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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...

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...

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...

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...

Navy vet who posed as financial adviser admits to stealing from American Legion

September 10, 2009

A Navy veteran who embezzled more than $50,000 from a Long Island American Legion post has pleaded guilty to grand larceny. Matthew H. Adams is expected to get a year in jail when he's sentenced Nov. 4 at Suffolk County Court in Riverhead. Prosecutors...

Woman pleads guilty in ID theft that ensnared Bernanke

September 9, 2009

A doctors' receptionist has admitted to stealing bank account information from patients as part of an identity theft ring that ensnared Federal Reserve Chairman Ben Bernanke as a victim. Thirty-six-year-old Makieta Leake of Prince Frederick,...

SEC watchdog had no bark on phone call to Madoff

September 8, 2009

The new report by the inspector general of the Securities and Exchange Commission on the agency's failure to detect Bernard Madoff's multibillion-dollar fraud over 16 years is packed with disclosures and tantalizing details. Here, for example,...

Ex-AIG adviser who practiced voodoo on victims gets 12 years for fraud

September 8, 2009

A Tennessee rep formerly affiliated with AIG Financial Advisors Inc. spent time making voodoo dolls of his victims to ward off their damaging testimony, prosecutors said. Barry R. Stokes last year pleaded guilty to multiple counts of embezzlement,...

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

September 8, 2009

An Ojai, Calif., 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, formerly of Pleasanton,...

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