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The Securities and Exchange Commission today announced the institution of administrative and cease-and-desist proceedings against Winter Park, Fla.-based Park Financial Group, Inc. and its principal, Gordon Cantley. In the Order Instituting Proceedings, the Division of Enforcement alleges that Park and Cantley aided and abetted and caused a pump-and-dump scheme involving the securities of Spear & Jackson, Inc. and failed to file Suspicious Activity Reports (SARs) reporting suspicious transactions, in violation of the firm's record-keeping obligations.
The Commission has already obtained injunctive relief against Dennis P. Crowley, the former chief executive officer of Spear & Jackson, for violations of the antifraud, registration and reporting provisions of the federal securities laws in connection with his role in the pump-and-dump scheme. Read more at sec.gov.
Variation Margin: Payment made on a daily or intraday basis
Variation Margin: Payment made on a daily or intraday basis by a clearing member to the clearing organization based on adverse price movement in positions carried by the clearing member, calculated separately for customer and proprietary positions.
Securities News
Latest news about securities cases in Louisiana and nationwide:
Ponzi Endures With Lure Of Riches
The sales pitch was seductive: the young visionary behind Brown Investment Services in Virginia guaranteed investors he would double their money in... Read more >
Definition:
The principle under which all futures positions owned or controlled by one trader (or group of traders acting in concert) are combined to determine reporting status and compliance with speculative position limits. See CFTC Backgrounder: Speculative Limits, Hedging, and Aggregation.
Butterfly Spread
Definition:
A three-legged option spread in which each leg has the same expiration date but different strike prices. For example, a butterfly spread in soybean call options might consist of one long call at a $5.50 strike price, two short calls at a $6.00 strike price, and one long call at a $6.50 strike price.
Ponzi Scheme
Definition:
Named after Charles Ponzi, a man with a remarkable criminal career in the early 20th century, the term has been used to describe pyramid arrangements whereby an enterprise makes payments to investors from the proceeds of a later investment rather than from profits of the underlying business venture, as the investors expected, and gives investors the impression that a legitimate profit-making business or investment opportunity exists, where in fact it is a mere fiction.
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