Results for "fraud"

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NFL players cleared in financial adviser's Ponzi scheme

August 26, 2009

Federal prosecutors say there's no evidence to indicate wrongdoing by three NFL players who partnered with a financial adviser accused of running Ponzi scheme. An indictment charging Mary Wong of Omaha with stealing $3 million from eight victims...

Beverly Hills fund founder 'fesses up to adviser fraud

August 25, 2009

The founder and manager of two Beverly Hills hedge funds has pleaded guilty to federal fraud charges. Bradley Ruderman pleaded guilty Monday to two counts of wire fraud, two counts of investment adviser fraud and a misdemeanor count of failing...

Vick's ex-adviser charged in Ponzi scheme

August 25, 2009

Federal prosecutors have charged a woman who once advised Michael Vick and several other NFL players with stealing $3 million from eight victims in a Ponzi scheme. Prosecutors say Mary Wong worked out of her Omaha home and purported to sell...

Judge won't lift freeze in Michigan Ponzi probe

August 24, 2009

Two suburban Detroit financial firms accused of fraud still can't tap assets to pay for legal bills. U.S. District Judge David Lawson refused to lift an asset freeze at BBC Equities and Bravata Financial Group, both based in Southfield. His...

Medical Capital invested in more than just receivables

August 23, 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...

Another 'Mini-Madoff' swindler sentenced in Georgia

August 21, 2009

The outpouring of anger against Robert P. Copeland was relentless from the graying group of retirees who had been swindled out of their life savings. Some had lost thousands of dollars investing with the Marietta attorney. Others were taken...

AIG fights lawsuit filed by customers who lost millions with Madoff

August 21, 2009

American International Group Inc. yesterday dismissed as “without merit” a lawsuit filed by two investors who claim the insurer should have covered the losses they suffered because they invested with Bernard L. Madoff. Robert and Harlene...

Court freezes San Diego firm’s funds after SEC accuses it of fraud

August 21, 2009

The Securities and Exchange Commission yesterday received a court order from the U.S. District Court for the Southern District of California to freeze the assets and halt alleged ongoing securities fraud by MAK 1 Enterprises Group LLC of San...

Money manager who faked death sentenced

August 20, 2009

An Indiana money manger who crashed his plane and parachuted to safety in an elaborate scheme to fake his death and flee financial ruin was sentenced yesterday to more than four years in federal prison. Marcus Schrenker, 38, sobbed and gave...

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...

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