BROWSE BY TOPIC
Stories of Interest
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
- Janney Montgomery Scott CEO Joins FINRA Board of Governors
- SEC Encourages Investors to Do Background Checks on Investor.gov
- The Martin Act: Wall Street Titan Takes Aim at Law That Tripped Him Up
- Bank of America’s Cost-Cutting Drive Pushes Profit to Record
- Larry Fink: Wall Street’s $6 Trillion Man Finally Worth $1Bn
- Activist Investor Wants Barclays Investment Banking Overhaul (Video)
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
MA Fund Manager Made Ponzi Payments, Defrauded Investors - SEC
[Photo: Charles Ponzi]
Yasuna Murakami, a Massachusetts-based hedge fund manager, was charged by the SEC with making Ponzi-like payments and taking investor funds to pay for personal travel, meals, and credit card bills. Murakami's business partner, Avi Chiat, is also charged in the SEC complaint. In a parallel criminal action, the U.S. Attorney's Office charged Murakami with one count of wire fraud.
According to the SEC Compliant, … Murakami misappropriated more than $8 million for business and personal expenses and made approximately $1.3 million in Ponzi-like payments to earlier investors as purported investment gains. Chait helped Murakami raise money from investors. He also provided fabricated account statements that grossly overstated investment performance while investors were losing millions of dollars due to unprofitable trading and Murakami's misappropriation of funds.
Named as relief defendants in the SEC complaint were their Cambridge-based investment advisory businesses - MC2 Capital Management and MC2 Canada Capital Management.
The SEC seeks disgorgement of ill-gotten monetary gains plus interest, penalties, and permanent injunctions.