Results for "fraud"

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'Ruthless' Ponzi schemer gets 20 years in prison

October 22, 2009

Victims of a multimillion-dollar Ponzi scheme who wanted the man who robbed them severely punished got their wish Wednesday when a judge sentenced the 83-year-old businessman to a 20-year prison term. "A hundred-fifty years ago we would have...

New suit claims Madoff endorsed a 'wild, fast-talking, drug-using office culture'

October 21, 2009

Fallen financier Bernard Madoff has plunged from his Manhattan penthouse to the lower bunk of a cell he shares with a drug offender at a federal prison, where he eats pizza cooked by a child molester and hangs around with a mob boss and a convicted...

New York Mets made $48M in Bernie Madoff's Ponzi scheme

October 21, 2009

Even though the Major League Baseball playoffs are well underway and the New York Mets are nowhere to be found, the team's ownership still apparently had something to celebrate -- until now, that is. The trustee overseeing jailed financier Bernard...

Galleon Group will pull the plug on its $3.7B hedge fund biz

October 21, 2009

A hedge fund company whose manager is criminally charged in an insider trading case told clients Wednesday it's shutting down its funds. A letter obtained by The Associated Press said Galleon Group LLP plans "an orderly wind down" of its funds...

Judge tosses hedge fund suit against Joe Biden's son, brother

October 20, 2009

A judge has thrown out a lawsuit against Vice President Joe Biden's youngest son and brother over their 2006 purchase of a hedge fund firm, saying an investor failed to be specific enough in claiming that they underhandedly shoehorned him out...

IBM exec shelved after being charged in $20M hedge fund insider trading ring

October 20, 2009

IBM Corp. put a top executive on leave Monday after he was charged in an insider trading scandal for allegedly leaking secrets about IBM's earnings and financial dealings with corporate partners. The company said Robert Moffat, a senior vice...

Two brokers, facing fraud charges and lawsuits over client losses, claim investors knew of risks

October 20, 2009

Two former Nebraska City brokers say they shouldn't be prosecuted for securities fraud because the investors who lost more than $20 million acknowledged the risks in writing, but prosecutors said Monday the records don't tell the full story....

Adviser who bilked $7M from investors to buy mansions and cars admits to fraud

October 20, 2009

Matthew Weitzman, the founder of AFW Wealth Advisers, pleaded guilty last night to charges that he stole some $7 million from investors who were unaware that the financial adviser was using their assets to but multimillion-dollar homes and automobiles....

SEC busts a 'master of deceit' in $14M Ponzi scheme

October 19, 2009

Three men are accused of running a Ponzi scheme that scammed more than $14 million from hundreds of Haitian-American investors in South Florida and New Jersey. In a complaint filed Friday, the Securities and Exchange Commission said Ronnie Eugene...

Foreign currency fraudster gets 24 years for running $44M Ponzi

October 19, 2009

A Florida businessman has been sentenced to more than 24 years in prison for running a $44 million Ponzi scheme that defrauded dozens of investors. A federal judge also sentenced Michael Riolo on Friday to three years of supervised release....

Crazy like a fox

October 18, 2009

Sam E. Antar knows a thing or three about fraud. He was chief financial officer at New York's Crazy Eddie, the infamous “insaaaaane” appliance retailer where executives skimmed profits, evaded taxes, laundered cash and fudged inventories...

Where are they now?

October 18, 2009

EDDIE ANTAR served seven years in prison, paid $75 million in penalties and later tried unsuccessfully to reopen the Crazy Eddie chain. He tried to make a movie about his life starring Danny DeVito, but lawyers argued that Mr. Antar didn't have...

Bernie Madoff masks a Halloween hit

October 16, 2009

Don't be alarmed if Bernard Madoff comes knocking this Halloween. The real Madoff pleaded guilty to a decades-long Ponzi scheme that cost investors millions of dollars. The New York financier is now serving a 150-year prison sentence. But he'll...

Florida trader indicted in $20M Ponzi scheme

October 16, 2009

A Florida man faces a 55-count federal indictment in Pennsylvania that accuses him of bilking investors out of millions of dollars that he spent on luxury items. The indictment against Sean Healy was unsealed Thursday in federal court in Harrisburg....

Fund manager, one of world's wealthiest people, busted in $20M insider-trading ring

October 16, 2009

A billionaire hedge fund boss was among five men and a woman arrested by federal authorities Friday in a hedge fund insider trading case that prosecutors say reaped $20 million in illegal profits. Raj Rajaratnam, a partner in Galleon Management...

Former LPL, ING rep charged with mail fraud in money-laundering scheme

October 16, 2009

A former LPL Financial and ING Financial Partners Inc. registered representative was charged with mail fraud Wednesday in Pennsylvania in connection with a money-laundering scheme federal agents contend was tied to a health club he owned. Frank...

Two former Stanford reps slammed with suit for more than $11M

October 15, 2009

The receiver overseeing R. Allen Stanford's businesses announced Thursday that he is suing two former employees of the Texas financier's capital management firm for more than $11 million. In papers filed in federal court in Dallas, receiver...

Allen Stanford gets ill during court hearing

October 15, 2009

Texas financier R. Allen Stanford, jailed for allegedly bilking investors out of $7 billion, became ill during a court hearing in Houston and wiped blood away from his mouth. Stanford's attorney later blamed the condition on stress his client...

Fraudster on the lam is busted after Facebook gaffe

October 14, 2009

Maxi Sopo was living the dream of a fugitive abroad, kicking back on the beaches of Cancun by day, partying in the clubs by night. Then he did two things that are never a good idea when you're on the run from authorities: He started posting...

From behind bars, Allen Stanford objects to the sale of his yacht

October 14, 2009

R. Allen Stanford, who is in jail accused of bilking investors out of $7 billion, filed a motion yesterday in opposition to an attempt to sell the Sea Eagle, which the billionaire spent more than $16 million on to turn it into "one of the finest...

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