Results for "fraud"

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Busted: 20 arrested in fraud scheme

September 25, 2009

Mundane complaints about noise and parking problems in a Washington suburb led authorities to uncover a sweeping mortgage fraud scheme involving as many as 200 properties valued at more than $100 million, officials announced Thursday. Twenty...

Prison for a Ponzi: Woman gets five years for stealing $2M

September 23, 2009

A 57-year-old Oregon woman has been sentenced to almost five years in prison for operating a Ponzi scheme. A judge in Washington County also ordered Yongsu Meade to pay more than $644,000 in restitution. Prosecutors said Monday that Meade took...

Feds reveal how much Madoff's clients really lost

September 23, 2009

Federal prosecutors said Tuesday that a review of most accounts held by financier Bernard Madoff's customers when he was arrested shows that about half of the customers had not lost money because they withdrew more money than they originally...

Political ponzi: Clinton fundraiser indicted in $292M fraud scheme

September 22, 2009

Federal prosecutors have charged a wealthy fundraiser for Hillary Rodham Clinton and other top Democrats in an alleged $292 million Ponzi scheme that spanned more than a decade, saying he used some of the proceeds to support election campaigns....

Fraudster who ripped off Bernanke set for sentencing

September 22, 2009

Federal prosecutors say a man has pleaded guilty in an identity theft ring that ensnared Federal Reserve Chairman Ben Bernanke as a victim. Forty-nine-year-old Leonardo Darnell Zanders of Dolton, Illinois, entered the guilty plea on Monday after...

Beverly Hills money manager sued for $25M over Madoff connection

September 22, 2009

The state of California is suing a Beverly Hills money manager that it claims funneled hundreds of millions of dollars in investments to con man Bernard Madoff. The attorney general's office filed the securities fraud lawsuit against Stanley...

FBI nabs mother-daughter duo who devised $5M scam

September 22, 2009

The FBI has arrested a Manteca, Calif. mother and daughter accused of defrauding lenders of about $5 million from home sales. Prosecutors say 49-year-old Helen Sotiriadis and her daughter, 23-year-old Irene Sotiriadis, sold 30 residential properties...

SEC charges Regions Bank for role in Latin American fraud scheme

September 21, 2009

Alabama-based Regions Bank today settled a complaint filed by the Securities and Exchange Commission that charged it with helping two unregistered broker-dealers defraud 14,000 investors —mostly in Latin America — by taking up to 85% of...

Feds bust duo involved in $80 million ATM Ponzi scheme

September 21, 2009

Federal authorities say two men are charged in New York with an $80 million Ponzi scheme involving automated teller machines. One of the suspects was arrested Friday in Garner, N.C. Authorities say the other is expected to surrender in Manhattan...

Bank of Montreal sues adviser for $9.2 million

September 21, 2009

The Bank of Montreal has filed a $9.2 million (C$10 million) lawsuit against one of its investment advisers for allegedly stealing money from his clients, according to a report published today by the National Post of Toronto. The adviser, Gregory...

Another flagrant foul

September 20, 2009

Morgan Keegan & Co. Inc. has lost another arbitration case stemming from losses suffered by a former professional athlete when its bond funds blew up: This time it is liable to a former NBA all-star for $1.45 million in damages. This month,...

Ex-Morgan Stanley banker gets 7 years for "unprecedented" scam

September 18, 2009

An ex-Morgan Stanley banker was sentenced today to seven years in prison in Hong Kong's biggest insider trading case — an "unprecedented" scam a judge said undermined the integrity of this leading Asian financial center. Du Jun, a former managing...

The price for being a Ponzi schemer: $12M and 20 years in prison

September 17, 2009

A Northern California man was sentenced to nearly 20 years in prison for an investment scheme that federal prosecutors say financially devastated dozens of victims. Stefan Wilson, 45, was ordered to serve 19 years and eight months Tuesday after...

Rudy Giuliani sets out to protect the ultrawealthy

September 17, 2009

Former New York City Mayor Rudolph Giuliani has paired up with an ultrahigh-net-worth shop in a bid to protect the firm's wealthy clients from investment fraud. Mr. Giuliani and his firm, Giuliani Partners LLC, of which he is chairman and chief...

Ponzi schemer's mysterious death leaves investors hanging, feds in the dark

September 16, 2009

International financier Danny Pang seemed to represent the ultimate success story: a self-made Taiwanese immigrant with a gold-plated resume and an investment company that raked in hundreds of millions from the wealthy in his homeland. But Pang's...

Finra bars Ex-Morgan Stanley rep for allegedly bilking 97-year-old’s charity

September 15, 2009

A former Morgan Stanley broker was barred today by the Financial Industry Regulatory Authority Inc. for allegedly misappropriating $11,156.47 from the charitable foundation of a 97-year-old nursing home resident who was his client for more than...

Coroner: No foul play in death of Calif. ponzi schemer

September 14, 2009

Authorities have ruled out foul play in the death of a financier accused of using millions of dollars from international investors to fund a lavish lifestyle complete with vacations and personal jets. An autopsy conducted Sunday on 42-year-old...

Phony Oscar winner 'fesses up to $4M investment scam

September 13, 2009

A man who pretended to be an Academy Award winner to attract wealthy individuals to a fraudulent investment scheme has pleaded guilty to several charges of wire fraud and tax evasion. Brice Carrington, 46, of Ojai, Calif., admitted Sept. 4 that...

Money manager busted by SEC in porno Ponzi case

September 13, 2009

The Securities and Exchange Commission last week charged a New York money manager with running a $40 million Ponzi scheme in which he allegedly promised investors that their money would be used for safe investments — but apparently spent the...

Merrill adviser indicted for cheating clients out of $500K

September 11, 2009

A financial adviser in New Jersey has been indicted on charges that he stole more than $500,000 from clients. Stephen Severio of Fair Haven was charged with theft by deception and related offenses in an indictment handed up Thursday by a Monmouth...

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