BROWSE BY TOPIC
- Bad Brokers
- Compliance Concepts
- Investor Protection
- Investments - Unsuitable
- Investments - Strategies
- Investments - Private
- Features/Scandals
- Companies
- Technology/Internet
- Rules & Regulations
- Crimes
- Investments
- Bad Advisors
- Boiler Rooms
- Hirings/Transitions
- Terminations/Cost Cutting
- Regulators
- Wall Street News
- General News
- Donald Trump & Co.
- Lawsuits/Arbitrations
- Regulatory Sanctions
- Big Banks
- People
TRENDING TAGS
Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
ABOUT FINANCIALISH
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
SUBSCRIBE FOR
NEWSLETTERS & ALERTS
FOLLOW US
ESG Capital Settles Suit with Venable Law Over Facebook Shares
Back in 2011, Tim Burns of ESG Capital thought he was buying $11.25 million of pre-public Facebook shares held by Mexican billionaire Carlo Slim. David Meyer, an attorney with Venable LLP, assured investor Burns that he represented “Ken Dennis” and Soumaya Securities, to whom the money would be wired.
Funds were wired, but shares were never delivered. Fact is that Slim was never in the market to sell Facebook shares, Soumaya Securities didn’t exist, and “Ken Dennis” was a name adopted by Troy Stratos, the convicted fraudster who pulled off the scam.
ESG Capital followed up by suing Venable LLP, a 600-member BigLaw firm, and attorney David Meyer. On Wednesday, a settlement in the lawsuit was announced – though terms were not announced.
Venable had no comment on the settlement, and the law firm for Meyer, who left Venable in 2012, didn’t return calls.
Postscript: Stratos was sentenced at a December hearing in Sacramento to nearly 22 years. The punishment also took into account his fleecing the ex-wife of Eddie Murphy out of $10 million
ESG’s Burns is also behind bars for embezzling funds he thought would be his Facebook profits to buy a $4.6 million beach house.
Related Stories: Lawsuits/Arbitrations
-
Unpaid Arbitration Awards: Time for a Wall Street Anti-Fraud Fund
April 25, 2019 -
Ex-UBS Compliance Officer on Trial for Insider Trading
November 6, 2018 -
JPMorgan Settles Lawsuit with Black Advisers
September 6, 2018