Friday, April 8, 2016

Enforcement Actions: Week in Review

SEC ENFORCEMENT ACTIONS

SEC Charges Four in Fraudulent “Free Dinner” Scheme
April 4, 2016 (Litigation Release No. 63)
Joseph Andrew Paul, John D. Ellis, Jr., James S. Quay and Donald H. Ellison were charged for embezzling money from victims by soliciting a “free dinner” scheme, splitting the victims’ money amongst themselves instead of on investments they proclaimed had high returns. Quay has previous convictions of fraud, and both Quay and Ellison have questionable registrations as investment professionals. The SEC has a searchable database, Investor.gov, which can be used to check the registration status and disciplinary history of investment professionals.

Las Vegas Sands Paying Penalty for FCPA Violations
April 7, 2016 (Litigation Release No. 64)
Las Vegas Sands Corp. (LVS) is settling the SEC’s charges against them for violating the Foreign Corrupt Practices Act (FCPA) by paying a $9 million penalty. LVS’s is being charged for having inadequate documentation and keeping inaccurate records for more than $62 million in payments to a consultant in Asia. Also, LVS has agreed to have an independent consultant for two years in order to prevent further violations, keeping up with FCPA-related internal controls.

No comments:

Post a Comment

Please keep comments appropriate. Malicious comments or solicitations will be removed.