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Investment Fraud

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  • District Judge James Mahan in Las Vegas granted an SEC request that MRI International Inc and its owner, Edwin Fujinaga, be ordered to give up $544.4 million of illegal profit and interest, and to each pay a $20 million civil fine. But the SEC said the defendants ran an "extensive and egregious Ponzi scheme" in which they used new money to repay older investors, and...

  • NEW YORK, Jan 26- The U.S. Securities and Exchange Commission on Monday supported a bid by prosecutors in New York for a shot at overturning a ruling that cleared two hedge fund managers of insider trading and limited the ability of authorities to pursue such cases. The SEC, in a court filing, backed Manhattan U.S. In particular, the SEC said the ruling could impede...

  • Defendants in California and Massachusetts have sought to take advantage of a December ruling from the 2nd U.S. Circuit Court of Appeals in New York that narrowed the definition of insider trading, making it harder for prosecutors to pursue their cases. The challenges raise the possibility that the 2nd Circuit decision, legally binding only in New York,...

  • NEW YORK, Jan 23- Federal prosecutors in New York on Friday asked a U.S. appeals court to reconsider a landmark ruling that curtailed their ability to pursue insider trading cases and jeopardized several convictions. Attorney Preet Bharara asked the 2nd U.S. Circuit Court of Appeals to grant a rehearing in the case of hedge fund managers Todd Newman and Anthony...

  • NEW YORK, Jan 23- Federal prosecutors in New York plan on Friday to ask a U.S. appeals court to reconsider a landmark ruling that curtailed their ability to pursue insider trading cases and jeopardized several convictions. Prosecutors will ask the 2nd U.S. Circuit Court of Appeals to grant a rehearing in the case of hedge fund managers Todd Newman and Anthony...

  • NEW YORK, Jan 22- A U.S. judge on Thursday threw out the guilty pleas of four men accused of illegally dealing in shares ahead of an IBM Corp acquisition, the first decision in response to a landmark appellate ruling curtailing prosecutors' ability to bring certain insider trading cases. In the IBM case, prosecutors said a worker at IBM's law firm told former Royal...

  • NEW YORK, Jan 22- A former Galleon Group hedge fund trader on Thursday said he will ask a federal judge to throw out his conviction and 10- year prison sentence, one of the longest imposed in a broad U.S. government probe into insider trading. In that Dec. 10 decision, the 2nd U.S. Circuit Court of Appeals said a trader, to be convicted of insider trading, needed to know the...

  • NEW YORK, Jan 21- A former executive at a New York investor relations firm, whose shoeless sprint from news photographers last year was lampooned on Comedy Central's "The Daily Show," was sentenced on Wednesday to 2-1/ 2 years in prison for insider trading. Michael Lucarelli, the former director of market intelligence at Lippert/Heilshorn& Associates, was also...

  • NEW YORK, Jan 21- A former executive at a New York investor relations firm, whose shoeless sprint from news photographers last year ended up on Comedy Central's "The Daily Show," was sentenced on Wednesday to 2-1/ 2 years in prison for insider trading. Michael Lucarelli, the former director of market intelligence at Lippert/Heilshorn& Associates, was also ordered by...

  • Jan 20- A former Toronto stockbroker failed to persuade a U.S. appeals court in Philadelphia to overturn his fraud conviction and 25- year prison sentence for causing more than $55 million of losses in an international stocks scam. A federal jury in February 2010 convicted Georgiou, now 45, of securities fraud, wire fraud and conspiracy over trades in Avicena...

  • NEW YORK, Jan 14- After more than five years and 15 convictions, the U.S. government's criminal investigation of Bernard Madoff's colossal Ponzi scheme may finally be coming to an end. In court filings on Tuesday and Wednesday, prosecutors in New York asked judges to schedule sentencing dates for key witnesses who pleaded guilty and agreed to help investigators,...

  • NEW YORK, Jan 14- Steven Canady, owner of Alliance Warburg Capital Management, was charged in New York on Wednesday with stealing more than $2 million from four companies as part of a Ponzi scheme. Canady, 42, was convicted in Georgia over similar crimes, New York prosecutors said. The New York indictment and prosecutors said Canady stole more than $2 million from...

  • NEW YORK, Jan 12- Two federal prosecutors who have led several high-profile fraud cases, including the government's criminal investigation of Bernard Madoff, are leaving the U.S. Justice Department to join prominent law firm Boies, Schiller& Flexner, according to an announcement Reuters reviewed before its public release. Matthew Schwartz and John Zach, who...

  • NEW YORK, Jan 12- Two federal prosecutors who have led several high-profile fraud cases, including the government's criminal investigation of Bernard Madoff, are leaving the U.S. Justice Department to join prominent law firm Boies, Schiller& Flexner, according to an announcement Reuters reviewed before its public release. Matthew Schwartz and John Zach, who...

  • NEW YORK, Dec 22- Victims of Bernard Madoff's massive Ponzi scheme will get a fresh $322 million payout if a U.S. judge approves the request by the trustee liquidating the convicted fraudster's firm, bringing the recovery total to more than $7 billion. The trustee, Irving Picard, said on Monday he would seek permission from a U.S. bankruptcy judge in New York to begin...

  • NEW YORK, Dec 19- A man U.S. prosecutors say bilked investors out of $5 million by telling them he would invest it in commodities and currencies allegedly used some of the money to have his wife cryogenically frozen after she died, according to a court filing on Friday. A federal grand jury in Manhattan indicted Whileon Chay, 38, with three counts of fraud for...

  • Depleted oil field highlights China corruption Thursday, 18 Dec 2014 | 8:57 PM ET

    China oil major CNPC is probing a 2013 oil deal as part of the mainland's sweeping corruption crackdown, taking down one of Premier Xi's political rivals.

  • NEW YORK, Dec 18- A U.S. judge said Thursday he would likely vacate the guilty pleas of four men accused of engaging in an insider trading scheme ahead of an IBM Corp deal, as fallout continued from an appellate ruling curtailing authorities' abilities to pursue such cases. Thursday's hearing centered on guilty pleas entered before the appellate ruling came down...

  • WASHINGTON, Dec 15- The U.S. Securities and Exchange Commission moved on Monday to dismiss insider-trading proceedings against a man accused of illegally trading in Herbalife. The SEC's enforcement division sought to dismiss the civil charges against Jordan Peixoto because two crucial witnesses were not available for the March 16, 2015 trial, according to...

  • WASHINGTON, Dec 15- The U.S. Securities and Exchange Commission moved on Monday to dismiss insider-trading proceedings against a man accused of illegally trading in Herbalife. The SEC's enforcement division sought to dismiss the civil charges against Jordan Peixoto because two crucial witnesses were not available for the March 16, 2015 trial, according to...