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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 – Securities Class Action

Beginning in June 2003, Spectrum Group International acted as the exclusive supplier of collectibles, mostly stamps, to Spanish collectibles company and SGI majority shareholder 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 December 2008, SGI (then known as Escala Group) settled a class action filed on behalf of shareholders who claimed they were harmed as a result of the Afinsa transactions. Under the terms of the agreement, SGI agreed to pay $6 million in cash and $8 million in stock.

Misconduct Type
Securities
Enforcement Agency
Non-Governmental
Contracting Party
None
Court Type
Civil
Disposition
Settlement
Date of Filing
5/9/2006
Contractors Involved Penalty
Total
Spectrum Group International, Inc. $14,000,000
Further Information Released
Complaint 3/17/2010
Settlement 3/17/2010

Federal Contractor Misconduct Database