Investment & Securities Lawyers

Georgia Investment & Securities Lawyers

The international law firm of Greenberg Traurig, LLP obtained a dismissal of a putative securities class action on behalf of JP Turner & Co., LLC , making JP Turner the only broker-dealer that has been successful in having its Provident-related putative class action dismissed by motion.

ATLANTA, Georgia (PRWEB) - The international law firm of Greenberg Traurig, LLP obtained a dismissal of a putative securities class action on behalf of JP Turner & Co., LLC , making JP Turner the only broker-dealer that has been successful in having its Provident-related putative class action dismissed by motion. Terry R. Weiss, Greenberg Traurig Shareholder and Chair of its Atlanta Securities Litigation Practice, and Michael J. Biles, a Shareholder in the practice in the firm's Austin, TX office, represented J.P. Turner in Brown v. J.P. Turner & Company, Civil Action No. 1:09-cv-02649-JEC, in the United States District Court for the Northern District of Georgia, Atlanta Division.

Investment & Securities

Commission temporarily suspended trading in securities of CSNY due to lack of current and accurate information about the company because it has not filed certain periodic reports with the Commission.

Washington (SEC) - The U.S. Securities and Exchange Commission announced the temporary suspension of trading in the securities of City Network, Inc. (CSNY), commencing at 9:30 a.m. EDT on May 11, 2011 and terminating at 11:59 p.m. EDT on May 24, 2011. This order was entered pursuant to Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act).

The Commission cautions brokers, dealers, shareholders and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by this company.

Kentucky Investment & Securities Lawyers

Defendants used investors’ money for personal purchases

LEXINGTON, Kentucky (DOJ) — A Lexington attorney and a Campbellsville businessman were convicted today by a Lexington jury for their roles in devising a scheme to defraud hundreds of investors in oil and gas drilling programs out of $33 million.

The jury convicted Lexington attorney Bryan S. Coffman, 47, and Gary Moss Milby, 57, of Campbellsville, Kentucky of 8 counts each of mail fraud and 9 nine counts each of wire fraud. The jury also convicted Coffman of two securities fraud counts and Milby of one securities fraud count. In addition, Coffman was found guilty on 10 counts of money laundering and one money laundering conspiracy count. He was acquitted on two of money laundering counts.

Investment & Securities

Commission Proposes to Remove Private Residence From Rule’s Net Worth Standard

Washington, D.C. (SEC) - The Securities and Exchange Commission today provided public notice of its plan to raise certain dollar thresholds that would need to be met before investment advisers can charge their clients performance fees. The SEC seeks public comment on the plan, which would satisfy a requirement of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Currently, Rule 205-3 under the Investment Advisers Act allows an adviser to charge its clients performance fees in certain circumstances. Two of the circumstances are:

1. The client has at least $750,000 under management with the adviser.
2. The adviser reasonably believes the client has a net worth of more than $1.5 million.

Florida Investment & Securities Lawyers

“Bid rigging and other fraudulent conduct is illegal, and we will hold banks and brokers responsible for their actions,” said Attorney General Bondi. “I am pleased that we were able to reach a resolution that will repay those entities harmed by the fraudulent activity.”

TALLAHASSEE, Florida - Today, Attorney General Pam Bondi announced that Florida reached a $90.8-million, multistate settlement with Union Bank of Switzerland AG (UBS) for its alleged role in a nationwide scheme to rig bids and engage in other anticompetitive and fraudulent conduct relating to municipal bond derivatives that defrauded state agencies, local governmental entities and not-for-profit entities. The multistate settlement is part of a settlement UBS is entering into simultaneously with the United States Department of Justice’s Antitrust Division (DOJ), the Securities and Exchange Commission (SEC), and the Internal Revenue Service (IRS).

Massachusetts Investment & Securities Lawyers

Inofin Inc. executives charged with illegally raising millions from investors through sale of unregistered notes.

Washington, D.C. (SEC) - The Securities and Exchange Commission today charged Massachusetts-based subprime auto loan provider Inofin Inc. and three company executives with misleading investors about their lending activities and diverting millions of dollars in investor funds for their personal benefit. The SEC also charged two sales agents with illegally offering to sell company securities without being registered with the SEC as broker-dealers.

The SEC alleges that Inofin executives Michael Cuomo of Plymouth, Mass., Kevin Mann of Marshfield, Mass., and Melissa George of Duxbury, Mass., illegally raised at least $110 million from hundreds of investors in 25 states and the District of Columbia through the sale of unregistered notes. Investors in the notes were told that Inofin would use the money for the sole purpose of funding subprime auto loans. As part of the pitch, Inofin and its executives told investors that they could expect to receive returns of 9 to 15 percent because Inofin loaned investor money to its subprime borrowers at an average rate of 20 percent.