securities fraud

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Real-Life Face/Off Fugitive Caught in Thailand

Lawyer nabbed by immigration cops who noticed something ... off

(Newser) - A Japanese lawyer who police say altered his appearance through plastic surgery to escape arrest for an alleged stock share manipulation scheme more than a decade ago has been captured, Thai police said Friday. Thailand's Immigration Bureau announced that Yasuo Tsubaki, sought by Japanese authorities for securities fraud amounting...

FBI Busts Pharma Bad Boy on Fraud Charges

Martin Shkreli accused of using company stock to pay other debts

(Newser) - Martin Shkreli may have to dump some of his recent musical acquisitions to pay his own legal fees: The 32-year-old pharmaceutical pariah who unapologetically jacked the price of a life-saving drug was arrested by the FBI Thursday on charges of federal securities fraud, Reuters reports. Shkreli is accused of pilfering...

Rolling Stone Profiles Chase Whistleblower

The article calls her the bank's 'worst nightmare'

(Newser) - Matt Taibbi, an American freelance journalist the New York Times describes as having an "avid following," is known for writing critically of Wall Street. Some may recall his 2010 Rolling Stone feature "The Great American Bubble Machine," in which he describes Goldman Sachs as "a...

JPMorgan to Cough Up $2B in Madoff Case

Bank accused of turning a blind eye to vast Ponzi scheme

(Newser) - Five years after history's biggest Ponzi scheme was exposed, Bernie Madoff's main banker is facing a rare criminal action for its role in the scam and is preparing to settle for around $2 billion, reports the New York Times . JPMorgan is accused of turning a blind eye to...

Feds Sue BofA Over Mortgage Securities
Feds Sue BofA Over
'Jumbo' Loans
Aug 6, 2013 3:15 PM CDT

Feds Sue BofA Over 'Jumbo' Loans

Bank accused of hiding information about risky prime mortgages

(Newser) - The US Justice Department filed another lawsuit against Bank of America today—this one a civil suit claiming the bank had defrauded investors over $850 million in mortgage-backed securities. Investors lost $70 million and will lose $50 million more, the suit contends, after prime mortgages that supported the securities went...

Feds to Illinois: You Deceived Investors

SEC settles with Illinois over underfunded pension system

(Newser) - Federal regulators accused Illinois of securities fraud today, saying officials had misled investors about the shaky state of the state pension system, the New York Times reports. The SEC said Illinois had issued false annual reports for 15 years claiming the state was keeping up with its required payments to...

Wall Street Scammer Ducks Prison by Working for CIA

Felix Sater tracked down Stinger missiles on the black market

(Newser) - A Russian businessman charged with cheating investors on Wall Street struck a deal with the CIA: Reduce my punishment to nearly nothing, and I'll help you buy missiles on Russia's black market, the Miami Herald reports. Felix Sater apparently pulled off the plan, tracking down the Stinger missiles...

Goldman Won't Be Charged Over Financial Crisis

Not enough evidence to pursue fraud cases, feds decide

(Newser) - Looks like Goldman Sachs is off the hook for its role in the financial crisis. The Justice Department and Securities Exchange Commission have ended two investigations into the bank's role in the crisis, concluding that "there is not a viable basis to bring a criminal prosecution with respect...

Madoff's Brother to Plead Guilty, Get 10 Years

Peter Madoff was a top exec at Bernie's fraudulent hedge fund

(Newser) - Bernie Madoff's brother is heading to prison for 10 years. Peter Madoff made an agreement with prosecutors and will plead guilty on Friday to two charges: falsifying the records of an investment adviser and conspiracy to commit securities fraud and other crimes, reports the Wall Street Journal . Peter served...

Celebrex Fraud Docs Reveal Deception at Pfizer

Arthritis drug-maker was 'cherry-picking' data, says employee

(Newser) - A federal judge has unsealed documents in a long-running fraud case against Pfizer, maker of the arthritis drug Celebrex—and selected quotes are none too pretty. "They swallowed our story, hook, line and sinker," wrote a research director at Pfizer, which had said Celebrex was safer for the...

Ex-Goldman Honcho Guilty of Fraud

Rajat Gupta convicted in insider trading scandal

(Newser) - A former Goldman Sachs director accused of feeding confidential information to a corrupt hedge fund manager has been convicted of conspiracy and three counts of securities fraud. A jury acquitted Rajat Gupta on two other securities fraud counts. Gupta's adult daughters hugged and wept as the verdict was read;...

Taxpayers Have Paid Millions to Defend Fannie Execs

FHFA has spent $37M on accused fraudsters since takeover

(Newser) - The US government has sunk almost $100 million into defending a trio of ex-Fannie Mae executives accused of securities fraud, including $37 million since the government took control of the firm, according to a regulatory analysis released today. The Federal Housing Finance Agency is on the hook for those costs...

SEC Letting Big Banks Skirt Fraud Penalties
SEC Letting Big Banks
Skirt Fraud Penalties
NYT analysis
Feb 3, 2012 7:13 AM CST

SEC Letting Big Banks Skirt Fraud Penalties

'New York Times' analysis finds 350 instances of banks getting free passes

(Newser) - The Securities and Exchange Commission has repeatedly allowed Wall Street's biggest banks to avoid penalties specifically intended to punish and deter fraud, a New York Times analysis of SEC records reveals. Over the past decade, the SEC has on almost 350 occasions granted waivers exempting big financial companies from...

Feds to Charge Crooked Bond Traders

Ex-Credit Suisse traders accused of bonus-boosting fraud

(Newser) - Looks like it's payback week: Federal prosecutors are planning to file fraud charges against four former Credit Suisse traders accused of overstating the value of mortgage securities in order to boost their bonuses, the Wall Street Journal reports. The alleged fraud happened in early 2008 as problems with complex...

Feds Nab 7 in $61.8M Stock Fraud Case

All that money made on trades of a single stock

(Newser) - Seven people have been charged in an insider trading scheme that netted more than $61.8 million in illegal profits based on trades of a single stock, prosecutors announced today. Two New York hedge fund executives and a Massachusetts man were among four charged in a criminal complaint in federal...

Galleon Founder Slapped With $92.8M Civil Penalty

Convicted insider trader hit with record SEC fine

(Newser) - Galleon Group hedge fund founder Raj Rajaratnam has broken another record. The former billionaire, who received the longest-ever prison sentence for insider trading last month, has been ordered to pay the largest-ever Securities and Exchange Commission civil penalty for insider trading, reports the New York Times . The $92.8 million...

Mets' Owners Won't Lose All Their Madoff Money

Judge gives partial victory to both sides in lawsuit

(Newser) - The New York Mets' owners may have to return some of $300 million in profits they made dealing with Bernie Madoff, but their $700 million principal is probably safe. A judge has decided that for trustee Irving Picard to pursue the Mets owners' principal investment, he must prove that they...

Monroe Beachy, 'Amish Bernie Madoff,' Busted for Fraud
 'Amish Bernie Madoff' Busted 
Sep 16, 2011 2:21 AM CDT

'Amish Bernie Madoff' Busted

Ohio man accused of running $16.8m Ponzi scheme

(Newser) - We've had the Bernie Madoff of campaign treasurers , so now meet the Amish Madoff. A 77-year-old man in Ohio is accused of scamming thousands of investors in 29 states, mostly his fellow Amish, out of $16.8 million. Prosecutors say Monroe Beachy ran a Ponzi scheme for decades, telling...

Felix Salmon: New York Times May Have Hacked Into Private Emails for Fabrice Tourre Story
Times May Have Crossed
Line by Snooping Emails
felix salmon
Jun 1, 2011 1:00 PM CDT

Times May Have Crossed Line by Snooping Emails

Fabrice Tourre story based on laptop found in trash

(Newser) - The New York Times today has a lengthy backgrounder on the case of Fabrice Tourre, the young Goldman Sachs trader sued by the SEC on allegations of fraud. What has caught the eye of most bloggers, though, isn't any revelations in the story but the way it was sourced:...

Insider Trading Suspect Jumps to His Death

Seattle Genetics exec was accused of sharing clinical trial results

(Newser) - An executive accused of illegally profiting from inside knowledge of his company's promising new cancer drug jumped to his death from an airport parking garage in New Jersey. Zizhong Fan, manager of clinical programming at Seattle Genetics, is believed to have shared insider information on clinical trials involving the...

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