This is a photo of the National Register of Historic Places listing with reference number 7000063
Saturday, April 12, 2014
Friday, April 11, 2014
TWO WILL PAY $5 MILLION TO RESOLVE ALLEGATIONS OF SUSPICIOUS TRADING IN CALL OPTIONS OF H.J. HEINZ COMPANY
FROM: SECURITIES AND EXCHANGE COMMISSION
Two Previously Unknown Insider Traders in Heinz Ordered to Pay Nearly $5 Million
The Securities and Exchange Commission obtained court approval of a settlement that requires two brothers in Brazil to pay nearly $5 million to resolve charges that they were behind suspicious trading in call options of H.J. Heinz Company ("Heinz") the day before the company publicly announced its acquisition.
Final judgments entered on April 2, 2014 by the Honorable Jed S. Rakoff of the U.S. District Court for the Southern District of New York permanently enjoin Rodrigo Terpins and Michel Terpins from future violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The judgments also order them to disgorge, jointly and severally with Alpine Swift Ltd., a Cayman Islands entity, $1,809,857 in illegal profits made from their Heinz trading, and for each of the Terpins brothers to pay $1.5 million in civil penalties.
The SEC filed an emergency enforcement action against previously unknown traders in Heinz securities in February 2013 to freeze assets of a Swiss-based trading account used to reap $1,809,857 from trading in advance of the Heinz announcement. The SEC filed an amended complaint in October 2013 alleging that the Terpins brothers were behind that trading, which occurred through an account that belonged to Alpine Swift.
Two Previously Unknown Insider Traders in Heinz Ordered to Pay Nearly $5 Million
The Securities and Exchange Commission obtained court approval of a settlement that requires two brothers in Brazil to pay nearly $5 million to resolve charges that they were behind suspicious trading in call options of H.J. Heinz Company ("Heinz") the day before the company publicly announced its acquisition.
Final judgments entered on April 2, 2014 by the Honorable Jed S. Rakoff of the U.S. District Court for the Southern District of New York permanently enjoin Rodrigo Terpins and Michel Terpins from future violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The judgments also order them to disgorge, jointly and severally with Alpine Swift Ltd., a Cayman Islands entity, $1,809,857 in illegal profits made from their Heinz trading, and for each of the Terpins brothers to pay $1.5 million in civil penalties.
The SEC filed an emergency enforcement action against previously unknown traders in Heinz securities in February 2013 to freeze assets of a Swiss-based trading account used to reap $1,809,857 from trading in advance of the Heinz announcement. The SEC filed an amended complaint in October 2013 alleging that the Terpins brothers were behind that trading, which occurred through an account that belonged to Alpine Swift.
Wednesday, April 9, 2014
SEC CHARGES MAN WITH INSIDER TRADING AHEAD OF ORACLE'S ACQUISITION OF ACME PACKET INC.
FROM: U.S. SECURITIES AND EXCHANGE COMMISSION
The Securities and Exchange Commission charged a Silicon Valley man with insider trading ahead of Oracle Corporation's acquisition of Acme Packet Inc. based on confidential details he learned from his wife, a finance manager at Oracle.
The SEC alleges that Tyrone Hawk of Los Gatos, Calif., violated a duty of trust by trading after he overheard work calls made by his wife, a finance manager at Oracle Corp., regarding her company's plan to acquire Acme Packet Inc. Hawk also had a conversation with his wife in which she informed him that there was a blackout window for trading Oracle securities because it was in the process of acquiring another company. According to the SEC's complaint, Hawk bought Acme Packet shares before the acquisition was announced in February 2013, and reaped approximately $150,000 by selling after the stock price rose 23 percent on the news. Without admitting or denying the allegations, Hawk agreed to pay more than $300,000 to settle the SEC's charges.
The SEC's complaint charges Hawk with violations of Section 10(b) of the Securities Exchange Act and Rule 10b-5 thereunder. Hawk has settled the SEC's charges without admitting or denying the allegations. He has agreed to the entry of a judgment enjoining him from future violations of the relevant provisions of the Exchange Act, and to pay disgorgement and prejudgment interest of $154,134.50, and an additional penalty equal to his profits of $151,480.00.
The SEC's investigation was conducted by Jennifer J. Lee under the supervision of Michael S. Dicke and Jina L. Choi of the San Francisco Regional Office. The SEC acknowledges the assistance of the Financial Industry Regulatory Authority (FINRA) in this matter.
The Securities and Exchange Commission charged a Silicon Valley man with insider trading ahead of Oracle Corporation's acquisition of Acme Packet Inc. based on confidential details he learned from his wife, a finance manager at Oracle.
The SEC alleges that Tyrone Hawk of Los Gatos, Calif., violated a duty of trust by trading after he overheard work calls made by his wife, a finance manager at Oracle Corp., regarding her company's plan to acquire Acme Packet Inc. Hawk also had a conversation with his wife in which she informed him that there was a blackout window for trading Oracle securities because it was in the process of acquiring another company. According to the SEC's complaint, Hawk bought Acme Packet shares before the acquisition was announced in February 2013, and reaped approximately $150,000 by selling after the stock price rose 23 percent on the news. Without admitting or denying the allegations, Hawk agreed to pay more than $300,000 to settle the SEC's charges.
The SEC's complaint charges Hawk with violations of Section 10(b) of the Securities Exchange Act and Rule 10b-5 thereunder. Hawk has settled the SEC's charges without admitting or denying the allegations. He has agreed to the entry of a judgment enjoining him from future violations of the relevant provisions of the Exchange Act, and to pay disgorgement and prejudgment interest of $154,134.50, and an additional penalty equal to his profits of $151,480.00.
The SEC's investigation was conducted by Jennifer J. Lee under the supervision of Michael S. Dicke and Jina L. Choi of the San Francisco Regional Office. The SEC acknowledges the assistance of the Financial Industry Regulatory Authority (FINRA) in this matter.
Tuesday, April 8, 2014
Sunday, April 6, 2014
COURT ORDERS FLORIDA MAN, COMPANY TO PAY $5.7 MILLION FOR ROLES IN COMMODITY POOL PONZI SCHEME
FROM: COMMODITY FUTURES TRADING COMMISSION
Federal Court Orders Ward Onsa of Marco Island, Florida and His Company, New Century Investment Management LLC of Southampton, Pennsylvania to Pay $5.7 Million Civil Monetary Penalty for Operating a Commodity Pool Ponzi Scheme
Washington, DC — The U.S. Commodity Futures Trading Commission (CFTC) today announced that on March 20, 2014, Judge Mary A. McLaughlin of the U.S. District Court for the Eastern District of Pennsylvania entered a final judgment Order imposing a civil monetary penalty of almost $6 million against Defendants Ward Onsa of Marco Island, Florida, and his company, New Century Investment Management LLC (New Century), of Southampton, Pennsylvania, in a CFTC enforcement action. The court’s March 20, 2014, Order followed an earlier default judgment Order entered on December 5, 2011, finding that the Defendants had committed fraud and imposing registration and trading bans.
The Orders stem from a CFTC Complaint filed on April 5, 2011, in which the CFTC charged Onsa and New Century with solicitation fraud, misappropriation, and issuing false account statements to commodity pool participants while operating a commodity pool Ponzi scheme (see CFTC Release 6016-11, April 6, 2011).
The court’s partial default judgment Order finds that through Onsa’s fraudulent misrepresentations at least 12 pool participants invested a total of more than $2.2 million with New Century Hedge Fund Partners I, LP to trade commodity futures and options contracts. The Order further finds that the Defendants misappropriated pool participants’ funds and used them to pay personal expenses and to pay earlier participants with newer participants’ funds in the manner of a Ponzi scheme. The Order imposes permanent trading and registration bans on Onsa and New Century, and prohibits them from violating the anti-fraud provisions of the Commodity Exchange Act, as charged.
The court’s final judgment Order concludes that based on the deterrent purposes of a civil monetary penalty (CMP), the egregiousness of the Defendants’ intentional conduct, the length of time of the Defendants’ wrongful trading activity, and the Defendants’ failure to attempt to ameliorate their wrongful conduct, the CFTC’s request for a CMP of triple Defendants’ gain is appropriate and orders Onsa and New Century to jointly pay a CMP of $5.7 million, in addition to post-judgment interest.
The Order provides that all payments made by Onsa pursuant to the Order will be applied first to satisfy Onsa’s criminal restitution obligation in U.S. v. Ward Onsa, Docket No. 10-CR-730 (DLI) (U.S. District Court for the Eastern District of New York) and, upon satisfaction of that obligation, thereafter will be applied to Defendants’ CMP obligation. In that criminal case, on July 26, 2012, Onsa was sentenced to 78 months imprisonment and on August 21, 2012, was ordered to pay restitution of $3,135,132.22 to 26 victims of various criminal schemes perpetrated by him, including the scheme involving the defrauding of New Century pool participants. Onsa is currently incarcerated at the Federal Correctional Institution located in Estill, South Carolina.
The CFTC appreciates the assistance of the Office of the United States Attorney for the Eastern District of New York.
CFTC Division of Enforcement staff members responsible for this case are Elizabeth Brennan, Philip Rix, Steven Ringer, Lenel Hickson, Jr., and Manal M. Sultan.
Federal Court Orders Ward Onsa of Marco Island, Florida and His Company, New Century Investment Management LLC of Southampton, Pennsylvania to Pay $5.7 Million Civil Monetary Penalty for Operating a Commodity Pool Ponzi Scheme
Washington, DC — The U.S. Commodity Futures Trading Commission (CFTC) today announced that on March 20, 2014, Judge Mary A. McLaughlin of the U.S. District Court for the Eastern District of Pennsylvania entered a final judgment Order imposing a civil monetary penalty of almost $6 million against Defendants Ward Onsa of Marco Island, Florida, and his company, New Century Investment Management LLC (New Century), of Southampton, Pennsylvania, in a CFTC enforcement action. The court’s March 20, 2014, Order followed an earlier default judgment Order entered on December 5, 2011, finding that the Defendants had committed fraud and imposing registration and trading bans.
The Orders stem from a CFTC Complaint filed on April 5, 2011, in which the CFTC charged Onsa and New Century with solicitation fraud, misappropriation, and issuing false account statements to commodity pool participants while operating a commodity pool Ponzi scheme (see CFTC Release 6016-11, April 6, 2011).
The court’s partial default judgment Order finds that through Onsa’s fraudulent misrepresentations at least 12 pool participants invested a total of more than $2.2 million with New Century Hedge Fund Partners I, LP to trade commodity futures and options contracts. The Order further finds that the Defendants misappropriated pool participants’ funds and used them to pay personal expenses and to pay earlier participants with newer participants’ funds in the manner of a Ponzi scheme. The Order imposes permanent trading and registration bans on Onsa and New Century, and prohibits them from violating the anti-fraud provisions of the Commodity Exchange Act, as charged.
The court’s final judgment Order concludes that based on the deterrent purposes of a civil monetary penalty (CMP), the egregiousness of the Defendants’ intentional conduct, the length of time of the Defendants’ wrongful trading activity, and the Defendants’ failure to attempt to ameliorate their wrongful conduct, the CFTC’s request for a CMP of triple Defendants’ gain is appropriate and orders Onsa and New Century to jointly pay a CMP of $5.7 million, in addition to post-judgment interest.
The Order provides that all payments made by Onsa pursuant to the Order will be applied first to satisfy Onsa’s criminal restitution obligation in U.S. v. Ward Onsa, Docket No. 10-CR-730 (DLI) (U.S. District Court for the Eastern District of New York) and, upon satisfaction of that obligation, thereafter will be applied to Defendants’ CMP obligation. In that criminal case, on July 26, 2012, Onsa was sentenced to 78 months imprisonment and on August 21, 2012, was ordered to pay restitution of $3,135,132.22 to 26 victims of various criminal schemes perpetrated by him, including the scheme involving the defrauding of New Century pool participants. Onsa is currently incarcerated at the Federal Correctional Institution located in Estill, South Carolina.
The CFTC appreciates the assistance of the Office of the United States Attorney for the Eastern District of New York.
CFTC Division of Enforcement staff members responsible for this case are Elizabeth Brennan, Philip Rix, Steven Ringer, Lenel Hickson, Jr., and Manal M. Sultan.
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