Legal Eagle Review

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The Securities and Exchange Commission today announced charges against a New York-based fund manager and his two firms for luring investors into a trading program that would purportedly maximize their profits but instead spent their money in unauthorized ways.

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The Securities and Exchange Commission charged an investment adviser in Scotts Valley, California, with running a $60 million investment fund like a Ponzi scheme and defrauding investors by touting imaginary trading profits instead of reporting the actual trading losses he incurred.

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The Securities and Exchange Commission charged two individuals who provided the biggest influx of investor funds into one of the largest-ever Ponzi schemes in South Florida.

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The Securities and Exchange Commission charged a former executive at Yahoo! Inc. and a former mutual fund manager at a subsidiary of Ameriprise Financial Inc. with insider trading on confidential information about a search engine partnership between Yahoo and Microsoft Corporation.

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In an Initial Decision announced, Chief Administrative Law Judge D. Michael Chappell upheld a Federal Trade Commission complaint, and ruled that POM Wonderful LLC, its sister corporation Roll Global LLC, and principals Stewart Resnick, Lynda Resnick, and Matthew Tupper violated federal law by making deceptive claims in some advertisements that their POM Wonderful 100% Pomegranate Juice and POMx supplements (POM products) would treat, prevent, or reduce the risk of heart disease, prostate cancer, and erectile dysfunction.

  1. Consumers Who Bought Two Oreck Products Will Receive FTC Refunds
  2. SEC Charges optionsXpress and Five Individuals Involved in Abusive Naked Short Selling Scheme
  3. SEC Shuts Down Ponzi Scheme Targeting Persian-Jewish Community in Los Angeles
  4. SEC Charges Ponzi Schemer Targeting Church Congregations
  5. SEC Charges Goldman, Sachs & Co. Lacked Adequate Policies and Procedures
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