Crime Corporate Fraud

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  • District Judge Cynthia Rufe in Philadelphia after a federal jury in February found him guilty on charges of securities fraud and making a false statement. He was also ordered to pay $77,000 in restitution, which his lawyer, Robert Welsh, said will be considered satisfied once Sudfeld pays $91,747 plus interest to the U.S. Securities and Exchange Commission in a...

  • Norman Seabrook, the Correction Officers' Benevolent Association's ex-president, and Murray Huberfeld, a longtime associate of hedge fund manager Platinum Partners, pleaded not guilty to conspiracy and honest services wire fraud charges in Manhattan federal court. Prosecutors said Seabrook, 56, accepted a $60,000 bribe in 2014 orchestrated by Huberfeld,...

  • Trendon Shavers, who operated Bitcoin Savings and Trust, was also ordered by U.S. Shavers, a Prosper, Texas, resident who went by "pirateat40" online, was arrested in November 2014, two months after a federal judge in Texas ordered him to pay $40.7 million in a related U.S. Securities and Exchange Commission civil lawsuit. Prosecutors said from 2011 to 2012, Shavers,...

  • NEW YORK— A Texas man who carried out what authorities said was the first federal bitcoin securities fraud to be prosecuted was sentenced on Thursday to 18 months in prison. Trendon Shavers, 33, was sentenced in Manhattan federal court by Judge Lewis A. Kaplan, who said Shavers committed a serious crime but had earned leniency through the honest work he's done...

  • LONDON, July 21- HSBC is reviewing a past investigation of forex trades after the arrest on Tuesday night of a senior manager in New York for alleged fraud, according to a source familiar with the matter. Johnson was on Wednesday charged in a criminal complaint filed in a federal court in Brooklyn with engaging in a scheme to front-run a $3.5 billion transaction by...

  • Jason Galanis, 46, of Los Angeles, admitted to securities fraud, investment adviser fraud, and two conspiracy charges at a hearing before U.S. The case is one of two pending against Jason Galanis, who was nicknamed "Porn's New King" by Forbes magazine in 2004 after buying the nation's largest processor of credit card payments for internet pornography.

  • NEW YORK, July 21- An investment banker once dubbed "Porn's New King" and accused of engineering a scheme with his father and two brothers to reap illegal profits by manipulating a reinsurer's stock price pleaded guilty to fraud charges on Thursday. Jason Galanis, 46, of Los Angeles, admitted to securities fraud, investment adviser fraud, and two conspiracy...

  • NEW YORK, July 20- A senior HSBC Holdings Plc manager has been arrested and charged alongside a former foreign exchange executive with engaging in a scheme to front-run a $3.5 billion transaction by one of the bank's clients, U.S. prosecutors said on Wednesday. Mark Johnson, HSBC's global head of foreign exchange cash trading in London, and Stuart Scott, its...

  • NEW YORK, July 20- A 73- year-old Californian charged with running a scheme with three of his sons to manipulate the stock price of reinsurer Gerova Financial Group Ltd and then dump the shares at inflated prices pleaded guilty to fraud on Wednesday, U.S. prosecutors said. John Galanis, of Oceanside, California, admitted to securities fraud and conspiracy charges...

  • NEW YORK, July 20- A senior manager at HSBC Holdings Plc has been arrested in New York and charged along with a former foreign exchange executive for engaging in a scheme to defraud one of the bank's clients in a $3.5 billion currency transaction. Mark Johnson, HSBC's global head of foreign exchange cash trading in London, and Stuart Scott, the bank's former head of...

  • GULFPORT, Miss.— The head of the 2010 Gulf of Mexico oil spill claims office testified Wednesday that he was suspicious when a Texas lawyer told him he was handling claims from 41,000 fishermen. Kenneth Feinberg was the first witness in the federal fraud case against San Antonio attorney Mikal Watts and six co-defendants accused of inflating Watts' client list.

  • NEW YORK, July 18- A former portfolio manager at Visium Asset Management LP pleaded not guilty on Monday to charges that he engaged in a scheme to defraud investors by inflating the value of a bond fund and overstating its liquidity. Stefan Lumiere, 45, entered his plea to conspiracy, securities fraud and wire fraud charges in federal court in Manhattan, about a...

  • NEW ORLEANS— A Texas lawyer and six co-defendants are now facing a reduced indictment of 73 charges, instead of 95, at federal trial on accusations that they faked more than 40,000 damage claims after the BP oil spill in 2010.. Online court records show that prosecutors dropped 22 counts of identity document fraud before jury selection began Monday in Gulfport,...

  • FTC determines Herbalife not a pyramid scheme: DJ

    Shares of Herbalife are up in the pre-market on word the FTC is expected to announce a settlement today with Herbalife.

  • NEW YORK, July 14- The former chief executive of Kit Digital Inc was extradited on Thursday from Colombia to face U.S. charges that he engaged in a wide-ranging market manipulation and accounting fraud scheme at the now-bankrupt technology company, prosecutors said. Those newly-announced defendants include Omar Amanat, an investor in media, finance and...

  • NEW YORK, July 13- A former investor in the studio behind the "Twilight" movie franchise was arrested on Wednesday on charges that he participated in fraudulent schemes involving a bankrupt technology company called Kit Digital Inc.. Omar Amanat, an investor in media, finance and technology companies, was charged in an indictment filed in Manhattan federal...

  • NEW YORK, July 13- A self-described New York entrepreneur was arrested on Wednesday on charges that he conspired to hide the losses suffered by a hedge fund's clients in a scheme that involved bankrupt video technology company Kit Digital Inc.. Amanat, who was an investor in "Twilight" studio Summit Entertainment before its 2012 sale to Lions Gate Entertainment...

  • Steven McClatchey, 58, pleaded guilty in Manhattan federal court to conspiracy and securities fraud charges, admitting that he provided stock tips to the plumber, Gary Pusey, who prosecutors say made $76,000 through his insider trading. McClatchey, who worked at Barclays from 2008 to 2015, was arrested on May 31 amid a resurgence of insider trading cases in...

  • LONDON, July 4- When David Green was appointed head of Britain's Serious Fraud Office in 2012 he predicted he would be judged by how he fared prosecuting allegations of global interest rate rigging, a symbol of banker greed during the financial crisis. But the convictions of three former Barclays traders and a guilty plea from another in London's third Libor...

  • *Five now convicted in UK on Libor-rigging charges. LONDON, July 4 Reuters)- Three former Barclays traders have been found guilty by a London jury of conspiring to fraudulently manipulate global benchmark interest rates in a stark warning to junior bankers and a major victory for Britain's Serious Fraud Office (SFO). The verdicts bring to five the number of people...