In this issue:
- Commissioner Kara M. Stein Calls for More Stringent Net Capital Requirements for Broker Dealers
- US Marshals Service Announces Auction of Silk Road Bitcoins
- Investment Adviser Accused of $8.8 Million Fraud by SEC
- Trading Evidence Barred From Rengan Rajaratnam Trial
- Excerpt from Investment Adviser Accused of $8.8 Million Fraud by SEC:
On June 3, the Securities and Exchange Commission filed an emergency enforcement action in the US District Court for the Southern District of New York against Scott Valente, an investment adviser, alleging that he used his advisory firm, ELIV Group, to fraudulently lure approximately 80 clients to invest more than $8.8 million. Valente also allegedly misappropriated at least $2.66 million of investor funds for personal use. The SEC charged Valente and ELIV with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5(b) as well as Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. Valente denied the allegations.
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