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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2023-11-03T18:00:00
The president and chief compliance officer of investment adviser Prophecy Asset Management misled investors about more than $350 million in losses while pocketing millions in management and incentive fees, according to the Securities and Exchange Commission (SEC).
John Hughes and his associates at Prophecy, which advised hedge funds and reported more than $500 million in assets under management, misled investors, auditors, and the funds’ administrator about the funds’ trading practices, risk, and performance, the SEC alleged in its complaint, filed Thursday in U.S. District Court for the District of New Jersey.
In a related matter, Hughes pleaded guilty to an information charging him with one count of conspiracy to commit securities fraud., the Department of Justice announced.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2023-12-22T17:00:00Z By Kyle Brasseur
Brooge Energy agreed to pay $5 million in a settlement with the Securities and Exchange Commission resolving fraud charges related to a scheme to inflate revenues.
2023-11-21T19:27:00Z By Kyle Brasseur
SkiHawk Capital Partners won the dismissal of fraud claims against it, another investment adviser, and their owners and managers by the Securities and Exchange Commission.
2023-11-17T15:08:00Z By Kyle Brasseur
The chief compliance officer of a defunct pharmacy holding company was sentenced to 4 1/2 years in prison after being found guilty of conspiracy to commit healthcare fraud and wire fraud earlier this year.
2024-10-22T21:18:00Z By Adrianne Appel
Precision Toxicology has agreed to pay $27 million to settle allegations first brought by whistleblowers in three cases, that the company billed the federal government for unnecessary drug tests and paid kickbacks to doctors, the Department of Justice (DOJ) said.
2024-10-22T16:08:00Z By Aaron Nicodemus
Fund management company WisdomTree will pay $4 million to settle allegations by the Securities and Exchange Commission that it improperly invested in fossil fuel and tobacco companies in environmental, social and governance (ESG) funds despite promising to avoid them.
2024-10-18T18:10:00Z By Adrianne Appel
A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control (OFAC) that its business with North Korea involved U.S. financial institutions.
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