In a case brought by the Securities and Exchange Commission, a jury in a federal court in Tampa, Florida, returned a unanimous verdict finding broker-dealer Spartan Securities Group, transfer agent Island Capital Management and two principals of those firms, Carl E. Dilley and Micah J. Eldred, liable for fraud in connection with their roles in the creation of at least 19 public companies that were shams.
The court will determine the remedies to be imposed against Spartan Securities, Island Stock Transfer, Dilley and Eldred in further proceedings. In a release, the SEC said it is seeking permanent injunctions and civil penalties against Spartan Securities, Island Stock Transfer, Dilley and Eldred; penny stock bars against Spartan Securities, Dilley and Eldred; and disgorgement of ill-gotten gains with prejudgment interest against Island Stock Transfer.
The Financial Industry Regulatory Authority Inc. cancelled the securities license of Clearwater, Florida-based Spartan Securities in June 2019.
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
Reshuffle provides strong indication of where the regulator's priorities now lie.
Goldman Sachs Asset Management report reveals sharpened focus on annuities.
Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.
Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
