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Investment Fraud

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  • Madoff trustee seeks to release $1.2 billion to investors Wednesday, 15 Apr 2015 | 4:24 PM ET

    NEW YORK— A trustee recovering money for thousands of victims of Bernard Madoff's epic Ponzi scheme has asked a New York court to let him distribute another $1.2 billion. Irving Picard asked the U.S. Bankruptcy Court in Manhattan on Wednesday to approve the allocation. The payouts to individual investors would range from $1,082 to $168 million, with an average...

  • NEW YORK, April 15- The trustee recouping money for victims of Bernard Madoff's Ponzi scheme on Wednesday sought court approval to release $1.25 billion from legal reserves, potentially boosting the total payout to $8.22 billion. Irving Picard, the trustee, said the request was made possible after a federal appeals court in New York ruled on Feb. 20 that victims...

  • NEW YORK, April 13- Billionaire investor William Ackman, who has long accused Herbalife Ltd of being a fraud, said on Monday that the top executives at the nutrition and supplements company are hiring their own lawyers as government investigations pick up pace. Ackman's $20 billion Pershing Square Capital Management made a $1 billion short bet against...

  • PARIS, April 8- French prosecutors said on Wednesday they were dropping an inquiry into alleged insider trading by several executives at French bank BNP Paribas after finding no signs of wrongdoing. At the time the bank was the target of a U.S. sanctions violations probe that eventually led to BNP Paribas getting hit with a fine of almost $9 billion.

  • SEC says ex-NY Giants player ran $31M Ponzi scheme Tuesday, 7 Apr 2015 | 3:33 PM ET
    New York Giants’ cornerback Will Allen defends during a game against the Cleveland Browns in East Rutherford, N.J., Sept. 26, 2004.

    The SEC announced fraud charges against former NFL player Will Allen and a business partner, accusing them of operating a $31 million Ponzi scheme.

  • Prosecutors foiled over Newman, Chiasson case Friday, 3 Apr 2015 | 12:50 PM ET
    Anthony Chiasson, co-founder of Level Global Investors LP, exits federal court following a sentencing hearing in New York, May 13, 2013.

    A U.S. appeals court on Friday rejected a request by federal prosecutors that would have allowed pursuance of big insider trading cases.

  • *Iftikar Ahmed, Amit Kanodia face criminal, SEC charges. April 2- U.S. authorities have filed criminal and civil insider trading charges against two friends, including a Connecticut venture capital executive, accused of profiting illegally from India- based Apollo Tyres Ltd's attempt to buy Cooper Tire& Rubber Co in 2013.. Iftikar Ahmed, a general partner of Oak...

  • *Iftikar Ahmed, Amit Kanodia face criminal, SEC charges. April 2- U.S. authorities have filed criminal and civil insider trading charges against two friends, including a Connecticut venture capital executive, accused of profiting illegally from India- based Apollo Tyres Ltd's attempt to buy Cooper Tire& Rubber Co in 2013.. Iftikar Ahmed, a general partner of Oak...

  • WASHINGTON, April 1- A Florida jury handed the U.S. Securities and Exchange Commission a major victory on Wednesday, after it found an investment manager tied to the Rothstein Ponzi scheme liable for fraud. The verdict comes nearly three years after the SEC charged George Levin with defrauding investors through a feeder fund that funneled money to attorney and...

  • Ex-Autonomy management to file claim vs. HP   Tuesday, 31 Mar 2015 | 10:06 AM ET
    Ex-Autonomy management to file claim vs. HP

    Hewlett-Packard is suing Autonomy co-founder Michael Lynch in the U.K. for $5.1 billion, reports CNBC's David Faber.

  • Stanford's victims accused the SEC of negligence for having waited until 2009 to uncover the Ponzi scheme, despite having had evidence of it as early as 1997.. But the court said the SEC had discretion to decide how to enforce securities laws, and could not be liable for certain misrepresentations. Victims claimed that the SEC thought Stanford's business was a...

  • A lawyer for the Securities and Exchange Commission told an administrative judge in New York that the trader, Joseph Ruggieri, made more than $117,000 in profits for Wells Fargo by trading healthcare company stocks ahead of ratings changes by one of the bank's analysts. Paul Ryan, Ruggieri's lawyer, called the SEC's case circumstantial, and said the regulator...

  • WASHINGTON, March 30- The U.S. Supreme Court on Monday left intact a ruling that prevents plaintiffs from suing banks that they say aided and abetted convicted fraudster Bernie Madoff. The high court declined to hear two separate appeals filed by investors in foreign investment vehicles that lost money when Madoff's the Ponzi scheme collapsed in 2008. They...

  • SAN FRANCISCO, March 25- The former chief operating officer of a major Chinese-American bank in San Francisco was convicted on Wednesday of several criminal counts, including securities fraud, over allegations he concealed deteriorating loans at the height of the 2008 financial crisis. Prosecutors accused former United Commercial Bank executive Ebrahim...

  • U.S. jury convicts former bank exec of securities fraud Wednesday, 25 Mar 2015 | 6:20 PM ET

    SAN FRANCISCO, March 25- A U.S. jury on Wednesday convicted former United Commercial Bank chief operating officer Ebrahim Shabudin of several criminal counts, including securities fraud, according to a court filing. UCB received $298.7 million from the government's Troubled Asset Relief Program during the financial meltdown and was the ninth-largest bank...

  • Whitman, the founder of Whitman Capital LLC in Menlo Park, California, is serving a two-year prison term for his August 2012 conviction on securities fraud and conspiracy charges. Prosecutors said he profited in trading in shares of Google Inc and video-conferencing company Polycom Inc based on illegal tips from people like former Intel Corp employee Roomy...

  • LONDON, March 19- A former trader at U.S. hedge fund Moore Capital was sentenced to 19 months in jail by a London court on Thursday after becoming the third man to plead guilty in Britain's largest insider dealing investigation. The investigation, named after London bars such as The Rack and Tenter, The Crispin and The Gable in which the spoils of illegal trading...

  • March 18- Herbalife Ltd won the dismissal of a lawsuit that claimed the maker of weight-loss and nutritional products fraudulently portrayed itself as a legitimate company, and that shareholders lost money because it was actually an illegal pyramid scheme. District Judge Dale Fischer in Los Angeles said on Monday that shareholders led by two pension funds...

  • WASHINGTON, March 12- The U.S. Justice Department has come out broadly against a series of proposals from a federal panel that would cut prison time for white-collar criminals. Attorney for the Eastern District of California, said at the hearing. The Justice Department also objected to a proposal to shift the emphasis in calculating sentences for stock fraud...

  • March 11- A bond trader pleaded guilty on Wednesday to conspiring to defraud Royal Bank of Scotland Group Plc customers by lying about the prices of bond transactions he handled for them in an effort to boost the bank's profit. Matthew Katke, 34, of New York, pleaded guilty to one count of conspiracy to commit securities fraud and will cooperate with prosecutors,...