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Securities and Exchange Commission

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$1B Scheme: Pair Of CEOs, Including NY Man, Defrauded 10K Investors, Jury Finds $1B Scheme: Pair Of CEOs, Including NY Man, Defrauded 10K Investors, Jury Finds
$1B Scheme: Pair Of CEOs, Including NY Man, Defrauded 10K Investors, Jury Finds A New York resident was one of two CEOs convicted in federal court of a $1 billion fraud scheme involving thousands of investors. Long Island resident David Gentile, age 57, of Manhasset, and Jeffry Schneider, age 55, of Austin, Texas, were found guilty in federal court on all counts of an indictment charging them with conspiracy to commit securities fraud, conspiracy to commit wire fraud, and securities fraud. Gentile, the owner and CEO of GPB Capital Holdings, was also convicted on two counts of wire fraud. The verdict came after an eight-week trial. When sentenced on Thursd…

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by Joe Lombardi
Police & Fire
'Pig Butchering' Scams: Police In CT Warn Of Fraudulent Investment Schemes 'Pig Butchering' Scams: Police In CT Warn Of Fraudulent Investment Schemes
'Pig Butchering' Scams: Police In CT Warn Of Fraudulent Investment Schemes Authorities are warning Connecticut residents to be wary of complex investment scams targeting victims through online platforms such as dating apps and social media.  In an announcement on Tuesday, March 26, Connecticut State Police warned that there has been an increase in "pig butchering" scams involving scammers convincing victims to invest money into a fake trading platform.  According to state police, the scammer will first contact the victim through dating apps, social media, or professional networking platforms. They will then build trust with the victim over several weeks …

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by Ben Crnic
News
Bed Bath & Beyond Exec Faced $1.2B Insider Trading Lawsuit When He Jumped To His Death: Report Bed Bath & Beyond Exec Faced $1.2B Insider Trading Lawsuit When He Jumped To His Death: Report
Bed Bath & Beyond Exec Faced $1.2B Insider Trading Lawsuit When He Jumped To His Death: Report An executive at Bed Bath & Beyond who jumped 18 stories to his death at the so-called "Jenga" tower in New York City where he lived on Friday, Sept. 2 was facing a $1.2 billion insider trading lawsuit, according to a new report. Gustavo Arnal, age 52, was the company's executive vice president and chief financial officer. Arnal was among several defendants named in a complaint alleging a "pump-and-dump" stock fraud scheme, the Daily Mail first reported. Bed Bath & Beyond, the lead defendant, allegedly made a “materially false and misleading statement” in a Securities and Exchange …

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by Joe Lombardi
News
Trio Accused Of Insider Trader After Rebranded Company's Stock Surged Trio Accused Of Insider Trader After Rebranded Company's Stock Surged
Trio Accused Of Insider Trader After Rebranded Company's Stock Surged The Securities and Exchange Commission has charged three people with insider trading on allegations they bought shares of a New York company before its announcement it would "pivot" to a surprise name change and new business model. Eric Watson, an undisclosed control person of Long Island-based Long Blockchain, drove the business change during the 2017 crypto craze and tipped off his friend and broker, Oliver Barret-Lindsay, according to the SEC's complaint, filed in the United States District Court for the Southern District of New York on Friday, July 9. Long Blockchain, based in…

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by Joe Lombardi
News
Private Equity Firm Director From Norwalk Indicted For Obstruction Of Justice Private Equity Firm Director From Norwalk Indicted For Obstruction Of Justice
Private Equity Firm Director From Norwalk Indicted For Obstruction Of Justice A former Securities and Exchange Commission investigator from Fairfield County is facing an obstruction of justice charge for alleged unauthorized computer access and disclosure of confidential information to a firm where he sought a job. Michael Cohn, 59, of Norwalk, the Chief Compliance Officer of GPB Capital Holdings in Manhattan allegedly stole information from the SEC before he started working for FPB in October last year. Cohn was charged obstruction of justice, unauthorized computer access and unauthorized disclosure of confidential information and released on a $250,000 bond followi…

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by Zak Failla
News
Lawyer Who Hid Money To Avoid Paying Fraud Scheme Victims Restitution Gets Additional Sentence Lawyer Who Hid Money To Avoid Paying Fraud Scheme Victims Restitution Gets Additional Sentence
Lawyer Who Hid Money To Avoid Paying Fraud Scheme Victims Restitution Gets Additional Sentence A lawyer already behind bars for helping to facilitate a $19 million fraud scheme received an increased sentence after she attempted to hide nearly $50,000 in cash from the government. Diane Dalmy was sentenced in New Haven District Court to 60 months in prison, followed by three years of supervised release for her role in a securities “pump and dump” scheme. She was also found guilty of attempting to hide $47,000. From January 2009 through July 2016, Dalmy, who now lives in Denver, used her position as an attorney to assist others in defrauding more than 12,000 investors out of nearly…

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by Zak Failla
News
Ex-CFO From Area Sentenced, Ordered To Pay $21M Accounting Fraud Ex-CFO From Area Sentenced, Ordered To Pay $21M Accounting Fraud
Ex-cfo From Area Sentenced, Ordered To Pay $21M Accounting Fraud A former chief financial officer of Bankrate Inc. who lived in Fairfield County was given a “significant” prison sentence for accounting and securities fraud and must pay back more than $20 million. Monroe resident Edward DiMaria was sentenced to 10 years prison followed by three years of supervised release after pleading guilty in June to conspiracy to make false statements about a public company; falsifying a public company’s books, records and accounts; securities fraud and making false statements to the SEC. DiMaria must also pay $21.23 million in restitution. According to prosecutors, …

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by Zak Failla
News
Adviser, CEO From Litchfield Charged With Misleading Retail Investors Adviser, CEO From Litchfield Charged With Misleading Retail Investors
Adviser, CEO From Litchfield Charged With Misleading Retail Investors The federal Securities and Exchange Commission charged a Connecticut investment advisory firm and its chief executive officer with putting $19 million of investor money, including elderly investors' retirement savings and pension plans, in risky investments and secretly pocketing hefty commissions from those investments. The SEC's complaint alleges that Temenos Advisory, Inc. and George L. Taylor steered advisory clients and other investors, including senior citizens and individuals approaching retirement, into four risky, illiquid private offerings.  While Temenos and Taylor charged adviso…

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by Jon Craig
News
Former Executive From Westport Sentenced For Violating Supervised Release Former Executive From Westport Sentenced For Violating Supervised Release
Former Executive From Westport Sentenced For Violating Supervised Release A former rental company executive in Westport who spent more than two years in prison for cooking his company’s books is heading back behind bars after failing to pay back several million dollars since his release. John Durham, the United States Attorney for the District of Connecticut, announced this week that John Milne, 58, has been sentenced to a term of 24 months in prison for violating the conditions of his post-prison supervised release. Milne was sentenced to 27 months in prison on March 11, 2010, followed by three years of supervised release for conspiring to falsify the books and …

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by Zak Failla
News
New Canaan Man Charged In Massive Fraud Scheme Could Get 85 Years In Prison New Canaan Man Charged In Massive Fraud Scheme Could Get 85 Years In Prison
New Canaan Man Charged In Massive Fraud Scheme Could Get 85 Years In Prison A New Canaan man working as an executive for an audit firm is facing nearly 100 years in prison for his role in an elaborate wire fraud scheme. Geoffrey Berman, the United States Attorney for the Southern District of New York, announced this week that David Britt, 54, was among five former employees at accounting firm KPMG who are facing charges in connection with their scheme to defraud the Securities and Exchange Commission for several years through an elaborate series of back channels. The Public Company Accounting Oversight Board (PCAOB), which is overseen by the SEC inspects audit work…

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by Zak Failla