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Investment Fraud

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  • NEW YORK, July 17- TD Bank has agreed to pay $20 million to settle a class action lawsuit accusing it of aiding a Ponzi scheme that allegedly bilked over a thousand European investors of more than $223 million, a lawyer for the investors said on Friday. The preliminary settlement, subject to court approval, resolves accusations that TD Bank, part of Canada's...

  • A baffling case in corporate fraud: NYT's Stewart Friday, 17 Jul 2015 | 10:43 AM ET
    A baffling case in corporate fraud: NYT's Stewart

    Jim Stewart, New York Times, discusses the "London Whale" case, where no further action has been taken against Bruno Iksil, whose risky bets on complex derivative contracts ended up costing JPMorgan Chase $6.2 billion in losses.

  • July 16- Bank of Montreal agreed to pay $16 million to end a U.S. lawsuit claiming that a lender it bought caused two bankrupt Florida funds to lose money in imprisoned swindler Thomas Petters' $3.65 billion Ponzi scheme. Bank of Montreal denied liability in agreeing to settle. The lawsuit by the trustee Barry Mukamal stemmed from Petters' relationship with...

  • NEW YORK, July 13- A son-in-law of indicted former New York Assembly Speaker Sheldon Silver pleaded guilty on Monday to operating a Ponzi scheme that defrauded investors out of nearly $6 million over seven years. Marcello Trebitsch, 37, pleaded guilty in Manhattan federal court to securities fraud, three months after authorities first accused him of using...

  • WASHINGTON, July 13- A Brooklyn, New York man, who passed stock trading tips on napkins and Post-it notes at meetings in Grand Central Terminal before swallowing the evidence, has reached a civil settlement with the U.S. Securities and Exchange Commission. The SEC said on Monday Frank Tamayo was unlikely to owe a civil penalty after providing "extensive...

  • July 8- A Las Vegas executive and two associates from Tokyo were indicted by a federal grand jury on Wednesday for running an alleged $1.5 billion Ponzi scheme that bilked thousands of Japanese victims, the U.S. Department of Justice said. The indictment charged Edwin Fujinaga, 68, who once ran MRI International Inc in Las Vegas, with eight counts of mail fraud,...

  • July 6- A U.S. appeals court on Monday upheld the conviction of an Illinois man who prosecutors said made nearly $1.2 million trading on inside information about mergers involving clients of Citigroup Inc, where his brother-in-law worked. The 9th U.S. Circuit Court of Appeals in San Francisco affirmed the conviction of Bassam Salman, who was sentenced in April...

  • NEW YORK, July 2- Former Goldman Sachs Group Inc director Rajat Gupta failed to persuade a U.S. judge to overturn his insider trading conviction for passing tips about the bank's financial results and a crucial investment from Warren Buffett's Berkshire Hathaway Inc.. District Judge Jed Rakoff in Manhattan on Thursday rejected Gupta's argument that his tips...

  • June 25- American Apparel Inc said its ousted Chief Executive Dov Charney filed two more lawsuits against the company alleging defamation, representation in false light and claims for securities fraud. Later, on June 24, he filed a lawsuit in the same court against American Apparel, a former CFO, Standard General L.P and other current and former directors...

  • June 24- Two large New York law firms failed to persuade a federal judge to throw out a malpractice lawsuit seeking to force them to pay creditors of imprisoned swindler Allen Stanford for aiding the Texas financier's $7.2 billion Ponzi scheme. Stanford, 65, is serving a 110- year prison term following his March 2012 conviction for scheming to sell fraudulent...

  • June 24- Two large New York law firms failed to persuade a federal judge to throw out a malpractice lawsuit seeking to force them to pay creditors of imprisoned swindler Allen Stanford for aiding the Texas financier's $7.2 billion Ponzi scheme. Stanford, 65, is serving a 110- year prison term following his March 2012 conviction for scheming to sell fraudulent...

  • NEW YORK, June 23- A U.S. appeals court in New York said a former Foundry Networks Inc executive's appeal of his insider trading conviction had raised "serious questions," the latest fallout from a landmark 2014 decision setting a higher standard for such cases. The 2nd U.S. Circuit Court of Appeals on Tuesday said David Riley, who was scheduled to begin serving a 6-1/...

  • SUPREME COURT REJECTS BERNIE MADOFF TRUSTEE'S APPEAL IN MOVE THAT COULD PREVENT RECOVERY FOR PONZI SCHEME VICTIMS OF MORE THAN $4 BILLION.

  • NEW YORK, June 12- A California man has agreed to pay $67,000 to settle charges that he traded on illegal inside tips from a hedge fund analyst regarding the impending 2008 takeover of Foundry Networks Inc, U.S. regulators said on Friday. Andrew Miller, 35, is the latest defendant to face either civil or criminal insider trading charges stemming from the $3 billion...

  • Richard Cunniffe, who worked at Chatsworth Securities LLC in Greenwich, Connecticut, secretly pleaded guilty on May 12 in Manhattan federal court to charges including securities fraud, records show. Prosecutors say he has been cooperating since March 12 in an investigation that led to charges last month against Sean Stewart, a former managing director at...

  • Wall Street superstar hits rock bottom Thursday, 11 Jun 2015 | 1:20 PM ET
    Wall Street superstar hits rock bottom

    CNBC's Andrea Day reports on one Wall Street trader who lost almost everything as the lies kept growing.

  • NEW YORK, June 9- Galleon Group hedge fund founder Raj Rajaratnam plans to formally ask a U.S. judge to throw out his 11- year prison sentence and void many of the 14 counts for which he was convicted in his insider trading case. Prosecutors said he made up to $63.8 million in illicit profit from 2003 to 2009 by trading in stocks such as eBay Inc, Goldman Sachs Group Inc...

  • *Criminal, civil charges filed in New Jersey. Attorney Paul Fishman in New Jersey said Steven Fishoff, 58, the president of Featherwood Capital Inc in Westlake Village, California, was charged with four counts of securities fraud and one count of conspiracy. Also charged with securities fraud and conspiracy were Fishoff's brother-in-law Steven Costantin, 54,...

  • U.S. charges four men with insider trading Wednesday, 3 Jun 2015 | 11:16 AM ET

    Attorney Paul Fishman in New Jersey said on Wednesday. Steven Fishoff, the president of Featherwood Capital Inc, was charged with four counts of securities fraud and one count of conspiracy. Co-defendants Ronald Chernin, Steven Costantin and Paul Petrello were also charged with securities fraud and conspiracy counts.

  • NEW YORK, June 2- A federal judge on Tuesday ruled largely in favor of the trustee seeking potentially hundreds of millions of dollars for Bernard Madoff's victims in 233 lawsuits that sought to recoup alleged fictitious profits generated by the Ponzi schemer's firm. Bankruptcy Judge Stuart Bernstein in Manhattan said trustee Irving Picard could try to claw...