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