizens
October, 12, 2012, (Litigation Release No. 22508)
In December 2011, the SEC charged several Chinese citizens and Chinese-based entity, All Know Holdings Ltd., with insider trading concerning the merger between Pearson plc and Global Education and Technology Group, Ltd. The SEC filed an amendedcomplaint on October 4, 2012, naming Jie Meng as a new defendant. According to the complaint, Meng received information regarding...

SEC Litigation Releases: Week in Review - October 5th, 2012

SEC Charges Unlicensed Financial Advisor James S. Quay for Defrauding Investors in Atlanta Area
October 4, 2012, (Litigation Release No. 22506)
According to the complaint (opens to PDF), James S. Quay, along with his brother Jeffrey A. Quay, conducted a scheme in which they convinced two elderly women to invest $560,000 into a sham limited partnership called Trinity Charitable Solutions. Quay, who has a history of defrauding the elderly, claimed the funds would be used to operate the program,...

SEC Litigation Releases: Week in Review - September 28th, 2012

Court Enters Final Judgments by Consent Against SEC Defendants Shay Keren and Lawrence Steven Cohen
September 27, 2012, (Litigation Release No. 22498)
The SEC announced that final judgments have been entered against Shay Keren and Lawrence Steven Cohen which permanently enjoins them from violating sections of the Securities Act and Exchange Act as well as bars them from "participating in an offering of penny stock for a period of five years." The SEC filed a complaint in September 2008 against...

SEC Litigation Releases: Week in Review - September 21st, 2012

SEC Charges Atlanta-Based Adviser with Operating Ponzi-Like Scheme Involving Private Investment Funds
September 19, 2012, (Litigation Release No. 22485)
Earlier this week, the SEC filed a civil complaint charging Angelo A. Alleca with "defrauding investors in a purported "fund-of-funds" and then trying to hide trading losses by creating new private funds to make money to pay back the original fund investors in Ponzi-like fashion." Rather than investing investor funds in Summit Investment Fund,...

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