On August 4, 2010, the Securities and Exchange Commission charged two California boiler-room operators and four salesmen for conducting a fraudulent green energy investment scheme. The SEC’s complaint names as defendants, boiler-room operators Joseph R. Porche, Larry R. Crowder and salesmen Konrad C. Kafarski, Carlton L. Williams, Gary K. Juncker and Dale J. Engelhardt.

Continue reading...

As published in the U.S. Securities and Exchange Commission Litigation Release dated July 4, 2010, the Commission announced that it has reached settlements in its pending federal civil court action against the late Hazem Al-Braikan, a Kuwaiti financial advisor, and Al-Raya Investment Company that will return all ill-gotten profits. Al-Braikan was sued by the SEC last July for engaging in an illicit scheme to profit by issuing hoax takeover announcements for Harman International Industries, Inc. and another company.

Continue reading...

On August 4, 2010, the Securities and Exchange Commission charged a former Deloitte and Touche LLP partner and his son with insider trading in the securities of several of the firm’s audit clients. The SEC alleges that Thomas P. Flanagan of Chicago traded in the securities of Deloitte clients, often while serving as a liaison between those companies’ management teams and Deloitte’s audit engagement teams.

Continue reading...

As published in the U.S. Securities and Exchange Commission Litigation Release dated July 4, 2010 that the Securities and Exchange Commission entered an order in the U.S. District Court for the Northern District of Illinois setting a disgorgement hearing in the Randy M. Cho case. The Commission’s complaint alleges that, since at least 2001, Cho engaged in a fraudulent scheme to misappropriate investors’ funds for his personal use and to repay other investors, raising at least $3.7 million from at least 45 investors in four states.

Continue reading...

On July 29, 2010 the Securities and Exchange Board of India (SEBI), the capital market regulator passed an Adjudication order against Ms. Sheetal Vora in the matter of Systel Infotech Limited. It was observed from Investigation report taken up SEBI that Ms. Vora was not involved in the manipulation of price and volume in the scrip of SIL in violation of regulations 4(1), 4(2) (a), (b) and (g) of the PFUTP regulation 2003 and hence no penalty needs to be imposed on the noticee, Ms. Sheetal Vora.

Continue reading...

The Financial Services Authority of United Kingdom has published a statement against Mr. Ryan Robert Burnside on 4th August 2010 that Mr. Burnside is not authorised under the Financial Services and Markets Act 2000 (FSMA) to carry on a regulated activity in the UK.

Continue reading...

1. Theodore W. Urban

Continue reading...

As published in the Illinois Department of Financial and Professional Regulation (IDFPR) on July 16, 2010 that the Department having conducted an investigation of the facts related to registered Loan Originator Jose Guzman and having found that Mr. Guzman has committed violations cited herein of the Residential Mortgage License Act of 1987. Therefore it is hereby ordered that Jose Guzman shall cease and desist from all loan originating and solicitation activities.

Continue reading...

As published in the Illinois Department of Financial and Professional Regulation (IDFPR) on July 16, 2010 that the Department having conducted an investigation of the facts related to registered Loan Originator Patricia Vargas and having found that Mr. Vargas has committed violations cited herein of the Residential Mortgage License Act of 1987.

Continue reading...

As published in the U.S. Securities and Exchange Commission on August 3, 2010 that SEC issued an Order Instituting Proceedings (“OIP”) against Theodore W. Urban on October 19, 2009. The OIP alleged that Urban failed reasonably to supervise a Firm registered representative with a view to detecting the representative’s violations of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Exchange Act Rule 10b-5.

Continue reading...

As published in the Financial Industry Regulatory Authority (FINRA) disciplinary actions July 2010, announced that Denis William Kraemer Jr. has been revoked for failing to pay fines and/or costs pursuant to FINRA Rule 8320.

Continue reading...

As published in the Comptroller of the Currency of the United States of America enforcement action on July 9, 2010 that Michelle L Udell of Sioux Falls, SD has been convicted of, or entered into a pretrial diversion or similar program for certain criminal offenses are notified by letter that they are prohibited from participating in the affairs of any insured depository institution without prior regulatory or judicial approval by operation of law.

Continue reading...

As published in the Comptroller of the Currency of the United States of America enforcement action on July 8, 2010 that Erin R Adamson of Sioux Falls, SD has been convicted of, or entered into a pretrial diversion or similar program for certain criminal offenses are notified by letter that they are prohibited from participating in the affairs of any insured depository institution without prior regulatory or judicial approval by operation of law.

Continue reading...

On August 03, 2010, the Federal Reserve Board (FRB) announced a formal enforcement action initiated against Mark F. Bailey Sr. on behalf of the Prosperity Banking Company by virtue of a Written Agreement by and between, the Federal Reserve Bank of Atlanta to maintain the financial soundness of Prosperity.

Continue reading...

On August 03, 2010, the Federal Reserve Board (FRB) announced a formal enforcement action initiated against Patricia C. Hartung on behalf of the Community Capital Corporation and its subsidiary, CapitalBank, by virtue of a Written Agreement by and between, the Federal Reserve Bank of Richmond and the State of South Carolina Board of Financial Institutions.

Continue reading...