Latest news with #financialmisconduct
Associated Press
3 days ago
- Business
- Associated Press
Bragar Eagel & Squire, P.C. is Investigating CaaStle, Inc. on Behalf of Stockholders and Encourages Fund Investors to Contact the Firm
NEW YORK, June 01, 2025 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. is investigating potential claims on behalf of investors of fashion startup CaaStle, Inc. Our investigation concerns whether CaaStle has violated the federal securities laws and/or engaged in other unlawful business practices. On March 31, 2025, Axios published a story accusing former-CEO Christine Hunsicker of financial misconduct. Specifically, the report stated that CaaStle's Board had sent a letter to investors on March 29, 2025 revealing that Hunsicker had provided investors with 'misstated financial statements and falsified audit opinions, as well as capitalization information that understated the number of company shares outstanding.' Hunsicker reportedly resigned from her position shortly after the letter went out. Then, on April 7, 2025, Axios published an additional report stating that CaaStle's Board allowed Hunsicker to retain her position for a period of time even after finding out about her alleged fraud and was slow to warn investors of her alleged financial misconduct. Following these reports, on April 8, 2025, EXP Topco, LLC filed a lawsuit against CaaStle accusing the Company of breach of a license agreement and a settlement agreement. According to the lawsuit, in light of the 'corporate meltdown' CaaStle was experiencing, the Company backed out of a license agreement with EXP over the use of an EXP trademark and entered into a settlement agreement in which it agreed to make a payment to EXP that it ultimately failed to make. Then, on April 18, 2025, P180 filed a lawsuit against CaaStle accusing the Company of misrepresenting its financial health in order to induce P180 to raise capital and take out loans. P180 claims it suffered losses upwards of $58 million. If you have invested in CaaStle, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at [email protected], or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you. About Bragar Eagel & Squire, P.C.: Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit Attorney advertising. Prior results do not guarantee similar outcomes. Follow us for updates on LinkedIn, X, and Facebook, and keep up with other news by following Brandon Walker, Esq. on LinkedIn and X. Contact Information: Bragar Eagel & Squire, P.C. Brandon Walker, Esq. Marion Passmore, Esq. (212) 355-4648 [email protected]
CTV News
4 days ago
- Business
- CTV News
Incarcerated former mortgage broker agrees to pay B.C. regulator $35K over misconduct
A real estate sign is posted outside a home in Pointe-Claire, a city in Montreal's West Island, Tuesday, May 7, 2024. (Christinne Muschi / The Canadian Press) A former B.C. mortgage broker has agreed to pay a $35,000 administrative penalty for failing to report a misleading mortgage application submitted in his name by his ex-wife. Siavash Ahmadi was registered as a submortgage broker from May 2019 until October 2022, according to a consent order he signed with the BC Financial Services Authority earlier this month. The document details the misconduct that led to the fine, the principal instance of which began in March 2020. According to the consent order, Ahmadi met with the prospective buyer of a Vancouver condo around that time, but determined that the buyer would not qualify for a mortgage, and declined to file an application for them. Ahmadi then travelled to Iran for two months. While he was away, his then-wife Ksenia Ivanova submitted a mortgage application for the client, using Ahmadi's Filogix account. Filogix is a software platform that connects mortgage brokers and lenders, according to the BCFSA. 'After returning from Iran, S. Ahmadi discovered (the client's) application had been submitted and been approved,' consent order reads. 'He also discovered at that time that the documents submitted in support of the application differed from the documents he had reviewed earlier and were inaccurate.' The consent order indicates Ivanova filed the application without Ahmadi's knowledge or approval. Ivanova was also a registered submortgage broker from 2015 to 2020. In a separate consent order signed last year, she, too, was fined $35,000 for using Ahmadi's account to submit misleading applications. Ivanova was also one of 23 people penalized for working with fake mortgage broker Jay Kanth Chaudhary. She is banned from reapplying for registration as a mortgage broker for 10 years. When Ahmadi got back from Iran, there were still a few days left before the transaction Ivanova had submitted was due to be completed, according to the consent order. Despite this, however, Ahmadi 'made no attempts to cancel the application or inform the lender, despite knowing the documents that supported the application were not accurate,' the consent order reads. It also notes that Ahmadi 'accepted financial documentation for his clients from third parties' without meeting with the clients directly on 'at least some of' eight other mortgage applications filed through his Filogix account from January 2020 through January 2021. The documents he received on behalf of each of the eight borrowers 'were not genuine and showed an income that was higher than the borrower's true reported earnings,' according to the consent order. All of this amounted to conducting mortgage business 'in a manner prejudicial to the public interest,' Ahmadi admitted in the document. In addition to the $35,000 administrative penalty, Ahmadi also agreed to pay $3,500 in 'investigation costs' to the BCFSA. 'BCFSA is committed to ensuring integrity in the mortgage services industry and will not hesitate to take action against those who compromise the public interest,' said Jon Vandall, the agency's senior vice-president of compliance and enforcement, in a news release about the case. 'The substantial administrative penalty of $35,000 reflects the severity of Ahmadi's actions and serves as a clear message that such misconduct will not be tolerated.' According to the consent order, Ahmadi 'is currently incarcerated for a significant period of time' as a result of convictions unrelated to his financial misconduct as a mortgage broker. While the document does not specify the crimes for which Ahmadi was convicted, a man by that name was sentenced earlier this year for offences stemming from a June 2023 standoff with police on a highway off-ramp in West Vancouver. He received a global sentence of four years – minus credit for time already served – for reckless discharge of a firearm and possession of a loaded or restricted firearm, as well as a $1,000 fine and a two-year driving ban for impaired driving.
News24
24-05-2025
- Entertainment
- News24
Nolwazi Ngubeni out on bail for casting fraud case
Friday morning began on a tumultuous note as Nolwazi Ngubeni made another brief appearance at the Brixton Magistrate's Court in Johannesburg. The actress and casting director was granted bail. She is allegedly involved in financial misconduct involving Rhythm World Production, Masakhane Casting and Make Your Art (Pty) Ltd that dates back to March 2024. At the time of the incident, Nolwazi was hired by Duma ka Ndlovu's Rhythm World as a casting director. In her role, she recruited actors to perform in various productions. Read more | Tebogo Thobejane's alleged attempted killer to apply for bail However, when Rhythm World paid her for the services rendered on Queen Modjadji, she allegedly kept the money for herself. In October 2024, news broke that the SAFTA-award-winner was found to have concealed about R700k, which she had allegedly fraudulently invoiced. After failed negotiations between her lawyers and the production company, a fraud case was opened. 'The accused was released on R5000 bail, and the case was postponed to 26 September 2025 for further investigations. The NPA is committed to ensuring justice is served and will provide updates as the case progresses,' National Prosecuting Authority (NPA) confirms. The actress is best known for her roles on A Place Called Home, Soul City and recently Outlaws and Scandal!
