Crime Investment Fraud

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  • Jan 8- The hedge fund manager Steven A. Cohen has agreed to a two-year ban from supervising funds that manage outside money, to resolve U.S. Securities and Exchange Commission charges that he failed to supervise a former portfolio manager convicted of insider trading. Cohen did not admit or deny the SEC's findings that he failed to properly oversee Mathew...

  • Jan 8- The hedge fund manager Steven A. Cohen has been barred from supervising funds that manage outside money until 2018 to settle charges he failed to supervise a former portfolio manager convicted of insider trading, the U.S. Securities and Exchange Commission said on Friday. Cohen did not admit or deny the SEC's findings related to his oversight of Mathew...

  • NEW DELHI, Jan 8- India's federal investigator on Friday arrested the founder of PACL Ltd over allegations the property company cheated investors of $6.8 billion, in what local media is calling the country's biggest financial scandal. The arrest of Nirmal Singh Bhangoo comes 17 months after markets regulator the Securities and Exchange Board of India...

  • NEW YORK, Dec 30- A federal judge on Wednesday rejected hedge fund manager Doug Whitman's request to end his two-year sentence for insider trading early while he pursues his latest appeal of his 2012 conviction. District Judge Jed Rakoff said it would be unfair to release the Whitman Capital LLC founder from the Sacramento, California, halfway house where he was...

  • Dec 30- KaloBios Pharmaceuticals Inc, a biotechnology company that fired Chief Executive Martin Shkreli earlier this month after his arrest on charges of securities fraud, filed for Chapter 11 bankruptcy on Tuesday. Shkreli gained notoriety when, as the chief executive of Turing Pharmaceuticals, he raised the price of a drug used to treat a dangerous...

  • NEW YORK, Dec 28- KaloBios Pharmaceuticals Inc said on Monday that two directors had resigned in the wake of the arrest of former CEO Martin Shkreli on securities fraud charges earlier this month. Tom Fernandez and Marek Biestek resigned from the KaloBios board on Sunday, the company said a regulatory filing. The departures came more than a week after the company...

  • Prosecutors said the trades enabled SAC Capital to make $275 million, making it the most lucrative insider trading case ever charged in the United States. The $10 million class action accord, which requires court approval, follows earlier deals with U.S. authorities in which SAC Capital agreed to pay $1.8 billion and plead guilty following investigations...

  • Kalobios says Nasdaq to delist stock Wednesday, 23 Dec 2015 | 4:18 PM ET

    Dec 23- Kalobios Pharmaceuticals Inc said on Wednesday it had been notified by Nasdaq that it will delist the stock using its "discretionary" authority. The drugmaker last week said it had fired Martin Shkreli as its chief executive on Dec. 17, the day he was arrested on charges of a securities fraud. Shkreli, who has become the poster child for the issue of soaring...

  • Turing Pharmaceuticals seeks a new CEO Wednesday, 23 Dec 2015 | 8:00 AM ET
    Turing Pharmaceuticals seeks a new CEO

    Job cuts to follow Turing restructuring the company

  • Dec 22- Turing Pharmaceuticals said on Tuesday it is seeking a new chief executive to replace Martin Shkreli, the price-gouging entrepreneur who is facing U.S. charges of securities fraud, and will cut jobs in a restructuring. On Monday, KaloBios Pharmaceuticals said Shkreli was "terminated" as CEO and had resigned from the board. Shkreli gained notoriety when, as...

  • But the SEC said it plans to amend its case against Cohen as it no longer plans to base its claim against the billionaire for failing to supervise another portfolio manager, Michael Steinberg. Steinberg had been sentenced to 3-1/ 2 years in prison after being convicted at trial in 2013 for engaging in insider trading while at Cohen's hedge fund, SAC Capital.

  • NEW YORK, Dec 21- A Georgia- based real estate developer pleaded guilty on Monday to participating in what U.S. authorities say was a $100 million insider trading scheme that involved hacking into networks that distribute corporate news releases. Garkusha, a resident of Alpharetta and Cumming, Georgia, near Atlanta, was arrested in August along with four other...

  • Dec 21- A Georgia- based real estate developer on Monday told a U.S. judge he will plead guilty to participating in what U.S. authorities say was a $100 million insider trading scheme that involved hacking into networks that distribute corporate news releases.

  • GEORGIA MAN TELLS JUDGE HE WILL PLEAD GUILTY IN U.S.

  • UPDATE 3-KaloBios fires Shkreli as CEO Monday, 21 Dec 2015 | 1:23 PM ET

    Dec 21- Drugmaker KaloBios Pharmaceuticals Inc said it fired Martin Shkreli as chief executive on Dec. 17, the day he was arrested on charges of a securities fraud. Shkreli was arrested last week for engaging in what U.S. prosecutors said was a Ponzi-like scheme at his former hedge fund MSMB Capital Management and Retrophin Inc, a company he headed before he took...

  • UPDATE 2-KaloBios removes Shkreli as CEO Monday, 21 Dec 2015 | 11:31 AM ET

    Dec 21- Drugmaker KaloBios Pharmaceuticals Inc said it removed Martin Shkreli as chief executive on Dec. 17, the day he was arrested on charges of a securities fraud. Shkreli, who stepped down as CEO of private drugmaker Turing Pharmaceuticals Inc, also resigned from KaloBios' board of directors. Shkreli lost control of his Twitter account to hackers on Sunday,...

  • NEW YORK, Dec 21- JPMorgan Chase& Co has agreed to pay $150 million to resolve a securities fraud lawsuit by investors suing the bank over its "London Whale" trading scandal, which caused a $6.2 billion loss. Shareholders accused JPMorgan of knowingly hiding increased risks at the Chief Investment Office, including on an April 13, 2012, conference call when...

  • NEW YORK, Dec 21- JPMorgan Chase& Co has agreed to pay $150 million to resolve a securities fraud lawsuit by investors suing the bank over its "London Whale" trading scandal, which caused a $6.2 billion loss.

  • UPDATE 1-KaloBios removes Shkreli as CEO Monday, 21 Dec 2015 | 10:05 AM ET

    Dec 21- Drugmaker KaloBios Pharmaceuticals Inc said it removed Martin Shkreli as chief executive on Dec. 17, the day he was arrested on charges of a securities fraud. Shkreli, who stepped down as CEO of private drugmaker Turing Pharmaceuticals Inc, also resigned from KaloBios' board of directors. Shkreli lost control of his Twitter account to hackers on Sunday,...

  • KaloBios terminates Shkreli as CEO Monday, 21 Dec 2015 | 9:44 AM ET

    Dec 21- Drugmaker KaloBios Pharmaceuticals Inc said it terminated Martin Shkreli as chief executive on Dec. 17, the day he was arrested on charges of securities fraud. Shkreli, who stepped down as CEO of private drugmaker Turing Pharmaceuticals Inc, also resigned from his position on KaloBios' board of directors. Shkreli was arrested for engaging in what U.S....