FOR IMMEDIATE RELEASE Washington D.C., Feb. 23, 2021
The Securities and Exchange Commission today suspended two former KPMG auditors from practicing before the SEC in connection with settled charges against the two for improper professional conduct during an audit of the now defunct, not-for-profit College of New Rochelle. The SEC previously charged the college’s former controller with fraud in connection with the college’s fiscal year 2015 financial statements.
According to the SEC’s orders, former KPMG partner Christopher Stanley approved, and former KPMG senior manager Jennifer Stewart authorized, the issuance of an unmodified audit opinion on the college’s fiscal year 2015 financial statements, despite not having completed critical audit steps. As described in the orders, KPMG’s work on the audit had stalled because the college’s former controller had provided the audit team with inaccurate, incomplete, and contradictory information. On No
SEC Charges Two Former KPMG Auditors For Improper Professional Conduct During Audit Of Not-For-Profit College
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FOR IMMEDIATE RELEASE Washington D.C., Feb. 4, 2021
The Securities and Exchange Commission today charged three individuals and their affiliated entities with running a Ponzi-like scheme that raised over $1.7 billion from securities issued by a New York-based asset management firm and registered investment adviser, GPB Capital. The SEC also charged GPB Capital with violating the whistleblower protection laws.
The SEC’s complaint alleges that David Gentile, the owner and CEO of GPB Capital, and Jeffry Schneider, the owner of GPB Capital’s placement agent Ascendant Capital, lied to investors about the source of money used to make an 8% annualized distribution payment to investors. According to the complaint, these defendants along with Ascendant Alternative Strategies, which marketed GPB Capital’s investments, told investors that the distribution payments were paid exclusively with monies generated by GPB Capital’s portfolio companies. As alleged
FOR IMMEDIATE RELEASE Washington D.C., Dec. 30, 2020
The Securities and Exchange Commission today charged Gregory Altieri, of Melville, New York, for operating a fraudulent Ponzi-like scheme that defrauded current and retired police officers and firefighters, among others, and misappropriating investor funds.
According to the SEC s complaint, from at least 2017 through early 2020, Altieri, through LNA Associates, an entity he owned and controlled, raised over $69 million from at least 80 investors by falsely claiming that the investments would be used to acquire jewelry for a business operated by LNA. Altieri allegedly guaranteed investors that they would quickly receive a return on their investment ranging from approximately 30% of their initial investment to, in some instances, over 100%. However, as the complaint alleges, Altieri used the vast majority of the funds to perpetuate and conceal his fraudulent scheme, using funds from new investors to pay earli
SEC Charges Jewelry Wholesaler with Fraudulent Securities Offering Targeting Current and Retired Police Officers and Firefighters
12/30/2020 | 11:50am EDT
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Washington, D.C. (Newsfile Corp. - December 30, 2020) - The Securities and Exchange Commission today charged Gregory Altieri, of Melville, New York, for operating a fraudulent Ponzi-like scheme that defrauded current and retired police officers and firefighters, among others, and misappropriating investor funds.
According to the SEC s complaint, from at least 2017 through early 2020, Altieri, through LNA Associates, an entity he owned and controlled, raised over $69 million from at least 80 investors by falsely claiming that the investments would be used to acquire jewelry for a business operated by LNA. Altieri allegedly guaranteed investors that they would quickly receive a return on their investment ranging from approximately 30% of their initial investment to, in some instances, o
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