Results for "fraud"

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NBA star Carmelo Anthony slams former financial consultant with suit to recoup $2 million

August 19, 2009

Denver Nuggets basketball star Carmelo Anthony filed a lawsuit in federal court in Sacramento, Calif., this week alleging that his former financial and business adviser transferred more than $2 million from his accounts without his knowledge...

Medical Capital invested in movies, mobile marketing and yachts. Oh, and medical receivables

August 19, 2009

Medical Capital Holdings Inc., which sold private-placement offerings through a number of independent broker-dealers and has been charged with fraud by the Securities and Exchange Commission, spent freely and lavishly on assets that had nothing...

Hawaii woman ordered to stop selling unregistered securities

August 18, 2009

A Kauai woman has been ordered to stop selling unregistered securities. Hawaii State Commissioner of Securities Tung Chan has issued a preliminary cease and desist order against Leigh K. Matsuyoshi, who does business as L.K. Matsuyoshi Inc....

Ex-Credit Suisse broker convicted in $1B subprime fraud

August 18, 2009

A former Wall Street broker has been convicted of conspiracy and securities fraud after investors lost nearly $1 billion in a subprime mortgage fraud. A federal jury in Brooklyn convicted former Credit Suisse broker Eric Butler on Monday after...

Ex-Stanford adviser to SEC: You were warned

August 18, 2009

A former financial adviser with R. Allen Stanford's financial company told a U.S. Senate panel yesterday that she warned the Securities and Exchange Commission about the firm's hawking of shady investments five years before it closed the firm...

IRS rules for victims of fraud in focus as deadline looms

August 16, 2009

The painful process of recovering from investment fraud is being eased by recently issued IRS guidelines that accountants and tax experts say will greatly benefit fraud victims. Issued in the spring, the rules are expected to draw close attention...

SEC slams investment adviser and ex-execs with securities fraud charges

August 14, 2009

The Securities and Exchange Commission has charged Brantley Capital Management LLC and two of its former executives with civil securities fraud. The complaint alleges that the firm, its former chief executive Robert Pinkas and former chief financial...

‘Charlatan' promoter barred from marketing fraudulent tax schemes

August 14, 2009

Daniel Andersen, a promoter serving time in prison, was permanently barred from marketing fraudulent tax schemes by the U.S. District Court for the Western District of Washington in Seattle. According to court papers filed by the Department...

Foundation socks Merrill with $33M suit over Madoff investment

August 13, 2009

Just months before his now-infamous Ponzi scheme collapsed, Bernie Madoff snookered a Merrill Lynch adviser who was attempting to perform due diligence on him for a foundation that serves the elderly, according to a lawsuit filed in federal...

UBS settles tax evasion case; will it now name names?

August 12, 2009

The U.S. and Swiss governments have reached an out-of-court settlement in the tax evasion case involving the Internal Revenue Service's request that UBS AG turn over the identities of 52,000 Americans who have accounts with the bank that may...

Credit Suisse fined $275K for failing to post independent research

August 10, 2009

Finra today announced that Credit Suisse Securities (USA) LLC of New York was fined $275,000 for failing to comply with key terms of the 2003 Global Research Analyst Settlement properly. That settlement was one of the byproducts of the last...

Adviser who stole the identity of dead baby pleads guilty to fraud

August 9, 2009

A former financial adviser and registered representative who reportedly hid his criminal past by using a dead infant's identity pleaded guilty last Thursday to several fraud charges. Joseph Bonanno of Canton, Ohio, pleaded guilty in the U.S....

Finra fines Ameritas, broker over 'unsuitable' variable universal life policies

August 6, 2009

The Financial Industry Regulatory Authority Inc. has slapped Ameritas Investment Corp. with a fine after one of its brokers encouraged clients to buy unsuitable variable universal life insurance policies to help pay for college costs and retirement....

Adviser who stole identity of dead baby pleads guilty to fraud

August 6, 2009

A former financial adviser and registered representative who reportedly hid his criminal past by using a dead infant's identity pleaded guilty today to several fraud charges. Joseph Bonanno of Canton, Ohio, pleaded guilty in the U.S. District...

Paul Gozzo to spend 30 months behind bars for securities fraud

July 31, 2009

Paul Gozzo, managing director and sole owner of PMG Capital LLC in Jupiter, Fla., was sentenced to 30 months in prison today for engaging in securities fraud. U.S. District Judge Donald L. Graham of the U.S. District Court for the Southern District...

SEC accuses Southfield business owners of running Ponzi scheme

July 29, 2009

How would you blow a $50M real estate fund? The Securities and Exchange Commission accuses John Bravata and Richard Trabulsy of squandering the money from a $50 million real estate fund on cars, vacations and gambling debts in addition to following...

SEC dropped Stanford case at Justice Department's request, report says

July 28, 2009

The Securities and Exchange Commission's Forth Worth, Texas, regional office began investigating companies owned by alleged Ponzi-scheme operator Robert Allen Stanford back in 2005, the SEC's Office of Inspector General said in a report released...

Finra bars broker for allegedly running Ponzi scheme

July 27, 2009

The Financial Industry Regulatory Authority Inc. today permanently barred a broker who allegedly ran a Ponzi scheme and misappropriated funds from his family and members of his church. The broker, Kenneth George Neely of St. Louis, improperly...

Banks slapped with $1.65M in fines for improper VA and mutual fund sales by B-Ds

July 27, 2009

The Financial Industry Regulatory Authority Inc. has slapped Wells Fargo Investments LLC and four other investment firms with $1.65 million in fines for supervisory failures in mutual fund and variable annuity transactions. The brokers involved...

Criminal convictions, jail time on rise for financial fraudsters

July 26, 2009

State securities regulators are putting more financial fraudsters behind bars, and those convicted of crimes are receiving increasingly stiff jail sentences. Although most state securities regulators focus on civil cases and refer potential...

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