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SEC Charges Middlesex Mortgage Group and Masanotti with Running $5.9 Million Ponzi Scheme The U.S. Securities and Exchange Commission (“SEC”) has alleged that unregistered investment adviser John A. Masanotti, Jr. (“Masanotti” of Darien, Connecticut and his company, Middlesex Mortgage Group LLC (“MMG”), with fraud in connection with investments that MMC induced from outside investors, totaling least $5.9 million, beginning in 2016. Many of the MMG investors allegedly liquidated securities they held in retirement accounts to invest in the fund. The SEC Complaint is accessible here. According to the SEC. MMC and Masanotti allegedly used investor money to make Ponzi-like payments to investors and also used some investor funds for Masanotti’s “extravagant personal expenses,” According to the SEC, Masanotti told investors that MMC would invest their money in foreign currencies, securities and initial public offerings, but in fact MMC appears to have made no investments on their behalf. After receiving their initial payments, Masanotti continued to deceive investors to perpetuate the investment scheme, including via payments that purported to be returns on capital invested, the SEC said. Over the course of the scheme, Masanotti allegedly used more than $3 million of Middlesex’s assets for his and his family’s personal benefit, according to the suit. The SEC accuses Masanotti of violating the Securities Act and the Exchange Act. A Ponzi scheme is a purported investment vehicle in which early investors in the scheme are paid funds from later investors, thus creating the illusion of legitimacy and solvency. Ponzi schemes are often doomed to failure once the perpetrator of the scheme can no longer pay out investors through newly raised money. Some warning signs that every investor should remain mindful of when vetting a potential investment and conducting due diligence include the promise of high returns with guarantees of little or no risk; overly consistent returns with little or no volatility in the in
14 Nov 2023, 4:30 pm by InvestorLawyers
Securities and Exchange Commission (“SEC”) has alleged that unregistered investment adviser John A. [read post]
Investor Lawyers Blog - https://www.investorlawyers.net/blog/
Securities fraud charge for barred Irvine advisor
31 Jan 2018, 4:00 am by eileen peck
The Securities and Exchange Commission barred the man after he failed to respond to their inquiries. [read post]
Robert M. Helfend Blog - http://www.robertmhelfend.com/blog/
SEC Proposes Tighter Regulation of Asset-Backed Securities
15 Apr 2010, 12:34 pm by Chris Kramer
The Securities and Exchange Commission (SEC) announced that it has proposed new rules to govern the field of bonds backed by consumer loans, perhaps best known in its incarnation of mortgage-backed securities sold during the subprime housing boom. [read post]
Total Bankruptcy - http://www.totalbankruptcy.com/blog
SEC Proposes Changes to Regulation ATS for Communication Protocol Systems
14 Feb 2022, 10:00 pm
The US Securities and Exchange Commission (SEC) has proposed a sweeping expansion in how it defines securities exchanges to capture digital asset platforms, request-for-quote platforms, indication-of-interest platforms (IOI), and other messaging platforms. [read post]
Tech & Sourcing @ Morgan Lewis - https://www.morganlewis.com/blogs/sourcingatmorganlewis
SEC Proposes Changes to Regulation ATS for Communication Protocol Systems
14 Feb 2022, 10:00 pm
The US Securities and Exchange Commission (SEC) has proposed a sweeping expansion in how it defines securities exchanges to capture digital asset platforms, request-for-quote platforms, indication-of-interest platforms (IOI), and other messaging platforms. [read post]
Power & Pipes - https://www.morganlewis.com/blogs/powerandpipes
SEC Proposes Changes to Regulation ATS for Communication Protocol Systems
14 Feb 2022, 10:00 pm
The US Securities and Exchange Commission (SEC) has proposed a sweeping expansion in how it defines securities exchanges to capture digital asset platforms, request-for-quote platforms, indication-of-interest platforms (IOI), and other messaging platforms. [read post]
Up & Atom - https://www.morganlewis.com/blogs/upandatom
SEC Proposes Changes to Regulation ATS for Communication Protocol Systems
14 Feb 2022, 10:00 pm
The US Securities and Exchange Commission (SEC) has proposed a sweeping expansion in how it defines securities exchanges to capture digital asset platforms, request-for-quote platforms, indication-of-interest platforms (IOI), and other messaging platforms. [read post]
As Prescribed - https://www.morganlewis.com/blogs/asprescribed
SEC Proposes Changes to Regulation ATS for Communication Protocol Systems
14 Feb 2022, 10:00 pm
The US Securities and Exchange Commission (SEC) has proposed a sweeping expansion in how it defines securities exchanges to capture digital asset platforms, request-for-quote platforms, indication-of-interest platforms (IOI), and other messaging platforms. [read post]
Well Done - https://www.morganlewis.com/blogs/welldone
SEC Proposes Changes to Regulation ATS for Communication Protocol Systems
14 Feb 2022, 10:00 pm
The US Securities and Exchange Commission (SEC) has proposed a sweeping expansion in how it defines securities exchanges to capture digital asset platforms, request-for-quote platforms, indication-of-interest platforms (IOI), and other messaging platforms. [read post]
ML BeneBits - https://www.morganlewis.com/blogs/mlbenebits
Ex-American Northcoast Securities Broker Dominic Tropiano Allegedly Defrauded ETF Investors
9 Sep 2020, 1:48 pm by Shepherd Smith Edwards & Kantas, LLP
Barred Ohio Stockbroker Accused of Over 500 Unsuitable Exchange Traded Fund Transactions  Dominic Anthony Tropiano, a former registered broker in Ohio, is now facing US Securities and Exchange Commission (SEC) fraud charges. [read post]
Stock Broker Fraud Blog - https://www.investorlawyers.com/blog/
ABA President Urges SEC to Revise Securities Law Enforcement Policies on Attorney-Client Privilege
21 Feb 2007, 1:12 pm
Securities and Exchange Commission to revise its securities law enforcement policies that pressure corporate clients to waive attorney client privilege, work product protections and legal protections for employees during investigations. [read post]
The Datakos Blawg - http://wolfs2cents.wordpress.com
BB&T Securities To Give Back Over $5M To Retail Investors
8 Mar 2019, 9:44 am by ccollins
Brokerage firm and investment adviser BB&T Securities has agreed to give back over $5M to retail investors, as well as pay the US Securities and Exchange Commission (SEC) a $500K penalty, to resolve charges that Valley Forge Asset Management misled advisory clients into thinking they were getting complete “full-service brokerage services in-house” at an up to 70% reduced rate, even as less costly alternatives were available. [read post]
Stock Broker Fraud Blog - https://www.investorlawyers.com/blog/
Expanding Oversight: SEC Proposes Amendments to Rule 15b9-1
22 Apr 2015, 6:02 am by Harvard Law School Forum on Corporate Governance and Financial Regulation
On March 25, 2015, the Securities and Exchange Commission (“SEC” or “Commission”) proposed an amendment to Rule 15b9-1 (the “Proposal”) under the Securities Exchange Act of 1934 (“Exchange Act”) that, if adopted, would close an historical exception to the general requirement that registered broker-dealers must become members of a registered national securities association… [read post]
The Harvard Law School Corporate Governance Blog - http://blogs.law.harvard.edu/corpgov
Should Global Securities Fraud Lawsuits By Private Litigants Be Allowed? The SEC Wants To Know
3 Nov 2010, 10:14 am
The Securities and Exchange Commission is seeking comments on whether amendments should be made to federal securities laws so that private litigants can file transnational securities fraud lawsuits. [read post]
Institutional Investor Securities Blog - http://www.institutionalinvestorsecuritiesblog.com/
Twitter’s former head of security turns SEC whistleblower and says Twitter security lax exposing sensitive private information
23 Aug 2022, 6:19 am by jeffreynewmanadmin
According to news reports, including the Washington Post, Peiter Zatko, Twitter’s former head of security, has filed a whistleblower complaint with the Securities & Exchange Commission, which says the company has misled regulators about its security measures. [read post]
Whistleblower Blog - https://www.jeffreynewmanlaw.com/blog/
Securities Lawyer Accused of Fraud Is Forced to Resign
25 Oct 2007, 2:36 pm
Weisberg’s resignation comes after federal prosecutors and the Securities and Exchange Commission charged him with participating in a fraud and money-laundering operation involving two companies, Xybernaut [...] [read post]
DealBook - http://dealbook.blogs.nytimes.com/?=rss2
SEC Adopts Rule Amendments to Electronic Recordkeeping Requirements
27 Oct 2022, 10:00 pm
On October 12, 2022, the US Securities and Exchange Commission (SEC or Commission) adopted amendments (Final Rules) to the electronic recordkeeping requirements applicable to broker-dealers, security-based swap dealers, and major security-based swap participants under the Securities Exchange Act of 1934. [read post]
Up & Atom - https://www.morganlewis.com/blogs/upandatom
SEC Adopts Rule Amendments to Electronic Recordkeeping Requirements
27 Oct 2022, 10:00 pm
On October 12, 2022, the US Securities and Exchange Commission (SEC or Commission) adopted amendments (Final Rules) to the electronic recordkeeping requirements applicable to broker-dealers, security-based swap dealers, and major security-based swap participants under the Securities Exchange Act of 1934. [read post]
Tech & Sourcing @ Morgan Lewis - https://www.morganlewis.com/blogs/sourcingatmorganlewis
SEC Adopts Rule Amendments to Electronic Recordkeeping Requirements
27 Oct 2022, 10:00 pm
On October 12, 2022, the US Securities and Exchange Commission (SEC or Commission) adopted amendments (Final Rules) to the electronic recordkeeping requirements applicable to broker-dealers, security-based swap dealers, and major security-based swap participants under the Securities Exchange Act of 1934. [read post]
As Prescribed - https://www.morganlewis.com/blogs/asprescribed
Florida Court Grants Permanent Injunction
10 Dec 2007, 4:18 am
Patrick Kirkland, the primary architect of a fraudulent securities scheme involving the sale of real estate investments known as triplexes, was sued by the Securities and Exchange Commission. [read post]
Mortgage Fraud Blog - http://www.mortgagefraudblog.com