Find Real Estate Agents and Homes for Sale

Real Estate News --> Connecticut News

Mass. Advisor Charged in 26-Year Real Estate Scheme: Enforcement

Galvin charged a Massachusetts investment advisor agent with orchestrating a complex real estate scheme that defrauded investors ... The federal court in Connecticut ordered Stephen Hicks, a Ridgefield, Connecticut-based hedge fund manager, and his ...

Archived Story

The complaint seeks a cease-and-desist order, censure and administrative fine, and the revocation of Riquier’s registrations as an investment advisor agent and broker-dealer in Massachusetts. Galvin’s office is also seeking an order requiring Riquier to pay restitution to compensate investors for their losses under the scheme. SEC Suspends Trading in 3 Firms Claiming Blockchain Involvement The SEC suspended trading in three companies amid questions surrounding similar statements they made about the acquisition of cryptocurrency and blockchain technology-related assets. The SEC’s trading suspension orders state that recent press releases issued by Cherubim Interests Inc(CHIT), PDX Partners Inc(PDXP) and Victura Construction Group Inc(VICT) claimed that the firms acquired AAA-rated assets from a subsidiary of a private equity investor in cryptocurrency and blockchain technology among other thingsAccording to the SEC order regarding CHIT, it also announced the execution of a financing commitment to launch an initial coin offering. According to the SEC's orders, there are questions regarding the nature of the companies’ business operations and the value of their assets, including in press releases issued beginning in early January 2018The SEC also suspended trading in the securities of CHIT because of its delinquency in filing annual and quarterly reports. Under the federal securities laws, the SEC can suspend trading in a stock for 10 days and generally prohibit a broker-dealer from soliciting investors to buy or sell the stock again until certain reporting requirements are metThe stocks of CHIT, PDXP and VICT are all quoted on OTC Link operated by OTC Markets Group. Deutsche Bank to Repay Misled Customers Deutsche Bank Securities Incagreed to repay more than $3.7 million to customers, which includes $1.48 million that was ordered as disgorgement, according to the Securities and Exchange Commission. The SEC’s investigation found that traders and salespeople made false and misleading statements while negotiating sales of commercial mortgage-backed securities (CMBS)According to the SEC’s order, customers overpaid for CMBS because they were misled about the prices at which Deutsche Bank had originally purchased them.  According to the SEC, Deutsche Bank failed to have compliance and surveillance procedures in place that were reasonably designed to prevent and detect the misconduct that consequently increased the firm’s profits on CMBS transactions to the detriment of its customers. The SEC’s order finds supervisory failures by the former head trader of Deutsche Bank’s CMBS trading desk, Benjamin Solomon, who did not take appropriate action after becoming aware of false statements made to customers by traders under his supervision, including specific misrepresentations about the prices that Deutsche Bank paid for the CMBS. To settle the charges, Deutsche Bank agreed to reimburse customers the full amount of firm profits earned on any CMBS trades in which a misrepresentation was madeAccording to a payment schedule in the order, Deutsche Bank will distribute more than $3.7 million. Deutsche Bank also agreed to pay a $750,000 penalty. Solomon agreed to pay a $165,000 penalty and serve a 12-month suspension from the securities industry  Georgia Man Charged With Bilking Submarine Investors to Pay Sudent Loans The SEC filed an enforcement action against an Atlanta-area resident who allegedly misused more than $1.2 million in investments intended to support national security-related businesses and the development of a high-performance submarine vessel. The SEC’s complaint alleges that Timothy Batchelor misspent approximately half of the $2.4 million he raised from a handful of investors through an investment fund called Specter Ventures Fund IIAccording to the SEC, Batchelor allegedly used nearly a quarter-million dollars in investor funds to purchase new vehicles and approximately $225,000 to pay student loansBatchelor also allegedly transferred thousands of dollars in investor funds to other family members. According to the SEC’s complaint, Batchelor later tried to cover his tracks by belatedly fabricating a document in November 2015 describing the unauthorized expenditures as a “loan” taken in February 2015. The SEC’s complaint also alleges that Batchelor was not registered with the SEC in any capacity at the time he raised funds through Specter. The complaint seeks disgorgement plus interest and penalties as well as permanent injunctions against Batchelor. Advisor Barred and Firm’s Registration Revoked For Hiding Losses From Investors A hedge fund manager in Baton Rouge, Louisiana has agreed to be barred from associating with any investment advisor and the firm he founded has consented to the revocation of its registration with the Securities and Exchange Commission for their participation in an alleged financial crisis-era scheme. On Feb15, the federal court in Louisiana entered a final judgment against Walter Morales and Commonwealth Advisors Inc(The now-defunct firm is not affiliated with the broker-dealer Commonwealth Financial Network.) The final judgment orders Morales to pay a $130,000 penalty. Morales and Commonwealth also agreed to the entry of an SEC order that revokes Commonwealth’s registration as an investment advisor and bars Morales from associating with an investment adviser with the right to apply for reentry after five years. Morales and Commonwealth agreed to the settlement without admitting or denying the allegations in the SEC's complaint or the findings in the SEC order. In November 2012, the SEC charged Morales and Commonwealth with allegedly defrauding investors by hiding losses from investments tied to residential mortgage-backed securities. Hedge Fund Manager, Firms Ordered to Pay Nearly $13 Million for Diverting Investor Money The SEC obtained final judgments against a hedge fund manager and his investment advisory businesses. The federal court in Connecticut ordered Stephen Hicks, a Ridgefield, Connecticut-based hedge fund manager, and his investment advisory businesses to pay nearly $13 million in disgorgement and penalties after the court had previously determined that the defendants had illegally diverted investor money for use by other hedge funds that were illiquid and in need of cash. The court earlier found Stephen Hicks, a Ridgefield, Connecticut-based hedge fund manager, and his businesses liable on the SEC’s claim that they misappropriated investor funds. The SEC alleged that investors were defrauded because they were not told about the transfers of hedge fund assets while they were taking placeAccording to the SEC’s complaint, Hicks sent a letter to investors admitting that legal and administrative expenses had been improperly allocated between funds, but rather than repaying the money, he transferred illiquid securities to the funds. Portfolio to Repay $1.95M for Matched Trades Scheme The SEC obtained a final judgment against a Massachusetts-based portfolio manager at a major asset management firm charged with diverting at least $1.95 million to his personal brokerage account from a fund over which he had trading authority. In its complaint, the SEC alleged that Kevin Amell carried out a fraudulent matched-trades scheme in which he prearranged the purchase or sale of call options between his own account and the brokerage accounts of the fund at prices that were disadvantageous to the fund and advantageous to him. The final judgment orders Amell liable for disgorgement of $1.95 million, the payment of which is deemed satisfied by the forfeiture ordered in a parallel criminal caseAmell, who pled guilty in that case, is serving an 18-month sentence of imprisonment. « Prev Next » Next » Page 1 of 2 Single page view Reprints Discuss this story We welcome your thoughtsPlease allow time for your contribution to be approved and postedThank you. /* * * CONFIGURATION VARIABLES: EDIT BEFORE PASTING INTO YOUR WEBPAGE * * */ var disqus_shortname = 'advisorone'; // required: replace example with your forum shortname // The following are highly recommended additional parametersRemove the slashes in front to use. var disqus_identifier = '5a860f80150ba082109ef0a9'; var disqus_url = ''; var disqus_title = 'MassAdvisor Charged in 26-Year Real Estate Scheme: Enforcement'; /* * * DON'T EDIT BELOW THIS LINE * * */ (function() { var dsq = document.createElement('script'); dsq.type = 'text/javascript'; dsq.async = true; dsq.src = 'http://' + disqus_shortname + ''; (document.getElementsByTagName('head')[0] || document.getElementsByTagName('body')[0]).appendChild(dsq); })(); Please enable JavaScript to view the comments powered by Disqus Related In 12b-1 Fee Crackdown, SEC Urges Advisors to Police Themselves In a new initiative, advisors who self-report share class violations and repay investors will not be hit with a financial... function relocate_related_article(){ var $currentPage = $(""); var $relatedStory = $('.embedded-related-story-wrap'); var pCount = $currentPage.find('p').length; var pageHeight = $currentPage.height(); var bookPromo = $currentPage.find('.book-promo').length; var premiumPromo = $currentPage.find('.premium-promo').length; if (pCount > 6 && pageHeight > 700 && !bookPromo && !premiumPromo) { // check for mobile article updates (DIGMAIN-1605) if(SBM.article && SBM.article.applied){ $('.paragraph-show').eq(5).after($relatedStory); $; }else{ $currentPage.find('p').eq(4).after($relatedStory); $; } } } $(function() { relocate_related_article(); $(SBM.article).on('applied',function(){ relocate_related_article(); }); }); .embedded-related-story-wrap { margin: 0 40px 20px 0; display: none; float:left; } #embedded-related-story { width:180px; border-top:3px solid #6d0607; /*margin: 0 0 10px 0;*/ font-family: sans-serif; padding-top: 5px; } #embedded-related-story img { display: block; margin: 0 0 10px; } #embedded-related-story .related-thumbnail { float: right; margin: 0 0 0 10px; } #embedded-related-story p { font-family: sans-serif; margin: 0; color: #666; } #embedded-related-story h4 { font-family: sans-serif; margin: 0 0 10px; } #embedded-related-story h5 { font-family: sans-serif; font-size: 14px; margin: 0 0 1em; } #content #embedded-related-story h5 a { text-decoration: none; } .benefitspro #content #embedded-related-story h5 a:hover { text-decoration: underline; } .thinkadvisor #embedded-related-story p { font-family: proxima-nova, 'sans serif'; color: #6C6B71; } .thinkadvisor #embedded-related-story h4 { font-size: 12px; text-transform: uppercase; font-family: proxima-nova, 'sans serif'; } // used for the ce-center article call out var article_id = '5a860f80150ba082109ef0a9'; var article_section = 'News'; // used for mobile pagination: DIGMAIN-1605 SBM.article.apply(); By Emily Zulz Staff Reporter @think_emilyz Share this story try { Summit.OAS.manager.display({"large":"Right1","medium":"Right","small":""}); } catch(e) { if(typeof ENGAGE_successfully_loaded === 'undefined') { var ENGAGE_successfully_loaded = false; throw new Error('ReferenceError: There was a hiccup loading ENGAGE or Summit is undefined'); } } try { Summit.OAS.manager.display("x17"); } catch(e) { if(typeof ENGAGE_successfully_loaded === 'undefined') { var ENGAGE_successfully_loaded = false; throw new Error('ReferenceError: There was a hiccup loading ENGAGE or Summit is undefined'); } } Want the latest investment news? Sign up for the free Daily Wire newsletter bringing you the latest market updates, advisor best practices, industry statistics, and commentary to grow your business and manage your practice. Sign up now—it's Free! Subscribe Now → You are signed up! try { Summit.OAS.manager.display("x13"); } catch(e) { if(typeof ENGAGE_successfully_loaded === 'undefined') { var ENGAGE_successfully_loaded = false; throw new Error('ReferenceError: There was a hiccup loading ENGAGE or Summit is undefined'); } } Sponsor Showcase padding: 0px;width: inherit; ETFs: Top 5 Advisor Challenges and How to Overcome Them Access this interactive playbook to learn about the growing world of ETFs padding: 0px 0px;width: inherit; ETF & Smart Beta Research A survey of advisors nationwide reveals how the use of ETFs is expanding and what factors are likely to further support this trend width:300px!important;max-height:36px; ThinkAdvisor TechCenter ThinkAdvisor's TechCenter is an educational resource designed to give you a competitive edge by keeping you abreast of new tech innovations and need-to-know information that can be applied to your business width:300px!important;max-height:36px; Financial Education Resource Center ThinkAdvisor and the College for Financial Planning have partnered to bring you a series of helpful educational tools that you can use to take your career to the next level Resources How RIAs Can Un-Commoditize Investing through Portfolio Optimization Learn how independent advisors are using new optimization technology to stay competitive and maintain premium pricing, while the industry trends towards discounting and commoditizing services. 5 Tips to Find the Firm that's Just Right The right broker/dealer is out there for you, and with a little research and self-reflection, you can find your matchUse this guide to help... How to Accelerate Time to Assets Under Management & Reduce Costs Signatures are a cornerstone in the client lifecycle and transaction process for advisorsLearn how you can accelerate client decisions, reduce operating costs and provide... View All Resources Webcasts $100M to $1.3B AUM in 5 years: How Tech Fuels Firm Growth Dec 12, 2017 Join this webcast to see how Trisha Qualy, Director of Wealth Management at AdvisorNet Financial, took client assets from $100 million to $1.3 billion in... Tips on How to Bend the Health Care Cost Curve Nov 15, 2017 Join this complimentary webcast to learn innovative strategies that have proven effective in containing rising health costs Unlocking Tech Tools: Boost Client Relations & Growth Opportunities Nov 02, 2017 Join this conversation as a panel of experts provides tips and best practices to optimize your tech resources for business growth. View All Webcasts Featured Video Help Clients Be Prepared, Not Surprised Provided by Prudential Share this video Most Recent Videos Will It Last As Long As Your Clients Do? Provided by Prudential Are Your Clients Prepared For Market Downturns? Provided by Prudential Help Your Clients Plan for Healthcare Provided by Prudential Video Library ›› try { Summit.OAS.manager.display({"large":"Right2","medium":"Right3","small":"Middle3"}); } catch(e) { if(typeof ENGAGE_successfully_loaded === 'undefined') { var ENGAGE_successfully_loaded = false; throw new Error('ReferenceError: There was a hiccup loading ENGAGE or Summit is undefined'); } } Also in Legal & Compliance Lawyer Fighting DOL Rule Blasts Scottrade Fiduciary Charges 5 Key Tax Issues for Families in New Tax Law FINRA Impersonators Are Scamming Investors, Regulator Warns Trading of 3 Crypto-Linked Firms Suspended by Wary SEC When Does a Financial Planner Need to Register as an Investment Adviser? More Legal & Compliance Explore Tags Legal & Compliance try { Summit.OAS.manager.display({"large":"Bottom","medium":"Bottom1"}); } catch(e) { if(typeof ENGAGE_successfully_loaded === 'undefined') { var ENGAGE_successfully_loaded = false; throw new Error('ReferenceError: There was a hiccup loading ENGAGE or Summit is undefined'); } } Topic Spotlight try { Summit.OAS.manager.display({"large":"x20","medium":"x20"}); } catch(e) { if(typeof ENGAGE_successfully_loaded === 'undefined') { var ENGAGE_successfully_loaded = false; throw new Error('ReferenceError: There was a hiccup loading ENGAGE or Summit is undefined'); } } Advertise Contact About Privacy Policy Press Reprints RSS eNewsletters Magazines Editorial Calendar Terms of Use ALM

Trending Connecticut News:

  • EXIT Realty Pinnacle Joins Berkshire Hathaway HomeServices Real Estate Brokerage Network
  • When is a real estate agent a REALTOR®? - Part 1
  • Connecticut Home Prices Slip in July Amid Slower Sales
  • Mike Bivins Wife Teasha - Age, Birthday, Instagram, Son
  • Sherman, CT Homes For Sale & Real Estate
  • Recent Leases and Sales: Farms Village Changes Hands; Perfect Racquet Deal
  • Linkage: London Eye as Mood Ring; Edward Lee Cave's CT Home; More!
  • CT homeowners scramble to prepay property taxes by year’s end
  • Help Wanted: Now Hiring For Curbed Connecticut, Westchester, and Miami!
  • A Connecticut farm once owned by Mark Twain is for sale for $1.8 million
  • Realtor joins Weichert — Four Corners sales team
  • Court ruling gives reprieve to Dreamers, including those in CT
  • Happening: Real estate licensing class begin in February
  • Brookfield, CT Homes For Sale & Real Estate
  • Donald Trump Acknowledges Not Paying Federal Income Taxes for Years
  • Development Authority Votes To Pursue XL Renovation; Malloy Considers Funding
  • HomeServices acquires Prudential
  • CT has fourth highest real-estate property taxes
  • Ex-WWE exec taps Greenwich donors for Senate bid
  • ‘Mansion’ to Open Its Doors Friday