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SEC Enforcement Actions

					
The  (SEC) is the United States agency with primary responsibility for enforcing federal securities laws. Whistleblowers with knowledge of violations of the federal securities laws can submit a claim to the SEC under the SEC Whistleblower Reward Program, and may be eligible to receive  monetary rewards and protection against retaliation by employers.


Below are summaries of recent SEC settlements or successful prosecutions. If you believe you have information about fraud which could give  rise to an SEC enforcement action and claim under the SEC Whistleblower Reward Program, please contact us to speak with one of our experienced whistleblower attorneys.

				

			

			
						
					
			

	
		
		

			

				
				
October 17, 2016

				 Energy services provider Lime Energy Co. will pay $1 million to settle charges for accounting fraud.  The SEC’s complaint alleges that Lime Energy improperly recognized $20 million in revenue from at least 2010 to 2012 – recognizing revenue earlier than appropriate to meet internal targets, and even going so far as to book revenue on jobs that didn’t exist.  Four former company executives – Utility Division President and Vice President of Operations Joaquin Alberto Dos Santos Almeida and Karan Raina, Controller Julianne M. Chandler, and Executive Vice President James G. Smith – will pay $125,000 in collective penalties to settle charges related to their roles in the misconduct.  				 					 

						
Tagged in:
													  Accounting Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
October 13, 2016

				 New York-based Forcerank LLC will pay a $50,000 penalty for illegally offering complex derivatives products to retail investors through mobile phone games described as “fantasy sports for stocks.”  According to the SEC’s order, Forcerank ran mobile phone games where players predicted the order in which 10 securities would perform relative to each other.  Players won points and some received cash prizes based on the accuracy of their predictions.  Forecerank kept 10% of the entry fees and maintained a data set about market expectations it hoped to sell to hedge funds.  Forerank’s agreements with players were security-based swaps because they provided for a payment that was dependent on an event associated with a potential financial, economic, or commercial consequence and based on the value of individual securities.  An SEC investigation found that Forcerank failed to file a registration for what constituted a security-based swap offering and failed to sell the contracts through a national securities exchange.  Both are requirements under the Dodd-Frank Act to ensure information about an offering is fully transparent to retail investors and the transactions are limited to platforms subject to the highest level of regulation.  				 					 

						
Tagged in:
													  Fraud in CFTC-Regulated Markets, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
October 13, 2016

				 San Francisco-based hedge fund advisory firm Artis Capital Management will pay about $8.9 million to settle charges of failing to maintain adequate policies and procedures to prevent insider trading at the firm.  Artis failed to respond appropriately to red flags that should have alerted it to misconduct by employee Matthew Teeple.  Teeple’s supervisor, Michael W. Harden, will pay $130,000 and is suspended from the securities industry for 12 months for his role in the misconduct.  				 					 

						
Tagged in:
													  Insider Trading, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
October 12, 2016

				 Deutsche Bank Securities will pay a $9.5 million penalty for failing to properly safeguard material non-public information generated by its research analysts.    Deutsche encouraged its equity research analysts to communicate frequently with customers and Deutsche sales and trading personnel, but lacked adequate policies and procedures to prevent analysts from disclosing yet-to-be-published views and analysis, changes in estimates, and short-term trade recommendations.  The SEC order also found that Deutsche improperly published a research report with a “buy” rating for discount retailer Big Lots, even though the analyst who prepared and certified the report held the personal view that the stock should have been downgraded.  Deutsche was also unable to represent that it had recovered and produced to the SEC all communications on Deutsche’s internal messaging system “DB Chat” because the firm had failed to properly preserve them in an accessible place.  				 					 

						
Tagged in:
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
October 5, 2016

				 Credit Suisse AG will pay a $90 million penalty and admit wrongdoing to settle charges that it misrepresented how it determined a key performance metric of its wealth management business.  Rolf Bӧgli, former Chief Operating Officer of Credit Suisse’s Private Banking Division, will pay an $800,000 penalty to settle charges he was the cause of Credit Suisse’s violations.  An SEC investigation found that Credit Suisse veered from its publicly disclosed methodology for determining net new assets (NNA), a metric valued by investors in financial institutions to measure success in attracting new business.  Disclosures stated that Credit Suisse was individually assessing assets based on each client’s intentions and objectives.  But Credit Suisse at times instead took an undisclosed results-driven approach to determine NNA.  According to the SEC’s orders, Bӧgli pressured employees to classify certain high net worth and ultra-high net worth client assets as NNA despite concerns raised by employees most knowledgeable about a particular client’s intent.  				 					 

						
Tagged in:
													  Financial Institution Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
October 4, 2016

				 The SEC announced fraud charges against Laurence I. Balter and his Hawaii-based firm Oracle Investment Research.  The SEC alleges that Balter and Oracle purchased equities and options in an omnibus account and waited to allocate the trades until after they were executed and Balter knew whether they were profitable.  Balter then allocated profitable trades to his own accounts and unprofitable trades to his client accounts.  The SEC further alleges that Balter falsely told clients invested in his affiliated mutual fund they would not pay both advisory fees and fund management fees, but charged both fees anyway.  Balter also allegedly made trades for the mutual fund that deviated from two of its fundamental investment limitations and ultimately resulted in a non-diversified portfolio that caused significant losses to investors.  				 					 

						
Tagged in:
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
September 29, 2016

				 The SEC charged Robert Gadimian, former Senior Director of Regulatory Affairs for Puma Biotechnology, with insider trading ahead of the company’s news announcement about its drug to treat breast cancer.  The SEC alleges that Gadimian pocketed more than $1.1 million in illicit profits by secretly purchasing Puma stock and short-term call options based on nonpublic information he learned about positive developments in two clinical trials for Puma’s drug, neratinib.  				 					 

						
Tagged in:
													  Insider Trading, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
September 29, 2016

				 Casino-gaming company International Game Technology (IGT)  will pay a $500,000 penalty for firing an employee with several years of positive performance reviews because he reported to senior management and the SEC that the company’s financial statements might be distorted.  The SEC found that the employee was removed from significant work assignments within weeks of raising concerns about the company’s cost accounting model.  He was terminated approximately three months later.  				 					 

						
Tagged in:
													  Accounting Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
September 29, 2016

				 Och-Ziff Capital Management Group will pay nearly $200 million to settle civil charges of violating the Foreign Corrupt 91porn Act (FCPA).  Och-Ziff CEO  Daniel S. Och and Och-Ziff CFO Joel M. Frank will pay nearly $2.2 million to settle charges that they caused certain violations.  The SEC detected the misconduct while proactively scrutinizing the way that financial services firms were obtaining investments from sovereign wealth funds overseas.  The SEC’s subsequent investigation of Och-Ziff found that the fund used intermediaries, agents, and business partners to pay bribes to high-level government officials in Africa.  According to the SEC’s order, the illicit payments induced the Libyan Investment Authority sovereign wealth fund to invest in Och-Ziff managed funds.  Other bribes were paid to secure mining rights and corruptly influence government officials in Libya, Chad, Nigeria, Guinea, and the Democratic Republic of the Congo.  As part of its settlement agreement with the SEC, Och-Ziff acknowledged that it expected to enter into a deferred prosecution agreement with the Justice Department in a parallel criminal proceeding and its subsidiary OZ Africa Management GP LLC agreed to enter into a plea agreement.  Och-Ziff is expected to pay a criminal penalty of $213 million.  				 					 

						
Tagged in:
													  FCPA, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
September 28, 2016

				 The SEC charged attorney Nino Coppero del Valle who worked for Canadian-based HudBay Minerals Inc., and his friend and fellow attorney Julio Antonio Castro Roca with material nonpublic information about a tender offer HudBay had submitted to acquire the shares of Augusta Resource Corp., whose principal business involved a copper mine near Tucson, Arizona.  Castro allegedly traded on the inside information through a brokerage account held by a shell company he set up in the British Virgin Islands in an attempt to avoid having the trades traced back to him and Coppero.  According to the SEC’s complaint, Castro and Coppero made more than $112,000 in illicit profits from these unlawful trades.  The SEC further alleges that Coppero tipped acquaintance Ricardo Carrion when seeking his advice about making illegal traced untraceable.  Carrion exploited the inside information and caused his brokerage firm to purchase Augusta Resource shares ahead of the tender offer announcement.  Carrion’s firm obtained $73,000 in alleged profits.  				 					 

						
Tagged in:
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			


											

						

								

									
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