August 16, 2012 Comments (0) Blog, Securities Fraud

SEC announcement regarding Bellwether securities

(Last Updated On: July 17, 2015)

On August 15, 2012, the Securities and Exchange Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act of 1940 and Notice of Hearing against Omar Ali Rizvi (Order). The Order is based on the entry of a permanent injunction against Rizvi in the civil action entitled Securities and Exchange Commission v. Omar Ali Rizvi, et al., Civil Action Number 8:10-cv-01632-JVS -FFM, in the United States District Court for the Central District of California.

In the Order, the Division of Enforcement (Division) alleges that, on July 24, 2012, a judgment was entered against Rizvi, permanently enjoining him from future violations of Sections 5 and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The Division of Enforcement alleges that the Commission’s complaint alleged, among other things, that Rizvi offered and sold Bellwether securities in an unregistered securities offering that raised more than $1.8 million from investors throughout the United States and that, in the offering, Rizvi misrepresented to investors material facts regarding, among other things, Bellwether’s status as a business development company and the persons who managed Bellwether. The Division further alleges that, at the time of the misconduct underlying the permanent injunction, Rizvi was associated with a broker and an investment adviser.

The SEC announcement also disclosed that a hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Rizvi an opportunity to dispute the allegations, and to determine what, if any, remedial action is appropriate and in the public interest, pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act of 1940.

The foregoing information, which is publicly available on the SEC’s website, is being provided by The White Law Group.  The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida.

The White Law Group represents investors who have been defrauded by their financial professional or brokerage firm.  For a free consultation with a securities attorney, please call the firm at 312/238-9650.

For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.

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