The Justice Department announced today the repatriation of an additional $156 million in misappropriated 1Malaysia Development Berhad (1MDB) funds to Malaysia, bringing the total returned by the department to approximately $1.4 billion.
Litigation Release No. 25011 / January 19, 2021
Securities and Exchange Commission v. Jacob C. Glick, Civil Action No. 21-CV-00075-JJT, (D. Ariz. filed January 15, 2021)
The Securities and Exchange Commission announced charges against Jacob C. Glick of Scottsdale, Arizona, a former investment adviser representative associated with Advanced Practice Advisors, LLC (APA), for repeatedly defrauding and breaching his fiduciary duty to advisory clients.
The SEC s complaint alleges that from mid-2016 through mid-2018, Glick defrauded his advisory clients in three different ways. First, Glick allegedly placed the majority of his clients, many of whom had moderate or conservative risk tolerances, in unsuitable and risky investments that resulted in substantial losses. In addition, Glick failed to disclose the risks involved in these investments to clients. As also alleged in the complaint, after APA told Glick to liquidate the risky investments, he instead bought more of the same invest
Litigation Release No. 25010 / January 19, 2021
Securities and Exchange Commission v. Michael Sztrom, David Sztrom, and Sztrom Wealth Management, Inc., Civil Action No. 21-CV-00086-H-RBB (S.D. Cal. filed January 15, 2021)
The Securities and Exchange Commission charged father and son investment advisers, Michael and David Sztrom of Rancho Santa Fe, California, and their company Sztrom Wealth Management, Inc., with defrauding advisory clients by creating the false impression that Michael Sztrom was associated with registered investment adviser Advanced Practice Advisors, LLC (APA).
The SEC s complaint alleges that, from November 2015 through March 2018, David and Michael Sztrom provided investment advice to clients through Sztrom Wealth Management (SWM). As alleged, David and Michael Sztrom concealed from clients that Michael Sztrom was not associated with APA or any registered investment adviser and was not subject to compliance oversight by APA or any other firm. As alleged in
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Washington, D.C. (Newsfile Corp. - December 21, 2020) - The Securities and Exchange Commission today announced that it filed an emergency action against California-based real estate development company SiliconSage Builders LLC, aka Silicon Sage Builders, and its sole owner, Sanjeev Acharya, in connection with an alleged $119 million fraudulent offering.
According to the SEC s complaint, Silicon Sage Builders and Acharya raised money from approximately 250 retail investors, most of whom were members of the Northern California South Asian community, by falsely describing Silicon Sage Builders real estate business as profitable and promising investors exorbitant returns. In fact, as the complaint alleges, from 2016 to 2019, all but one of Silicon Sage Builders projects had significant cost overruns and did not generate enough money to pay investors the promised returns. Acharya, as alleged in the complaint, misled investors into believing the payments they received were deriv
MIL-OSI USA: SEC Charges Company and CEO for $119 Million Securities Fraud Targeting Members of the South Asian American Community foreignaffairs.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from foreignaffairs.co.nz Daily Mail and Mail on Sunday newspapers.