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Crime Corporate Fraud

  • In an unusual partnership, New York State and federal prosecutors are investigating trading in credit-default swaps, the insurancelike securities that have come under close scrutiny for their role in the financial crisis.

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    The Federal Bureau of Investigation is struggling to find enough agents and resources to investigate criminal wrongdoing tied to the country’s economic crisis, the New York Times reports.

  • The Securities and Exchange Commission is investigating whether traders spread rumors to drive down shares of former investment banks Bear Stearns and Lehman Brothers, USA Today reported, citing an SEC subpoena.

  • Why is New York moving to regulate a complicated part of the derivative market? Because no one else was keeping an eye on it, says the state's insurance chief.

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    Indiana has sued Countrywide Financial, becoming the latest state to take the mortgage lender to court over its lending practices.

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    Three more more financial firms, including Merrill Lynch and Goldman Sachs, reached settlements over the sale of auction-rate securities, a $330 billion market that collapsed in February.

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    Merrill Lynch CEO John Thain met with New York Attorney General Andrew Cuomo on Thursday in an attempt to reach a settlement of the auction-rate securities probe, CNBC has learned.

  • Merrill Lynch reached a settlement with Massachusetts over auction-rate securities, the latest in a string a accords between regulators and Wall Street firms over the $330 billion market that collapsed in February

  • Merrill Lynch has until Friday to settle an auction-rate securities case with New York Attorney General Andrew Cuomo's office or it will face a lawsuit, Cuomo warned during a CNBC interview.

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    Regional securities firms are rallying against efforts by New York State Attorney General Andrew Cuomo to have brokerage firms repay investors who purchased auction rate securities.

  • Merrill Lynch will follow Citigroup in cobbling together a settlement for clients who bought auction rate securities.

  • Tone Grant, the former president of Refco, once the largest independent commodities broker, was sentenced to 10 years in prison for his role in a $2.4 billion fraud that involved hiding huge trading losses from clients.

  • Citibank

    Citigroup agreed to buy back more than $7 billion of illiquid auction-rate securities and pay a $100 million civil fine to settle charges it fraudulently misled investors about the debt's risk.

  • Citibank

    Citigroup is in talks with state and federal regulators to resolve allegations of wrongdoing in the auction-rate-securities market that could result in its buying back several billion dollars of the illiquid securities, Wall Street Journal said.

  • A lawsuit against UBS alleging that the Swiss bank engaged in fraud related to holdings of a fund in loss-making company Endwave was dismissed by a New York Supreme Court judge, court documents showed.

  • Senator Ted Stevens, the longest-serving Republican senator and a figure in Alaska politics since before statehood, has been indicted on seven counts of falsely reporting hundreds of thousands of dollars in services he received from a company that helped renovate his home.

  • New York attorney general Andrew Cuomo is preparing to file civil securities-fraud charges against UBS, possibly as early as this week, the Wall Street Journal said on Wednesday.

  • A U.S. Senate subcommittee accused banks in Switzerland and Liechtenstein of helping wealthy Americans evade billions in taxes each year, and urged the establishment of tougher laws to combat offshore tax havens around the world.

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    Former Samsung Group chief Lee Kun-hee, one of South Korea's most powerful businessmen, was handed a suspended 3-year jail sentence on Wednesday for tax evasion but was cleared of other charges.

  • U.S. securities regulators are boosting efforts to stop the spread of false rumors that threaten financial institutions, after a week that saw steep slides in the shares of Fannie Mae, Freddie Mac and Lehman Brothers.