Asset forfeiture

SEC Charges Unlicensed Broker With Defrauding Investors

Retrieved on: 
Wednesday, July 28, 2021
Asset forfeiture, Disgorgement, United States Securities Regulation

According to the complaint, Rupp raised over $2.2 million from about 20 investors who lacked significant investment experience by misrepresenting that he was a licensed securities professional, he would generate profits for investors by trading on their behalf, and investors principal was protected from losses.

Key Points: 
  • According to the complaint, Rupp raised over $2.2 million from about 20 investors who lacked significant investment experience by misrepresenting that he was a licensed securities professional, he would generate profits for investors by trading on their behalf, and investors principal was protected from losses.
  • Investors allegedly lost most of their money, including retirement funds, through Rupps fraud.
  • As alleged in the complaint, Rupp solicited Main Street investors and depleted their retirement savings by using fake credentials and false documents showing extremely high returns, said Jennifer S. Leete, Associate Director of the SEC Enforcement Division.
  • The SECs complaint charges Rupp with violating the antifraud provisions of the federal securities laws and acting as an unregistered broker, and seeks disgorgement of ill-gotten gains plus interest, a penalty, and injunctive relief.

SEC Halts Alleged Ongoing Offering Fraud Involving Cycling Companies

Retrieved on: 
Thursday, July 22, 2021
Asset forfeiture, Disgorgement, Securities fraud, Crime, Property crimes, Deception, Madoff investment scandal

The SEC alleges that the defendants made false statements in raising millions of dollars for an investment fund ostensibly to purchase controlling interests in three Italian cycling companies, but never made the acquisitions and instead fraudulently diverted money raised.

Key Points: 
  • The SEC alleges that the defendants made false statements in raising millions of dollars for an investment fund ostensibly to purchase controlling interests in three Italian cycling companies, but never made the acquisitions and instead fraudulently diverted money raised.
  • According to the complaint, Mancini misappropriated almost $400,000 of investor funds and made at least $800,000 in Ponzi-like payments to other investors.
  • The SEC has significant expertise in rooting out investment fraud by tracing the uses of investor funds even where, as we allege happened here, some funds were transferred to foreign accounts.
  • The SEC seeks emergency relief as well as permanent injunctions, disgorgement of ill-gotten gains with prejudgment interest, and civil penalties.

In hindsight: 2020

Retrieved on: 
Thursday, March 25, 2021
Judicial remedies, Law, Court orders, Asset forfeiture, Disgorgement, Injunction, Government

The just-announced 2020 Annual Highlights reflectimportant enforcement actions, policy initiatives,and outreach efforts undertaken in the past year.

Key Points: 
  • The just-announced 2020 Annual Highlights reflectimportant enforcement actions, policy initiatives,and outreach efforts undertaken in the past year.
  • Based on the 2020 Annual Highlights , here are some important developments from a veryunusual year.
  • In 2020, the agency also completed a number of cases: 23 administrative matters; 66 cases that resulted in redress, disgorgement, and permanent injunctions; and 8 actions where civil penalties were awarded.
  • In 2020, this blog with 101,471 subscribers featured 144 posts for businesspeople and attorneys.

SEC Charges Seven Individuals for $45 Million Fraudulent Scheme

Retrieved on: 
Tuesday, March 2, 2021
Asset forfeiture, Disgorgement, Mutual fund scandal

Washington, D.C.--(Newsfile Corp. - March 2, 2021) - The Securities and Exchange Commission today charged seven individuals and a technology company in connection with a fraudulent scheme to gain control of Airborne Wireless Network, promote its stock, and defraud investors.

Key Points: 
  • Washington, D.C.--(Newsfile Corp. - March 2, 2021) - The Securities and Exchange Commission today charged seven individuals and a technology company in connection with a fraudulent scheme to gain control of Airborne Wireless Network, promote its stock, and defraud investors.
  • The complaint alleges that Kelly Kabilafkas, through defendant Jack Edward Daniels, Airborne, and other third parties, spent millions of dollars on advertisements that concealed that Airborne was a vehicle for Kabilafkas's fraudulent scheme.
  • In total, the complaint alleges, the scheme raised nearly $45 million.
  • The SEC seeks civil penalties, disgorgement of ill-gotten gains plus interest, and injunctive relief.

Irish family-based gang targeted in probe into €4 million laundering

Retrieved on: 
Friday, February 12, 2021
Asset forfeiture, Terrorism, Financial regulation, Money laundering, Tax evasion, Criminal Assets Bureau, Crime, Articles, Business law, Proceeds of Crime Act

On 10 February, the Criminal Asset Bureau of the Irish National Police (An Garda Sochna) took action against a criminal gang suspected of large-scale money laundering.

Key Points: 
  • On 10 February, the Criminal Asset Bureau of the Irish National Police (An Garda Sochna) took action against a criminal gang suspected of large-scale money laundering.
  • Fund transfers in excess of 4 million were identified from other jurisdictions to Irish bank accounts linked to members of this criminal network.
  • The gang is believed to have made this money from illegal activity across Europe.
  • Such results were made possible thanks to the model of non-conviction based forfeiture operated by the Irish Criminal Assets Bureau.

SEC Charges Ripple and Two Executives with Conducting $1.3 Billion Unregistered Securities Offering

Retrieved on: 
Tuesday, December 22, 2020
Corporate crime, Asset forfeiture, Disgorgement, Security, U.S. Securities and Exchange Commission, Financial markets, Finance, Investment, Mutual fund scandal

Washington, D.C.--(Newsfile Corp. - December 22, 2020) - The Securities and Exchange Commission announced today that it has filed an action against Ripple LabsInc.

Key Points: 
  • Washington, D.C.--(Newsfile Corp. - December 22, 2020) - The Securities and Exchange Commission announced today that it has filed an action against Ripple LabsInc.
  • and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.
  • "Here, we allege that Ripple and its executives failed over a period of years to satisfy these core investor protection provisions, and as a result investors lacked information to which they were entitled."
  • The SEC's complaint, filed today in federal district court in Manhattan, charges defendants with violating the registration provisions of the Securities Act of 1933, and seeks injunctive relief, disgorgement with prejudgment interest, and civil penalties.

Navellier & Associates Will Appeal U.S. District Court Ruling

Retrieved on: 
Tuesday, June 9, 2020
Judicial remedies, Asset forfeiture, Disgorgement

The court ordered the firm and Mr. Navellier pay a total of $29 million in "disgorgement" of fees and goodwill earned including prejudgment interest thereon.

Key Points: 
  • The court ordered the firm and Mr. Navellier pay a total of $29 million in "disgorgement" of fees and goodwill earned including prejudgment interest thereon.
  • Navellier & Associates and Mr. Navellier have appealed the decision because there was no factual or legal basis for the District Court's decision.
  • As a result, we are appealing," said Samuel Kornhauser, counsel for Mr. Navellier and Navellier & Associates.
  • Founded in 1987 by growth analyst Louis Navellier, Navellier & Associates is a money management firm that finds and exploits market inefficiencies.

United States Department of Justice Agency Selects DataWalk For Anti-Money Laundering Investigations

Retrieved on: 
Tuesday, June 2, 2020
Financial regulation, Money laundering, Tax evasion, Terrorism, Crime, Corruption, Articles, International asset recovery, Asset forfeiture, Law, AMLCFT

MLARS leads the asset forfeiture and anti-money laundering (AML) enforcement efforts at the U.S. Department of Justice.

Key Points: 
  • MLARS leads the asset forfeiture and anti-money laundering (AML) enforcement efforts at the U.S. Department of Justice.
  • DataWalk software is a key component of a broader solution provided by partner Research Innovations, Inc., (RII), the prime contractor for this DOJ project.
  • "DataWalk provides compelling product capabilities for a wide range of law enforcement use cases, including anti-money laundering analysis and investigations, at a very competitive cost point."
  • The Money Laundering and Asset Recovery Section (MLARS) leads the DOJ's asset forfeiture and anti-money laundering enforcement efforts.

DiCello Levitt: California University Systems Sued on Behalf of More Than 700,000 Students for Refusing to Refund Fees in Wake of Coronavirus Pandemic

Retrieved on: 
Tuesday, April 28, 2020
Legal, Professional services, Asset forfeiture, Disgorgement, DiCello Levitt, Matthew S. Miller LLC, Cowper Law PC

The two major California university systems, which serve more than 700,000 students, have profited from the ongoing coronavirus pandemic by refusing to refund unused portions of their campus fees, according to a pair of lawsuits filed today in federal court in California.

Key Points: 
  • The two major California university systems, which serve more than 700,000 students, have profited from the ongoing coronavirus pandemic by refusing to refund unused portions of their campus fees, according to a pair of lawsuits filed today in federal court in California.
  • Students who lived in on-campus housing were either told they had to move out or were encouraged to do so.
  • Most students, therefore, chose to leave campus to be closer to their families, or to avoid potential exposure to COVID-19.
  • The lawsuits seek disgorgement of the prorated, unused amounts of campus fees that the class members paid.

B.C. couple owing $19 million to BCSC must remain in bankruptcy

Retrieved on: 
Wednesday, April 15, 2020
Debt, Asset forfeiture, Disgorgement, Bankruptcy, Debtor, Articles

The Poonians asked the court to exit the bankruptcy process, arguing that they were "honest but unfortunate debtors" who have no ability to pay their debts.

Key Points: 
  • The Poonians asked the court to exit the bankruptcy process, arguing that they were "honest but unfortunate debtors" who have no ability to pay their debts.
  • The panel ordered the Poonians to pay a combined $13.5 million in administrative penalties and a combined $5.5 million disgorgement of their ill-gotten gains.
  • The BCSC and Minister of National Revenue argued that discharging the Poonians from bankruptcy would be contrary to the public interest and a misuse of Canada's bankruptcy law.
  • Any funds paid to satisfy the $5.5 million disgorgement order would be given to investors who lost money in the Poonians' scheme.