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Displaying 10 out of 104 results for "Private Placements".

Walton Land Fund 3, LP: Laundering Fees and Fleecing Investors

By Craig McCann and Regina Meng

You can download a pdf of this article to print or email here.


We recently published an extensive study of the unregistered Reg D securities markets:

  • "Regulation D Offerings: Issuers, Investors and Intermediaries", Craig McCann, Chuan Qin and Mike Yan, 2023 working paper, available at

  • It is hard to assess investor returns in the Reg D marketplace because there are no publicly available...

    Beneficient's Trading is Bad Omen for GWG Bondholder Recoveries

    By Craig McCann and Regina Meng.

    An image of the GWG Ben logo.

    We have found so many red flags in GWG Holdings' public filings years before its bankruptcy filing in 2022 that no unconflicted broker would have recommended GWG's L Bonds and no fully informed investor would have bought them. Nonetheless, $1.3 billion face value of L Bonds remained outstanding at the time of the bankruptcy. These bonds were sold by third tier brokerage firms in pursuit of undisclosed commissions as high as 8%.

    We will tell a more...

    First National Realty Partners Reg D Offerings: Muppets Do Commercial Real Estate

    By Craig McCann, Susan Song, Chuan Qin, and Mike Yan.

    You can read our previous posts Reg D offerings:

    1) "Reg D Offerings Summary Statistics" here,
    2) "$8 Trillion of Broker-Sold Reg D Offerings" here,
    3) "HJ Sims Reg D Offerings: Heads Sims Wins, Tails their Investors Lose" here, and
    4) "Inactive and Delinquent Reg D Issuers" here.

    You can download and print or email this post by clicking here.


    In a recent note, we explained how HJ Sims executives formed 91 separate...

    $8 Trillion of Broker-Sold Reg D Offerings

    By Craig McCann[1], Mike Yan[2] and Chuan Qin[3].

    We previously published Reg D Offerings Summary Statistics describing the aggregate issuance totaling over $20 trillion between 2009 and July 2022. You can read that post here.

    In this post we provide summary statistics for Reg D offerings sold by broker dealers. You can get a pdf copy of this post to print or email by clicking here. Next week, we will be posting information on the extremely high failure rates for Reg D offerings.


    Regulation D Offerings Summary Statistics

    By Craig McCann, Chuan Qin and Mike Yan.

    I. Introduction

    Securities issuers can either register their securities with the Securities and Exchange Commission, making extensive information about their business and the offering publicly available, or they can sell unregistered securities making almost no information available to regulators. Issuers of unregistered securities file Form D reports with the SEC on which the issuers provide cursory information and claim an exemption from...

    Enforcement Actions: Week in Review - April 1st, 2016


    Securities Professional Charged With Defrauding Institutional Investors
    March 28, 2016 (Litigation Release No. 58)
    The SEC has charged Andrew W.W. Caspersen for embezzling approximately $95 million from two institutions. Caspersen deceived and offered promissory notes issued by Irving Place II SPV LLC, a name deceptively similar to a legitimate private equity fund Irving Place Capital Partners III SPV that is in no way associated with Caspersen. The U.S. Attorney's...

    Why Citigroup Paid the SEC $180 Million Over MAT/ASTA

    I. Introduction

    This week Citigroup paid $180 million to the SEC to settle allegations that Citigroup improperly sold high risk hedge funds known as MAT, ASTA and Falcon. The SEC Order is available to view online.

    The SEC Order makes clear that Citigroup did not effectively monitor the portfolio manager or the sales force as it sold billions of dollars of high risk MAT ASTA funds with false and misleading sales presentations. In the end, Citigroup lost hundreds of wealthy clients and likely...

    Enforcement Actions: Week in Review - August 10th, 2015


    SEC Charges Houston-Area Businessman in Ponzi Scheme
    August 3, 2015 (Litigation Release No. 158)
    Frederick Alan Voight, owner of F.A. Voight & Associates LP and DayStar Funding LP, has been charged with defrauding investors while operating a $114 million Ponzi scheme. As Ponzi scheme's tend to go, Voight's scheme was caught after he could not find enough new money to pay previous investors his promised 42% annual return rate. Recently, Voight raised $13.8 million...

    Enforcement Actions: Week in Review - July 31st, 2015


    SEC Charges Three Penny Stock Promoters Behind Pump-and-Dump Schemes
    July 21, 2015 (Litigation Release No. 152)
    Former Oppenheimer & Co. Inc. employees: Scott A. Eisler, Arthur W. Lewis and Robert Okin, agreed to settle the SEC's charges involving unregistered sales of billions of shares of penny stocks on behalf of an Oppenheimer customer. Lewis and Okin failed to respond to red flags associated with sales that violated the federal securities laws and allowed...

    Enforcement Actions: Week in Review - July 17th, 2015


    SEC Announces Settlement With Cooperator in Grand Central Post-It Notes Insider Trading Case
    July 13, 2015 (Litigation Release No. 143)
    The SEC announced a settlement with Frank Tamayo for cooperating in a continuing insider trading investigation where illegal information was passed via Post-It notes at Grand Central Terminal. Tamayo was alleged to distributing received tips from a law firm clerk to a stockbroker that he would meet up with at Grand Central Terminal,...

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