Ray Quinney & Nebeker shareholder Mark Pugsley has successfully obtained a significant whistleblower award on behalf of two of his clients. This award is the result of the successful civil and criminal prosecution of Thomas Andrews and Scott Christensen. Recently his clients were approved by the SEC to receive 30% of the $9,384,253 in ordered fines and penalties – the maximum award possible.
His clients, who were victims of the fraud scheme, filed a whistleblower tip under the SEC’s Whistleblower program in 2017. As a direct result of this tip the SEC and Department of Justice filed parallel civil and criminal cases against Andrews and Christensen in April of 2017.
On November 3, 2016, Christensen pled guilty to securities fraud and was sentenced to a prison term of one year and ordered to pay restitution in the amount of $1 million. On December 15, 2016, Andrews also entered a guilty plea to securities fraud and was sentenced to a prison term of 97 months followed by three years of supervised release, and ordered to pay $8,384,253 in restitution. Both men were permanently barred from association with broker, dealer, or investment adviser.
Mark W. Pugsley is the chair of the Securities Litigation Group at Ray Quinney & Nebeker. His practice is focused on financial fraud, investment disputes, FINRA Arbitrations, and whistleblower cases filed with the SEC, CFTC and IRS. He frequently handles civil enforcement actions and regulatory investigations brought by the U.S. Securities and Exchange Commission (SEC), the Utah Division of Securities, the Commodity Futures Trading Commission (CFTC) and the Financial Industry Regulatory Authority (FINRA) involving individuals, brokers, brokerage firms and investment advisors.