SEC
Executives Charged With Inflating Performance of Real Estate Investment Trust
The Securities and Exchange Commission today charged two former accounting executives with overstating the financial performance of a large publicly-traded real estate investment trust (REIT) then known as American Realty Capital Properties (ARCP) by purposely inflating a key metric used by analysts and investors to assess the company
Purported Green Technology Company Defrauding Investors
The Securities and Exchange Commission today charged a California-based company and two executives with using baseless financial projections and other misleading statements to defraud investors in a venture to manufacture environmentally-friendly building materials.
SEC Proposes Rules to Modernize Property Disclosures for Mining Registrants
The Securities and Exchange Commission today announced that it has proposed rules to modernize the disclosure requirements for mining properties by aligning them with current industry and global regulatory practices and standards. The proposed revisions would update disclosure requirements for mining registrants in Item 102 of Regulation S-K under the Securities Act of 1933 and the Securities Exchange Act of 1934 and related guidance in Industry Guide 7
Mortgage Company and Executives Settle Fraud Charges
The Securities and Exchange Commission today announced that a California-based mortgage company and six senior executives agreed to pay $12.7 million to settle charges that they orchestrated a scheme to defraud investors in the sale of residential mortgage-backed securities guaranteed by the Government National Mortgage Association (Ginnie Mae).
SEC: Stockbroker Stole Investor Money for Home Renovations
The Securities and Exchange Commission today announced fraud charges against a former stockbroker accused of stealing investor money to remodel his house and pay other bills. The SEC alleges that Bernard M. Parker raised more than $1.2 million from his longstanding brokerage customers and others who were told they were purchasing legitimate real estate tax lien certificates and would earn returns of six to nine percent annually
SEC Charges Home Loan Servicing Solutions for Misstatements and Inadequate Internal Controls
The Securities and Exchange Commission today charged Home Loan Servicing Solutions Ltd. (HLSS) for making material misstatements about its handling of related party transactions and the value of its primary asset and for having inadequate internal accounting controls
SEC Announces Compliance Outreach Program Seminars for Investment Adviser and Investment Company Senior Officers
The events provide an opportunity for SEC staff to share information about risks, priorities, and deficiencies observed in examinations or investigations and to discuss how senior executives and compliance professionals have addressed such matters.
SEC Obtains Asset Freeze in California-Based Real Estate Investment Scheme
Washington D.C. - November 4, 2013 - (RealEstateRama) -- The Securities and Exchange Commission today announced fraud charges and an emergency asset freeze against a group of Pasadena, Calif.-based companies at the center of an ongoing real estate investment scheme.
SEC Charges Real Estate Executives in Florida-Based $300 Million Investment Scheme
Washington, D.C. - January 30, 2013 - (RealEstateRama) -- The Securities and Exchange Commission today charged five former real estate executives who defrauded investors into believing they were funding the development of five-star destination resorts ...
SEC Charges Former Jefferies Executive with Defrauding Investors in Mortgage-Backed Securities
Washington, D.C. - January 28, 2013 - (RealEstateRama) -- The Securities and Exchange Commission today charged a former executive at New York-based broker-dealer Jefferies & Co. with defrauding investors while selling mortgage-backed securities (MBS) in the wake of the financial crisis so he could generate additional revenue for his firm.
SEC Charges Baton Rouge-Based Investment Adviser with Hiding Losses From Mortgage-Backed Securities Investments
Washington, D.C. - November 9, 2012 - (RealEstateRama) -- The Securities and Exchange Commission today charged a hedge fund manager in Baton Rouge, La., with defrauding investors by hiding millions of dollars in losses suffered during the financial crisis from investments tied to residential mortgage-backed securities (RMBS).
SEC Charges Connecticut-Based Broker with Stealing Investor Funds to Pay Mortgage and Shopping Bills
Washington, D.C. - September 13, 2012 - (RealEstateRama) -- The Securities and Exchange Commission today charged a broker and his company based in Danbury, Conn., with stealing at least $600,000 from customers who he persuaded to withdraw money from their brokerage accounts he managed at other firms and instead invest with him directly.
SEC Shuts Down San Diego-Based Real Estate Investment Fraud
Washington, D.C. - September 10, 2012 - (RealEstateRama) -- The Securities and Exchange Commission today announced an asset freeze against a San Diego-based firm and its owner accused of running a real estate investment fraud that raised approximately $50 million from hundreds of investors nationwide
SEC Charges New Jersey Man in Real Estate Investment Scam
Washington, D.C. WASHINGTON, D.C. The Securities and Exchange Commission today charged a New Jersey man with operating a Ponzi-like scheme involving a series of investment vehicles formed for the purported purpose of purchasing and managing rental apartment buildings in New Jersey and Pennsylvania.
H&R Block Subsidiary Agrees to Pay $28.2 Million to Settle SEC Charges Related to...
Washington, D.C. - April 25, 2012 - (RealEstateRama) -- The Securities and Exchange Commission today charged H&R Block subsidiary Option One Mortgage Corporation with misleading investors in several offerings of subprime residential mortgage-backed securities (RMBS) by failing to disclose that its financial condition was significantly deteriorating.
SEC Charges Three Mortgage Executives With Fraudulent Accounting Maneuvers in Midst of Financial Crisis
Washington, D.C. - March 13, 2012 - (RealEstateRama) -- The Securities and Exchange Commission today charged the senior-most executives at formerly one of the nation’s largest mortgage companies with hiding the company’s deteriorating financial condition at the onset of the financial crisis. The plan backfired and the company lost 90 percent of its value in two weeks.
SEC Halts Father-Son Ponzi Scheme in Utah Involving Purported Real Estate Investments
Washington, D.C. - December 16, 2011 - (RealEstateRama) -- The Securities and Exchange Commission today charged a father and son in Utah with securities fraud for selling purported investments in their real estate business that turned out to be nothing more than a wide-scale $220 million Ponzi scheme.
Citigroup to Pay $285 Million to Settle SEC Charges for Misleading Investors About CDO...
Washington, D.C. - October 19, 2011 - (RealEstateRama) -- The Securities and Exchange Commission today charged Citigroup’s principal U.S. broker-dealer subsidiary with misleading investors about a $1 billion collateralized debt obligation (CDO) tied to the U.S. housing market in which Citigroup bet against investors as the housing market showed signs of distress. The CDO defaulted within months, leaving investors with losses while Citigroup made $160 million in fees and trading profits.
SEC Halts Scheme Involving Investments to Purportedly Help Homeowners Restructure Mortgages
Washington, D.C. - October 19, 2011 - (RealEstateRama) -- The Securities and Exchange Commission today announced that it has obtained an emergency court order to freeze the assets of a Texas resident and his company charged with falsely telling investors he was using their money to buy and restructure pools of non-performing home mortgages in the wake of the housing market’s decline.
SEC Seeks Public Comment on Asset-Backed Issuers and Mortgage-Related Pools Under Investment Company Act
Washington, D.C. - September 1, 2011 - (RealEstateRama) -- The Securities and Exchange Commission today voted unanimously to request public comment on the treatment of asset-backed issuers as well as real estate investment trusts (REITs) and other mortgage-related pools under the Investment Company Act
