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Investment Fraud

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  • How safe is our data?   Wednesday, 27 May 2015 | 3:29 PM ET
    How safe is our data?

    Former Homeland Security secretary, Michael Chertoff of The Chertoff Group, discusses managing the risk from dangerous hacks after the recent IRS hack.

  • NEW YORK— A longtime trader for Bernard Madoff's firm was sentenced Wednesday to 10 months of home confinement after his testimony helped convict five former co-workers for their roles in history's largest Ponzi scheme. District Judge Laura Taylor Swain in Manhattan announced his penalty. She also ordered him to perform 200 hours of community service and...

  • May 26- A Connecticut venture capital executive accused of insider trading and of cheating his clients out of tens of millions of dollars has fled the country, the U.S. Securities and Exchange Commission said. Iftikar Ahmed, a former general partner at Oak Investment Partners, left the United States some time before May 18 in violation of a judge's order in the...

  • CHICAGO, May 21- A U.S. appeals court on Thursday reversed a $2.46 billion judgment against HSBC Holdings Plc in a long-running securities fraud class action stemming from a consumer finance business it bought more than a decade ago. The 7th U.S. Circuit Court of Appeals in Chicago said HSBC and three former Household International Inc executives were entitled...

  • Yalie charged with defrauding CrossFit investors Thursday, 21 May 2015 | 6:17 PM ET
    Josh Newman in YouTube video for CrossFit NYC

    Authorities arrested Joshua Newman and charged him with defrauding investors out of at least $2 million over a three-year period, NYT reports.

  • Ex-Madoff employee turned cooperator gets home detention Wednesday, 20 May 2015 | 2:30 PM ET

    NEW YORK, May 20- A former employee of Bernard Madoff was sentenced to nine months of home detention but no prison time on Wednesday for falsifying documents and other crimes, in light of his extensive cooperation with U.S. authorities investigating Madoff's multibillion-dollar Ponzi scheme. Eric Lipkin was sentenced by U.S. District Judge Laura Taylor Swain...

  • NEW YORK— Imprisoned Wall Street swindler Bernard Madoff's former controller won't have to go to prison after a prosecutor praised her Tuesday for helping them successfully convict others in his multibillion-dollar fraud. Enrica Cotellessa-Pitz, 56, was sentenced to time served by U.S. The judge said she believed Cotellessa-Pitz was genuinely...

  • NEW YORK, May 19- The former controller for convicted fraudster Bernard Madoff's investment firm was sentenced to no prison time on Tuesday, as a U.S. judge praised her "extraordinary" assistance to authorities investigating Madoff's massive Ponzi scheme. District Judge Laura Taylor Swain imposed the sentence on Tuesday in federal court in New York, citing her "...

  • FTC sues phony cancer charities   Tuesday, 19 May 2015 | 12:09 PM ET
    FTC sues phony cancer charities

    CNBC's Hampton Pearson reports on a major consumer fraud case revealed by the Federal Trade Commission.

  • Sean Stewart, 34, routinely tipped his father about mergers being worked on at Perella and JPMorgan Chase& Co, where he worked until 2011, according to a complaint filed in Manhattan federal court. The tips enabled Robert Stewart, 60, and a friend to make $1.16 million, the complaint said. Robert Stewart, an accountant and chief financial officer of mobile...

  • Sean Stewart, who previously worked at JPMorgan Chase& Co, tipped Robert Stewart, his father, about the mergers, enabling him and a friend to make $1.16 million, according to a criminal complaint filed in Manhattan federal court. Robert Stewart, a 60- year-old accountant and chief financial officer of a mobile applications company, was meanwhile arrested in...

  • 5 banks to plead guilt to felony charges   Thursday, 14 May 2015 | 11:00 AM ET
    5 banks to plead guilt to felony charges

    Five banks are set to plead guilty to felony charges and pay billions in fines for currency market rigging.

  • May 13- A Massachusetts lawyer has admitted to trading on inside information about American Superconductor Corp that a fellow golfer was told in confidence by an executive, his attorney said on Wednesday. Douglas Parigian, 56, pleaded guilty on Tuesday to conspiracy and securities fraud charges after a federal judge in Boston refused to dismiss the case in...

  • SEC charges ITT Educational Services with fraud   Tuesday, 12 May 2015 | 10:27 AM ET
    SEC charges ITT Educational Services with fraud

    CNBC's Dominic Chu reports on the SEC's charges against ITT Educational Services with fraud.

  • PARIS, May 11- A French public prosecutor on Monday recommended that insider trading charges against current and former managers of Airbus Group be dropped after they successfully challenged the process on human rights grounds. The trial opened last year but was suspended after a first day of deliberations to allow the defendants to argue before a higher...

  • PARIS, May 11- French prosecutors will on Monday formally abandon insider trading charges against current and former managers of Airbus Group after they successfully challenged the process on human rights grounds, judicial sources said. The trial was suspended after a day of legal arguments to allow the defendants to argue before a higher court that the case...

  • May 5- The U.S. Securities and Exchange Commission on Tuesday sued three defendants it accused of running a fraud and Ponzi scheme in which they raised more than $62 million from investors eager to benefit from growth in the North Dakota oil industry. According to the SEC, North Dakota Developments LLC and its owners, Robert Gavin and Daniel Hogan, illegally...

  • Los Angeles sues Wells Fargo   Tuesday, 5 May 2015 | 4:37 PM ET
    Los Angeles sues Wells Fargo

    The city of Los Angeles is suing Wells Fargo for what it deems "unlawful and fraudulent conduct." Shark tank investor Kevin O'Leary and the Closing Bell team, weigh in.

  • Three men in UK court on insider dealing charges Wednesday, 29 Apr 2015 | 8:31 AM ET

    LONDON, April 29- Three men appeared in a London court on Wednesday charged with using inside information to trade in technology company Logica shares during its Canadian takeover in 2012, the Financial Conduct Authority said. Manjeet Singh Mohal, 58, appeared before Westminster Magistrates' Court charged with two counts of insider trading and Reshim Birk,...

  • NEW YORK, April 28- A federal judge dismissed claims by former Elan Corp and Wyeth shareholders accusing billionaire investor Steven A. Cohen's SAC Capital Advisors LP of violating federal racketeering law by conducting insider trading in the drugmakers' stocks. District Judge Victor Marrero in Manhattan said the civil claims brought under the Racketeer...