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SEC Enforcement Actions

					
The  (SEC) is the United States agency with primary responsibility for enforcing federal securities laws. Whistleblowers with knowledge of violations of the federal securities laws can submit a claim to the SEC under the SEC Whistleblower Reward Program, and may be eligible to receive 聽monetary rewards and protection against retaliation by employers.


Below are summaries of recent SEC settlements or successful prosecutions. If you believe you have information about fraud which could give 聽rise to an SEC enforcement action and claim under the SEC Whistleblower Reward Program, please contact us to speak with one of our experienced whistleblower attorneys.

				

			

			
						
					
			

	
		
		

			

				
				
December 5, 2017

				 The Securities and Exchange Commission announced an award of more than $4.1 million to a former company insider who alerted the agency to聽a widespread, multi-year securities law violation and continued to provide important information and assistance throughout the SEC鈥檚 investigation. The whistleblower is the third聽awarded by the SEC in the past week. 鈥淐ompany insiders often have valuable information that can help the SEC halt an ongoing securities law violation and better protect investors,鈥� said Jane Norberg, Chief of the SEC鈥檚 Office of the Whistleblower. 鈥淭he breadth of the SEC鈥檚 whistleblower program is demonstrated by this case, where the whistleblower, a foreign national working outside of the United States, affirmatively stepped forward to shine a light on the wrongdoing.鈥澛�				 					 

						
Tagged in:
													  SEC Whistleblower Reward Program, 
													  Securities Fraud, 
													  Whistleblower Case, 
													  Whistleblower Rewards, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
December 4, 2017

				 The Securities and Exchange Commission charged Digi Outdoor Media Inc. and two of its senior executives, former CEO Donald MacCord Jr. and CFO Shannon Doyle with stealing more than $2 million from retail investors.聽 According to the SEC鈥檚 complaint filed in U.S. District Court in Seattle, MacCord Jr., and Doyle raised nearly $4.5 million in promissory notes by claiming they would use investor money to construct and install digital signs for commercial advertising around Washington, D.C.聽 Instead, the complaint alleges that MacCord and Doyle secretly diverted millions of dollars of investor money for their own personal use, including MacCord鈥檚 luxury cars, $20,000 per month rent on a Southern California mansion, nanny and housekeeping services, and private school tuition for his children, while Doyle diverted several hundred thousand dollars to his other unrelated businesses.聽				 					 

						
Tagged in:
													  Misrepresentations, 
													  Ponzi Schemes, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
December 4, 2017

				 A California-based audit firm is being charged with conducting flawed audits and reviews of financial statements, which are critical sources of information for investors.聽 The SEC鈥檚 Enforcement Division alleges that Anton & Chia LLP and its accountants ignored numerous indications of fraudulent financial reporting by three of the firm鈥檚 audit clients 鈥� microcap companies Accelera Innovations Inc., Premier Holding Corp., and CannaVEST Corp.聽 For example, Accelera鈥檚 public filings allegedly included revenue, assets, and liabilities from an entirely different company.聽 The Enforcement Division alleges that instead of standing in the way of Accelera鈥檚 fraud, Anton & Chia facilitated it.聽				 					 

						
Tagged in:
													  Accounting Fraud, 
													  Misrepresentations, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
December 4, 2017

				 The Securities and Exchange Commission announced it obtained an emergency asset freeze to halt a fast-moving Initial Coin Offering (ICO) fraud that raised up to $15 million from thousands of investors since August by falsely promising a 13-fold profit in less than a month. The SEC filed charges against a recidivist Quebec securities law violator, Dominic Lacroix, and his company, PlexCorps.聽The Commission's complaint, filed in federal court in Brooklyn, New York, alleges that Lacroix and PlexCorps marketed and sold securities called PlexCoin on the internet to investors in the U.S. and elsewhere, claiming that investments in PlexCoin would yield a 1,354 percent聽profit in less than 29 days. The SEC also charged Lacroix's partner, Sabrina Paradis-Royer, in connection with the scheme. The charges are the first filed by the SEC's new Cyber Unit.聽聽 The case was resolved in October, 2019.				 					 

						
Tagged in:
													  Cryptocurrency, 
													  Misrepresentations, 
													  Regulatory Violations, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
November 30, 2017

				 The Securities and Exchange Commission 聽Joseph A. Rubbo and Angela Beckcom Rubbo Monaco with defrauding elderly investors in a penny stock scheme involving Florida entertainment companies and their 鈥淪pongebuddy鈥� product.聽 The charges are part of the Miami Regional Office鈥檚 Recidivist Initiative which has thus far resulted in enforcement actions against 23 individuals, nine of whom also have been charged by criminal authorities. The SEC鈥檚 complaint, filed in U.S. District Court for the Southern District of Florida, charges Rubbo and Monaco, both of Coral Springs, Florida, with defrauding investors through offerings by their companies VIP TV LLC, VIP Television Inc., and The Spongebuddy LLC. 聽Rubbo and Monaco are repeat offenders whose prior securities schemes resulted in criminal convictions against Rubbo and SEC injunctions against both Rubbo and Monaco. 				 					 

						
Tagged in:
													  Misrepresentations, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
November 30, 2017

				 The Securities and Exchange Commission 聽announced awards of more than $8 million each to two whistleblowers whose critical information and continuing assistance helped the agency bring the successful underlying enforcement action. With this case, SEC enforcement actions involving whistleblower awards have now resulted in more than $1 billion in financial remedies ordered against wrongdoers. The first whistleblower alerted SEC enforcement staff of the particular misconduct that would become the focus of the staff鈥檚 investigation and the cornerstone of the agency鈥檚 subsequent enforcement action.聽 The second whistleblower provided additional significant information and ongoing cooperation to the staff during the investigation that saved a substantial amount of time and agency resources.聽				 					 

						
Tagged in:
													  Multiple Whistleblowers and First-to-File, 
													  SEC Whistleblower Reward Program, 
													  Securities Fraud, 
													  Whistleblower Case, 
													  Whistleblower Rewards, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
December 4, 2017

				 The SEC announced an award of more than $4.1 million to a former company insider who alerted the agency to a widespread, multi-year securities law violation and continued to provide important information and assistance throughout the SEC鈥檚 investigation. The SEC鈥檚 whistleblower program has now awarded more than $179 million to 50 whistleblowers since issuing its first award in 2012. 				 					 

						
Tagged in:
													  SEC Whistleblower Reward Program, 
													  Securities Fraud, 
													  Whistleblower Case, 
													  Whistleblower Rewards, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
November 30, 2017

				 The SEC announced awards of more than $8 million each to two whistleblowers whose critical information and continuing assistance helped the agency bring the successful underlying enforcement action. The first whistleblower alerted SEC enforcement staff of the particular misconduct that would become the focus of the staff鈥檚 investigation and the cornerstone of the agency鈥檚 subsequent enforcement action. The second whistleblower provided additional significant information and ongoing cooperation to the staff during the investigation that saved a substantial amount of time and agency resources. The SEC鈥檚 whistleblower program has now awarded more than $175 million to 49 whistleblowers since issuing its first award in 2012. 				 					 

						
Tagged in:
													  Multiple Whistleblowers and First-to-File, 
													  SEC Whistleblower Reward Program, 
													  Securities Fraud, 
													  Whistleblower Case, 
													  Whistleblower Rewards, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
November 21, 2017

				 The Securities and Exchange Commission today charged Oyster Bay, New York, and its former top elected official with defrauding investors in the town鈥檚 municipal securities offerings by hiding the existence and potential financial impact of side deals with a businessman who owned and operated restaurants and concession stands at several town facilities. According to the SEC鈥檚 complaint filed in U.S. District Court for the Eastern District of New York, Oyster Bay agreed several years ago to indirectly guarantee four separate private loans to the vendor totaling more than $20 million.聽 The agreement to indirectly guarantee the debts allegedly stemmed from the concessionaire鈥檚 longstanding close relationship with then-town supervisor John Venditto and other officials that involved gifts, bribes, kickbacks, and political support.聽				 					 

						
Tagged in:
													  Misrepresentations, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
November 15, 2017

				 In its ongoing efforts to protect Main Street investors, the Securities and Exchange Commission鈥檚 Enforcement Division today issued a聽highlighting its priorities for the coming year as well as a review of enforcement actions that took place during FY 2017.聽In the report, Co-Directors Stephanie Avakian and Steven Peikin stated their overall enforcement approach: 鈥淰igorous enforcement of the federal securities laws is critical to combat wrongdoing, compensate harmed investors, and maintain confidence in the integrity and fairness of our markets.鈥� They also stated five core principles that will guide their enforcement decision-making:聽 focus on the Main Street investor; focus on individual accountability; keep pace with technological change; impose sanctions that most effectively further enforcement goals; and constantly assess the allocation of resources. 				 			
	
		
		
	


 			


											

						

								

									
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