Former Chairman and Managing Partner of Energy Company Pleads Guilty to $15 Million Ponzi Scheme

DOJ

A California man who previously served as an executive at an energy company pleaded guilty today to defrauding investors of more than $15 million as part of a Ponzi scheme involving limited partnerships created to provide services to oil and gas companies in North Dakota. read more »

SEC Charges Private Equity Adviser for Failing to Disclose Disproportionate Expense Allocations to Fund

SEC

The Securities and Exchange Commission today charged New Jersey-based investment adviser Energy Capital Partners Management LP (ECP) with allocating undisclosed, disproportionate expenses to a private equity fund it advises. ECP agreed to pay a $1 million penalty to settle the SEC charges and has voluntarily paid back more than $3.3 million to the fund.The Securities and Exchange Commission today charged New Jersey-based investment adviser Energy Capital Partners Management LP (ECP) with allocating undisclosed, disproportionate expenses to a private equity fund it advises. ECP agreed to pay a $1 million penalty to settle the SEC charges and has voluntarily paid back more than $3.3 million to the fund. read more »

SEC Charges Rochester, NY, and City’s Former Executives and Municipal Advisor with Misleading Investors

SEC

The Securities and Exchange Commission today charged the City of Rochester, New York, its former finance director Rosiland Brooks-Harris, and former Rochester City School District CFO Everton Sewell with misleading investors in a $119 million bond offering. The SEC also charged Rochester’s municipal advisor Capital Markets Advisors, LLC (CMA) and its principal Richard Ganci with misleading investors and breaching their fiduciary duty to Rochester.  CMA, Ganci and CMA co-principal Richard Tortora were also charged with failing to disclose conflicts to municipal clients. read more »