The Securities and Exchange Commission (SEC) revealed that charges have been settled against BHP Capital NY, Inc., a dealer of convertible notes, and its managing member, Bryan Pantofel. The charges were based on their failure to register as securities dealers with the SEC. Pantofel and BHP Capital have agreed to a settlement, which includes a [...]

The Securities and Exchange Commission (SEC) has taken legal action against Native American Energy Group, Inc., its CEO, Joseph D'Arrigo, and David Hudzik, a former consultant of the company. The charges relate to violations of antifraud and registration components of federal securities laws, linked to a substantial offering fraud. The SEC's lawsuit contends that the [...]

The Securities and Exchange Commission (SEC) revealed that Pacific Investment Management Company LLC (PIMCO), a registered investment adviser, has agreed to a $9 million settlement concerning two enforcement actions. These actions pertain to violations associated with disclosure and policies, as well as procedures involving two funds advised by PIMCO. In the initial enforcement action, the [...]

The Securities and Exchange Commission (SEC) took legal action against Patrick Thayer from Cincinnati, Ohio. Thayer, who was once a double-registered agent and financial advisory representative, stands accused of illicitly appropriating over $1.3 million from a client he advised. According to the SEC's lawsuit, Thayer covertly set up an account in a client's name in [...]

Today, the SEC has brought charges against Joseph A. Padilla and Kevin C. Dills, both residents of California. The SEC's lawsuit posits that Padilla orchestrated a fraudulent scheme to illicitly sell shares in several small-scale companies to the public from February 2020 through August 2022. Dills is alleged to have participated in Padilla's fraudulent operations [...]

The U.S. Securities and Exchange Commission (SEC) has initiated legal proceedings against Josh S. Verne over allegations of orchestrating a fraudulent scheme worth approximately $30 million. This scheme is believed to have ensnared more than 100 investors, with a significant number hailing from the Philadelphia region. The SEC's lawsuit contends that Verne swindled investors, including [...]

In a thought-provoking turn of events, two high-profile lawsuits involving art fraud draw attention to the issue of "best practices" in the art world. Adam Sheffer, a respected art dealer and former president of the Art Dealers Association of America (ADAA), finds himself caught in the web of a fraudulent art advisor, Lisa Schiff. Despite [...]

Umpqua Bank, headquartered in Portland, Oregon, is facing accusations of assisting and participating in a large-scale Ponzi scheme. These allegations have led to a second lawsuit filed on June 6, 2023, by 11 investors who claim significant financial losses totaling $4.2 million. These investors were part of a group that invested in Professional Financial Investors [...]

A class action lawsuit against Eli Lilly & Company, based in Indianapolis, and Takeda Pharmaceuticals, a Japanese company, has recently been certified by a federal judge in California. The lawsuit alleges that these pharmaceutical companies committed fraud and violated anticorruption legislation by concealing the risk of bladder cancer associated with a diabetes drug.In the latest [...]