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The Securities and Exchange Commission announced today that on November 8, 2011, the U.S. District Court for the Northern District of Texas ruled that Timothy Page, a financial Consultant from Malibu, California, and his company Testre LP are liable for violating the registration provisions of the federal securities laws. The Court ordered Page to pay […]
The SEC has charged a prominent San Diego-based financial advisor with fraud, accusing him and his firm of failing to disclose to clients a conflict of interest in an investment and lying to and misleading clients about a hedge fund he manages. Kevin O’Rourke, the suit’s target, is the founder and president of Western Pacific […]
The Securities and Exchange Commission (SEC) today charged Citigroup Global Markets Inc. (Citigroup), the principal U.S. broker-dealer subsidiary of Citigroup Inc., with misleading investors about a $1 billion collateralized debt obligation (CDO) called Class V Funding III (Class V III). At a time when the U.S. housing market was showing signs of distress, Citigroup structured […]
The Securities and Exchange Commission accused New York hedge-fund manager Corey Ribotsky and his firm of hiding losses and spending investors’ money on luxuries such as cars and a Rolex watch. Mr. Ribotsky’s firm, NIR Group LLC, invested through so-called PIPE transactions, or private investment in public equity, which often involve deals with small companies […]
Securities and Exchange Commission staff found “apparent failures” at each of the 10 credit rating agencies they examined, including Standard & Poor’s, Moody’s, and Fitch, the agency said on Friday in its first annual report on credit raters. The SEC sent letters outlining the staff’s concerns to each of the ratings firms and demanded a […]