On April 21, 2011 Bureau of Industry and Security (BIS) published that one individual and his company in New York and two others and their company in California were indicted today in the District of Columbia on charges of illegally exporting millions of dollars worth of computer-related equipment from the United States to Iran via the United Arab Emirates (UAE).

Continue reading...

On March 9, 2011 Bureau of Industry and Security (BIS) published that a federal grand jury has indicted Nadeem Akhtar, age 45, of Silver Spring, Maryland, on charges related to a scheme to illegally export items that are used directly or indirectly in activities related to nuclear reactors and the processing and production of nuclear-related materials. The indictment was returned on March 11, 2010 and unsealed today.

Continue reading...

As published in the Financial Industry Regulatory Authority (FINRA) disciplinary actions report for June 2011, James William Garofalo Jr. of New York was Suspended for Failure to Comply with an Arbitration Award or Settlement Agreement Pursuant to FINRA Rule Series 9554.

Continue reading...

On June 24, 2011 U. S. Commodity Futures Trading Commission (CFTC) announced that the filing of an enforcement action charging Juvenal Eduardo Machado and his Miami, Fla.-based company, Invers Forex, LLC (Invers Forex), with defrauding approximately $786,000 from at least 28 customers, including Machado’s friends, neighbours and members of his church, through a retail foreign currency (forex) Ponzi scheme.

Continue reading...

On June 29, 2011 U.S. Securities and Exchange Commission (SEC) announced that the United States District Court for the Southern District of New York on June 27, 2011, entered a Final Judgment that enjoins Edward Meyer, Jr. from violating the registration and antifraud provisions of the federal securities laws, orders him to disgorge $62,050 in ill-gotten gains, and requires him to pay civil penalties of $62,000. In addition, the Court barred Meyer from participating in any penny stock offering and from serving as an officer or director of any reporting company. Meyer consented to the entry of the Final Judgment without admitting or denying any of the allegations of the Commission’s Complaint.

Continue reading...

On June 10, 2011 Australian Securities & Investment Commission (ASIC) published that the commission has permanently banned Mr Moshe Yair Mordechai, formerly of Glenwood, New South Wales, from engaging in credit activities and financial services as a result of a history of serious fraud offences. ASIC has also cancelled the Australian credit licence issued to Australian Lending & Finance Corporation Pty Ltd (ALFC), of which Mr Mordechai, 55, was formerly a director, on the grounds that its credit licence application was false or misleading. Under the National Consumer Credit Protection Act 2009, the licence application process requires corporations to nominate a responsible person for the purpose of determining whether the corporation is competent to engage in credit activities.

Continue reading...

As published in the Financial Industry Regulatory Authority (FINRA) disciplinary actions report for June 2011, Ted Alex Poulos of Pittsburgh, Pennsylvania was barred for Failure to Provide Information or Keep Information Current Pursuant to FINRA Rule 9552(h).

Continue reading...

As published in the Financial Industry Regulatory Authority (FINRA) disciplinary actions report for June 2011, Denise Lynn Gizankis of Erie, Pennsylvania was barred for Failure to Provide Information or Keep Information Current Pursuant to FINRA Rule 9552(h).

Continue reading...

On May 13, 2011 Monetary Authority of Singapore (MAS) published that authority has imposed a composition amount of $5,000 on Mr Koh Nghee Kiat [“Mr Koh”], a representative of exempt financial adviser RHB Bank Berhad for contravention of paragraph 26 of the Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers (FAA-N07) [the “Notice”] issued pursuant to section 58 of the Financial Advisers Act.

Continue reading...

As published in the Financial Industry Regulatory Authority (FINRA) disciplinary actions report for June 2011, Judy Davis Bass Barred for Failure to Provide Information or Keep Information Current Pursuant to FINRA Rule 9552(h).

Continue reading...

As published in the Financial Industry Regulatory Authority (FINRA) disciplinary actions report for June 2011, William John Liebl was named as a respondent in a FINRA complaint alleging that he misappropriated a total of approximately $5,052.09 from customers who had purchased insurance policies through Liebl.

Continue reading...

On June 23, 2011 Securities and Exchange Board of India (SEBI) published that vide an Order dated August 2, 2005 under regulation 16(1) of the extant SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, SEBI had appointed an Enquiry Officer to conduct summary proceeding inter alia against M/s. C. R. Jain & Co.who had allegedly defaulted in the payment of registration fees as a stock broker.

Continue reading...

On June 17, 2011 Financial Services Authority (FSA) published that the authority gave Resham Chand a Decision Notice on 12 May 2011, which notified him that for the reasons given below and pursuant to section 45 of the Financial Services and Markets Act 2000 (the “Act”), the FSA had decided to cancel the permission granted to him under Part IV of the Act (“Resham Chand’s Part IV permission”).

Continue reading...

On June 22, 2011 Financial Services Authority (FSA) published that the authority issued to Andrew James Porter an order, pursuant to section 56 of the Financial Services and Markets Act 2000, prohibiting him from performing any function in relation to any regulated activity carried on by any authorised or exempt person or exempt professional firm.

Continue reading...

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.

Continue reading...