The Securities and Exchange Commission has charged an actor in low-budget movies with running a Ponzi scheme tied to film distribution and licensing agreements that defrauded investors out of over $690 million. Zachary Horwitz, whose screen name is Zach Avery, ran the Ponzi scheme from 2014 to at least December 2019 through his distribution company 1inMM Capital LLC. Continue reading
Bloomberg News has released an article covering a lawsuit Silver Law Group has filed against E*trade on behalf of two clients who were allegedly charged high undisclosed interest rates on short sales for securities that E*trade calls “hard to borrow”.
The suit claims that E*trade didn’t disclose what the estimated interest rate would be before the investors made the trades and didn’t disclose that certain securities were being designated hard to borrow. Continue reading
A pension fund has filed a lawsuit in Illinois federal court alleging that Conagra Brands Inc. tricked investors into approving its nearly $11 billion acquisition of Pinnacle Foods Inc.
Conagra, a massive packaged foods company and component of the S&P 500, told investors that acquiring Pinnacle was a “no brainer” and would help the company expand its frozen food and snack offerings. Then, after the merger closed in late 2018, they revealed serious financial problems with Pinnacle, according to the lawsuit. Conagra’s stock price fell significantly as a result. Continue reading
After multiple investigations by the SEC, FBI, FINRA, and the State of Massachusetts, GPB Capital may now be the subject of an investigation into one of their private New York commercial trash removal companies, according to an article from Pro Publica.
Five Star Carting falls under the administration of New York City’s Business Integrity Commission (BIC), and they recently paid the company a visit. Pro Publica calls it a “raid,” but the reason for the visit was not disclosed. Continue reading