SEC Charges Pump-and-Dump in Marley Coffee Stock
The Securities and Exchange Commission today announced fraud charges against several alleged perpetrators behind a $78 million pump-and-dump scheme involving the stock of Jammin’ Java, a company that operates as Marley Coffee and uses trademarks of late reggae artist Bob Marley to sell coffee products. The SEC alleges that Jammin Java’s former CEO Shane Whittle orchestrated the scheme with three others who live abroad and operate entities offshore. Whittle utilized a reverse merger to secretly gain control of millions of Jammin Java shares, and he spread the stock to the offshore entities controlled by Wayne Weaver of the UK and…
Read MoreMutual Fund Adviser Advertised False Performance Claims
The Securities and Exchange Commission today announced that a Hartford, Conn.-based investment management firm agreed to pay $16.5 million to settle charges that it misled mutual fund investors and others with advertisements containing false historical performance data about AlphaSector, a major exchange-traded fund (ETF) portfolio strategy. An SEC investigation found that Virtus Investment Advisers publicized a substantially overstated performance track record as received from F-Squared, which it hired as a subadviser for mutual funds and other clients that followed F-Squared’s AlphaSector strategy. Virtus falsely stated in client presentations, marketing materials, SEC filings, and other communications that the AlphaSector strategy had…
Read MoreSanket Bulsara Named Deputy General Counsel for Appellate Litigation and Adjudication
The Securities and Exchange Commission today announced that it has named Sanket J. Bulsara as the Deputy General Counsel for Appellate Litigation and Adjudication. He succeeds Michael A. Conley who has been appointed as SEC Solicitor. Former Solicitor Jacob H. Stillman will remain as senior advisor to the Solicitor. Mr. Stillman has 53 years of service at the SEC and has been its Solicitor for the past 17 years, leading the Office of the General Counsel’s Appellate Group in representing the Commission in litigation in the federal courts of appeals and, in conjunction with the Solicitor General, in the U.S.…
Read MoreMarc Wyatt Named Director of the Office of Compliance Inspections and Examinations
The Securities and Exchange Commission today announced that it has named Marc Wyatt as Director of the agency’s Office of Compliance Inspections and Examinations (OCIE) and leader of its National Exam Program. Mr. Wyatt previously was OCIE’s Deputy Director and has been the office’s Acting Director since April 2015, following the departure of former director Andrew Bowden. Mr. Wyatt joined the SEC in December 2012 as a senior specialized examiner focused on examinations of advisers to hedge funds and private equity funds. He was named Deputy Director in October 2014 and in that position he led OCIE’s Technology Controls Program…
Read MoreOlivier Girod Named SEC Deputy Director of Office of Support Operations
The Securities and Exchange Commission today announced Olivier Girod has been named Deputy Director of the Office of Support Operations (OSO). Mr. Girod will support building operations, records management, business management, security, and Freedom of Information Act services. Mr. Girod joined the SEC in March 2014 as the Chief of the OSO’s building operations unit. Under his leadership, the SEC has pursued and implemented strategies to optimize the use of office space for its growing workforce. He has also been instrumental in managing construction and leasing projects, SEC facilities, printing, publishing, and mail operations. “Olivier’s leadership and expertise in support…
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