In this issue:
- SEC Issues Additional Guidance on Emerging Growth Companies
- Exchanges Withdraw Proposed Revisions to Position Limit Rules Following Court Order Vacating CFTC Position Limit Rules
- NFA Issues Guidance on Financial Reporting Requirements
- CFTC Issues Guidance on Segregated and Secured Funds Maintained in a Combined Omnibus Account
- NYMEX Expands Block Trading
- ISDA and SIFMA Win Summary Judgment on Challenge to CFTC Position Limits Rule
- Court Enters Judgment Against Colorado Ponzi Scheme Perpetrator
- OCC Switches Consideration of BSA/AML Findings for Banks and Foreign Banking Organizations
- Commission Publishes Report of Expert Group on EU Bank Reform
An excerpt from "Court Enters Judgment Against Colorado Ponzi Scheme Perpetrator"
The United States District Court for the District of Colorado recently entered a judgment against Larry Michael Parrish (Parrish), who had operated a Ponzi scheme that raised approximately $9.2 million from at least 70 investors in three different states. To obtain investors, Parrish promised 30% annual returns and claimed that the securities were “extremely low risk.” The Securities and Exchange Commission filed a complaint against Parrish in March of 2011, alleging violations of the Securities Act of 1933 (Securities Act), the Securities Exchange Act of 1934 (Exchange Act) and the Investment Advisers Act of 1940 (Advisers Act). The District of Colorado ultimately found Parrish in violation of securities registration, anti-fraud, broker-dealer registration and broker-dealer bar provisions of those acts.
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