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Cold Calls for Oil and Gas Ventures - Unregistered Sales Agents - Boca Raton, Florida Litigation and Arbitration Attorney

SEC Charges Unregistered Sales Agent for Improperly Soliciting Investments in Oil and Gas Ventures

Securities and Exchange Commission v. Chad Anthony Lewis, No. 18-cv-61869 (S.D. Fla. filed August 13, 2018)

On August 13, 2018, the Securities and Exchange Commission filed a civil injunctive action against Chad Anthony Lewis, a Kentucky resident for unlawfully acting as an unregistered broker and selling unregistered investments in two oil and gas companies based in Texas.

The SEC's complaint, filed in the U.S. District Court for the Southern District of Florida, alleges that Lewis illegally solicited and raised money from investors for Aegis Oil, LLC and 7S Oil & Gas, LLC. Both of these companies offered and sold unregistered securities in the form of "joint venture units" in oil and gas development projects located in Texas.

1 Global Capital, LLC and Carl Ruderman - Fraud in the Sale of Unregistered Securities - South Florida Securities and Commercial Litigation Attorney

SEC Charges Florida Cash Advance Company, Former CEO with Defrauding Thousands of Retail Investors

Securities and Exchange Commission v. 1 Global Capital, LLC, Carl Ruderman, et al., No. 18-civ-61991 (S.D. Fla. filed August 23, 2018)

The Securities and Exchange Commission today announced charges against 1 Global Capital LLC and its former chief executive officer for allegedly defrauding at least 3,400 retail investors, more than one-third of whom invested their retirement funds. The Florida-based cash advance company and former CEO Carl Ruderman allegedly fraudulently raised more than $287 million since 2014 in unregistered securities sold through a network that included barred brokers.

Scott Stacy Phelps and James Michael Harper - Oil and Gas Fraud and Misrepresentation - South Florida Oil and Gas Litigation and Arbitration Attorney

SEC Charges Two Kentucky Men in Oil-And-Gas Offering Fraud

SEC v. Scott Stacy Phelps and James Michael Harper, United States District Court for the Western District of Kentucky (Bowling Green), Case No. 1:18-cv-122

On August 30, 2018, the Securities and Exchange Commission charged two Bowling Green, Kentucky-area men with defrauding investors in oil-and-gas securities offerings. The SEC's complaint, filed in federal court in Bowling Green, Kentucky, alleges that Scott Stacy Phelps and James Michael Harper raised approximately $611,000 by selling securities to nine investors between February 2015 and March 2016. Although they told prospective investors that the investment proceeds would be used to drill for oil in Kentucky, the main goal of the offering was to enrich Phelps and Harper. They spent the vast majority of the investor funds on themselves and their families, paying themselves generous six-figure salaries, and using the investor funds for rent, vacations, consumer goods, dating and adult websites, entertainment, golf, and hotels. They used a small amount to drill two wells. Neither well was commercially viable. Despite knowing this, the complaint alleges that Defendants continued soliciting additional funds from investors, purportedly to drill for oil in both wells.

EFG Capital International Corp. - Failure to Supervise - South Florida FINRA Arbitration Attorney

EFG Capital International Corp. - Failure to Supervise - South Florida, including Boca Raton, Lake Worth, Deerfield Beach, Boynton Beach and West Palm Beach, FINRA Arbitration Attorney

EFG Capital International Corp. (CRD #40118, Miami, Florida)

Recently, the Financial Industry Regulatory Authority announced that EFG Capital International Corp. entered into an Acceptance, Waiver and Consent in which the firm was censured, fined $800,000 and required to adopt and implement supervisory systems and written procedures reasonably designed to achieve compliance with the requirements of FINRA Rule 3110. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to establish and implement an adequate supervisory system, including WSPs, or anti-money laundering (AML) program related to two material areas of its international business model. The findings stated that the firm did not adequately assess, supervise or mitigate the business risks associated with its payment of transaction-based compensation to non-registered individuals or entities, and potentially suspicious outgoing wire transfer activity occurring in accounts of dual customers of the firm and its Swiss bank affiliate. The findings also stated that as part of its international business model, the firm entered into transaction referral agreements under which a foreign individual or entity, called a "foreign introducer," referred specific transactions to the firm in exchange for a percentage of the firm's mark-up or commission on the referred transactions. However, the firm's supervisory system was unreasonable because it failed to assess whether it had sufficient information about the foreign introducer, or its ability to legally satisfy its obligations under an agreement, to conclude that the firm's payment of transaction-based compensation to the foreign introducer was permissible under U.S. law.

Harold Connell - Private Placement Memorandums - Undisclosed Self-Dealing - Unregistered Regulation D Offerings - Boca Raton, Florida FINRA Arbitration Attorney

Harold Connell - Private Placement Memorandums - Undisclosed Self-Offerings - Unregistered Regulation D Offerings - Fraud, Deceit and Misrepresentation - Boca Raton, Florida Finra Arbitration Attorney

Harold Lee Connell (CRD #1482623, Pinecrest, Florida)

Recently, the Financial Industry Regulatory Authority announced that Harold Lee Connell entered into an Acceptance, Waiver and Consent which barred Connell from association with any FINRA member in all capacities. Without admitting or denying the findings, Connell consented to the sanction and to the entry of findings that he willfully violated Section 10(b) of the Exchange Act and Rule 10b-5, and FINRA Rules 2010 and 2020 by participating in the sale of three unregistered Regulation D offerings through misrepresentations and omissions.

FAQ - How Are Microcap Stocks Different From Other Stocks - South Florida Litigation and Arbitration Attorney

FAQ - How Are Microcap Stocks Different From Other Stocks - South Florida Litigation and Arbitration Attorney

How Are Microcap Stocks Different From Other Stocks?

FAQ - Where Do Microcap Stocks Trade - South Florida State and Federal Court Litigation Attorney

FAQ - Where Do Microcap Stocks Trade - South Florida State and Federal Court Litigation Attorney

FAQ - Where Do Microcap Stocks Trade?

FAQ Securities, Precious Metals and Commodities Boil Rooms - Boca Raton, Florida Litigation Attorney

FAQ - Securities, Precious Metals and Commodities Boil Rooms - Boca Raton, Florida Litigation Attorney

What is a Boiler Room Scheme?

Boca Raton, Florida Based Securities Fraud - Sanomedics, Inc. - Florida Federal and State Court Litigation Attorney

Boca Raton, Florida Based Securities Fraud - Sanomedics, Inc. - Florida Federal and State Court Litigation Attorney

Securities and Exchange Commission v. Keith Houlihan, No. 9:18-cv-80585 (S.D. Fla. filed May 4, 2018)

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