Results for "fraud"

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Another Ponzi: Louisiana businessman arrested in $11M scheme

November 19, 2009

A Louisiana businessman was arrested Thursday on charges he engaged in a Ponzi scheme that cost at least 200 investors more than $11 million, money he allegedly used to finance a lavish lifestyle. William J. Chaucer Jr., 60, of Ponchatoula,...

Nicolas Cage slapped with suit from former money manager

November 18, 2009

Nicolas Cage is being sued by his former business manager, who claims lavish spending, not his advice, is to blame for the actor's financial problems. Samuel J. Levin filed a countersuit in Beverly Hills on Nov. 12, less than a month after the...

Ponzi or pawn? Accused scammer Petters says he's innocent

November 18, 2009

A Minnesota businessman accused of orchestrating a massive Ponzi scheme testified Tuesday that he did not knowingly participate in the fraud and may have "trusted some people far too much." Tom Petters took the stand in the third week of his...

Ex-NFL linebacker gets prison for part in Ponzi scheme

November 17, 2009

A former University of California lineman who spent time in the Tennessee Titans' camp in 2001 has been sentenced to 57 months in federal prison for his role in a $5 million Ponzi scheme. Reed Diehl was sentenced in Orange County federal court...

Unlicensed securities broker pleads gulty to charges in $50M Ponzi scheme

November 13, 2009

A Lubbock businessman pleaded guilty Thursday to two charges related to his bilking $50 million from investors in a Ponzi scheme. Benny Lee Judah pleaded guilty in federal court in Lubbock to one count each of money laundering and sale and delivery...

21st Century broker accused of defrauding elderly investors of $8M set for grilling

November 12, 2009

An April trial date has been set for a Nebraska man accused of luring elderly investors under false pretenses and using some of their money to buy luxury items. An April 12 jury trial has been scheduled for Bryan Behrens. He was indicted last...

FBI: New alleged investment scheme could top $1B

November 12, 2009

Investigators say the alleged fraud scheme run by a prominent South Florida lawyer is likely to exceed $1 billion and involve thousands of investors. Miami FBI chief John Gilles (GILL-eez) said Thursday morning that investigators want investors...

Setback in Bear Stearns case may force gov't shift

November 12, 2009

The swift acquittal of two Bear Stearns executives in the government's criminal case tied to the financial meltdown likely will force prosecutors to rethink the evidence they planned to present in a raft of cases that have yet to go to trial,...

Tennessee trader pleads guilty in $21M Ponzi scheme

November 11, 2009

A Gatlinburg, Tenn., businessman accused of defrauding investors of $21 million in a wide-ranging Ponzi scheme pleaded guilty Tuesday to all charges against him. Dennis Bolze, 60, entered his pleas to wire fraud and money laundering charges...

Wealth firm worker accused of running $12M Ponzi scheme

November 11, 2009

A Denver man allegedly defrauded people in a national Ponzi scheme involving more than $12 million that was supposed to go real estate investments, the Colorado securities commissioner said. Investigators contend Jerrald Green, 48, used investors'...

Trio who promised 500% returns grilled in federal court

November 11, 2009

Three South Carolina men accused of bilking investors out of millions made anyone with ties to law enforcement or attorneys leave their seminars, and threatened investors with $1 million in fines if they told anyone about the massive returns...

Former Madoff associate leaves billions to charity

November 10, 2009

A man who made billions of dollars off Bernard Madoff's Ponzi scheme signed a will leaving the bulk of his fortune to charity, but the gift's ultimate size may depend on legal wrangling over how much of the money rightfully belongs to cheated...

Case against Bear Stearns fund managers moves to final stages

November 9, 2009

The case of two former Bear Stearns hedge fund managers charged with lying to investors is moving into the final stages. Deliberations were expected to begin Monday at the Brooklyn trial of Ralph Cioffi and Matthew Tannin. They've pleaded not...

Ex-Bear Stearns hedge fund managers never lied to clients, defense argues

November 6, 2009

Two former Bear Stearns hedge fund managers charged with lying to investors always were honest about the risks of investing in securities linked to the volatile subprime mortgage market, a defense lawyer told a jury on Friday. A co-worker who...

Ponzi schemer who pilfered $5M gets 7 years in prison

November 6, 2009

A Virginia man will spend more than seven years in prison for running a Ponzi scheme that bilked more than $5 million from more than 30 investors. John Mark Donnelly was sentenced Friday in federal court. The 53-year-old Donnelly had pleaded...

Former Jefferies hedge fund manager charged in $7M stock scam

November 6, 2009

A former hedge fund manager arrested earlier this year has been indicted on federal charges he participated in a $7 million insider trading scam. The indictment against 45-year-old Joseph Contorinis, a former managing director at Jefferies &...

Madoff auditor pleads guilty, could face 108 years behind bars

November 3, 2009

Disgraced money manager Bernard Madoff's longtime auditor pleaded guilty to securities fraud and other charges Tuesday in a cooperation deal that could leave him behind bars for years. The government said David Friehling, whose plea was accepted...

Tax relief for small Madoff investors in the works

November 3, 2009

Tax relief for thousands of small, indirect investors in Bernard Madoff's swindle and other fraudulent schemes appears close to Senate adoption as part of a broader bill to extend unemployment benefits. An amendment by Sen. Charles Schumer,...

Broker pleads guilty in hedge fund fraud

November 2, 2009

A former securities broker has pleaded guilty to charges he helped a prominent Manhattan lawyer dupe hedge funds into making bogus investments. The broker, Kosta Kovachev, entered the plea to conspiracy to commit securities fraud Monday in federal...

Allen Stanford stripped of his knighthood

November 2, 2009

Disgraced Texas financier R. Allen Stanford is being stripped of his knighthood in the Caribbean nation of Antigua and Barbuda, the head of the government panel that approves the awards said Monday. The National Honors Committee voted unanimously...

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