Frauds & Scandals

Fraudster Sentenced to More Than 13 Years in Parallel Criminal Case

May 13, 2021/US SEC DaRayl D. Davis, charged by the SEC in December 2017 with raising millions of dollars from investors by selling them fictitious financial products, has been sentenced in a parallel criminal case to 160 months in prison and ordered to pay restitution of more than $7.1 million. […]

SEC Charges Broker-Dealer for Failures Related to Filing Suspicious Activity Reports

May 12, 2021/US SEC The Securities and Exchange Commission today announced settled charges against GWFS Equities Inc. (GWFS), a Colorado-based registered broker-dealer and affiliate of Great-West Life & Annuity Insurance Company, for violating the federal securities laws governing the filing of Suspicious Activity Reports (SARs). GWFS provides services to employer-sponsored […]