The Wall Street Legal & Regulatory Feed
Securities Industry Commentator by Bill Singer Esq
January 4, 2018
Texas State Securities Board Revokes Adviser License for Refusal to Provide Emails (Texas State Securities Board Disciplinary Order IC17-REV-01)
https://www.ssb.texas.gov/sites/default/files/
Jackson_Rev_Order_12292017.pdf During an inspection by the Texas State Securities Board staff pursuant to an investigation into whether David Jackson was soliciting individuals via email to invest in private securities offerings, he allegedly refused to provide requested emails and told the Staff to leave his office. In response, the Texas State Securities Board revoked the the investment adviser registration of Jackson Financial Services after its president, David Jackson,allegedly repeatedly refused to turn over emails regarding his solicitation of clients. READ the FULL TEXT Disciplinary Order.
https://www.ssb.texas.gov/sites/default/files/
Jackson_Rev_Order_12292017.pdf During an inspection by the Texas State Securities Board staff pursuant to an investigation into whether David Jackson was soliciting individuals via email to invest in private securities offerings, he allegedly refused to provide requested emails and told the Staff to leave his office. In response, the Texas State Securities Board revoked the the investment adviser registration of Jackson Financial Services after its president, David Jackson,allegedly repeatedly refused to turn over emails regarding his solicitation of clients. READ the FULL TEXT Disciplinary Order.
https://www.ssb.texas.gov/sites/default/files/
Jackson_Rev_Order_12292017.pdf
Jackson_Rev_Order_12292017.pdf
Public Customer Rebuked In Two FINRA Arbitrations (BrokeAndBroker.com Blog) http://www.brokeandbroker.com/3752/finra-wijk-arbitration/
In a Financial Industry Regulatory Authority ("FINRA") Arbitration Statement of Claim filed in December 2014, three associated persons alleged that public customer Wijk had failed to repay a debit balance that purportedly arose after he had traded an unspecified stock on margin and, thereafter, failed to repay the ensuing debit balance. After losing this 2015 arbitration, apparently public customer Wijk was not prepared to go down without a fight and he filed an arbitration against the prevailing Claimants. Sometimes you should stay down for the count. READ http://www.brokeandbroker.com/3752/finra-wijk-arbitration/
In a Financial Industry Regulatory Authority ("FINRA") Arbitration Statement of Claim filed in December 2014, three associated persons alleged that public customer Wijk had failed to repay a debit balance that purportedly arose after he had traded an unspecified stock on margin and, thereafter, failed to repay the ensuing debit balance. After losing this 2015 arbitration, apparently public customer Wijk was not prepared to go down without a fight and he filed an arbitration against the prevailing Claimants. Sometimes you should stay down for the count. READ http://www.brokeandbroker.com/3752/finra-wijk-arbitration/
Former Executive Managing Director of Och-Ziff Capital Management Indicted for Defrauding Client and Obstruction of Justice / Former Hedge Fund Executive Sought to Defraud Charitable Foundation and Cover Up Fraudulent Self-Dealing from Federal Investigators (DOJ Press Release 18-2) https://www.justice.gov/opa/pr/former-executive-managing-director-och-ziff-capital-management-indicted-defrauding-client-and
Michael Leslie Cohen, 46, a former executive managing director of hedge fund Och-Ziff Capital Management Group LLC was charged with one count of conspiracy to commit investment adviser fraud, one count of investment adviser fraud, one count of conspiracy to commit wire fraud, four counts of wire fraud, one count of conspiracy to obstruct justice, one count of obstruction of justice and one count of making false statements. The federal Indictment alleged that beginning around 2008, Cohen and his co-conspirator participated in a scheme to defraud a large charitable foundation when recommending financial investments relating to the African mining sector. In furtherance of the fraud upon his firm's client, the DOJ Press Release alleges in part that Cohen:
Michael Leslie Cohen, 46, a former executive managing director of hedge fund Och-Ziff Capital Management Group LLC was charged with one count of conspiracy to commit investment adviser fraud, one count of investment adviser fraud, one count of conspiracy to commit wire fraud, four counts of wire fraud, one count of conspiracy to obstruct justice, one count of obstruction of justice and one count of making false statements. The federal Indictment alleged that beginning around 2008, Cohen and his co-conspirator participated in a scheme to defraud a large charitable foundation when recommending financial investments relating to the African mining sector. In furtherance of the fraud upon his firm's client, the DOJ Press Release alleges in part that Cohen:
violated his fiduciary duties to the charitable foundation by making material misrepresentations and concealing conflicts of interest in connection with a proposed investment in an African mining company. The indictment alleges, among other things, that Cohen failed to disclose to the charitable foundation that one of the sellers of the African mining company shares owed Cohen millions of dollars on a delinquent $18 million personal loan that Cohen had made to the seller to finance the purchase of a luxury yacht. The seller allegedly paid approximately $4 million of the African mining company share proceeds to Cohen in repayment of the personal yacht loan. Cohen did not disclose to the charitable foundation that he had a personal interest in the African mining company and that a portion of shares he controlled would be sold as part of the transaction, the indictment alleges.
Turkish Banker Convicted Of Conspiring To Evade U.S. Sanctions Against Iran And Other Offenses / Unanimous Manhattan Jury Finds That the Defendant Also Used His Position at Turkish Bank to Facilitate Access to the U.S. Financial System and to Conceal International Financial Transactions for Iranian Entities in Violation of U.S. Sanctions (DOJ Press Release 18-003) https://www.justice.gov/usao-sdny/pr/turkish-banker-convicted-conspiring-evade-us-sanctions-against-iran-and-other-offenses
Mehmet Hakan Atilla, a resident and citizen of Turkey was convicted of conspiracies to defraud the United States, to violate the International Emergency Economic Powers Act (IEEPA), to commit bank fraud and to commit money laundering, as well as a substantive count of bank fraud. Atilla was found guilty of conspiring with others including Reza Zarrab, a/k/a "Riza Sarraf,", also a resident and citizen of Turkey, who pled guilty October 26, 2017, to one count of conspiring to defraud the United States; one count of conspiracy to violate the IEEPA; one count of bank fraud; one count of conspiring to commit bank fraud; one count of money laundering; one count of conspiring to commit money laundering; and one count of conspiring to bribe a U.S. public official and possessing contraband in a federal detention center.
Mehmet Hakan Atilla, a resident and citizen of Turkey was convicted of conspiracies to defraud the United States, to violate the International Emergency Economic Powers Act (IEEPA), to commit bank fraud and to commit money laundering, as well as a substantive count of bank fraud. Atilla was found guilty of conspiring with others including Reza Zarrab, a/k/a "Riza Sarraf,", also a resident and citizen of Turkey, who pled guilty October 26, 2017, to one count of conspiring to defraud the United States; one count of conspiracy to violate the IEEPA; one count of bank fraud; one count of conspiring to commit bank fraud; one count of money laundering; one count of conspiring to commit money laundering; and one count of conspiring to bribe a U.S. public official and possessing contraband in a federal detention center.