Securities and Exchange Commission (SEC)

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Brooge Energy Ltd. et al: $5.2M Fines & Prohibitions (USA)

December 22, 2023
Administrative Order by the U.S. Securities and Exchange Commission imposing fines of $5 million, $100,000, and $100,000, respectively, on Brooge Energy Limited, formerly Brooge Holdings Limited, described as a Cayman Islands-domiciled, United Arab Emirates-based company; Nicolaas Lammert Paardenkooper, described as a citizen of the Netherlands, and Lina Saheb, described as a citizen of Iraq, and industry prohibitions on Paardenkooper and Saheb regarding "an accounting and offering fraud".

SEC v. Dozy Mmobuosi et al: Complaint (‘Securities Fraud’)

December 18, 2023
Complaint "halt an ongoing fraud carried out by three related companies" in U.S. Securities and Exchange Commission v. Mmobuosi Odogwu Banye, a.k.a. Dozy Mmobuosi, described as a resident of London, England; Tingo Group Inc., described as a Delaware company based in New Jersey; Agri-Fintech Holdings Inc., f.k.a. Tingo Inc., described as a Nevada company based in Utah, and Tingo International Holdings Inc., described as a Delaware company based in Stamford, Connecticut, at the U.S. District Court for the Southern District of New York.

SEC v. Brite Advisors USA, Inc.: Complaint (‘Fraud’)

November 21, 2023
Complaint alleging the defendant "has failed and continues to fail to comply with the Commission’s "Custody Rule", which, to ensure the safety of client assets, requires an annual report from an independent public accountant of Brite Australia’s internal controls" in U.S. Securities and Exchange Commission v. Brite Advisors USA, Inc. at the U.S. District Court for the Southern District of New York.

SEC v. Kraken: Complaint (‘Unregistered Crypto Exchange’)

November 20, 2023
Complaint alleging the defendants operated - in the form of a crypto platform - as a securities exchange, broker/dealer, and clearing agency without being registered in U.S. Securities and Exchange Commission v. Payward Inc. and Payward Ventures Inc., collectively doing business as Kraken, at the U.S. District Court for the Northern District of California.

SEC v. John Hughes: Complaint (‘Investment Adviser Fraud’)

November 2, 2023
Complaint alleging "a multi-year investment adviser fraud orchestrated by Hughes, Individual 1, Prophecy Asset Management LP, and Individual 2" involving entities in the British Virgin Islands, Cayman Islands, and Delaware in U.S. Securities and Exchange Commission v. John Hughes at the U.S. District Court for the District of New Jersey.

SEC v. SafeMoon LLC et al: Complaint (‘Crypto Securities Fraud’)

November 1, 2023
Complaint alleging the defendants "perpetrated a massive fraudulent scheme that generated millions through the unregistered offer and sale of a crypto asset security called the SafeMoon Token" in U.S. Securities and Exchange Commission v. SafeMoon LLC, SafeMoon US LLC, Kyle Nagy, Braden John Karony, and Thomas Glenn Smith at the U.S. District Court for the Eastern District of New York.

SEC v. Aras Investment Business Group S.A.P.I. de C.V. et al: Complaint (‘$6M Fraud’)

September 21, 2023
Complaint alleging "a multi-million-dollar Ponzi scheme, affinity fraud, and unregistered offering of securities" in U.S. Securities and Exchange Commission v. Aras Investment Business Group S.A.P.I. de C.V., of Chihuahua, Mexico; Armando Gutierrez Rosas, Maria de Lourdes Tolentino Roque, Diayanira Rendon Trejo, Efren Norberto Quiroz Gardea, and Luis Ricardo Quiroz Gardea, all citizens of Mexico, at the U.S. District Court for the Western District of Texas.

SEC v. William Miller: Complaint (‘$10M Securities Fraud’)

September 19, 2023
Complaint alleging the defendant "made material misstatements to two entities that would each invest $5 million in Woodstock Partners, a charter school in Minnesota and a real estate fund in Michigan" involving entities in the Cayman Islands, Delaware, and New Jersey in U.S. Securities and exchange Commission v. William E. Miller, of Charlotte, North Carolina, USA, at the U.S. District Court for the Southern District of New York.

SEC v. Concord Management LLC et al: Complaint (‘$7.2B Unregistered Investment Advisers for Sanctioned Russian’)

September 19, 2023
Complaint alleging the defendants operated as "investment advisers for the benefit of a single client: a wealthy former Russian political official living outside the United States" without being registered with the SEC, managing "a private fund securities portfolio with an estimated total value of $7.2 billion", in U.S. Securities and Exchange Commission v. Concord Management LLC and Michael Matlin, both of New York, USA, at the U.S. District Court for the Southern District of New York. Editor's Note: The 'Russian client' is not identified in the SEC's complaint but The New York Times reported that it was Roman Abramovich.

SEC v. Wilson Rondini III et al: Complaint (‘Unregistered Broker-Dealer’)

September 18, 2023
Complaint alleging the defendants operated as a broker-dealer without being registered in U.S. Securities and Exchange Commission v. Wilson J. Rondini III, of Florida, USA; Falcon Capital LLP, of the United Kingdom, and Falcon Capital Partners Limited, of Hong Kong, at the U.S. District Court for the Southern District of Florida.

SEC v. NDB Inc. et al: Complaint (‘$1.2M Securities Fraud’)

September 14, 2023
Complaint alleging "the fraudulent offer and sale of securities" in U.S. Securities and Exchange Commission v. NDB Inc., described as a Wyoming-domiciled and based "private technology startup company formerly based in San Francisco and Pleasanton, California", and Nima Golsharifi, described as a resident of London, England, at the U.S. District Court for the Northern District of California.

SEC v. Guosheng Qi et al: Complaint (‘Securities Fraud’)

September 7, 2023
Complaint alleging "misuse and unreported use of funds raised in a 2016 initial public offering (IPO) as well as Defendants’ failure to disclose millions of dollars in related-party transactions that benefitted Defendant Qi’s family members" in U.S. Securities and Exchange Commission v. Guosheng Qi, described as a resident of China and Hong Kong, and Gridsum Holding Inc., described as Cayman Islands-domiciled "cloud-based analytics company", as Defendants, and Huijie He, described as a resident of China and Hong Kong, as Relief Defendant, at the U.S. District Court for the Southern District of New York.

SEC v. Andrew Waters et al: Complaint (‘Securities Fraud’)

August 18, 2023
Complaint alleging securities fraud regarding "his private sale of restricted common stock in ECom Products Group Corporation, a Florida corporation that purportedly owns, consolidates, and manages e-commerce platforms" in U.S. Securities and Exchange Commission in Andrew Wyles Waters, a citizen of Australia, as Defendant, and Helen Q. Waters, a citizen of Australia, as Relief Defendant, at the U.S. District Court for the Central District of California.

SEC v. Christopher Slaga et al: Complaint (‘$3.5M Securities Fraud’)

August 7, 2023
Complaint regarding "Defendants’ scheme that raised approximately $3.5 million from at least 17 investors through a fraudulent and unregistered securities offering" in U.S. Securities and Exchange Commission v. Christopher Slaga, a.k.a. Keith Renko, described as a resident of Barbados; Q4 Capital Group LLC, J4 Capital Advisors LLC, and Hayden Greene at the U.S. District Court for the Central District of California.

SEC v Charles Holzer et al: Complaint (‘$382K Insider Trading’)

August 2, 2023
Complaint in U.S. Securities and Exchange Commission v. Charles Rustin Holzer, of Wellington, Florida, USA, as Defendant, and Maglione International Ltd. and Frontenac Investments Ltd., both of the Cayman Islands, as Relief Defendants, at the U.S. District Court for the Southern District of New York.

SEC v. Sisu Capital LLC et al: Complaint

August 1, 2023
Complaint in U.S. Securities and Exchange Commission v. Sisu Capital LLC, of California, USA; Timothy Overture, of California, USA, and Hansueli Overture, described as a resident of Hallau, Switzerland, at the U.S. District Court for the Northern District of California.

RTW Investments LP: $1.4M Fine (SPACs)

May 30, 2023
Administrative Order by the U.S. Securities and Exchange Commission imposing a fine of $1.4 million on RTW Investments LP for regulatory breaches involving entities in the Cayman Islands, Guernsey, and USA.

Corvex Management LP: $1M Fine

April 14, 2023
Administrative Order by the U.S. Securities and Exchange Commission imposing a fine of $1 million on Corvex Management LP for regulatory breaches "in connection with the firm's activities related to certain special purpose acquisition companies" that, inter alia, involved entities in the Cayman Islands and Delaware.

Michele Mason: $3.8K Penalties (‘Crypto Promotion’)

March 22, 2023
Administrative Order by the U.S. Securities and Exchange Commission imposing penalties totaling $3,820 on Michele Mason Lohan, described as “a film director and internet personality known as 'Kendra Lust'" residing in Michigan, USA, for promoting a crypto security known as “Tronix tokens” without disclosing that she was paid to do so.

Akon: $168K Penalties (‘Crypto Promotion’)

March 22, 2023
Administrative Order by the U.S. Securities and Exchange Commission imposing penalties totaling $168,000 on Aliaune Damala Badara Akon Thiam, described as "a well-known entertainer and internet personality known as 'Akon'" residing in Georgia, USA, for promoting a crypto security known as “Tronix tokens” without disclosing that he was paid to do so.

Shaffer Smith: $48K Penalties (‘Crypto Promotion’)

March 22, 2023
Administrative Order by the U.S. Securities and Exchange Commission imposing penalties totaling $48,000 on Shaffer Smith, described as “a well-known entertainer and internet personality known as 'Ne-Yo'” residing in Georgia, USA, for promoting a crypto security known as “Tronix tokens” without disclosing that he was paid to do so.

Miles McCollum: $40K Penalties (‘Crypto Promotion’)

March 22, 2023
Administrative Order by the U.S. Securities and Exchange Commission imposing penalties totaling $40,000 on Miles McCollum, described as "a well-known recording artist and internet media personality known as 'Lil Yachty'" residing in Georgia, USA, for promoting a crypto security known as “Tronix tokens” without disclosing that he was paid to do so.

Jake Paul: $100K Penalties (‘Crypto Promotion’)

March 22, 2023
Administrative Order by the U.S. Securities and Exchange Commission imposing penalties totaling $100,000 on Jake Paul, described as "a well-known internet personality and professional boxer" residing in Puerto Rico, for promoting a crypto security known as "Tronix tokens" without disclosing that he was paid to do so.

Lindsay Lohan: $40K Penalties (‘Crypto Promotion’)

March 22, 2023
Administrative Order by the U.S. Securities and Exchange Commission imposing penalties totaling $40,000 on Lindsay Lohan, described as "a well-known actress, singer, and internet personality" residing in Dubai, United Arab Emirates, for promoting a crypto security known as "Tronix tokens" without disclosing that she was paid to do so.

Equity Acquisition Company Ltd. et al: $3.9M Penalties (USA)

March 3, 2023
Administrative Order by the U.S. Securities and Exchange Commission imposing disgorgement and penalties totaling $3.9 million on Equity Acquisition Company Ltd., described as "a trust organized under the laws of Bermuda", and Carsten Klein, described as "a citizen of Germany and lawful permanent resident of the United States residing in Parkland, Florida" to settle allegations of unregistered activity.

African Gold Acquisition Corp.: $103K Fine

February 22, 2023
Administrative Order by the U.S. Securities and Exchange Commission imposing a fine of $103,591 on African Gold Acquisition Corp., described as "a publicly traded special purpose acquisition company incorporated in the Cayman Islands with its principal place of business in New York, New York", for, inter alia, the entity's "failure to implement sufficient internal controls enabled its former chief financial officer [Cooper Morgenthau] to misappropriate nearly all of the money in African Gold’s operating bank account and to otherwise effectively use African Gold’s operating bank account as his own personal account for over one year".

Nexo Capital Inc.: $22.5M Fine (‘Unregistered Crypto Offering’)

January 19, 2023
Administrative Order by the U.S. Securities and Exchange Commission imposing a civil money penalty of $22.5 million on Nexo Capital Inc., described as a Cayman Islands-domiciled provider of "crypto asset-related financial products and services", for an unregistered securities offering.

Leroy King: Order Instituting Administrative Proceedings

October 7, 2022
Order Instituting Administrative Proceedings in U.S. Securities and Exchange Commission v. Leroy King, described as "a dual citizen of both the United States and Antigua and Barbuda" who "served as the Administrator and Chief Executive Officer of the Financial Services Regulatory Commission, an agency of the Antiguan government, from approximately 2002 to 2009" and is currently serving a 10-year prison sentence after pleaded guilty to criminal charges regarding a fraud committed by former banker Allen Stanford

Kim Kardashian: $1.26M Penalties (‘Crypto Promotion-Undisclosed Compensation’)

October 3, 2022
Administrative Order by the U.S. Securities and Exchange Commission imposing penalties totaling $1.26 million on Kimberly Kardashian, described as "a well-known media personality and businesswoman" for promoting "a crypto asset security" known as EthereumMax (EMAX) without disclosing that she received compensation of "approximately $250,000".

Sparkster Ltd. et al: $30M+ Penalties (‘Unregistered Crypto Offering’)

September 19, 2022
Administrative Order by the U.S. Securities and Exchange Commission imposing fines and disgorgement totaling $30.75 million on Sparkster Ltd. of the Cayman Islands, and Sajjad Daya, a resident of the United Kingdom, for conducting an unregistered securities offering involving crypto.

Gol Linhas Aéreas Inteligentes SA: $70M Penalty

September 15, 2022
Administrative Order by the U.S. Securities and Exchange Commission that it has imposed disgorgement and interest totaling $70 million on GOL Linhas Aéreas Inteligentes SA, a.k.a. GOL Intelligent Airlines Inc., of São Paulo, described as "the second largest domestic airline in Brazil by market share", for "a scheme to bribe government officials in Brazil in exchange for certain payroll tax and fuel tax reductions that financially benefited Gol, along with other airlines".

SparkLabs Global Ventures Management LLC et al: $225K Fines

September 12, 2022
Administrative Order by the U.S. Securities and Exchange Commission imposing fines totaling $225,000 on SparkLabs Global Ventures Management LLC, of Delaware; SparkLabs Management LLC, of Delaware, and Bernard Moon, of California, for "unauthorized and undisclosed inter-fund loan transactions" involving, inter alia, Cayman Islands-domiciled entities based in South Korea and Taiwan.

Hudson Advisors LP et al: $11.2M Fine

September 12, 2022
Administrative Order by the U.S. Securities and Exchange Commission that it has imposed a fine of $11.2 million on investment advisers Hudson Advisors LP, of Delaware, and Lone Star Global Acquisitions Ltd., of Bermuda, which "failed to fully disclose Hudson's practice for calculating and charging certain fees".

Ridgeview Asset Management Partners LLC: $70K Fine

September 9, 2022
Administrative Order by the U.S. Securities and Exchange Commission imposing a fine of $70,000 on Ridgeview Asset Management Partners LLC for regulatory breaches involving entities in Brazil and USA.

Garrison Investment Group LP: $330K Fine

September 9, 2022
Administrative Order by the U.S. Securities and Exchange Commission imposing a fine of $330,000 on Delaware-domiciled investment adviser Garrison Investment Group LP for regulatory breaches involving entities in the Cayman Islands and USA.

BiscayneAmericas Advisers LLC: $135K Fine

September 9, 2022
Administrative Order by the U.S. Securities and Exchange Commission imposing a fine of $135,000 on BiscayneAmericas Advisers LLC for conduct that involved, inter alia, three Cayman Islands entities.

Perceptive Advisors LLC: $1.5M Fine

September 6, 2022
Administrative Order by the U.S. Securities and Exchange Commission imposing a fine of $1.5 million on Perceptive Advisors LLC for regulatory breaches involving entities in the Cayman Islands and United States.

Corona Associates Capital Management LLC et al: $80K Fines

June 30, 2022
Administrative Order by the U.S. Securities and Exchange Commission imposing fines totaling $80,000 on Corona Associates Capital Management LLC, of California; Julian Scurci, of Palo Alto, California, and Giovanni Sergio Scurci, a.k.a. John Scurci, of Riviera Beach, Florida, for alleged "material misrepresentations" involving Antilles Capital Master Fund LP and Antilles Capital Fund (BVI) Ltd., both of the British Virgin Islands, and Dorado Capital Partners LP, of California.

Geluk Capital Management Ltd. et al: $93K Penalties

June 24, 2022
Administrative Order by the U.S. Securities and Exchange Commission imposing penalties totaling $92,688 on Geluk Capital Management Ltd., of the Bahamas, and Douglas Gerald Fathers, of New Jersey, for alleged "misrepresentations".

Petroteq Energy, Inc. et al: Fines

June 13, 2022
Administrative Order by the U.S. Securities and exchange Commission imposing fines of $1 million and $450,000, respectively, on Petroteq Energy, Inc., of Canada, and Aleksandr Blyumkin, of California.

Tenaris SA: $25M Fine

June 2, 2022
Administrative Order by the U.S. Securities and Exchange Commission imposing a fine of $25 million on Tenaris S.A., described as "a global manufacturer and supplier of steel pipe products and related services, headquartered in Luxembourg", for "violations of the anti-bribery, books and records, and internal accounting controls provisions of the Foreign Corrupt Practices Act of 1977 by Tenaris, as a result of a bribe scheme involving agents and employees of its Brazilian subsidiary to obtain and retain business from a Brazil state-owned entity Petróleo Brasileiro S.A.".

Wells Fargo Clearing Services LLC: $7M Fine

May 20, 2022
Administrative Order by the U.S. Securities and Exchange Commission imposing a fine of $7 million on Wells Fargo Clearing Services LLC for "failure to timely file certain suspicious activity reports between April 2017 and October 2021" involving wire transfers "to or from certain foreign countries determined to be at a high risk or moderate risk for money laundering, terrorist financing or other illegal monetary movements", including "Costa Rica, Turkey, Honduras, the British Virgin Islands, Antigua, Cayman Islands, Ukraine, and Guernsey".

Thomas Plaut: Industry Ban

May 19, 2022
Administrative Order by the U.S. Securities and Exchange Commission imposing an industry ban on Thomas F. Plaut, described as "the sole owner, Chairman, and CEO of Worldwide Markets Ltd., a British Virgin Islands company with its principal place of business in Woodcliff Lake, New Jersey".

SEC v. StraightPath Venture Partners LLC et al: TRO Motion (‘Securities Fraud’)

May 13, 2022
Plaintiff's emergency application for an order to show cause, temporary restraining order, preliminary injunction, asset freeze, receiver, and other relief in U.S. Securities and Exchange Commission v. StraightPath Venture Partners LLC, StraightPath Management LLC, Brian K. Martinsen, Michael A. Castillero, Francine A. Lanaia, and Eric D. Lachow at the U.S. District Court for the Southern District of New York.

Stericycle, Inc.: $24M Penalty

April 20, 2022
Administrative Order by the U. S. Securities and Exchange Commission imposing a penalty of $23,987,520 on Stericycle, Inc., described as a Delaware-domiciled "world-wide provider of medical waste and other services" for "violations of the anti-bribery, books and records, and internal accounting controls provisions of the Foreign Corrupt Practices Act of 1977" involving "wholly-owned subsidiaries in Brazil, Mexico, and Argentina".

John Gunn: Suspension

April 8, 2022
Administrative Order by the U.S. Securities and Exchange Commission imposing a suspension on John William Gunn, described as a citizen of the United Kingdom residing in Hong Kong.