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The United States Securities and Exchange Commission (Commission) announced that on April 10, 2012, the Honorable Sidney A. Fitzwater of the United States District Court for the Northern District of Texas enjoined Ryan M. Reynolds of Dallas, TX, Timothy T. Page of Malibu, CA, Steven Fischer of Bonita Springs, FL, Phillip W. Offill, Jr., a […]
The Securities and Exchange Commission today obtained an emergency court order to halt an alleged ongoing $7.54 million Ponzi scheme that targeted members of the Persian-Jewish community in Los Angeles. The Commission alleges that for the past two years, Shervin Neman raised money from investors by claiming to be a hedge fund manager. Neman told […]
The Securities and Exchange Commission today charged a Silicon Valley businessman raised millions for two Internet start-ups by falsely promising investors that his companies were on the verge of undergoing successful initial public offerings and were well on their way to becoming the “next Google.” The SEC alleges that Benedict Van, of San Jose, Calif., […]
New rules that could require certain brokers to act in the best interests of clients should enhance laws already in place for some financial advisers, a coalition of investor advocacy and trade groups wrote late on Thursday. The letter to Securities and Exchange Commission Chairman Mary Schapiro from groups that include the Consumer Federation of […]
The Securities and Exchange Commission announced that a federal judge in Massachusetts entered a final judgment on March 14, 2012 ordering defendant James J. Konaxis, formerly a registered representative of Beverly-based broker-dealer Sentinel Securities, Inc., to disgorge more than $483,000 in commissions earned over a two-year period by defrauding a former customer who was left […]