Items Tagged with 'Securities and Exchange Commission'

ARTICLES

  • SEC accuses Chicago house flipper of running $20 million real estate fraud scheme

    George Slowinski and Rebuilding America raised $20 million from 600+ investors
    The SEC this week accused the owner of a real estate investment company of perpetrating a $20 million real estate fraud scheme by convincing more than 600 investors to give money under the auspices of flipping houses in the Chicago area. But instead of making money on real estate, George Slowinski allegedly took some of the investors’ money for himself and his associates, made bad investments, and eventually cost his investors $17 million.
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  • Top U.S. landlord charged with running Ponzi scheme in massive multifamily mortgage fraud probe

    DOJ and SEC file multiple charges against Robert Morgan for multimillion-dollar scam
    Robert Morgan, one of the largest landlords in the country, was hit with multiple charges this week by both the DOJ and the SEC for allegedly running a Ponzi-type scheme that involves shuffling around money from investors and falsifying loan documents. The charges are the culmination of a cross-agency investigation into a massive multifamily mortgage fraud scheme that raises serious questions about GSE regulations for multifamily financing.
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  • Fintech lender Prosper to pay $3 million fine for misleading investors

    Settles SEC charges that it reported inflated returns
    Prosper, a longtime player in the personal lending space, announced plans in November to enter the mortgage arena with a digital HELOC product that promised to disrupt home equity lending. But there's a chance these plans could be put on hold. The SEC announced Friday that Prosper has agreed to pay a $3 million fine to settle charges that it misled to investors by reporting inflated returns.
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  • SEC joins DOJ in giving up case against mortgage bond trader Jesse Litvak

    SEC abandons pursuit of former Jefferies managing director
    Over the summer, the Department of Justice gave up its five-year pursuit of former Jefferies managing director and mortgage-backed securities trader Jesse Litvak, ending the DOJ’s effort to jail the trader for allegedly lying to customers about mortgage bond trades. And now, the Securities and Exchange Commission has done the same thing.
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  • SEC: Former construction company CEO lied about post-Katrina business to raise stock price

    Former CEO of Home Solutions of America fined and sanctioned
    The former CEO and chief financial officer of a disaster restoration and construction business conspired with other company executives to lie about the company’s business in the wake of Hurricane Katrina to drive up the company’s stock price, the Securities and Exchange Commission said Tuesday.
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  • Monday Morning Cup of Coffee: Elon Musk settles with SEC, steps down as Tesla chairman

    Plus, former Ocwen exec coughs up cash for insider trading, CFPB official is blasted for racism
    Securities fraud, insider trading and allegations of racism inside the CFPB – we’ve got a solid dose of drama to kick off your week. Read about the details of Elon Musk’s settlement with the SEC – and the hefty fine he and Tesla will pay to wronged investors. Plus, a former Ocwen exec pays the price for insider trading, and a CFPB official suffers serious backlash from his colleagues when racists blog posts emerge from his past.
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  • Elon Musk accused of securities fraud over Tesla tweets

    SEC claims Musk’s tweets about taking Tesla private violated securities laws
    Tesla Chairman and CEO Elon Musk committed securities fraud when he tweeted about taking the company private without actually securing funding as he claimed he had, the Securities and Exchange Commission claimed Thursday.
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  • Former Bankrate CFO gets 10 years for cooking the books to the tune of $25 million

    Pleaded guilty to defrauding shareholders out of $25 million
    The former chief financial officer of Bankrate will spend the next 10 years in prison after admitting in court earlier this year that he falsified the company’s accounts in a scheme that ended up costing shareholders $25 million. According to the Department of Justice, Edward DiMaria used his position at Bankrate to artificially boost the company’s earnings from 2010 through 2014.
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  • Former Colliers real estate broker admits to trying (and failing) to bribe foreign government official

    Joo Hyun Bahn paid off intermediary, who kept money for himself
    A former real estate broker at Colliers International Group admitted that he tried to bribe a foreign government official in order to secure a massive commercial real estate deal, but failed in that effort when the intermediary who was supposed to pass the money to the government official kept it for himself.
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