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Investment Fraud

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  • The Mormon Madoff: How Shawn Merriman Scammed Millions Wednesday, 20 Jun 2012 | 10:45 AM ET
    Shawn Merriman

    Shawn Merriman was head of an investment firm and lay bishop in the Mormon church who persuaded friends, family, and church members to invest with him. It turned out to be a big scam, taking in more than $21 million. Among victims: his own mother.

  • Last Call: Greek Election Day Draws Near Friday, 15 Jun 2012 | 1:39 AM ET
    Greece

    The markets jump on reports central banks are putting plans in place to prepare for the Greek elections; UK bankers say they will take whatever steps necessary to protect their currency; the video game industry continues its free fall; Allen Stanford is sentenced to 110 years in jail.

  • The federal agency is aggressively responding to a series of what it sees as hostile attempts by private sector firms to access its website at times when market-moving economic data are released to the public.

  • Fraud Whistleblowers: Uncle Sam Wants You Thursday, 24 May 2012 | 2:46 PM ET
    Department of Justice

    U.S. authorities are ratcheting up their investigation of residential mortgage-backed securities — the bundles of mortgages that were at the heart of the 2008 financial crisis. And they are appealing to the public for help.

  • Is Insider Trading Part of the Fabric? Sunday, 20 May 2012 | 10:17 AM ET
    Wall Street sign

    The Securities and Exchange Commission has been getting tougher on insider trading on Wall Street, but its potential target may be too wide, The New York Times reports.

  • Vermeer's "The Concert"

    The investigation into the  $300 million art heist from a Boston museum in 1990 has heated up after authorities searched the house of a mob suspect. The Gardner Museum is offering a $5 million reward.

  • Street Gangs: A New Breed of White Collar Criminals? Tuesday, 8 May 2012 | 5:06 PM ET
    Michael Lock

    How some gangs are moving beyond drugs and street crimes and into financial crimes like mortgage fraud.  

  • Ex-Media Mogul Conrad Black Released From Prison Friday, 4 May 2012 | 10:51 AM ET
    Conrad Black arriving at a federal courthouse on June 18, 2007.

    Conrad Black is released from prison after serving nearly half of his original six-year sentence for defrauding investors.

  • Scam artist Nicholas Cosmo says even as his latest scheme was imploding and putting the life savings of 4,000 people at risk, he thought he was “helping people.”

  • 5 Things You Should Know Before and After Investing Tuesday, 1 May 2012 | 2:42 PM ET

    According to a 2011 Federal Bureau of Investigation report, securities and commodities fraud investigations have increased by more than 50 percent since 2008. Here's how you can protect yourself.

  • ‘Boiler Room Banker’ Sent to Prison Tuesday, 1 May 2012 | 2:58 AM ET

    A man who set up accounts for funds from a “boiler room” share scam has been jailed for four-and-a-half years after being convicted of three counts of money laundering, the Financial Times reports.

  • SEC Gets Tough With Chinese Stocks: Greenberg Tuesday, 24 Apr 2012 | 11:49 AM ET

    With each passing SEC suit against a once high-flying U.S. traded Chinese company, it becomes striking how pervasive the alleged fraud was in some of these companies.

  • Dennis Kozlowski

    Imprisoned Ex-Tyco CEO Dennis Kozlowski begged for mercy from a parole board last week, before learning later that his plea had been rejected, a newly-released transcript of the proceeding showed Wednesday, USA Today reports.

  • How to Avoid Becoming a Victim of Mortgage Fraud Wednesday, 4 Apr 2012 | 4:25 PM ET
    Bill Erpenbeck

    Home ownership may be the largest purchase of your lifetime, but if you don’t do your homework before signing on the dotted line, it can end up being your worst financial nightmare.

  • Top States for Mortgage Fraud Monday, 2 Apr 2012 | 11:13 AM ET
    Mortgage fraud is a growing threat to homeowners and businesses, according to the FBI. With the changing housing landscape come new schemes. Foreclosures and delinquencies have soared over the last few years, and the FBI says that has resulted in an increase in mortgage fraud schemes against distressed homeowners. New original loan fraud investigations, on the other hand, have dropped since there was a decrease in new mortgages in 2011. Mortgage fraud schemes have “some type of material misstate

    Foreclosures and delinquencies have soared over the last few years, and the FBI says that has resulted in an increase in mortgage fraud schemes against distressed homeowners.

  • Private Lending: High Reward, Higher Risk? Wednesday, 21 Mar 2012 | 10:21 AM ET

    Peer-to-peer lending is gaining in popularity. Find out how to protect yourself against scams like the one  a former mortgage broker in Hawaii pulled on his victims.

  • The Real Deal on Fake Art Monday, 12 Mar 2012 | 3:31 PM ET

    How to make sure the work of art you’re buying isn’t a forgery.

  • Rise and Fall of a Multibillion-Dollar Ponzi Scheme Wednesday, 7 Mar 2012 | 12:23 PM ET
    Before anyone had heard of Bernie Madoff, Minnesota businessman Tom Petters carried out the largest Ponzi scheme in U.S. history. His company, Petters Group Worldwide, owned brands like Polaroid and Fingerhut, as well as a controlling share of Sun Country Airlines. As federal agents learned, though, these legitimate businesses were propped up entirely by a $3.5 billion Ponzi scheme. Petters sold promissory notes through his wholesale brokerage firm Petters Co. Inc., offering stunning returns of

    Before anyone had heard of Bernie Madoff, Minnesota businessman Tom Petters carried out the largest Ponzi scheme in U.S. history.

  • Insider Trades That Brought Down Raj Rajaratnam Wednesday, 7 Mar 2012 | 12:12 PM ET
    As head of a $7 billion hedge fund, Raj Rajaratnam’s phone often rang off the hook, and many of the calls were from corporate insiders who provided a goldmine of market-moving information. Unbeknownst to Rajaratnam, though, federal agents tapped his phone and the Wall Street titan was ultimately found guilty of perpetuating one of the largest cases of insider trading in history. Born in Sri Lanka, Rajaratnam grew up to become a self-made millionaire. He founded Galleon Group, which became one of

    Rajaratnam tapped a vast network of Wall Street insiders to funnel him inside information. Read on to go inside this Wall Street scandal!

  • Sprint-MetroPCS Deal is Off  Friday, 24 Feb 2012 | 7:23 PM ET

    KNTV's Scott Budman reports Sprint has walked away from a major deal with MetroPCS; Japanese regulators say AIJ Investment Advisors lost $2 billion dollars in pension assets it managed; shares of Kenneth Cole Productions soared after Kenneth Cole himself offered to buyback shares of the company; Starboard Value doesn't like the way AOL is being run, so it filed to nominate five people to the board; and shares of TiVo slid 3% after it issued a downbeat forecast.