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 […]
Frauds & Scandals
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 […]
SEC Charges New York Firm Concord Management and Owner with Acting as Unregistered Investment Advisers to Billionaire Former Russian Official
Firm and Owner’s failures to register prevented oversight of more than $7 billion in assets September 19, 2023/US SEC The Securities and Exchange Commission today announced charges against Concord Management LLC of Tarrytown, New York, and its owner and principal, Michael Matlin, for operating as unregistered investment advisers to their […]