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...in the News |
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Compiled and Edited by the Enforcement Division |
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Bankruptcy trustee sues investors, Cedar Funding creditors cry foul. -
CALIFORNIA -- Trustee Todd Neilson is suing investors on 11 different properties because David Nilsen allegedly assigned the deeds of trust within 90 days before filing bankruptcy for his real estate loan company, Cedar Funding Inc. Monterey County Weekly - 8/28/2008
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Grand jury indicts Rivas in Ponzi scheme -
TENNESSEE -- A federal Grand Jury has indicted Luis H. Rivas on 19 counts stemming from an alleged Ponzi scheme. Rivas swindled $31M from investors out of five offices in Chattanooga, Knoxville, Tulsa, Okla., Panama City, Fla., and Spartanburg, S.C. TimesFreePress.com - 8/28/2008
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YTB lays off 25, worker says -
ILLINOIS -- YTB reportedly terminated the employment of 25 people on Wednesday. YourTravelBiz.com allegedly recruited thousands of people with deceptive claims that they could earn huge sums of money through its online travel agencies. TheTelegraph.com - 8/28/2008
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Court Slaps Schemer for $428M Fraud -
CHICAGO -- The SEC has won a victory in its case against a massive $428M securities fraud that victimized thousands of seniors and other investors. [Warren Chambers of Cedar Park, Texas; Century Estate Planning; Michael Kelley; universal leases] CCH Wall Street - 8/28/2008
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Hedge fund manager settles fraud suit -
CALIFORNIA -- Prominent hedge fund manager Mark Boucher agreed to a $100,000 penalty and a five-year ban on acting as an investment adviser to settle a SEC lawsuit that accused him of misleading clients who invested $20M in real estate, the SEC said. San Francisco Chronicle - 8/28/2008
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New York probes Fidelity, Goldman ties: sources -
NEW YORK - New York Attorney General Andrew Cuomo's office is probing the relationship between Fidelity Investments and Goldman Sachs Group Inc in connection with the broker's sales of auction-rate securities... Reuters - 8/28/2008
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Commentary: Auction-rate securities settlements are far from comprehensive -
NEW YORK -- Though the brokerage industry has agreed to pay more than $50 billion to buy back these securities, there seems to be many participants in the $330 billion market that are exempt from the buybacks trumpeted by banks and regulators. MarketWatch - 8/28/2008
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Broadcom's Samueli Apologizes for Fibbing to SEC -
CALIFORNIA -- Broadcom cofounder Henry Samueli has apologized for lying to the Securities and Exchange Commission during its probe of stock options backdating at the chip maker. ecommercetimes.com - 8/28/2008
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Weasel Brokers Whine When Faced With New Rules: Susan Antilla -
The Financial Industry Regulatory Authority is in the midst of rewriting the rules that govern brokerage firms. It's the proposals for new rules that have some financial bosses morphing into candidates for anger-management class. Bloomberg.com - 8/28/2008
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Warshak gets 25 years -
OHIO -- Steven Warshak did more than lie to banks, hide his money and mislead thousands of customers who bought his "male enhancement" pills, a federal judge said Wednesday. [Berkeley Premium Nutraceuticals] Cincinnati.com - 8/28/2008
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McAfee: Criminals hijacking virtual worlds -
Virtual worlds are playgrounds not just for people engaging in online fantasy role-playing but for cybercriminals who are looking for places to launder money and steal data, according to a new white paper from McAfee. ZD Net - 8/28/2008
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Tortoise Capital Resources Responds to Recent Developments Related to Quest Midstream Partners, L.P. -
LEAWOOD, Kan. — Tortoise Capital Resources Corp. (NYSE: TTO) owns 1,180,946 common units of privately held QMP, representing 12 percent of TTO's total assets, based on the fair value of $20.1 million as of May 31, 2008. Centre Daily Times - 8/27/2008
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Rosen Law Firm Announces Investigation of Securities Claims Against Quest Energy Partners L.P. -
NEW YORK -- The Rosen Law Firm announces that it is investigating potential civil securities claims against Quest concerning allegations that Quest issued materially false and/or incomplete public statements... PRESS RELEASE - PrimeNewswire - 8/27/2008
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"Smiling Bob" Owner To Be Sentenced -
OHIO -- Prosecutors say former Berkeley Nutraceuticals CEO Steve Warshak, who marketed the male enhancement supplement "Enzyte" - bilked customers out of millions of dollars. Local12.com - 8/27/2008
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Man sentenced for "advance fee" loan fraud -
MARYLAND -- Federal prosecutors had accused Robin Neil Snyder, owner and operator of Mortgage Bankers Ltd., of using his Web sites to lure businesses who were seeking "difficult" or "impossible" loans up to $300 million. Baltimore Sun - 8/27/2008
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Broadcom co-founder apologizes after plea deal -
CALIFORNIA -- Broadcom Corp. co-founder Henry Samueli has apologized for lying to the Securities and Exchange Commission during its probe of stock options backdating at the chip maker. Associated Press - 8/27/2008
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Life Settlement Insights Announces Second MBC Receiver Auction -
Life Settlement Insights LLC, a national life settlement brokerage firm, announced that the firm plans a second auction sale on behalf of the Court-appointed receiver for the Miami-based Mutual Benefits Corporation, Viatical Services, Inc., and... PRESS RELEASE - PR Newswire - 8/27/2008
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Short vs. spy: The case of 4C Controls -
Tiny stocks often rise on hype and hope. But one skeptic can spoil the fun. Just ask shareholders in this 'leading international security' firm. CNN Money - 8/27/2008
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SEC: Rating Agencies Suffer From Conflicts of Interest -
According to former SEC Chairman Arthur Levitt, the three main credit rating agencies -- Fitch Ratings, Moody's Investor Services and Standard & Poor's Rating Services -- suffer from a conflict of interest that may have distorted their judgment. Law.com - 8/27/2008
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Operations chief to lead Quest -
OKLAHOMA CITY -- Quest Resources Corp. has turned to its chief operating officer to lead its companies after the abrupt resignation of its Chairman and Chief Executive Jerry Cash after an inquiry by regulators. NewsOK.com - 8/26/2008
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The Oklahoma Securities Commission Identifies Traps Likely To Burn Investors This Summer |
Oklahoma City///
- As summer approaches, the Oklahoma Securities Commission (OSC) warns that scam artists are using every trick
under the sun to separate unsuspecting investors from their hard-earned dollars.
Press Release - 06/13/2008
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| Fraud Scene Investigator Program |
Oklahoma City///
– The Oklahoma Securities Commission announces the availability of a free innovative online investor education program, FSI: Fraud Scene
Investigator. The program, will support the Invest Ed™ STARS project by teaching high school students how to fight investment fraud firsthand.
Press Release - 08/13/2007
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Raglin Industries/Divine Develop. |
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Rebates International Indictment |
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Oklahoma City/// A Federal Grand Jury has handed down indictments for Rebates International, Inc. president Terry Hugh Mahon
and Amsterdam Fidelity Business Trust control person Grover Harold Phillips...
Indictment 11/14/2007
Orders & Actions
Related News Articles
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NEW RULE AND AMENDMENTS: |
The following new rule and amendments of the Rules of the Oklahoma Securities Commission and the Administrator of the Department of
Securities (that are codified in Title 660 of the Oklahoma Administrative Code) have been promulgated effective July 1, 2007.
660:11-7-48. Custody requirements [NEW]
660:11-7-41. Record keeping requirements [AMENDED]
OAC Chapter 2, Subchapter 9
660:2-9-1. Hearings in general [AMENDED]
660:2-9-2. Initiation of individual proceedings [AMENDED]
660:2-9-3. Prehearing proceedings and processes [AMENDED]
660:2-9-4. Authority to subpoena witnesses [AMENDED]
660:2-9-6. Conduct of individual proceeding [AMENDED]
660:2-9-7. Record of hearing [AMENDED]
660:2-9-8. Final orders [AMENDED]
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| Oil & Gas Professional Exclusion |
Administrative Order excluding from definition of "investment adviser" certain professionals engaged in the business of exploring for
and/or producing oil and gas or other valuable minerals as an ongoing business...
>>More - 11/16/2004 |
Oklahoma Investment Literacy Survey Results
- In February, 2004, the University of Oklahoma College of Continuing
Education University OUtreach teamed with the Oklahoma Department of
Securities to conduct an “investment literacy” survey among Oklahomans over
the age of 25.
Press Release
- 05/20/2004
Survey Report - 05/20/2004
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