SEC Administrative Proceedings

SEC Sanctions Carole Liston for Investor Fund Misuse

The SEC has sanctioned Carole A. Liston for misusing investor funds, raising at least $5.7 million from approximately 200 investors nationwide. The sanctions follow a civil judgment permanently enjoining Liston from future violations of securities laws.

SEC Fines North East Asset Management $251,640.83 for Cherry-Picking

The SEC has fined North East Asset Management Group, Inc. and its principal, Gregory A. Zandlo, a total of $251,640.83 for engaging in cherry-picking. The funds will be used to create a Fair Fund for distribution to harmed investors.

SEC Fines Elanco Animal Health $15M for Misleading Revenue Disclosures

The SEC has fined Elanco Animal Health Inc. $15 million for misleading investors about its revenue growth between Q1 2019 and Q1 2020. The company used quarter-end incentives to meet internal targets without disclosing them, rendering public statements about revenue growth materially misleading. A Fair Fund has been established to distribute the penalty to harmed investors.

SEC Revokes LNP R Group Inc. Securities Registration

The SEC has revoked the securities registration of LNP R Group Inc. due to non-compliance with Section 13(a) of the Exchange Act and associated rules. The company failed to file required periodic reports after September 30, 2023. This action is effective February 27, 2026.

SEC Order Directing Third Disbursement of Fair Fund in Computer Sciences Corporation Matter

The SEC has issued an order directing a third disbursement of Fair Funds in the administrative proceeding against Computer Sciences Corporation. Approximately $517,004.73 will be distributed to harmed investors, bringing the total disbursed to 22.23% of their recognized claims.

SEC bars Ofer Ababaneh from investment industry

The SEC has barred Ofer Ababaneh from associating with any investment adviser, investment company, or any other person or entity registered or required to be registered with the Commission. This action follows Ababaneh's guilty plea and sentencing for investment adviser fraud, resulting in a 48-month prison sentence and restitution of $106,000,000.

SEC Bars Ricardi Celicourt for Unregistered Broker Activities

The SEC has barred Ricardi Celicourt from association with any broker or dealer and from participating in any penny stock offering. This action follows findings that Celicourt acted as an unregistered broker, facilitating the sale of unregistered securities for Royal Bengal Logistics, Inc. and receiving over $517,000 in compensation.

SEC v. Tai Mo Shan Limited - Cease-and-Desist Order and $123M Penalty

The SEC has extended the deadline for the Division of Enforcement to submit a Proposed Plan of Distribution for the Fair Fund established in the cease-and-desist order against Tai Mo Shan Limited. The order requires Tai Mo Shan to pay a total of $123,095,287.00 in disgorgement, interest, and penalties for unregistered securities offerings.

SEC Reinstates Accountant Joseph Jennings, CPA After Suspension

The SEC has issued an order reinstating Joseph Jennings, CPA, to practice before the Commission as an accountant. Jennings was suspended in 2018 for insider trading violations related to the H.J. Heinz Company and Kraft Foods Group, Inc. merger.

SEC v. Madison Capital Funding LLC - Investment Adviser Sanctions

The SEC instituted administrative and cease-and-desist proceedings against Madison Capital Funding LLC, an investment adviser. The firm allegedly failed to determine fair market value for trades with pooled investment vehicles it advised during a period of market disruption.