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Archive for June, 2011

USA: SEC Enforcement Actions Today

Posted by nileshkokane on 30 June, 2011
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This item was filled under [ Financial Regulators, USA ]

1. Elite Resources L.L.C.
2. Elite3 Holding Corp.
3. Rancho Cucamonga
4. Highview Point Partners L.L.C.
5. MK Capital Management L.L.C.
6. Michael Kenwood Capital Management
7. Highview Point Master Fund Ltd.
8. Highview Point Offshore Ltd.
9. Highview Point LP
10. Michael Kenwood Asset Management L.L.C.
11. Michael Kenwood Energy and Infrastructure L.L.C.
12. MKEI Solar LP
13. Century Estate Planning Inc.
14. City Network Inc.
15. New York Life Investment Management L.L.C.
16. Printz Capital Management L.L.C.
17. International Poultry Co. Inc.
18. International Thoroughbred Breeders Inc.
19. Ionic Fuel Technology Inc.
20. Ipex Inc.
21. Internet Marketing Inc.
22. Intrepid Technology & Resources Inc.
23. Ion Technology Inc.
24. Itemus Inc.
25. ITIS Holdings Inc.

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Tagged with: [ Century Estate Planning Inc., City Network Inc., Elite Resources L.L.C., Elite3 Holding Corp., Highview Point LP, Highview Point Offshore Ltd., Highview Point Partners L.L.C., International Poultry Co. Inc., International Thoroughbred Breeders Inc., Internet Marketing Inc., Intrepid Technology & Resources Inc., Ion Technology Inc., Ionic Fuel Technology Inc., Ipex Inc., Itemus Inc., ITIS Holdings Inc., Michael Kenwood Asset Management L.L.C., Michael Kenwood Capital Management Highview Point Master Fund Ltd., Michael Kenwood Energy and Infrastructure L.L.C., MK Capital Management L.L.C., MKEI Solar LP, New York Life Investment Management L.L.C., Printz Capital Management L.L.C., Rancho Cucamonga ]

USA: SEC files administrative proceedings against Florida resident

Posted by nileshkokane on 30 June, 2011
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This item was filled under [ Financial Regulators, USA ]

On June 27, 2011 U. S. Securities and Exchange Commission (SEC) published that the commission deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 (“Exchange Act”) against Jason Mutascio. After an investigation, the Division of Enforcement alleges that In 2009 Respondent was a registered representative, residing in Aventura, Florida, associated with Brewer Financial Services, LLC, a registered broker-dealer.

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Tagged with: [ actions, allegations, alleges, compliance risk, criminal, default, defraud, enforcement, fraud, fraudulent, guilty, Jason Mutascio, pled guilty, prison, regulatory risk, remedial action, sec, sentenced, U.S. Securities and Exchange Commission, USA, violation ]

USA: SEC takes disciplinary actions against individual

Posted by nileshkokane on 30 June, 2011
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This item was filled under [ Financial Regulators, USA ]

On June 28, 2011 U. S. Securities and Exchange Commission (SEC) announced today that on June 22, 2011, Judge Elaine Bucklo of the United States District Court for the Northern District of Illinois entered a final judgment against William K. Boston, Jr., of Canton, Georgia, Warren T. Chambers, of Leander, Texas, and Century Estate Planning, Inc., their business.

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Tagged with: [ actions, aiding and abetting, alleges, Century Estate Planning, charges, civil penalty, complaint, compliance risk, disclose, disgorgement, fraud, Inc., Michael E Kelly, regulatory risk, sec, U.S. Securities and Exchange Commission, USA, violating, Warren T. Chambers, William K. Boston Jr. ]

USA: SEC files civil action against individual and companies

Posted by nileshkokane on 30 June, 2011
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This item was filled under [ Financial Regulators, USA ]

On June 28, 2011 U. S. Securities and Exchange Commission (SEC) announced that pursuant to a Court order, $230 million has been returned to the United States from overseas and will remain frozen until completion of the SEC’s case against Connecticut based registered investment adviser Highview Point Partners, LLC and its principal Francisco Illarramendi.

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Tagged with: [ actions, amended, charged, complaint, compliance risk, disgorgement, Francisco Illarramendi, High view Point Partners, Highview Point LP, Highview Point Master Fund, Highview Point Offshore, LLC, Ltd., Michael Kenwood Asset Management, Michael Kenwood Capital Management, Michael Kenwood Energy and Infrastructure LLC, MKEI Solar, penalties, Ponzi, regulatory risk, sec, U.S. Securities and Exchange Commission, USA, violating ]

USA: SEC charges individual for accounting fraud

Posted by nileshkokane on 30 June, 2011
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This item was filled under [ Financial Regulators, USA ]

On June 27, 2011 U. S. Securities and Exchange Commission (SEC) announced charges against two former Basin Water, Inc. executives with fraudulently inflating its revenues, beginning with the company’s first financial report after it went public. The SEC alleges that former Basin Water chief executive officer Peter L. Jensen and former chief financial officer Thomas C. Tekulve, Jr. improperly recognized revenue to disguise the company’s true financial performance in its 2006 and 2007 quarterly and annual reports.

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Tagged with: [ actions, aiding and abetting, alleges, charges, complaint, compliance risk, disgorgement, fraudulently, Jr., penalty, Peter L. Jensen, regulatory risk, reimbursement, sec, Thomas C. Tekulve, U.S. Securities and Exchange Commission, USA, violations ]

USA: SEC imposes civil penalty against individual

Posted by nileshkokane on 30 June, 2011
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This item was filled under [ Featured, Financial Regulators, USA ]

On June 27, 2011 U. S. Securities and Exchange Commission (SEC) announced that the Honorable Steve C. Jones, United States District Judge for the Northern District of Georgia on June 23, 2011, entered an order permanently enjoining Patricia Diane Gruber, Kadar M. Josey, Elite Resources, LLC and Elite3 Holding Corp.

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Tagged with: [ actions, allegations, civil penalty, complaint, compliance risk, disgorgement, Elite Resources, Elite3 Holding Corp., fictitious, Kadar M. Josey, LLC, Patricia Diane Gruber, regulatory risk, restrained, sec, U.S. Securities and Exchange Commission, USA, violating ]

Hong Kong: SFC convicted individual for manipulating

Posted by nileshkokane on 30 June, 2011
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This item was filled under [ Asia, Financial Regulators ]

On June 28, 2011 Hong Kong Securities & Futures Commission (SFC) published that the Eastern Magistracy today sentenced Mr Lam Lok Yin to serve 120 hours of community service after he pleaded guilty to manipulating four Callable Bull Bear Contracts (CBBCs) during the pre-opening session (POS) between 18 May and 16 July 2009 (Note 1).

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Tagged with: [ actions, Asia, compliance risk, Lam Lok Yin, manipulating, pleaded guilty, regulatory risk, Securities & Futures Commission, sentenced, SFC ]

Hong Kong: SFC charged former director for insider trading

Posted by nileshkokane on 30 June, 2011
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This item was filled under [ Asia, Financial Regulators ]

On June 28, 2011 Hong Kong Securities & Futures Commission (SFC) published that commission has commenced criminal proceedings against Mr Lam Kwong Yu, a former independent non-executive director of Hong Kong Aircraft Engineering Company Limited (HAECO), for alleged insider dealing in the company’s shares on 4 June 2010 (Note 1).

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Tagged with: [ actions, alleged, alleges, Asia, compliance risk, criminal, guilty, Lam Kwong Yu, pleaded, regulatory risk, resigned, Securities & Futures Commission, SFC ]

Hong Kong: SFC issues arrest warrant against individual

Posted by nileshkokane on 30 June, 2011
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This item was filled under [ Asia, Financial Regulators ]

On June 23, 2011 Hong Kong Securities & Futures Commission (SFC) published that the Court has issued an arrest warrant for Ms Pan Caihong, a Mainland lawyer, who did not appear at the Eastern Magistracy this morning to face nine counts of insider dealing charges commenced by SFC.

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Tagged with: [ actions, alleges, arrest, Asia, charges, compliance risk, insider dealing, Pan Caihong, regulatory risk, Securities & Futures Commission, SFC ]

Hong Kong: SFC to appeal court’s ruling on New York based company

Posted by nileshkokane on 30 June, 2011
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This item was filled under [ Asia, Featured, Financial Regulators ]

On June 21, 2011 Hong Kong Securities & Futures Commission (SFC) published that the Court of First Instance today handed down reasons for its decision that the court has no jurisdiction to determine whether or not New York-based asset management company, Tiger Asia Management LLC (Tiger Asia) and three of its officers, Mr Bill Sung Kook Hwang, Mr Raymond Park and Mr William Tomita (collectively the Tiger Asia parties), have contravened Hong Kong’s insider dealing and market manipulation laws (Note 1).

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Tagged with: [ actions, alleges, Asia, Bill Sung Kook Hwang, compliance risk, criminal, insider dealing, jurisdiction, manipulation, prohibiting, Raymond Park, regulatory risk, Securities & Futures Commission, SFC, Tiger Asia Management LLC, William Tomita ]

USA: Complaint filed against individual by FINRA

Posted by nileshkokane on 30 June, 2011
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This item was filled under [ Financial Regulators, USA ]

As published in the Financial Industry Regulatory Authority (FINRA) disciplinary actions report for June 2011, David I. Carter was named as a respondent in a FINRA complaint alleging that he effected discretionary trades in a customer’s account without the customer’s prior written authorization.

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Tagged with: [ alleging, complaint, compliance risk, David I. Carter, disciplinary actions, discretionary, Financial Industry Regulatory Authority, FINRA, regulatory risk, USA ]

USA: FINRA files complaint against New York resident

Posted by nileshkokane on 30 June, 2011
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This item was filled under [ Financial Regulators, USA ]

As published in the Financial Industry Regulatory Authority (FINRA) disciplinary actions report for June 2011, Charles Caputo Jr. was named as a respondent in a FINRA complaint alleging that he provided false account statements to a customer for personal and corporate accounts, which the customer held at Caputo’s member firm, with the intent of leading the customer to believe the accounts held securities valued as high as $600,000 although both accounts had incurred substantial losses. The complaint alleges that during the entire time period the accounts were held at Caputo’s firm, the customer received account statements through the firm’s clearing firms and at the same time, the customer also received fabricated account statements Caputo provided to him.

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Tagged with: [ alleging, Charles Caputo Jr., complaint, compliance risk, disciplinary actions, fabricated, false, Financial Industry Regulatory Authority, FINRA, regulatory risk, USA ]

USA: FINRA fines individual

Posted by nileshkokane on 30 June, 2011
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This item was filled under [ Financial Regulators, USA ]

As published in the Financial Industry Regulatory Authority (FINRA) disciplinary actions report for June 2011, Freddy A. Medina was censured and fined $10,000. The sanctions were based on findings that Medina falsified an account application by copying a customer’s signature from a document she had previously signed and then cut-and-pasted the signature on to the account application without her knowledge, authorization or consent.

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Tagged with: [ censured, compliance risk, disciplinary actions, disclosing, falsified, Financial Industry Regulatory Authority, fined, FINRA, forged, Freddy A. Medina, regulatory risk, sanction, USA ]

USA: NFA takes enforcement action against individual and his companies

Posted by nileshkokane on 29 June, 2011
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This item was filled under [ Featured, Financial Regulators, USA ]

On June 22, 2011, National Futures Association (NFA) published that the association has taken an emergency enforcement action against D2W Capital Management LLC (D2W), Prestige Capital Advisors LLC (Prestige) and its principal, Toby Hunter. D2W and Prestige are Commodity Trading Advisors located in Charlotte, North Carolina.

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Tagged with: [ actions, compliance, compliance risk, D2W Capital Management LLC, disclosure, enforcement action, false, misleading, misled, National Futures Association, NFA, Prestige Capital Advisors LLC, Prohibits, regulatory risk, solicit, Toby Hunter, USA ]

USA: NFA fines individual

Posted by nileshkokane on 29 June, 2011
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This item was filled under [ Financial Regulators, USA ]

On May 19, 2011, National Futures Association (NFA) published that the association has levied a fine of $500,000 against Vision Financial Markets LLC (Vision). Vision is a Futures Commission Merchant and Commodity Pool Operator with headquarters in New York City and branch offices in Chicago, Illinois and Stamford, Connecticut. The Decision, issued by NFA’s Business Conduct Committee, is based on a Complaint filed in May 2011 against Vision and its president and senior vice president, Howard M. Rothman and Michael P. Doherty, respectively and a settlement offer submitted by them.

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Tagged with: [ 20/20 Trading Company, actions, allegations, complaint, Direct Futures LLC, filed, fine, Howard M. Rothman, Inc., Investors Trading Institute, Michael P. Doherty, National Futures Association, NFA, prohibited, Statewide FX, VISION FINANCIAL MARKETS LLC, Vista Trading Advisors ]
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