The Securities and Exchange Commission (SEC) has taken legal action against Chadd L. Evans from Fincastle, Virginia, for orchestrating a fraudulent scheme known as "free-riding." In this scheme, Evans attempted to profit by engaging in stock trading without actually paying for the stocks. According to the SEC's complaint, Evans carried out this fraudulent activity between [...]

The Securities and Exchange Commission (SEC) has taken action against Legendary Partners, LLC, a California-based company, and its founder, Scott L. Snyder, for orchestrating a fraudulent nationwide offering that ran from April 2018 to December 2021, raising approximately $391,000. The scheme involved promoting an investment opportunity in a startup that claimed it would produce a [...]

The Securities and Exchange Commission (SEC) has brought charges against Celsius Network Limited (Celsius) and its founder and former CEO, Alex Mashinsky, for violating registration and anti-fraud provisions of federal securities laws. The charges include failure to register the offers and sales of Celsius's crypto lending product, the Earn Interest Program, making false and misleading [...]

The Securities and Exchange Commission (SEC) has taken action against Joseph Michael "Mike" Todd, along with his entities Todd Financial Services, LLC (TFS) and TFS Insurance Services LLC (TFS Insurance), for defrauding at least 20 brokerage customers and misappropriating a minimum of $3 million. According to the SEC's complaint, Todd, who worked as a registered [...]

The Securities and Exchange Commission (SEC) has filed charges against Olivier Amar, the former Chief Growth Officer of Frank, for fraud related to the company's $175 million sale to JPMorgan Chase Bank, N.A. in 2021. Previously, Charlie Javice, the founder and former CEO of Frank, was also charged in connection with the same fraudulent scheme. [...]

Judge Peter Barbadoro of the United States District Court for the District of New Hampshire has issued a ruling against LBRY, Inc., a software company based in New Hampshire that issued crypto asset securities known as "LBRY Credits" or "LBC." The court order mandates LBRY to pay a civil penalty amounting to $111,614. Additionally, LBRY [...]

The Securities and Exchange Commission (SEC) has announced that it has reached a settlement with RSE Markets Inc. regarding charges of operating as an unregistered exchange. RSE Markets operated a marketplace and provided facilities that connected buyers and sellers of securities, specifically equity interests in collectible assets like valuable cars and watches. According to the [...]

The Securities and Exchange Commission has taken urgent action to put a stop to an alleged Ponzi scheme orchestrated by Nayeem Choudhury, a resident of Durham, North Carolina, and his hedge fund, Dream Venture Capital Group LLC. In a complaint filed with the United States District Court for the Middle District of North Carolina, the [...]

The Securities and Exchange Commission (SEC) has announced charges against Merrill Lynch, Pierce, Fenner & Smith Incorporated and its parent company BAC North America Holding Co. (BACNAH) for their failure to file numerous Suspicious Activity Reports (SARs) between 2009 and late 2019. Merrill Lynch has agreed to pay a $6 million penalty to settle the [...]