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Federal Contractor Misconduct Database (FCMD)

The federal government routinely awards contracts to companies with histories of misconduct, including contract fraud and other violations. POGO believes that providing this website will help to improve contracting decisions and increase public knowledge of how the government spends billions of taxpayer dollars each year. Read more…

Afinsa – SEC Investigation

Beginning in June 2003, Spectrum Group International (SGI) acted as the exclusive supplier of collectibles, mostly stamps, to Spanish collectibles company Afinsa Bienes Tangibles, S.A. In 2006, Spanish authorities began investigating an alleged criminal scheme by Afinsa and several officers and directors of SGI, including CEO Greg Manning and CFO Larry Crawford. The targets of the investigation were accused of money laundering, fraud and tax evasion relating to a stamp investment operation. In March 2009, the U.S. Securities and Exchange Commission reached a settlement with SGI (then known as Escala Group) resolving alleged securities laws violations connected with the company’s dealings with Afinsa. Under the terms of the settlement, SGI did not admit or deny the government’s allegations and consented to a permanent injunction against any future violations of the federal securities laws. The SEC did not impose any monetary penalties.

Misconduct Type
Securities
Enforcement Agency
SEC
Contracting Party
None
Court Type
Civil
Disposition
Judgment Against Defendant
Date of Settlement
3/23/2009
Contractors Involved Penalty
Total
Spectrum Group International, Inc. $0
Further Information Released
Complaint 3/17/2010
Final Judgment 3/17/2010
SGI Press Release 3/17/2010

Federal Contractor Misconduct Database