Articles Tagged with securities fraud

The Securities and Exchange Commission (“SEC”) announced an award of approximately $1.5 million to a whistleblower whose information and assistance led to a successful SEC enforcement action.

In connection with the announcement, Jane Norberg, Chief of the SEC’s Office of Whistleblower, said that the “whistleblower alerted the SEC to previously unknown conduct and thereafter provided multiple submissions, identified potential witnesses, and met with staff on several occasions.”

Congress established the whistleblower program to incentivize whistleblowers with specific, timely, and credible information about federal securities laws violations to report to the SEC.  A whistleblower may receive an award if they voluntarily provide the SEC with qualifying information that leads to a successful enforcement action. The award can range from 10 percent to 30 percent of the money collected as a result of the enforcement action.

**Update: 5/13/2021**   On May 12, 2021, Long Island investment advisor, Mark Lisser, pleaded guilty in federal court to securities fraud conspiracy.   As part of his plea, Mr. Lisser admitted to lying to customers about investments in shares of several companies prior to the initial public offering of those companies.  As a result of his scheme, Mr. Lisser stole more than $700,000 of investors’ funds to make payments to companies controlled by Knightsbridge Private Partners LLC employees, pay salaries and sales commissions, pay his personal credit card bill, and make payments on a mortgage.

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INVESTIGATION: Long Island Resident Mark Alan Lisser Charged with Defrauding Investors

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