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Posts Tagged SEC

New Jersey Electronics Companies Owner Sentenced to 70 Months for Smuggling Sensitive Material to Russia

Cinnaminson, NJ-  From 2008 to 2014, Alexander Brazhnikov of Newark, NJ made over $4 million in undeclared profits and amassed $600,000 in assets as owner of four microelectronics companies.  Brazhnikov smuggled over $65 million worth of sensitive electronics to Russia, using his four companies as shells.  Following sentencing in a federal

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Connecticut Cardiologist Charged with Insider Trading Surrounding Confidential Drug Trial Results

Cinnaminson, NJ-  Connecticut cardiologist Dr. Edward Kosinski has been charged with insider trading surrounding two negative news developments on a drug he invested in.  Prior to news breaking regarding patients having life-threatening reactions to REG-1 (the drug), Kosinski sold all 40,000 shares he owned, dodging a $160,000 loss.  One

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SEC: Merrill Lynch to Pay $415 Million for Violating Customer Protection Rule

Cinnaminson, NJ-  Following an SEC investigation, Merrill Lynch has agreed to pay $415 million in fines and damages for transgressions against the SEC Customer Protection Rule.  Merrill Lynch entered complex options trades that falsely reduced the required deposit of customer cash, freeing up billions of reserve dollars to be used for unreported

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SEC: Whistleblower Receives $17 million in Awards, Second-Highest Payout Yet

Cinnaminson, NJ-  SEC announces second-largest award in program’s five year history; $17 million.  Created to encourage individuals to speak out against corrupt practices by promising both anonymity and awards, the SEC’s Whistleblower program continues to experience rising success and airplay.  Per the article, the name of the individual who came forward,

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SEC: Two Companies Settle via NPAs, Admit to Bribery of Chinese Subsidiaries

Cinnaminson, NJ- Per FCPA, two companies to agree to SEC non-prosecution agreements.   Akami Technologies (MA) and Nortek Inc. (RI) have both faced unconnected allegations of ill-gotten gains from bribery of Chinese subsidiaries. The companies are agreeing to forfeit $652,452 and $291,403, respectively, for confession to bribing and

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Genentech Inc, OSI Pharmaceuticals Face $67 Million Settlement Fine, $10 Million to Whistleblower

Cinnaminson, NJ- Genentech Inc. (San Francisco, CA) and OSI Pharmaceuticals LLC (Farmingdale, NY) are to jointly pay $67 million following allegations of distorting effectiveness of a drug under the False Claims Act. The drug, Tarceva, was endorsed by both companies for its treatment of non-small cell lung

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Nashville Firm, CEO Alleged to Have Fraudulently Collected Extra Fees from Hedge Funds

Cinnaminson, NJ- Nashville-based Hope Advisors Inc. and CEO, Karen Bruton, facing allegations of fraudulent fee collection per SEC. Although no conviction has been made, the company is currently facing a freezing of $7 million in assets while investigation ensues.  The original article is reproduced below with its

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SEC Whistleblower Program Continues, Rewards Two Individuals $450,000

Cinnaminson, NJ- The SEC has continued to demonstrate its power in its new whistleblower program, rewarding two whistleblowers with $450,000 jointly. The third SEC whistleblower award this month, this payout follows a multi-million dollar settlement just last week, illustrating the SEC’s conviction in protecting, encouraging, and rewarding

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SEC Awards Over $5 Million to Whistleblower, Provides Anonymity

Cinnaminson, NJ- The Security and Exchange Commission’s (SEC) whistleblower program continues to build momentum, awarding its third-highest whistleblower payment ($5-6 million) as well as censoring his/her identity and former employer.  The subsequent article is reproduced below, with original link following.     SEC Awards More Than $5

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