As published in the Financial Industry Regulatory Authority (FINRA) disciplinary actions August 2010, announced Mark Andrew Jamgochian was fined $5,000 and suspended from association with any FINRA member in any capacity for three months.
As published in the National Futures Association (NFA) on August 19, 2010 that it has issued a complaint charging Maxtak Capital Advisors LLC (MCA) and its principal Jonathan Petak who should have been registered with the CFTC but were not. The Complaint also charged MCA and Petak with failing to uphold high standards of commercial honor and just and equitable principles of trade; failing to diligently supervise MCA’s operations; and failing to list a principal.
As published in the Hong Kong Securities and Futures Commission on August 19, 2010, the Eastern Magistracy sentenced Mr. Pablo Chan Pak Hoe, who was earlier convicted of insider dealing in a proposed takeover, to serve 240 hours of community service. Magistrate Anthony Yuen Wai Ming had earlier found Chan guilty of one count of insider dealing in the shares of Universe International Holdings Ltd (Universe) between 2 May 2008 and 19 June 2008 when he acted as a representative of the controlling shareholder in a proposed acquisition.
As published in the Financial Industry Regulatory Authority (FINRA) disciplinary actions August 2010, announced it has fined and suspended Guadalupe Rafael Alba from association with any FINRA member in any capacity for six months.
The U.S. Commodity Futures Trading Commission (CFTC) on August 19, 2010 announced that it obtained an emergency court order freezing assets held by defendants Jeremiah C. Yancy (a/k/a Jeremiah C. Glaub) and his company, Longbranch Group International LLC (a/k/a Longbranch LLC). The court’s order also prohibits the destruction of books and records and grants the CFTC immediate access to such documents.
As published in the Australian Securities and Investment Commission on August 19, 2010 that Mr. Ian Rau, the former company secretary of Chartwell Enterprises Pty Ltd (Chartwell Enterprises), has been sentenced to two years and seven months imprisonment on eight charges brought by ASIC.
As published in Bursa Malaysia or Malaysia Exchange on August 17, 2010 that it has reprimanded M3NERGY Berhad for breaches of paragraphs 9.16(1)(a), 9.16(4) and 10.04(1) of the Listing Requirements of Bursa Malaysia Securities Berhad and fined of RM 10,000 each on the Datuk Shahrazi bin Shaari, Managing Director and Dato Zulkifly @ Sofi bin Haji Mustapha Non-Executive Chairman.
On 16 August 2010, Monetary Authority of Singapore (MAS) reprimanded Ms Frances Lee Cheng Heng for contravention of section 12(1), read with section 23(5) of the FAA. Under these provisions, a representative of a licensed or exempt financial adviser is not allowed to act for more than one financial adviser at any one time, unless the financial advisers are related corporations.
As published in the U.S. Securities and Exchange Commission Litigation Release dated August 18, 2010, the SEC announced that on August 16, 2010, the Honorable P. Kevin Castel of the United States District Court for the Southern District of New York, entered final judgments against James E. Gansman and Donna B. Murdoch in SEC v. Gansman et al., 08-CV-4918, an insider trading case the Commission filed on May 29, 2008. The Commission charged Gansman, who was an attorney and partner in the Transaction Advisory Services group at Ernst & Young, with having tipped Murdoch, who was a stockbroker and close friend of Gansman, concerning the identities of at least seven different acquisition targets of Ernst & Young valuation services clients.
As published in the U.S. Securities and Exchange Commission Litigation Release dated August 18, 2010, the SEC announced that on August 9, 2010, the Honorable James I. Cohn, United States District Court Judge for the Southern District of Florida, entered final judgments of permanent injunction and other relief against Defendants Dallas L. Robinson, Troy K. Metz and John A. Mattera. The final judgments enjoin Robinson and Metz from violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The final judgment as to Mattera enjoins him from violating Sections 5(a) and 5(c) of the Securities Act of 1933 and Section 10(b) of the Exchange Act, and Rule 10b-5 thereunder. In addition to the injunctive relief, both Robinson and Metz consented to a civil penalty of $25,000 and a five year penny stock bar, and Mattera consented to paying disgorgement of $70,000, plus prejudgment interest of $8,799.94, a civil penalty of $70,000, and a permanent penny stock bar.
As published in the National Futures Association (NFA) on August 3, 2010 that it has issued a Notice of Intent to revoke Abram J. Silver’s AP registration, charging that he failed to disclose that FINRA suspended him for ninety business days in 2008.
As published in the New York State Insurance Department on August 18, 2010 that a 79-year-old Warren County woman who improperly collected workers’ compensation benefits for more than 30 years was sentenced and pay $242,000 in restitution and serve a three-year conditional discharge. Anna Healey, of Lake Luzern, was sentenced in Saratoga County Court. She pleaded guilty on June 21 to a charge of offering a false instrument for filing.
On August 17, 2010, the Financial Services Authority of United Kingdom has banned five individuals for failings in relation to insurance fraud. It has also imposed one of its largest ever fines of £150,000 for insurance fraud on one of these individuals and £50,000 on another. The banned individuals identified as Andrew Jeffery, Barrie Duncan Aspden, Gaenor Clayton, Melanie Aspden, and Paul Willment.
On August 03, 2010 the Securities and Exchange Board of India (SEBI), the capital market regulator passed an Adjudication order against Navin Trikamdas Thakkar. The findings of the investigation led to the allegation that Mr. Thakkar was allegedly connected to the director of EL and transferred 11,27,050 shares to T.H. Vakil and Securities Pvt. Ltd. These shares were offloaded in the market through a web of entities which allegedly created volume in the market.
As published in the Securities and Futures Commission on August 17, 2010, The Court of Appeal dismissed an appeal by Mr. Chan Chin Yuen who was earlier jailed for conspiring to manipulate the market in the shares of Asia Standard Hotel Group Limited. Chan was sentenced to 30 months in jail on 26 November 2009 in what was the largest market manipulation case prosecuted in Hong Kong. Three co-conspirators – Chan’s brother, sister-in-law, and a friend – were jailed for 26 months each.
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