September 21, 2023/US SEC The Securities and Exchange Commission today announced charges against Mexico-based company Aras Investment Business Group S.A.P.I. de C.V., its CEO Armando Gutierrez Rosas, and four individuals for fraudulently raising at least $15 million from more than 450 retail investors in the U.S., most of whom were […]
Frauds & Scandals
SEC Adopts Rule Enhancements to Prevent Misleading or Deceptive Investment Fund Names
September 20, 2023/US SEC The Securities and Exchange Commission today adopted amendments to the Investment Company Act “Names Rule,” which addresses fund names that are likely to mislead investors about a fund’s investments and risks. The amendments modernize and enhance the Names Rule and other names-related regulatory requirements to further […]
SEC Charges California Resident with Multimillion Dollar Ponzi Scheme Targeting Tongan American Community
September 19, 2023/US SEC The Securities and Exchange Commission today charged Richmond, California resident Tilila Walker Sumchai with raising approximately $11.8 million from more than 1,000 investors through a fraudulent securities offering targeting members of the Tongan American community across the United States. According to the SEC’s complaint, from approximately […]
