Banking

  • October 25, 2006

    Ex-NYSE Manager Faces Jail In Hong Kong For Fraud

    A hedge fund manager who pilfered $194.5 million and led to the financial ruin of hundreds of clients in Hong Kong was sentenced to four-and-a-half years in jail on Wednesday after pleading guilty to false accounting.

  • October 25, 2006

    Goldstein Once Again Takes On SEC Rule

    Hedge fund manager Philip Goldstein already dealt one blow to the U.S. Securities and Exchange Commission with a lawsuit that led to the agency’s hedge fund registration rule being overturned. Now, just a few months later, Goldstein once again has the Commission in his sights.

  • October 25, 2006

    AmeriDebt Founder Accused Of Stashing Cash

    Andris Pukke, founder of now-defunct debt management firm AmeriDebt Inc., has hidden millions of dollars with his family and friends so his cash stash can’t be used to pay wronged consumers, according to a court-appointed receiver.

  • October 25, 2006

    Firm Takes On NASD Reporting System

    A disgruntled brokerage firm has taken on the National Association of Securities Dealers in a move that could change the way banks submit reports required by the regulator.

  • October 25, 2006

    Zurich American Coughs Up $7M More In Scandal

    After paying nearly $325 million to settle allegations of bid-rigging and price-fixing in the insurance industry, a unit of Zurich Financial Services will reach into its pocketbook yet again to settle allegations in Ohio.

  • October 24, 2006

    Fannie Mae Issues Report On Restitution

    The executives implicated in the $11 billion fraud at government-sponsored mortgage giant Fannie Mae may soon be held financially responsible for the scandal. The home lender detailed plans for collecting restitution from the executives in a recently released report.

  • October 24, 2006

    Last Call For $39M Merrill Lynch Settlement

    The two firms leading the charge in the class action litigation against investment bank Merrill Lynch & Co. have called for all potential class members to register for their shares of the $39 million settlement, set to be approved next month.

  • October 24, 2006

    Federal Court Tosses Safeclick’s Claims In Visa Spat

    Marking the latest development in a long-running battle over a patent for protecting the security of online transactions, the Federal Circuit has upheld a lower court’s decision to toss claims brought by Safeclick against Visa International.

  • October 24, 2006

    Another Guilty Plea In $7M Insider Trading Scam

    A printing plant worker who specifically took the job to steal advance copies of BusinessWeek magazine pled guilty on Monday to one count of conspiracy and one count of insider trading.

  • October 24, 2006

    Ex-Refco Financial Chief Indicted On Fraud Charges

    The former chief financial officer of brokerage firm Refco Inc. was indicted on Tuesday on charges of securities fraud relating to a scheme in which he and the ex-chief executive officer allegedly hid hundreds of millions of dollars in debt from investors and auditors.

  • October 24, 2006

    Grasso Appeals Ruling In Compensation Case

    Former New York Stock Exchange chairman Richard Grasso has appealed a New York State Supreme Court judge’s ruling that ordered Grasso to give back $100 million in compensation to the NYSE.

  • October 24, 2006

    Hackers Set Their Sights On Brokerage Accounts

    Weeks after securities regulators raised concerns that hackers were targeting U.S. online brokerage accounts, two large brokerage firms have admitted that they have been victims of the new fraud.

  • October 24, 2006

    Bank Fraudsters Ordered To Pay More Than $30M

    Three former bankers have been handed jail sentences and ordered to pay more than $30 million in restitution for their roles in the bank fraud that led regulators to close Hamilton Bank NA in 2002.

  • October 25, 2006

    Linklaters Snaps Up Investment Funds Partner

    Ramping up its investment management practice, Linklaters has pulled in a partner from King & Spalding’s New York private funds and asset management practice group.

  • October 23, 2006

    Former Sunbelt Exec To Head Back To Jail

    A former chairman of Sunbelt Savings Association, having already been convicted of stealing millions from the savings and loan in the 1980s, was sentenced a second time around on Friday for not paying his court-ordered restitution.

  • October 23, 2006

    Fifth Circuit Denies Rehearing In Nigerian Barge Case

    In a blow to federal prosecutors, an appeals court has refused to reverse its decision to toss the convictions of four Merrill Lynch & Co. executives implicated in the Enron Corp.-related Nigerian barge case.

  • October 23, 2006

    Ex-BAWAG CEO Tries To Escape Extradition

    The former BAWAG PSK chief executive whose alleged mishandling of funds led to billions of euros in losses for the Austrian bank and contributed to Refco Inc.’s collapse has appealed to France's Supreme Court to block his impending removal to Austria.

  • October 23, 2006

    Ex-MassMutual Head Wins $50M

    An arbitration decision that Massachusetts Mutual Financial Group unjustly gave its chief executive the boot last year could force the insurance and investment company to shell out as much as $50 million in financial compensation.

  • October 20, 2006

    SEC Alleges Men Bilked Elderly In CD Scam

    The U.S. Securities and Exchange Commission filed a lawsuit Wednesday against two brothers and another man, accusing them of selling $1.7 million in investors notes and using the proceeds for personal expenses and as funding for their high-risk mortgage business.

  • October 20, 2006

    Merrill Lynch Suing Home Equity Rival Over Trademark

    Financial services giant Merrill Lynch & Co. Inc., has filed a lawsuit against a home equity loan rival alleging the company has stolen its trademark.