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SEC Charges Attorney With Misconduct in Connection with Client Exam

By Mark H. Astarita, Esq.

The SEC instituted administrative proceedings against a Greenberg Traurig partner for engaging in improper professional conduct during an SEC examination. The SEC alleges that the attorney, in the course of an SEC examination of his client NewPoint Securities LLC in April and May 2009 ? altered private placement memoranda (PPMs) purportedly used in the offer and sale of securities issued by NewPoint Financial Services. The original PPMs purportedly provided to investors stated that the funds raised in the offerings would be used primarily for real estate related investments. According to the SEC, the vast majority of money raised in the offerings was misappropriated by NewPoint?s principal John Farahi.The SEC alleges that the attorney added language to the PPMs to make it appear that it was disclosed to investors that much of the money raised by NewPoint would be loaned to Farahi...continue to full post

Full post as published by SECLaw.com on January 30, 2011 (boomark / email).