Financial Enforcement Actions | Week of December 07 to December 13

Financial-Enforcement-Actions-Week-of-December-07-to-December-13

Financial-Enforcement-Actions-Week-of-December-07-to-December-13

Penalties: N/A
Respondent: Alonso Lopez
Violation: Mr Lopez has failed to respond to the Authority’s repeated requests for him to pay the Overdue Balance, and has thereby failed to comply with Principle 11 of the Principles and to satisfy the Authority that he is ready, willing and organised to comply with the requirements and standards of the regulatory system... Read More

FTC

1 Enforcement Document

$0.00 in Fines

Penalties: N/A
Respondent: Elite IT Partners, Inc
Violation: Used deceptive tactics to gain access to consumers’ computers and then sell costly and unnecessary computer repair and other services. The vast majority of the scheme’s victims were older consumers... Read More

CFTC

1 Enforcement Document

$0.00 in Fines

Penalties: N/A
Respondent: Douglas Lien
Violation: Between at least September 2014 and the present (“Relevant Period”), Defendant Douglas Lien (“Lien”), individually and doing business as (“d/b/a”) Westend Investments, fraudulently accepted funds from friends and acquaintances, telling them he would trade their funds in U.S. Treasury bond futures contracts in individual accounts... Read More

SEC

19 Enforcement Documents

$21,730,166.00 in Fines

Penalties: N/A
Respondent: William Eric Meek and Bobby Peavler
Violation: The SEC's complaint, filed in federal court in Indianapolis, charges the defendants with violating various antifraud provisions of the federal securities laws, lying to auditors, and aiding and abetting Celadon's books and records and reporting violations. The SEC seeks permanent injunctions, monetary penalties, and officer-and-director bars against both Meek and Peavler... Read More

Penalties: $3,995,540.00
Respondent: Jefferies LLC
Violation: Jefferies failed reasonably to fulfill such supervisory responsibilities within the meaning of Section 15(b)(4)(E) of the Exchange Act because Jefferies failed to establish reasonable policies and procedures, and a system for implementing such policies and procedures, that would reasonably be expected to prevent and detect the violations of Section 17(a)(3) of the Securities Act by the associated persons on the securities lending desk... Read More

Penalties: $146,716.00
Respondent: Diane D. Dalmy et al.
Violation: The court entered a final judgment against Dalmy by default. Dalmy was previously ordered to comply with the SEC's September 2016 order permanently suspending her from appearing and practicing before the SEC as an attorney. Woodford consented to the entry of a final judgment against him. The final judgments, which were both entered on December 6, 2019, enjoin Dalmy and Woodford from violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and impose penny stock bars... Read More

Penalties: $4,120,000.00
Respondent: Jeffrey O. Friedland, Global Corporate Strategies LLC., and Intiva Pharma, LLC
Violation: The SEC's complaint alleged that Jeffrey O. Friedland touted - or promoted - the stock of cannabis company OWC Pharmaceutical Research Corp., while misrepresenting his own investment in OWC and his professional relationship with the company. According to the complaint, Friedland promoted OWC to investors without disclosing his role as a paid promoter or the amount of his compensation. As alleged in the complaint, Friedland held millions of shares of OWC stock through two companies that he controlled, Intiva Pharma LLC and Global Corporate Strategies LLC, with the bulk of the shares received as compensation for promoting OWC to investors, including retail investors. Additionally, according to the complaint, Friedland secretly sold his OWC shares into the market at the same time that he was touting OWC stock to the public as a long-term investment... Read More

Penalties: N/A
Respondent: Griffith, Sean
Violation: The Licensee failed to comply with certain provisions of the Illinois Income Tax Act (35 ILCS 5/101 et seq.) by having an unpaid Individual Income Tax liability, and Revenue referred the Licensee for further action against his insurance producer license in accordance with Section 917 of the Illinois Income Tax Act (35 ILCS 5/917) and applicable provisions of the Illinois Insurance Code (215 ILCS 5/1 et seq.)... Read More

Penalties: $34,776.26
Respondent: Tango Card, Inc., Seattle, Washington
Violation: As required by Finance Code §151.707(d), the Commissioner has considered the seriousness of the violation, Respondent’s compliance history and Respondent’s good faith in attempting to comply with Chapter 151. Respondent engaged in the business of money transmission in Texas without a license from 2014 through 2018. Therefore, it did not fulfill all required licensee obligations... Read More

Penalties: $794,179.00
Respondent: Christopher Collins, et al.
Violation: The three defendants consented to the entry of final judgments that would resolve all claims and permanently enjoin them from violating Section 10(b) of the Securities and Exchange Act of 1934 and Rule 10b-5 thereunder and Section 17(a) of the Securities Act of 1933. Christopher Collins consented to be permanently barred from acting as an officer or director of any public company... Read More

Penalties: $350,000.00
Respondent: Harpreet Grewal
Violation: The judgment enjoins Grewal from future violations of the antifraud provisions of Sections 17(a)(2) and (3) of the Securities Act of 1933 and aiding and abetting violations of the books and records and reporting provisions of Sections 13(a) and 13(b)(2)(A) of the Securities Exchange Act of 1934 and Rules 12b-20, 13a-1, 13a-11, and 13a-13 thereunder... Read More

Penalties: N/A
Respondent: China Longyi Group International Holdings Ltd., Leo Motors, Inc. and LNPR Group, Inc.
Violation: LNPR has failed to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 thereunder because it has not filed any periodic reports with the Commission since the period ended September 30, 2017... Read More

Penalties: N/A
Respondent: Nanotech Engineering, Inc., Michael James Sweaney (also known as Michael Hatton), David Sweaney, and Jeffery Gange
Violation: "The SEC's complaint, filed in federal court in the District of Columbia on Dec. 5 and unsealed on Dec. 9, charges Nanotech Engineering and the three executives with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and charges Michael James Sweaney, David Sweaney, and Gange with aiding and abetting Nanotech Engineering's violations of Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder... Read More

Penalties: $75,000.00
Respondent: Palm Beach Atlantic Financial Group, LLC and William A. Smith
Violation: SEC's complaint alleges that Smith shifted hundreds of thousands of dollars into and out of various bank accounts when he deemed it necessary to support whatever project needed funding at the time. In addition, Smith allegedly misled investors about Palm Beach's track record of real estate investments by falsely claiming to have vast experience and success with a proven strategy that protected the investment assets as well as the investor... Read More

Penalties: $3,358,512.00
Respondent: John Special, Defendant, and Michael Murphy, Relief Defendant, John Kenneth Davidson
Violation: SEC alleges that Davidson then entrusted his friend and fellow oil and gas executive, John Special, with this information with the expectation that Special would keep it confidential and not use it to trade. Instead, according to the complaint, Special purchased Covidien stock and options ahead of the merger being announced to the public, both in accounts that he controlled and in the account of a close friend. On the evening of Sunday, June 15, 2014, Covidien and Medtronic PLC issued a press release announcing that Medtronic would acquire Covidien at a price of approximately $93.22 per share, a 29% premium above the current market price. The following morning, Special liquidated all of his and his friend's Covidien holdings, realizing $1.182 million in illicit profits in the accounts he controlled and more than $359,000 in his friend's account. Davidson's insider trading generated $19,212 in illicit gains... Read More

Penalties: $250,000.00
Respondent: Stonemor Partners L.P. and Stonemor GP LLC
Violation: "Pursuant to Section 21C of the Exchange Act, Respondent StoneMor Partners L.P. cease and desist from committing or causing any violations and any future violations of Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Rules 12b-20, 13a-1, 13a-11, and 13a13 thereunder. Pursuant to Section 21C of the Exchange Act, Respondent StoneMor GP, LLC cease and desist from committing or causing any violations and any future violations of Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Rules 12b-20, 13a-1, 13a-11, and 13a-13 thereunder... Read More

Penalties: N/A
Respondent: Randall S. Goulding
Violation: the District Court issued findings of fact and conclusions of law in favor of the Commission and ruled that Respondent knowingly violated Sections 206(1), 206(2), and 206(4) of the Advisers Act and Rule 206(4)-8 thereunder... Read More

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