Results for "fraud"

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Two brokers, facing fraud charges and lawsuits over client losses, claim investors knew of risks

October 20, 2009

Two former Nebraska City brokers say they shouldn't be prosecuted for securities fraud because the investors who lost more than $20 million acknowledged the risks in writing, but prosecutors said Monday the records don't tell the full story....

IBM exec shelved after being charged in $20M hedge fund insider trading ring

October 20, 2009

IBM Corp. put a top executive on leave Monday after he was charged in an insider trading scandal for allegedly leaking secrets about IBM's earnings and financial dealings with corporate partners. The company said Robert Moffat, a senior vice...

Judge tosses hedge fund suit against Joe Biden's son, brother

October 20, 2009

A judge has thrown out a lawsuit against Vice President Joe Biden's youngest son and brother over their 2006 purchase of a hedge fund firm, saying an investor failed to be specific enough in claiming that they underhandedly shoehorned him out...

Adviser who bilked $7M from investors to buy mansions and cars admits to fraud

October 20, 2009

Matthew Weitzman, the founder of AFW Wealth Advisers, pleaded guilty last night to charges that he stole some $7 million from investors who were unaware that the financial adviser was using their assets to but multimillion-dollar homes and automobiles....

Foreign currency fraudster gets 24 years for running $44M Ponzi

October 19, 2009

A Florida businessman has been sentenced to more than 24 years in prison for running a $44 million Ponzi scheme that defrauded dozens of investors. A federal judge also sentenced Michael Riolo on Friday to three years of supervised release....

SEC busts a 'master of deceit' in $14M Ponzi scheme

October 19, 2009

Three men are accused of running a Ponzi scheme that scammed more than $14 million from hundreds of Haitian-American investors in South Florida and New Jersey. In a complaint filed Friday, the Securities and Exchange Commission said Ronnie Eugene...

Crazy like a fox

October 18, 2009

Sam E. Antar knows a thing or three about fraud. He was chief financial officer at New York's Crazy Eddie, the infamous “insaaaaane” appliance retailer where executives skimmed profits, evaded taxes, laundered cash and fudged inventories...

Bernie Madoff masks a Halloween hit

October 16, 2009

Don't be alarmed if Bernard Madoff comes knocking this Halloween. The real Madoff pleaded guilty to a decades-long Ponzi scheme that cost investors millions of dollars. The New York financier is now serving a 150-year prison sentence. But he'll...

Fund manager, one of world's wealthiest people, busted in $20M insider-trading ring

October 16, 2009

A billionaire hedge fund boss was among five men and a woman arrested by federal authorities Friday in a hedge fund insider trading case that prosecutors say reaped $20 million in illegal profits. Raj Rajaratnam, a partner in Galleon Management...

Former LPL, ING rep charged with mail fraud in money-laundering scheme

October 16, 2009

A former LPL Financial and ING Financial Partners Inc. registered representative was charged with mail fraud Wednesday in Pennsylvania in connection with a money-laundering scheme federal agents contend was tied to a health club he owned. Frank...

Florida trader indicted in $20M Ponzi scheme

October 16, 2009

A Florida man faces a 55-count federal indictment in Pennsylvania that accuses him of bilking investors out of millions of dollars that he spent on luxury items. The indictment against Sean Healy was unsealed Thursday in federal court in Harrisburg....

Two former Stanford reps slammed with suit for more than $11M

October 15, 2009

The receiver overseeing R. Allen Stanford's businesses announced Thursday that he is suing two former employees of the Texas financier's capital management firm for more than $11 million. In papers filed in federal court in Dallas, receiver...

Allen Stanford gets ill during court hearing

October 15, 2009

Texas financier R. Allen Stanford, jailed for allegedly bilking investors out of $7 billion, became ill during a court hearing in Houston and wiped blood away from his mouth. Stanford's attorney later blamed the condition on stress his client...

From behind bars, Allen Stanford objects to the sale of his yacht

October 14, 2009

R. Allen Stanford, who is in jail accused of bilking investors out of $7 billion, filed a motion yesterday in opposition to an attempt to sell the Sea Eagle, which the billionaire spent more than $16 million on to turn it into "one of the finest...

Fraudster on the lam is busted after Facebook gaffe

October 14, 2009

Maxi Sopo was living the dream of a fugitive abroad, kicking back on the beaches of Cancun by day, partying in the clubs by night. Then he did two things that are never a good idea when you're on the run from authorities: He started posting...

Brawlin' Bernie: Madoff victorious in first prison fight

October 13, 2009

Talk about hitting bottom. Bernie Madoff, after a heated debate with a fellow inmate over whether the stock market has actually bottomed out, reportedly got into his first altercation since being sentenced to 150 years in a Butner, N.C., federal...

Insurance agent slammed with fraud charges, could face up to 60 years

October 12, 2009

A lawyer for a Miami insurance agent says he'll plead not guilty to charges of stealing more than $14 million from premium finance companies. Fifty-two-year-old Jose V. Peris, owner of Insurance Force Corp., is accused of submitting thousands...

Go directly to jail, judge tells $413M Ponzi schemer who violated bail terms

October 12, 2009

A federal judge revoked a $1.25 million bail package Friday for a New York businessman accused of orchestrating a $413 million Ponzi scheme, saying in a blistering rebuke from the bench that Nicholas Cosmo "will bend the rules if he feels it...

A tell-all tale: Bipolar money manager who attempted to fake his death plans to write a book

October 12, 2009

The Indiana money manager who tried to fake his own death by parachuting from a plane before it crashed into a Florida swamp now plans to write a book about his misadventures. According to published reports, 38-year-old Marcus Schrenker, who...

Securities America advisers hawked private placements, suit claims

October 11, 2009

Financial advisers with Securities America Inc. continued to sell offerings of allegedly faulty private placements after an executive at the firm sounded the alarm bell about the deals last year, according to a recently filed lawsuit. The lawsuit...

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