SEC Investigations
People’s United Jay Peak Ski Resort Ponzi Scheme Class Action
Investors bring this class action against companies they believed would build a Jay Peak Ski Resort in Vermont—People’s United Financial, Inc. and People’s United Bank. But according to the complaint, the money they put up went to an alleged Ponzi scheme, finally uncovered in a two-year investigation by the Securities and Exchange Commission (SEC). Read more
Longfin Stock Quick Rise and Fall Securities Class Action
What should investors think of a company that holds an initial public offering, projects astronomical growth, then admits it lacks even personnel who are skilled in proper reporting? The complaint for this class action alleges that Longfin Corporation stock rose and plunged in a matter of months, based on false impressions of the corporation which Read more
General Cable Bribery of Foreign Officials FCPA Securities Class Action
The Foreign Corrupt Practices Act (FCPA) forbids US companies from engaging in corruption, even outside the US. The complaint for this class action claims that General Cable Corporation paid bribes in six different countries, generating millions of dollars through means that were unsustainable and likely to lead to regulatory scrutiny. Because this is a securities Read more
Citizens Schemes to Sell Insurance to Foreigners Securities Class Action
The complaint for this class action alleges that Citizens, Inc. sells insurance policies in foreign countries in order to evade US regulations. It claims that it uses improper growth projections to enroll customers in programs where dividends are used to buy the company’s stock, and sells policies that require payment of US taxes as if Read more