The U.S. Securities and Exchange Commission (SEC) has levied fraud charges against Sabby Management LLC, an investment advisory firm, and its managing partner, Hal D. Mintz. The charges relate to a long-standing scheme involving misrepresentation, violation of short-selling and order-making rules, and other forms of non-compliant trading that resulted in more than $2 million in [...]

The Securities and Exchange Commission (SEC) has taken legal action against Coinbase, Inc., accusing the company of operating its crypto asset trading platform without the necessary registrations as a national securities exchange, broker, and clearing agency. Additionally, Coinbase is charged with failure to register its crypto asset staking-as-a-service program for offer and sale. According to [...]

The Securities and Exchange Commission (SEC) has taken legal action against Douglas McKelvey, a former financial advisor, for engaging in fraudulent activities by misappropriating over $1.7 million from two elderly brokerage customers, who happened to be close relatives of McKelvey. According to the SEC's complaint, McKelvey committed the fraud between June 2013 and February 2022 [...]

Investors of Professional Financial Investors (PFI) have filed a lawsuit against Umpqua Bank, accusing its Novato branch of willfully disregarding suspicious transactions and actively aiding the orchestrators of a $350 million Ponzi scheme. The lawsuit, filed recently, claims that despite receiving 146 fraud or unusual activity alerts from the bank's computer system in the two [...]

Allegations have been made in a class action lawsuit that Chase Bank refuses to provide reimbursements for Zelle fraud cases. The lawsuit was filed by Melinda Glavin against JPMorgan Chase Bank and Zellepay.com. The basis of the claim is that Chase fails to adequately safeguard its customers and compensate them for losses resulting from Zelle [...]

The Securities and Exchange Commission (SEC) lodged accusations against Binance Holdings Ltd., BAM Trading Services Inc., and their founder Changpeng Zhao. Binance Holdings operates the world's largest cryptocurrency trading platform, Binance.com, and along with BAM Trading, the United States-based affiliate, also runs Binance.US. The SEC asserts that Zhao and Binance made misleading public statements regarding [...]

The Securities and Exchange Commission (SEC) has today initiated legal action against Auctus Fund Management, LLC ("Auctus Management"), and its co-proprietors, Alfred Sollami of Brookline, Massachusetts, and Louis Posner of Mansfield, Massachusetts. The charges allege that they failed to register as securities dealers with the SEC. The SEC claims that Auctus Management, together with Sollami [...]

The Securities and Exchange Commission (SEC) has brought charges against Marshall E. Melton, a Greensboro, North Carolina resident, and his company, Integrated Consulting & Management, LLC. The charges pertain to an alleged fraudulent investment scheme that primarily targeted elderly investors. Melton has a previous history with the SEC, having been accused of securities fraud and [...]

Today, the U.S. Securities and Exchange Commission (SEC) lodged a complaint in the U.S. District Court for the Western District of Texas. The complaint accuses Outstanding Real Estate Solutions, Inc. (ORES), its CEO and founder Chimene Van Gundy, along with salespeople Michael Trofimoff, Santos Kidd, and Maria Tosta, of their involvement in an alleged fraudulent [...]