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Crime Investment Fraud

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  • SAC to shutter London office in downsizing move Tuesday, 22 Oct 2013 | 2:45 PM ET
    Steven A. Cohen

    SAC Capital Advisors will shut down its London office by the end of the year as the hedge fund downsizes, according to a memo sent to staff on Tuesday.

  • Madoff litigation could soon impact major banks Monday, 14 Oct 2013 | 7:22 PM ET
    Bernard Madoff

    If the Madoff trustee is successful in suing banks for ignoring warning signs, the liability of financial firms could be enormous in future cases.

  • Fire sale: SAC's Cohen sells art as legal bills rise Monday, 14 Oct 2013 | 11:04 AM ET
    Steven A. Cohen

    As legal bills rise, billionaire hedge-fund manager Steven A. Cohen has sold stock, and now artwork, to meet withdrawal requests from investors. NYT.

  • Male, rich and smart? You're a scammer's dream Thursday, 10 Oct 2013 | 9:37 AM ET

    A new report from FINRA Investor Education gives surprising details on who’s most likely to get scammed. You may be more vulnerable than you think.

  • 'Fabulous Fab' seeks to toss SEC fraud verdict Tuesday, 1 Oct 2013 | 2:53 PM ET
    Fabrice Tourre

    Ex-Goldman VP Fabrice Tourre asked a federal judge to dismiss the SEC case against him or set a new trial.

  • China's 'Madoff'' execution raises questions Thursday, 29 Aug 2013 | 6:35 AM ET
    China's 'Madoff'' execution raises questions

    CNBC'S Eunice Yoon reports questions remain whether Zeng Chengjie, found guilty of defrauding investors in a Ponzi scheme, was a con man or a victim of China's shadow banking system.

  • Two charged in 'London Whale' case Wednesday, 14 Aug 2013 | 9:47 AM ET
    Two charged in 'London Whale' case

    The U.S. has filed criminal complaints against Julien Grout and Javier Martin-Artajo and will hold a news conference today to discuss details of the case, reports CNBC's Kate Kelly.

  • 9 indicted in largest penny stock scheme Tuesday, 13 Aug 2013 | 4:12 PM ET
    9 indicted in largest penny stock scheme

    CNBC's Scott Cohn has the latest details on a penny scheme totaling $140 million resulting in 9 people indicted.

  • FBI indicts 9 in penny stock scheme Tuesday, 13 Aug 2013 | 11:38 AM ET
    FBI indicts 9 in penny stock scheme

    CNBC's Scott Cohn has the latest on a penny stock fraud which totaled over $140 million. The Justice Department is calling it the largest penny stock scheme ever.

  • SAC-linked fund closes as shrinkage sets in Monday, 12 Aug 2013 | 2:04 PM ET

    Parameter Capital Management, which had managed money for SAC since 2010, traded mainly financial stocks.

  • Ponzi-schemer turns over Warhols, Rothkos Monday, 12 Aug 2013 | 12:37 PM ET
    A Roy Lichtenstein hanging at Christie's in London

    Convicted Ponzi schemer Marc Dreier is being forced to turn over his multimillion-dollar art collection, including works by Andy Warhol and Mark Rothko, to a victim of his fraud.

  • Tourre found guilty of mortgage fraud Friday, 2 Aug 2013 | 7:32 AM ET
    Tourre found guilty of mortgage fraud

    Ron Geffner, former SEC enforcement attorney, discusses Thursday's verdict after the jury found former Goldman Sachs trader Fabrice Tourre liable for his role in defrauding investors.

  • 'Fabulous Fab' found liable Friday, 2 Aug 2013 | 6:06 AM ET
    'Fabulous Fab' found liable

    After a day and a half of deliberation a jury found former Goldman Sachs banker Fabrice Tourre liable on six of seven civil counts linked to a bet on the housing market, reports CNBC's Mary Thompson.

  • 'Fabulous Fab' found liable in mortgage-fraud case Thursday, 1 Aug 2013 | 3:31 PM ET
    Former Goldman Sachs bond trader Fabrice Tourre arrives at Manhattan federal court with his lawyers in the civil fraud case against him, in New York, August 1, 2013.

    The former Goldman Sachs bond trader known as "Fabulous Fab" was found liable on six of seven counts of defrauding investors in a mortgage securities fraud case brought by the SEC.

  • Defense rests in 'Fabulous Fab' trial Tuesday, 30 Jul 2013 | 8:52 AM ET
    Defense rests in 'Fabulous Fab' trial

    The defense team for former Goldman Sachs trader Fabrice Tourre accused of defrauding investors in a mortgage deal six years ago rested yesterday without calling any witnesses, reports CNBC's Scott Cohn with the latest details.

  • SEC wages battle against its own witness Thursday, 18 Jul 2013 | 12:21 PM ET
    Paolo Pellegrini's combative testimony was not what the S.E.C was looking for.

    The SEC had hoped to use testimony from Paolo Pellegrini to support its case against Fabrice Tourre, charged with defrauding investors, but Pellegrini testified the opposite.

  • Investor Fraud Keeps Rising: Pro Friday, 5 Jul 2013 | 11:35 AM ET
    Investor Fraud Keeps Rising: Pro

    Hitesh Patel, U.K. forensic partner at KPMG, discusses the U.K.'s fraud barometer, and how fraud against investors has quadrupled since the beginning of the downturn.

  • Former Enron CEO to Ask for Early Prison Release Thursday, 20 Jun 2013 | 9:45 AM ET
    Jeffrey Skilling

    Jeffrey Skilling and federal prosecutors will go before a judge on Friday and ask that the former Enron CEO be released early from prison.

  • Judge Limits Ex-Goldman Sachs Exec's Defense Wednesday, 19 Jun 2013 | 3:01 PM ET

    A federal judge limited the extent to which former Goldman Sachs VP Fabrice Tourre can argue that he was acting on the advice of company lawyers in his defense against fraud charges.

  • Crime & Punishment: $21 Million Fraud Thursday, 13 Jun 2013 | 1:27 PM ET
    Crime & Punishment: $21 Million Fraud

    CNBC's Andrea Day reports on Rodney Watts and Courtney Dupree, who conned a bank out of millions of dollars. The pair orchestrated a scheme to defraud Amalgamated Bank and C3 Capital.