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Selected Press Releases

SEC Shuts Down $42 Million Ponzi-Like Scheme

06/28/2012

The Securities and Exchange Commission today announced that it has obtained an emergency court order to halt an alleged Ponzi-like scheme operated by Small Business Capital Corp. and its principal Mark Feathers, who raised $42 million by selling securities issued by Investors Prime Fund LLC and SBC Portfolio Fund LLC - two mortgage investment funds they controlled.Read more

Philip A. Falcone and Harbinger Charged with Securities Fraud

06/27/2012

The Securities and Exchange Commission today filed fraud charges against New York-based hedge fund adviser Philip A. Falcone and his advisory firm, Harbinger Capital Partners LLC for illicit conduct that included misappropriation of client assets, market manipulation, and betraying clients. The SEC also charged Peter A. Jenson, Harbinger’s former Chief Operating Officer, for aiding and abetting the misappropriation scheme. Additionally, the SEC reached a settlement with Harbinger for unlawful trading.Read more

SEC Charges Long Island Software Company in Connection With Bribery Scheme

06/27/2012

The Securities and Exchange Commission today charged that FalconStor Software, Inc., a Long Island, NY, data storage company, misled investors about bribes it paid to obtain business with a subsidiary of J.P. Morgan Chase & Co.Read more

SEC Sues Fund Adviser for Fees Charged in Breach of Duty Under the Investment Company Act

06/26/2012

The Securities and Exchange Commission today sued AMMB Consultant Sendirian Berhad (AMC), a Malaysian investment adviser, alleging that for more than a decade, AMC charged a U.S. registered fund for advisory services that AMC did not provide. The SEC alleges that by doing so, AMC breached its fiduciary duty with respect to compensation under the Investment Company Act of 1940.Read more

SEC Charges Founder of Equity Research Firm with Insider Trading

06/26/2012

The Securities and Exchange Commission today charged Tai Nguyen, the owner of the California-based equity research firm Insight Research, with insider trading. The charges stem from the SEC’s ongoing investigation of insider trading involving so-called “expert networks” that provide specialized information to investment firms.Read more