Tag

Securities Fraud

All articles tagged with #securities fraud

politics3 days ago•23 min saved

Talarico seeks release of Paxton depositions in energy-investment dispute

Democratic U.S. Senate hopeful James Talarico’s campaign asked a Collin County court to unseal transcripts of Ken Paxton’s depositions from 2019 and 2022 in a securities-fraud dispute tied to Unity Resources; the move argues the depositions are matters of public record relevant to Paxton’s fitness for office in the Texas U.S. Senate race, note that reporting suggested potential attorney-client privilege issues, while Paxton’s camp rejects the claims and the depositions were sealed after a 2023 settlement.

via The Texas Tribune|

#collin-county #james-talarico #ken-paxton

courts15 days ago•15 min saved

Gomez Family Hit with Securities Fraud Suit Over Collapsed Wondermind Startup

Investors are suing Selena Gomez, her mother Mandy Teefey, and Wondermind founder Daniella Pierson, alleging they raised about $1.2 million for the mental-health startup Wondermind with false promises about an app, advertising deals, and leadership, then let the company collapse without informing investors. The defendants face securities fraud, common law fraud, and breach-of-contract claims, with plaintiffs seeking rescission and damages.

via Rolling Stone|

#courts #investors #mandy-teefey

business15 days ago•6 min saved

Investors file federal fraud lawsuit against Gomez family over Wondermind startup

A Delaware federal lawsuit accuses Selena Gomez, her mother Mandy Teefey, and Daniella Pierson of defrauding Wondermind investors by falsely promising a profitable platform and celebrity-backed opportunities, while allegedly concealing operational and financial issues for years; investors seek rescission and damages after investing about $1.2 million.

via NBC News|

#breach-of-contract #business #investors

business15 days ago•333 min saved

Investors sue Selena Gomez over failed Wondermind startup, alleging fraud

New York investors in Selena Gomez’s Wondermind are suing Gomez, her mother Mandy Teefey, and Daniella Pierson for securities fraud, common-law fraud, breach of contract and other claims, saying they invested about $1.2 million in 2022 expecting Gomez’s involvement and partnerships that never materialized, the app was never built, and Wondermind quietly collapsed; Pierson left the company in 2023 as the suit seeks to recover their investment and damages.

via CNN|

#business #investors #securities-fraud

entertainment16 days ago•19 min saved

Selena Gomez and Mandy Teefey Face Investor Fraud Suit Over Wondermind

Two investor groups filed a federal lawsuit in Delaware accusing Selena Gomez, her mother Mandy Teefey, Daniella Pierson, and Wondermind of misrepresenting a $1.2 million investment in a mental-health platform; the suit claims the company was never built, collapsed for years, and that partnerships and growth plans never materialized, with Teefey’s alleged substance‑abuse cited. Gomez reportedly distanced herself amid internal disputes as investors seek the return of their funds, damages, and a jury trial.

via Page Six|

#entertainment #investors #mandy-teefey

business1 month ago•3 min saved

NJ Deli Stock Scandal Nets 21-Month Prison Term for James Patten

James Patten was sentenced to 21 months in federal prison for his role in a $100 million stock-manipulation scheme tied to Hometown International, the owner of Your Hometown Deli in Paulsboro, NJ. His co-conspirators have already served their sentences, and Patten faces three years of supervised release and about $5 million in restitution. He had urged no prison time, but the judge cited his prior fraud conviction and ongoing restitution obligations in imposing the sentence.

via CNBC|

#business #deli #hometown-international

crime1 month ago•2 min saved

72-year-old woman convicted in $400K dating-investment scam against Silver Spring man

A Montgomery County jury found Janey Sears guilty of theft scheme over $100,000, securities fraud, and misappropriation of funds by a fiduciary after she manipulated a Silver Spring man into a $400,000 investment scheme, used the money for personal expenses (including a car) and casino gambling, and moved into his home; sentencing is set for Aug. 28, 2026, with a potential penalty of up to 23 years in prison.

via WTOP|

#crime #fraud #janey-sears

crime2 months ago•4 min saved

North Carolina Man Indicted in Scheme to Fraudulently Obtain Millions of Napster Shares

North Carolina resident Charles Cole was indicted in the Southern District of New York on wire fraud, conspiracy to commit wire fraud, and conspiracy to commit securities fraud for allegedly obtaining at least 239 million Infinite Reality (Napster) shares through fake bank records, sham correspondence, and a counterfeit bank website, then using those shares to secure loans while never paying for them.

via Department of Justice (.gov)|

#crime #fraud #indictment

government2 months ago•51 min saved

Trump pardons ex-congressman tied to insider-trading case

President Donald Trump pardoned former Indiana Representative Stephen Buyer, who was convicted in 2023 on four counts of securities fraud for insider trading related to the T-Mobile-Sprint merger. The unconditional pardon came on the recommendation of 52 current and former lawmakers, and Buyer — a former Army judge advocate general and longtime politician-turned-consultant — had been sentenced to 22 months in prison for trades involving Sprint and Navigant (now Guidehouse) stock.

via Reuters|

#government #insider-trading #pardons

business2 months ago•1 min saved

Court expands SEC disgorgement reach in securities fraud

The Supreme Court unanimously upheld the SEC’s broad power to disgorge ill‑gotten gains in securities fraud, ruling that the agency need not prove that individual investors lost money—only that the offender profited and that investors may be victims eligible for compensation. The decision, tied to a case involving penny-stock pump‑and‑dump schemes, allows the SEC to order more than $3 million (including interest) returned to investors, reinforcing federal enforcement of fraud.”

via ABC News - Breaking News, Latest News and Videos|

#business #disgorgement #penny-stocks

business2 months ago•13 min saved

Court broadens SEC power to recoup fraud profits

The Supreme Court upheld a broad reading of the SEC’s authority to disgorge ill-gotten gains in securities fraud cases, reinforcing the agency’s power to recoup profits for investors.

via AP News|

#business #enforcement #ill-gotten-gains

business2 months ago•13 min saved

Guilty Verdict Reshapes the Short-Selling Landscape

A jury found short-seller Andrew Left guilty of securities fraud, potentially facing prison time when sentenced, a verdict that compounds a years-long retreat of activist short-selling amid soaring stocks, meme trading, and rising regulatory scrutiny; experts say the ruling may spur tougher disclosures and caution among shorts and could impact market efficiency and price discovery.

via Yahoo Finance|

#activist-investing #andrew-left #business

business2 months ago•3 min saved

Jury Convicts Activist Short Seller in $21 Million Market Manipulation Case

A federal jury in Los Angeles convicted activist short seller Andrew Left of securities fraud for a long-running market manipulation scheme that earned more than $21 million. Left used public posts, social media and preplanned trading to move stock prices, presenting himself as independent while exploiting positions to profit from the price moves. He faces sentencing on August 31 and up to 25 years in prison. The investigation involved the USPIS and FBI, with FINRA assisting.

via Department of Justice (.gov)|

#business #doj #fbi

business2 months ago•11 min saved

Former BigLaw attorney denies insider-trading charges in Boston case

Nicolo Nourafchan, a former mergers-and-acquisitions attorney who worked at Sidley Austin, Latham & Watkins, and Goodwin Procter, pleaded not guilty in a Boston federal court to leading a decade-long insider-trading scheme prosecutors say netted tens of millions by siphoning confidential information on roughly 30 deals and passing tips to traders and go-betweens. He’s joined by 14 other charged defendants, including his brother Lorenzo Nourafchan and co‑conspirator Robert Yadgarov; several others have pleaded guilty. Prosecutors say participants used disposable phones, encrypted messaging, face‑to‑face meetings, and coded language (e.g., before Amazon’s 2022 iRobot deal). The SEC has a parallel civil suit against 21 defendants. A conviction on the gravest counts carries up to 25 years in prison.

via Yahoo Finance|

#biglaw #business #federal-court

business2 months ago•11 min saved

Citron Research founder found guilty of securities fraud in DOJ case

A federal grand jury convicted Andrew Left, founder of Citron Research and a prominent short-seller, of one count of participating in a securities-fraud scheme and 12 counts of securities fraud, related to his practice of posting sensational stock commentary to profit from price moves; sentencing is set for August 31, with a maximum penalty of 25 years in prison.

via Yahoo Finance|

#andrew-left #business #citron-research