Results for "fraud"

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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...

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...

Where are they now?

October 18, 2009

EDDIE ANTAR served seven years in prison, paid $75 million in penalties and later tried unsuccessfully to reopen the Crazy Eddie chain. He tried to make a movie about his life starring Danny DeVito, but lawyers argued that Mr. Antar didn't have...

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...

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....

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...

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...

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...

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...

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...

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...

California man gets 100 years in jail for operating $40M Ponzi scheme

October 9, 2009

In what is believed to be longest sentence ever handed down for a financial crime in Southern California, a 65-year-old man has been sentenced to 100 years in prison for operating a Ponzi scheme that bilked investors of nearly $40 million. Richard...

Clearing firm Penson calls naked-short video a ‘hoax'

October 7, 2009

Officials for Penson Financial Services Inc. said that a video circulating on the Internet of one of its traders engaging in an apparent naked short sale is a fraud that unfairly accuses the firm of violating Securities and Exchange Commission...

Adviser who stole from clients to pay daughter's rent gets up to 30 years in prison

October 7, 2009

A Lansing, Mich.-area investment adviser accused of defrauding investors of hundreds of thousands of dollars has been sentenced to five to 30 years in prison. Ingham County Circuit Judge Joyce Draganchuk also ordered Jeffrey Sadlak of Delta...

Former 'power broker' and investment adviser plead guilty in pay-to-play scandal

October 6, 2009

Former New York power broker Raymond Harding has pleaded guilty to security fraud charges in the "pay-to-play" scandal at the state's public pension fund. State Attorney General Andrew Cuomo (KWOH'-moh) says Harding entered the plea Tuesday...

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