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Investment Fraud

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  • 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,...

  • "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.