September 24, 2019
A New York federal judge on Monday ordered brokerage Portfolio Advisors Alliance and two executives to pay a combined $1.58 million in disgorgement, civil penalties and interest after a Manhattan federal jury earlier this year held them liable for lying to investors.
May 15, 2019
A Manhattan federal jury held brokerage Portfolio Advisors Alliance and two executives liable Wednesday for selling $9 million of shares in a lender without being honest about the fact that the lender hadn't been audited, clearing the U.S. Securities and Exchange Commission to seek penalties.
May 14, 2019
A Manhattan jury considered Tuesday whether to hold brokerage Portfolio Advisors Alliance and two of its principals liable for hawking $9 million of shares in lender American Growth Funding II without being honest about the fact that the lender hadn't been audited.
May 01, 2019
Class action lawyer Larry Sucharow told a Manhattan jury Wednesday he feared a "run on the bank" if he pulled his $500,000 stake from American Growth Funding II, but didn't think the lender was a fraud despite a "garbage" audit.
April 30, 2019
Having settled with lender American Growth Funding II LLC, securities regulators are now overreaching by targeting the brokerage that earned $900,000 by pitching the lender to investors, the brokerage's lawyer told a Manhattan federal jury Tuesday.
January 07, 2019
The U.S. Securities and Exchange Commission reached a settlement Friday with a Wall Street lending company in a suit over supposedly fraudulent securities offering documents, just one business day before a trial was set to begin, according to a New York federal judge.
December 05, 2018
A New York federal judge said Tuesday that a Wall Street lending company cannot present evidence about its investors' monetary losses or profits in an upcoming trial over claims from the U.S. Securities and Exchange Commission that it raised millions of dollars through fraudulent offering documents.
March 30, 2018
A New York federal judge on Thursday denied a summary judgment bid from the U.S. Securities and Exchange Commission, saying that too many material disputes of fact exist in its suit against a New York lending company and that a jury should decide on the trustworthiness of the lender's CEO.
February 03, 2016
A New York lending company raised $8.6 million from investors while hiding alarming details about sinking loan values and falsely stating that its financial statements were being audited, the U.S. Securities and Exchange Commission said Wednesday in a lawsuit in New York federal court.