Taking it from the top: Last Friday, the SEC sued two twin brothers from the U.K. with creating and promoting a fake “stock picking robot” that purportedly identified penny stocks set to double in price. “Instead, the brothers were merely touting stocks they were being paid separately to promote,” the SEC said in a press release. Clusterstock… Continue Reading
Monthly Archives: April 2012
Friday Weekly Roundup
Posted in SEC LitigationI’d like to try a weekly post with short bits recapping what I think are the most interesting stories or cases from the past week. We’ll see how it works, but for this week: Matt Solomon, an AUSA in the District of Columbia, was recently named Deputy Chief Litigation Counsel in the SEC’s trial unit. … Continue Reading
SEC and N.C. Securities Division Join Forces on Alleged Ponzi Scheme
Posted in Broker-DealersAs you probably know by now, Ponzi schemes, once rarely touched by the SEC’s Enforcement Division, have become fairly commonplace. It now appears that the SEC and the North Carolina Securities Division have teamed up in addressing one, or at least have taken parallel paths in doing so. In the SEC’s complaint, filed on April… Continue Reading
SEC’s Individual Cooperation Program Gets off the Ground
Posted in Accounting Fraud, CooperationAt times, the SEC staff is confronted with investigations in which an individual seems likely to have quite a bit of information about the investigation’s core matters but little or no responsibility for any misconduct. Not so long ago, when trying to collect information from those people, the staff really had only one option: subpoena… Continue Reading