Jan
28th
Former Jefferies Trader Charged with Securities Fraud
By Adam Mills
Jesse Litvak, a former senior trader at Jefferies Group Inc, has
been arrested and charged with securities fraud. The former
Jefferies managing director allegedly defrauded a federal bank
bailout program, bilking investors out of over $2 million on
trades of residential mortgage-backed securities.
Litvak was charged with 16 counts (11 counts of securities fraud) including making false statements to the federal government, securities fraud and fraud connected with the Troubled Asset Relief Program. In addition, he was also accused of creating a fictional third-party seller for some of the trades, enabling him to charge an extra commission, which he was not entitled to. It is believed the scam generated $2.7 million of revenue for Jefferies, while defrauding public and private funds like TARP.
Litvak could face up to 20 years in prison if convicted on just the securities fraud charges alone. If convicted on the one count of TARP fraud he could face up to a 10 year maximum sentence. And don't forget about the false statements to the government charges, four in total, each punishable by as much as five years.
Jesse Litvak currently resides in New York and is only 38 years old.
Litvak was charged with 16 counts (11 counts of securities fraud) including making false statements to the federal government, securities fraud and fraud connected with the Troubled Asset Relief Program. In addition, he was also accused of creating a fictional third-party seller for some of the trades, enabling him to charge an extra commission, which he was not entitled to. It is believed the scam generated $2.7 million of revenue for Jefferies, while defrauding public and private funds like TARP.
Litvak could face up to 20 years in prison if convicted on just the securities fraud charges alone. If convicted on the one count of TARP fraud he could face up to a 10 year maximum sentence. And don't forget about the false statements to the government charges, four in total, each punishable by as much as five years.
Jesse Litvak currently resides in New York and is only 38 years old.
Nov
20th
UBS Trader Sentenced to Seven Years Over $2.3 Billion Trading Loss
By Kelly Curtis
UBS Trader Sentenced to Seven Years Over $2.3 Billion
Trading Loss
A former UBS trader was found guilty of perpetrating the largest fraud in British history costing Swiss banking giant UBS $2.3 billion. The judge in the case sentenced 32 year-old Kweku Adoboli to seven years in prison and ordered the Ghana native to serve half of the term before being considered for early release on probation. Taking into account the time Adoboli has already served since his September 2011 arrest, he could get out in as little as 29 months. Prosecutors accused Adoboli of trading well in excess of authorized limits and doctoring the books to hid his true investing moves.
A former UBS trader was found guilty of perpetrating the largest fraud in British history costing Swiss banking giant UBS $2.3 billion. The judge in the case sentenced 32 year-old Kweku Adoboli to seven years in prison and ordered the Ghana native to serve half of the term before being considered for early release on probation. Taking into account the time Adoboli has already served since his September 2011 arrest, he could get out in as little as 29 months. Prosecutors accused Adoboli of trading well in excess of authorized limits and doctoring the books to hid his true investing moves.
Nov
12th
Judge Rules Deutsche Bank Must Face Mortgage Lawsuit
By Mike Goldman
Judge Rules Deutsche Bank Must Face Mortgage
Lawsuit
A US District Court Judge rulled on Monday that a lawsuit filed by the Federal Housing Finance Agency against Deutsche Bank AG will proceed. Judge Denise Cote denied Deutsche Bank's request to have the claim thrown out, though she did reject several of the FHFA's claims. “The facts alleged in the amended complaint are sufficient to plead fraud with respect to the offering material’s representations regarding mortgage underwriting standards,” Cote explained in her ruling.
A US District Court Judge rulled on Monday that a lawsuit filed by the Federal Housing Finance Agency against Deutsche Bank AG will proceed. Judge Denise Cote denied Deutsche Bank's request to have the claim thrown out, though she did reject several of the FHFA's claims. “The facts alleged in the amended complaint are sufficient to plead fraud with respect to the offering material’s representations regarding mortgage underwriting standards,” Cote explained in her ruling.
Oct
26th
Man Who Claimed to Own Facebook Charged with Fraud
By Dave Simmons
Man Who Claimed to Own Facebook Charged with
Fraud
Paul Ceglia, a man who claims to be entitled to 50 percent of Facebook, was arrested by federal authorities Friday and charged with mail and wire fraud. If convicted, the 39 year-old businessman could be sentenced to as much as 40 years in prison. The charges against Ceglia claim that he doctored contracts and falsified emails for evidence to support his lawsuit against Facebook founder Mark Zuckerberg whom Ceglia claimed he hired to design the social networking behemoth.
Paul Ceglia, a man who claims to be entitled to 50 percent of Facebook, was arrested by federal authorities Friday and charged with mail and wire fraud. If convicted, the 39 year-old businessman could be sentenced to as much as 40 years in prison. The charges against Ceglia claim that he doctored contracts and falsified emails for evidence to support his lawsuit against Facebook founder Mark Zuckerberg whom Ceglia claimed he hired to design the social networking behemoth.
Jul
10th
Iowa Broker Files Bankruptcy, $200 Million in Customer Funds Missing
By Frank Galvano
Iowa Broker Files Bankruptcy, $200 Million in Customer
Funds Missing
Iowa-based brokerage house PFGBest filed for bankruptcy Tuesday, sending the financial industry into a scare after regulators accused the firm's Peregrine Financial Group of misappropriating customer funds over the last two years and lying to regulators to cover more than $200 million in losses. PFG's founder and chairman, Russell Wasendorf, Sr., attempted suicide Monday morning outside the firm's Cedar Falls, Iowa offices, before the scandal was made public.
Iowa-based brokerage house PFGBest filed for bankruptcy Tuesday, sending the financial industry into a scare after regulators accused the firm's Peregrine Financial Group of misappropriating customer funds over the last two years and lying to regulators to cover more than $200 million in losses. PFG's founder and chairman, Russell Wasendorf, Sr., attempted suicide Monday morning outside the firm's Cedar Falls, Iowa offices, before the scandal was made public.
Jul
2nd
GlaxoSmithKline Slapped with Largest Fine Ever for Drugmaker
By Ronnie
GlaxoSmithKline Slapped with Largest Fine Ever for
Drugmaker
Drugmaker GlaxoSmithKline agreed to pay $3 billion Monday to settle charges that it failed to report safety issues with a few of its most successful drugs. Under the terms of the settlement reached with the Justice Department, GSK will pay a $1 billion fine as penalty for criminal wrongdoing plus another $2 billion to settle civil claims. The penalty is the largest ever paid by a pharmaceutical company and the largest settlement associated with a fraud case in US history. The firm will plead guilty to two counts of selling misbranded drugs, Paxil and Wellbutrin, across state lines.
Drugmaker GlaxoSmithKline agreed to pay $3 billion Monday to settle charges that it failed to report safety issues with a few of its most successful drugs. Under the terms of the settlement reached with the Justice Department, GSK will pay a $1 billion fine as penalty for criminal wrongdoing plus another $2 billion to settle civil claims. The penalty is the largest ever paid by a pharmaceutical company and the largest settlement associated with a fraud case in US history. The firm will plead guilty to two counts of selling misbranded drugs, Paxil and Wellbutrin, across state lines.
Mar
12th
MBIA Chief Accused of Insider Trading
By Frank Galvano
MBIA Chief Accused of Insider Trading
An attorney representing a group of banks in a lawsuit against bond insurer MBIA on Friday accused the firm's chief executive, Joseph W. Brown Jr., of illegal insider trading of his own firm's stock. The lawyer, Robert J. Giuffria, said that Brown had extensive inside knowledge of MBIA's impending restructuring when he purchased a cache of the company's stock in the months leading up to it. An attorney representing MBIA disputed Giuffria's claims, noting the Brown's stock purchases were all approved beforehand by counsel and were in compliance with regulatory requirements and company policies.
An attorney representing a group of banks in a lawsuit against bond insurer MBIA on Friday accused the firm's chief executive, Joseph W. Brown Jr., of illegal insider trading of his own firm's stock. The lawyer, Robert J. Giuffria, said that Brown had extensive inside knowledge of MBIA's impending restructuring when he purchased a cache of the company's stock in the months leading up to it. An attorney representing MBIA disputed Giuffria's claims, noting the Brown's stock purchases were all approved beforehand by counsel and were in compliance with regulatory requirements and company policies.
Jan
12th
Jon Corzine Targeted in Multiple Lawsuits
By Frank Galvano
Jon Corzine Targeted in Multiple
Lawsuits
A growing number of investors have been launching lawsuits against former MF Global cehief executive Jon Corzine, seeking to recover funds that have been discovered missing since the equity firms' bankruptcy filing in October. Just days after the firm filed for bankruptcy protection, regulators noticed that a substantial amount of customers' funds was missing from their accounts, and regulators are still trying to locate some $1.2 billion in missing money.
A growing number of investors have been launching lawsuits against former MF Global cehief executive Jon Corzine, seeking to recover funds that have been discovered missing since the equity firms' bankruptcy filing in October. Just days after the firm filed for bankruptcy protection, regulators noticed that a substantial amount of customers' funds was missing from their accounts, and regulators are still trying to locate some $1.2 billion in missing money.
Jan
6th
New Trojan Nabs Banking Logins, Covers Tracks
By Mike Goldman
New Trojan Nabs Banking Logins, Covers
Tracks
Israeli Internet security firm Trusteer has discovered a new Trojan that attacks bank accounts, then covers its tracks so that the account holder can't even tell they've been attacked. A spokesman for Trusteer likened the crime to burglaries in movies where the criminals replace live camera feeds with taped footage to avoid detection by guards. But instead of switching video, the new version of the SpyEye Trojan replaces Web pages, making it appear as if money that has been stolen is still in the account.
Israeli Internet security firm Trusteer has discovered a new Trojan that attacks bank accounts, then covers its tracks so that the account holder can't even tell they've been attacked. A spokesman for Trusteer likened the crime to burglaries in movies where the criminals replace live camera feeds with taped footage to avoid detection by guards. But instead of switching video, the new version of the SpyEye Trojan replaces Web pages, making it appear as if money that has been stolen is still in the account.
Jan
6th
Olympus Prepares for Lawsuit from Former CEO
By Kelly Curtis
Olympus Prepares for Lawsuit from Former
CEO
Michael Woodford, the embattled former CEO of Olympus Corp., gave up on his bid to return to the company Friday, saying the saga has taken a hefty toll on his family. Woodford also noted that he would sue Olympus for improper dismissal, having already detained an attorney to begin proceedings in the UK. When Woodford was named CEO by Olympus, a Japan-based camera and medical device maker, he lasted just two weeks in the position as he was fired after blowing the whistle on a $1.7 billion accounting fraud at the company.
Michael Woodford, the embattled former CEO of Olympus Corp., gave up on his bid to return to the company Friday, saying the saga has taken a hefty toll on his family. Woodford also noted that he would sue Olympus for improper dismissal, having already detained an attorney to begin proceedings in the UK. When Woodford was named CEO by Olympus, a Japan-based camera and medical device maker, he lasted just two weeks in the position as he was fired after blowing the whistle on a $1.7 billion accounting fraud at the company.
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