Verdict demonstrates problem of biodiesel securities fraud

Block & Landsman by Block & Landsman

Hundreds of dollar bills, securities fraudJeffrey Wilson, the president and CEO of Imperial Petroleum, was found guilty of securities fraud on July 21 following a jury trial that lasted for 8 days. The conviction was the culmination of a $100 million fraud case that spanning multiple states involving the company's biodiesel subsidiary that is located in Middletown, Indiana. The crimes Wilson and his co-conspirators in Indiana, New Jersey and Oregon engaged in an elaborate scheme in which they claimed tax credits called renewable identification numbers, or RINs, for manufacturing ...Read More

Did Executive Pay Scheme Drive Up EpiPen Prices?

Block & Landsman by Block & Landsman

A business woman, consumer fraudMylan, the manufacturer of EpiPen, approved product price hikes that are linked to an large incentive program for its top employees. The executive pay scheme is now under investigation as potential consumer fraud. In the U.S., consumer fraud lawyers often see sophisticated consumer fraud schemes that cost unsuspecting consumers millions of dollars. Mylan's Executive Incentive Program EpiPen, manufactured by Mylan Pharmaceuticals, is an epinephrine injection used to treat severe asthma and allergy conditions. It's the only product of its k...Read More

Barclays fined again by FINRA for reporting errors

Block & Landsman by Block & Landsman

A closeup of gavel, securities fraudThe Financial Industry Regulatory Authority (FINRA) levied a $1.3 million fine against Barclays Capital Inc. in August of 2016. The fine was for ongoing reporting violations and other failures in the supervisory system that are related to the reporting violations. The FINRA requires financial securities firms to submit full and accurate reports to Order Audit Trail System (OATS) about the lifecycle of orders. These reports are known as Reportable Order Events (ROEs). An investigation by FINRA revealed 15 system problems that resulted in the ...Read More

After Neuromama, SEC Increases Microcap Fraud Enforcement

Block & Landsman by Block & Landsman

  A keyboard shows "scam" words, consumer fraudIn mid-August 2016, the SEC halted sales of Neuromama Ltd. stock, a Mexican company with murky financial statements and dubious statements about its products, after claims of potentially fraudulent trading activities. The suspension of trading was a necessary precaution as investors sought the assistance of a consumer fraud attorney. Microcap Fraud The SEC suspended trading when the agency became aware of warning signs of microcap fraud. Microcap fraud is a common technique used by brokers and financial managers to illegally in...Read More