Results for "fraud"

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Adviser who stole identity of dead baby pleads guilty to fraud

August 6, 2009

A former financial adviser and registered representative who reportedly hid his criminal past by using a dead infant's identity pleaded guilty today to several fraud charges. Joseph Bonanno of Canton, Ohio, pleaded guilty in the U.S. District...

Paul Gozzo to spend 30 months behind bars for securities fraud

July 31, 2009

Paul Gozzo, managing director and sole owner of PMG Capital LLC in Jupiter, Fla., was sentenced to 30 months in prison today for engaging in securities fraud. U.S. District Judge Donald L. Graham of the U.S. District Court for the Southern District...

SEC accuses Southfield business owners of running Ponzi scheme

July 29, 2009

How would you blow a $50M real estate fund? The Securities and Exchange Commission accuses John Bravata and Richard Trabulsy of squandering the money from a $50 million real estate fund on cars, vacations and gambling debts in addition to following...

SEC dropped Stanford case at Justice Department's request, report says

July 28, 2009

The Securities and Exchange Commission's Forth Worth, Texas, regional office began investigating companies owned by alleged Ponzi-scheme operator Robert Allen Stanford back in 2005, the SEC's Office of Inspector General said in a report released...

Finra bars broker for allegedly running Ponzi scheme

July 27, 2009

The Financial Industry Regulatory Authority Inc. today permanently barred a broker who allegedly ran a Ponzi scheme and misappropriated funds from his family and members of his church. The broker, Kenneth George Neely of St. Louis, improperly...

Banks slapped with $1.65M in fines for improper VA and mutual fund sales by B-Ds

July 27, 2009

The Financial Industry Regulatory Authority Inc. has slapped Wells Fargo Investments LLC and four other investment firms with $1.65 million in fines for supervisory failures in mutual fund and variable annuity transactions. The brokers involved...

Criminal convictions, jail time on rise for financial fraudsters

July 26, 2009

State securities regulators are putting more financial fraudsters behind bars, and those convicted of crimes are receiving increasingly stiff jail sentences. Although most state securities regulators focus on civil cases and refer potential...

Hockey star says money manager bilked him of $43M

July 24, 2009

Former Detroit Red Wings hockey star Sergei Federov has filed a lawsuit charging a Michigan man and his businesses with swindling him out of $43 million. The lawsuit, filed in the circuit court for the County of Wayne (Michigan), alleged that...

Ex-Morgan Stanley exec pleads guilty to $2.5M theft from firm

July 22, 2009

A former Morgan Stanley executive is in jail after pleading guilty yesterday to stealing $2.5 million from the company over a period of seven years. Richard Garaventa, formerly vice president in the operations division of Morgan Stanley's institutional...

Broker captured in Spain pleads guilty to fraud

July 22, 2009

A former Wall Street broker who was captured in Spain has pleaded guilty to federal securities fraud charges. Asked by a judge on Wednesday why he was entering the plea, Julian Tzolov (ZOH'lawv) replied: "I got scared." The former broker for...

Goldman Sachs investment banker and others charged with insider trading schemes

July 15, 2009

Eleven individuals, including a former investment banker at The Goldman Sachs Group Inc. of New York and a former financial analyst at a subsidiary of The Hartford (Conn.) Financial Services Group Inc., were charged today by the Securities and...

Fugitive broker Julian Tzolov captured

July 15, 2009

Federal authorities say they have captured a former Wall Street broker who became a fugitive after being charged in a securities fraud case. Julian Tzolov (Zoh-LOHV') had been the subject of an international manhunt since he disappeared shortly...

Hedge swindler Samuel Israel gets 2 years for prison skip-out

July 15, 2009

Hedge-fund swindler Samuel Israel III was sentenced Wednesday to two more years in prison for trying to skip out on his 20-year sentence for fraud. Federal Judge Kenneth Karas said Israel was "thumbing his nose at the system" when he faked his...

SEC charges unregistered hedge fund in connection with $2B Ponzi scheme

July 10, 2009

The Securities and Exchange Commission today announced fraud charges and an asset freeze against an unregistered hedge fund and its manager for aiding a multibillion-dollar Ponzi scheme allegedly operated by Minnesota businessman Thomas Petters....

Manhattan DA indicts mortgage company for $100M fraud

July 9, 2009

Manhattan District Attorney Robert M. Morgenthau yesterday announced the indictment of mortgage company AFG Financial Group Inc. of Garden City, N.Y., and 13 individuals in a case involving over $100 million in mortgage fraud over a four-year...

Sky Capital CEO, execs to be charged with decade-long securities fraud

July 8, 2009

Ross Mandell, chief executive of Sky Capital Holdings Ltd. of New York, and five other individuals turned themselves in to the FBI this morning and will be charged with securities fraud, according to published reports. They have been accused...

Computer programmer charged with stealing Goldman Sachs data

July 7, 2009

Federal authorities have charged a computer programmer with stealing trade secrets from his former employer, Goldman Sachs. The FBI says the Russian-born Sergey Aleynikov downloaded software and sent computer codes to an Internet account in...

SEC charges Massachusetts-based manager with running a Ponzi scheme

June 25, 2009

A Wayland, Mass., money manager settled charges Wednesday with the Securities and Exchange Commission in connection with a multimillion-dollar Ponzi scheme. Michael Regan and his firm, Regan & Co., an unregistered entity, was charged with defrauding...

SEC charges Cohmad Securities with fraud

June 22, 2009

Federal regulators have charged a brokerage firm called Cohmad Securities and four people with securities fraud, accusing them of funneling billions of dollars from investors into Bernard Madoff's pyramid scheme. The Securities and Exchange...

NAPFA copes as members are charged

June 14, 2009

The high-minded, fee-only advisers who lead the National Association of Personal Financial Advisors last week told its members that they are struggling to come to terms with allegations that three NAPFA advisers, including a former leader of...

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