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Investment Fraud

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  • Herbalife not exonerated by court: Pershing Square Friday, 20 Mar 2015 | 1:27 PM ET
    Bill Ackman appears on CNBC's "Squawk Box" in the debut of its new set in Manhattan.

    A court's dismissal of a lawsuit against Herbalife did not "exonerate" the company's business practices, Pershing Square said.

  • 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...

  • LOS ANGELES— A judge dismissed a lawsuit by Herbalife shareholders who claimed that the business structure and marketing practices of the weight loss and nutritional supplements company violated the law and that they lost money because it amounts to a pyramid scheme. Plaintiffs did not show that accusations by activist investor Bill Ackman proved fraud by...

  • 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...

  • NEW YORK— The trustee finding money for victims of Bernard Madoff's epic fraud asked the U.S. Supreme Court on Tuesday to overturn a court ruling that he says may prevent the recovery of nearly $4 billion, reward those who unwittingly profited from the Ponzi scheme at the expense of those who did not, and have far-reaching effects for future victims of financial...

  • MINNEAPOLIS— A recent Minnesota Supreme Court decision could affect the potential recovery of more than $1 billion from lenders who profited from relationships with convicted Wayzata businessman Tom Petters, a newspaper reported Sunday. In an unrelated but similar case, the court ruled last month that Minnesota law doesn't include a key provision that...

  • 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,...

  • "Sharpening the definition of insider trading will clear up ambiguity in the law and help repair a broken system," Reed, a Rhode Island Democrat who like Menendez is a member of the Senate Banking Committee, said in a statement. If enacted, the legislation would broaden what constitutes insider trading following the December ruling by the 2nd U.S. Circuit Court of...

  • NEW YORK, March 9- Galleon Group hedge fund founder Raj Rajaratnam and former Goldman Sachs Group Inc director Rajat Gupta are seeking to overturn penalties imposed against them for insider trading, citing a recent U.S. court decision that narrowed the definition of that offense. But in seeking lesser punishments, both men cited a Dec. 10 ruling by the 2nd U.S....

  • NEW YORK, March 9- U.S. prosecutors have concluded that a former Wyoming Retirement System chief investment officer's insider trading guilty plea is no longer valid following a major appellate ruling limiting the ability of authorities to prosecute insider trading cases. Prosecutors in a letter filed on Friday in Manhattan federal court said they believed...

  • NEW YORK, March 9- U.S. prosecutors have concluded that a former Wyoming Retirement System chief investment officer's insider trading guilty plea is no longer valid following a major appellate ruling limiting the ability of authorities to prosecute insider trading cases. Prosecutors in a letter filed on Friday in Manhattan federal court said they believed...

  • NEW YORK, March 4- A federal judge let stand the insider trading conviction of former Foundry Networks Inc executive David Riley, rejecting his argument that a recent appeals court decision setting a higher bar for convictions warranted his acquittal. District Judge Valerie Caproni in Manhattan said in a decision late on Tuesday that evidence introduced at...

  • Supermarket exec jailed for insider trading Wednesday, 4 Mar 2015 | 1:19 AM ET

    The former group treasurer and head of tax at WM Morrison Supermarkets has been sentenced to 12 months in jail for insider trading.

  • LONDON, March 3- The former group treasurer and head of tax at British high street retailer WM Morrison Supermarkets Plc has been sentenced to 12 months in jail for insider trading by an English court. The Financial Conduct Authority said on Tuesday Paul Coyle had pleaded guilty to two counts of using confidential, price-sensitive information to trade in...

  • LONDON, March 3- The former group treasurer and head of tax at WM Morrison Supermarkets Plc has been sentenced to 12 months in jail for insider trading by an English court. The Financial Conduct Authority said on Tuesday that Paul Coyle, pleaded guilty to two counts of using confidential, price-sensitive market information to trade in shares of proposed joint...

  • NEW YORK, March 2- IBM Corp was sued on Monday by a shareholder that said it committed securities fraud by failing to write down a money-losing semiconductor unit before agreeing to pay another company $1.5 billion to take that unit off its hands. The lawsuit filed in Manhattan federal court arose from IBM's announcement last Oct. 20 that it would sell the unit to...

  • Lights, Camera, Con?   Friday, 27 Feb 2015 | 1:30 PM ET
    Lights, Camera, Con?

    Hundreds of investors were looking to make it big in Hollywood, but their box office dreams were crushed by a team of con men. CNBC's Andrea Day reports.

  • The SEC alleged that Bolan, a research analyst, tipped Ruggieri, a trader, about upcoming upgrades and downgrades in ratings of various companies, allowing Ruggieri to make more than $117,000 in profits for Wells Fargo. The SEC, which brought the case in September, said Bolan also tipped off a friend, who was able to reap $10,000. Absent an agreement by the SEC and...

  • NEW YORK, Feb 25- A former hedge fund manager who provided evidence for dozens of insider trading convictions, including that of Galleon Group hedge fund founder Raj Rajaratnam, avoided prison on Wednesday at his sentencing in Manhattan federal court. Thomas Hardin, who previously ran Lanexa Management LLC, pleaded guilty in 2010 to conspiracy and securities...