Financial Fraud Watch: Sentinel Growth Fund Management Feb3

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On Thursday, the SEC charged Mark J. Varacchi and his Connecticut-based Sentinel Growth Fund Management with stealing money from investors. Varacchi and Sentinel promised their investors’ money was being routed to up-and-coming hedge fund managers. But instead, from 2013 to 2016, Varacchi and Sentinel diverted investor funds, held it in separately managed accounts, and made unauthorized withdrawals of their clients’ money, stealing at least $3.95 million

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Financial Fraud Watch: Strategic Capital Management Jan27

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On Wednesday, the SEC settled charges against Michael J. Breton and his Waltham, Massachusetts-based limited liability company Strategic Capital Management, LLC after Breton agreed to be banned from the securities industry for running an illegal cherry-picking scheme. The agency’s Market Abuse Unit uncovered Breton wrongdoing through data analysis, revealing six years of illegal behavior that ran from 2010 to 2016 and defrauded at least 30 investors

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Financial Fraud Watch: J.D. Nicholas Jan13

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On Monday, the SEC hit two New York-based brokers with charges and issued an investor alert warning the public against excessive trading in brokerage accounts at investors’ expense. The SEC alleges registered brokers Gregory T. Dean and Donald J. Fowler sold customers on a high-cost trading strategy primarily focused on the excessive buying and selling of stocks, which they ran from 2011 to 2015. Frequent stock purchases and sales led to high commissions and other fees for Dean and Fowler, while their customers — apparently sold on the pair’s stock-picking expertise — ended up with significant losses

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Financial Fraud Watch: Nonko Trading Dec23

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Christmas came early this week for the alleged victims of Naris Chamroonrat of Bangkok, Thailand and Adam L. Plumer of Las Vegas, who’ve been charged with defrauding investors in over 30 countries through an unregistered brokerage firm named Nonko Trading. The SEC, which announced the charges on Wednesday, claims Chamroonrat and Plumer defrauded hundreds of investors worldwide by tricking them into trading through dummy accounts, while Chamroonrat and Plumer absconded with funds deposited by investor. The two supposed crooks misappropriated at least $1.4 million in funds, the SEC claims

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