Disgraced investment manager Bernard Madoff will be seeking leniency at his sentencing on June 29, according to a letter his lawyer filed with US District Court in New York.
The Justice Department may drop a closely watched legal case aimed at forcing the Swiss bank UBS to divulge the names of 52,000 wealthy American clients suspected of offshore tax evasion, a United States official briefed on the matter said Monday, the New York Times reported.
Texas billionaire R. Allen Stanford entered a federal courtroom to face charges that he ran a $7 billion Ponzi scheme in shackles, a stark contrast from his usual polished look. Defense attorneys accused the government of grandstanding.
Brash Texas billionaire R. Allen Stanford was indicted and jailed Friday on charges his international banking empire was really just a Ponzi scheme built on lies, bluster and bribery.
So tell me, who doesn't like to eat the chocolate chip cookie batter before it's baked? But some folks are learning the hard way that it's not a great idea. And Nestle is paying the price.
Magistrate Hannah Lauck (Lock) agreed with prosecutors during a hearing Friday in Richmond, Va., that Stanford poses a flight risk and ordered a detention hearing.
President Obama's proposed financial reform has sparked a debate among lawmakers and members of the financial sector. Some argue that the plan's creation of a separate consumer protection agency will cause unnecessary confusion, while others say it will give the Federal Reserve too much power. CNBC talked to the experts for their opinion on the proposal.
The high cost of securing health insurance for all Americans, the top domestic priority of President Obama, has Congressional Democrats scrambling to scale back their proposals or find ways to trim tens of billions of dollars a year from existing health programs.
At least five individuals, including Texas financier Allen Stanford, have been arrested following a sweeping federal indictment over an alleged $8 billion Ponzi scheme, CNBC had learned. Stanford and the others are expected to appear before federal magistrates in three states Friday.
If you want to ride out the rest of this recession in a cave, that’s fine — just make sure it’s up to code. Just one of the valuable recession lessons you can learn from a caveman!
The court-appointed Receiver in the Stanford case, Ralph Janvey, discounted last night's motion by Stanford's attorneys to disqualify the law firm of Baker Botts, one of Janvey's main law firms.
National Economic Counsel Advisor Larry Summers told CNBC Tuesday that President Obama's call for new regulations in the financial industry has no winners or losers and is more like a re-organization than creating new agencies
The financial reform should include some way of separating banks' proprietary trading from commercial banking, although a return to regulation similar to the Glass-Steagall Act would be impractical, legendary investor George Soros wrote in the Financial Times.
President Barack Obama is ready to roll out an overhaul of the intricate rules and systems that govern America's troubled financial institutions, proposing the most ambitious revision since the Great Depression.
Historic anti-smoking legislation sped to final congressional passage on Friday— after a bitter fight lasting nearly a half-century— and lawmakers and the White House quickly declared it would save the lives of thousands of smokers of all ages.
The Senate has voted to give the government extensive new powers to decide how tobacco companies will make and market their products. Supporters say that could spare millions from smoking addiction and premature death.
Exactly a year after swindler Samuel Israel III disappeared, the girlfriend who helped him has been sentenced to four months of home confinement.
Of the $299 billion companies brought back from foreign subsidiaries, ostensibly for a reinvestment program, about 92 percent went to shareholders, the New York Times reports.
An Indiana money manager is set to plead guilty to charges of crashing an airplane near a Panhandle neighborhood in a botched attempt to fake his own death.
Red Bull fans once hyped the popular energy drink as "liquid cocaine." They may have been on to something. The latest buzz about Red Bull is a widening controversy over whether its products actually contain traces of the illegal drug.