The African Development Bank considers there is sufficient evidence to support a finding that it is more likely than not that MHI engaged in sanctionable practices March 15, 2021/AfDB The African Development Bank Group (“AfDB”) (www.AfDB.org), on 2 February 2021, issued a sanction decision against Mitsubishi Heavy Industries, Ltd. (“MHI”). […]
Frauds & Scandals
SEC Charges Recidivist Securities Fraudster with Defrauding Investors
March 12, 2021/US SEC On March 12, 2021, the Securities and Exchange Commission charged Shamoon Omer Rafiq, a Dutch citizen residing in Singapore, with defrauding investors by offering to sell them approximately $9 million in fictitious securities. According to the SEC’s complaint, since July 2020, Rafiq sought to bilk several […]
SEC Charges Texas Investment Adviser and Two Executives in Connection with $17 Million Energy Fund Fraud
March 12, 2021/US SEC On March 11, 2021, the Securities and Exchange Commission charged Texas-based investment adviser APEG Energy, GP (APEG) and its owners, Patrick E. Duke and Paul W. Haarman, with fraudulently raising more than $17 million for an oil-and-gas investment fund they managed, and Duke and Haarman with […]
