On April 22, 2025, the Securities and Exchange Commission filed a civil enforcement action in the United States District Court for the Eastern District of Virginia against an individual and several related parties, alleging a large-scale international securities fraud scheme involving crypto and Forex trading.  The SEC’s complaint details a multi-faceted operation that allegedly misappropriated over $57 million from investors through the offer and sale of unregistered securities, while operating what the SEC characterizes as a Ponzi-like scheme.

On April 1, 2025, the Securities and Exchange Commission filed a complaint three individuals for allegedly defrauding investors in a $284 million municipal bond offering intended to finance a sports complex and family entertainment center in Mesa, Arizona (“Facility”).  SEC v. Randall J. Miller, et al., No. 1:25-cv-01234 (S.D.N.Y. filed Apr. 1, 2025).

On May 17, 2022, the U.S. Department of Justice (“DOJ”) and the U.S. Securities and Exchange Commission (“SEC”) announced parallel resolutions with a registered investment advisor (the “Advisor”), resolving criminal and civil securities fraud allegations concerning three portfolio managers’ concealment of downside risks associated with the Advisor’s trading strategy, “Structured Alpha,” and the failure to implement an adequate control function in the Advisor’s Structured Products Group.  United States v. AllianzGlobal Investors U.S. LLC, No. 1:22-cr-00279 (S.D.N.Y); Securities and Exchange Commission v. Tournant, Taylor, and Bond-Nelson, No. 1:22-cv-04016 (S.D.N.Y.).  Three related indictments of former portfolio managers of the Advisor whose conduct contributed to the Advisor’s settlement were also unsealed.  United States v. Gregoire Tourant, No. 22-cr-00276 (S.D.N.Y.); United States v. Trevor Taylor, No. 22-cr-00149 (S.D.N.Y.); United States v. Stephen Bond-Nelson, No. 22-cr-00137 (S.D.N.Y.).