March 20, 2019/US SEC A federal court has ordered Wells Fargo Securities to pay more than $800,000 in civil penalties for disclosure failures associated with a municipal bond offering it underwrote to finance startup video game company 38 Studios. The Securities and Exchange Commission charged Wells Fargo in 2016. The […]
Frauds & Scandals
SEC Charges Texas Oil-And-Gas Company and Its Former CEO in Penny Stock Fraud
March 20, 2019/US SEC On March 19, 2019, the Securities and Exchange Commission charged a Texas-based oil-and-gas penny stock company and its former CEO with fraudulently concealing the loss of the company’s major source of revenue. According to the complaint, in mid-2017, Cardinal Energy Group, Inc. (“Cardinal”), based in Dallas, […]
Ponzi Scheme: SEC Seals Growing Circle International Office in Lagos
March 19, 2019/SEC Following information received by the Securities and Exchange Commission (the Commission) from a member of the public, surveillance was conducted on the activities of Growing Circle International (“G-Circle) whose head office is No 6 Mojidi Street, off Toyin Street, Ikeja Lagos. The Commission’s investigation revealed that G-Circle […]
