February 10, 2022/US SEC The Securities and Exchange Commission today charged New York-based robo-adviser Wahed Invest, LLC with making misleading statements and breaching its fiduciary duty, and for compliance failures related to its Shari’ah advisory business. According to the SEC’s order, from September 2018 through July 2019, Wahed Invest advertised […]
Frauds & Scandals
SEC Charges Six U.S. Citizens in Connection with Overseas Boiler-Room Schemes
February 9, 2022/US SEC The Securities and Exchange Commission announced fraud charges against six U.S. nationals allegedly involved in operating and laundering money for overseas boiler rooms that bilked more than 140 victims of more than $8 million. The SEC alleges that Michael D’Urso (“D’Urso), Daniel T. Wellcome Jr., Alyssa […]
SEC Charges Social Media Stock Promoter with Penny Stock Fraud
February 7, 2022/US SEC The Securities and Exchange Commission today charged Michael M. Beck, who used the Twitter handle @BigMoneyMike6, with deceiving investors into buying penny stocks that he recommended, even though he secretly planned to sell those stocks and, in some cases, was in the process of selling them […]
