March 23, 2019/US SEC On March 8, 2019, the Securities and Exchange Commission filed an amended complaint in an ongoing civil action in which the SEC alleges that numerous individuals and associated entities participated in microcap schemes that generated over $27 million from unlawful stock sales. The amended complaint includes […]
Frauds & Scandals
Merrill Lynch to Pay Over $8 Million for Improper Handling of ADRs
March 22, 2019/US SEC The Securities and Exchange Commission today announced that Merrill Lynch, Pierce, Fenner & Smith Incorporated will pay over $8 million to settle charges of improper handling of “pre-released” American Depositary Receipts (ADRs). ADRs – U.S. securities that represent foreign shares of a foreign company – require […]
SEC Charges Investment Adviser with Stealing Millions from Investors to Perpetrate Ponzi Scheme
March 20, 2019/US SEC The Securities and Exchange Commission today charged a Long Beach, Calif. investment adviser with stealing millions of dollars from investors to perpetrate a Ponzi scheme. The SEC alleges that Carol Ann Pedersen, a former CPA and unregistered investment adviser, raised at least $29 million from 25 […]
