The Wall Street Legal & Regulatory Feed
Securities Industry Commentator by Bill Singer Esq
April 11, 2018
Enforcement Investigation Finds Widespread Fraud in Crypto Offerings (TSSB Enforcement Report) https://www.ssb.texas.gov/sites/default/files/CRYPTO%20SWEEP%20report%20April%2010%202018.pdf
After its Enforcement Division conducted a four-week investigation involving 32 investigations, the Texas State Securities Board found widespread fraud in cryptocurrency offerings. READ the FULL TEXT Report. Among the findings set forth in TSSB's Envforcement Report are
- No promoters were registered to sell securities in Texas, a violation of the Texas Securities Act;
- 30 promoters were broadly using websites, social media, and online advertising to market to Texans;
- Seven promoters were offering securities tied to a new cryptocurrency;
- At least five promoters all but ignored investing risks by guaranteeing returns, some as high as 40% per month;
- Only 11 promoters provided potential investors with a physical address, leaving investors with little recourse if they lose their money; and
- Six of the offerings involved payment of a commission to investors who recruited new investors into the scheme.
British Lawyer Found Guilty After Trial For His Participation In Multimillion-Dollar Tax Fraud Scheme Involving Swiss Bank Accounts (DOJ Press Release)
https://www.justice.gov/usao-sdny/pr/british-lawyer-found-guilty-after-trial-his-participation-multimillion-dollar-tax-fraud
https://www.justice.gov/usao-sdny/pr/british-lawyer-found-guilty-after-trial-his-participation-multimillion-dollar-tax-fraud
After a three-week trial in the United States District Court for the Southern District of New York, a jury found British Attorney Michael Little (who is also licensed to practice law in New York) guilty of obstructing and impeding the due administration of the internal revenue laws, failing to file personal income tax returns from 2005 to 2010, willfully failing to file reports of foreign bank and financial accounts, conspiracy to defraud the United States, and aiding and assisting the preparation of false tax returns. The conviction was in connection with Little's participation in an 11-year tax fraud scheme in which he advised and helped the American Seggerman family to defraud the Internal Revenue Service by hiding approximately $14 million in overseas Swiss bank accounts and by other means, failed to file his own personal tax returns, and assisted in the filing of false tax returns.
Oppenheimer And Euro Pacific Duke It Out In $35 Million Unfair Competition Arbitration (BrokeAndBroker.com Blog)
http://www.brokeandbroker.com/3916/oppenheimer-euro-pacific-finra/
http://www.brokeandbroker.com/3916/oppenheimer-euro-pacific-finra/
Today's BrokeAndBroker.com Blog presents an old-fashioned knock-down-drag-out fight involving former employer Euro Pacific Capital, its former employee Steven Savoy, and his new employer Oppenheimer & Co. From the opening bell, it's obvious that there's more than a tad of bad blood between the former employer and employee. We got Euro Pacific comin' out swingin' and seeking to land a knock-out in the form of an extensive permanent injunction. In fact, before Euro even gets into the FINRA arbitration ring, the firm gets in a few shots during a preliminary bout in federal court. The fans were expecting a tag team between Oppenheimer and Savoy but the latter was nowhere to be found.