fraud

  • News

    Southridge Capital Management Founder Charged With Fraud Though He May Not Know It Yet

    This afternoon, Connecticut regulators accused investment adviser Southridge Capital and its chief executive Stephen Hicks of “preparing false financial statements” that “inflated the assets of five funds from 2004 through 2007 so that they could charge higher fees,” in an alleged scam that netted them an ill-gotten $26 million. Additionally, many investors have apparently put […]

    / Oct 25, 2010 at 4:01 PM
  • News

    Angelo Mozilo To Pay SEC $67.5 Million For Pesky Little Fraud Charges To Go Away

    As part of the settlement, the regulator agreed to allow the Countrywide founder to drop the money in small denominations from his private jet, over a cattle ranch in Montana, where SEC staffers will have 30 minutes to scurry around picking up every ever last bill,** en route to a much needed visit to Fresno, […]

    / Oct 15, 2010 at 2:20 PM
  • News

    Hedge Fund Manager/Teddy Bear Collector Pleads Guilty To Running Ponzi Scheme-ish Type Operation

    Remember Paul Greenwood? He didn’t get as much press as some other hedge fund managers running Ponzi schemes, even though he should have, if only for the fact that he spent a good deal of investor money on a 1,348 teddy bears, valued at $3 million in total, showcased in “collector display cabinetry” at the […]

    / Jul 28, 2010 at 1:55 PM
  • News

    Ex-Trader Accused Of Fraud Hoping To Clear Name Via Reality TV Show

    Remember Ross Mandell, the Sky Capital founder who was accused of conspiracy and securities fraud in a scam that was (allegedly!) perpetrated using “boiler room-like tactics,” which could result in him going downtown for 25 years? He’s pretty sure he’s innocent and he’s like to share that innocence with the world.

    / Jul 26, 2010 at 5:00 PM
  • News

    Don’t Freak out Over that Subpoena from the U.S. Securities and Equities Administration

    Apparently the SEC has discovered fraudsters trying to impersonate their own intrepid investigators, using fake email addresses containing .gov in the domain. Most of these characters are fishing around on tranny porn web sites (likely running into real SEC officials) for naive investors who will pay them fees to remove restrictions on sales of stock […]

    / May 13, 2010 at 3:05 PM
  • News

    Cuomo: Ivy Lied to Clients About Madoff Fraud

    NY Attorney General Andrew Cuomo just leveled some pretty serious charges against former fund-of-funds firm, Ivy Asset Management. In a complaint released today, Cuomo says Ivy knew about Bernard Madoff’s giant Ponzi scheme, but intentionally lied to clients because it feared losing over $40 million in fees from the Madoff investments. Cuomo cites internal emails […]

    / May 11, 2010 at 12:43 PM
  • News

    Germans Raid Deutsche Bank in Carbon Trading Probe

    Environmentalists thought they had found a “market solution” to controlling carbon emissions. Then energy traders have to go screw it all up. German prosecutors raided Deutsche Bank and RWE, Germany’s second-biggest utility, today in a wide-ranging probe of tax-evasion and generally shading dealing in the European carbon emissions market.

    / Apr 28, 2010 at 3:07 PM
  • News

    Michael Douglas Is Ready For The SEC To Wake Up

    The noted investor has finally– finally!– weighed in on the Goldman charges.

    / Apr 20, 2010 at 10:45 AM
  • News

    SEC Charges Goldman Sachs With Fraud On Subprime Mortgages

    Supposedly “key facts related to subprime securities” were omitted and investors in the CDO lost $1 billion (whereas Paulson & Co, which apparently had a “hand in structuring the CDO in question,” made a billion). Dick Bové has no problem with this, and doesn’t think Goldman will either, which Mark Haines cannot believe. More from […]

    / Apr 16, 2010 at 10:40 AM
  • News

    Warren Buffett Hit With Lawsuit by RV Dealer

    Warren Buffett take note: Don’t get involved in the RV business. It’s full of wealthy rednecks and sometimes they like stealing cash directly from the office vending machines. That’s at least what one executive of a Berkshire Hathaway-owned RV company has alleged in a recent lawsuit filed after he was denied the CEO position and […]

    / Apr 8, 2010 at 5:30 PM
  • News

    Today In Handcuffs: Helmut Kiener Come On Down!

    German police have arrested the founder of K1 Group, Helmut Kiener, in connection with an investigation into allegations of fraud at his hedge fund, a local prosecutor said. European and U.S. authorities are investigating allegations that K1 embezzled millions of dollars from several global banks, including J.P. Morgan Chase & Co., Barclays PLC, BNP Paribas […]

    / Oct 29, 2009 at 12:15 PM
  • News

    Convicted Merrill Fraudsters May Be Convicted Again

    Three former Merrill employees, originally convicted of conspiracy and fraud in 2004 and subsequently exonerated in 2006, may be back on the stand soon to explain their roles in helping Enron commit fraud. The ex-Merrillites got a pass in 2006 when an appeals court determined government tried the original case improperly. At issue is their […]

    / Jun 18, 2009 at 12:09 PM
  • News

    Chicago Finally Arrives At The Fraud Party

    He is no Bernie or Danny Pang but Philip Baker is trying to do the midwest proud and raise the region’s profile in the national fraud standings. Baker, former managing director of Chicago-based Lake Shore Asset Management Ltd., who is conveniently nowhere to be found, is accused of using false information to solicit over $300 […]

    / Jun 17, 2009 at 10:08 AM
  • News

    Fraudster Is $5,000 Poorer But No Prisoner

    In a convincing victory for justice, the former CEO of a Gen Re subsidiary was sentenced to the equivalent of a mild warning from a substitute teacher for his part in defrauding AIG investors of $597 million. John Houldsworth pleaded guilty in 2005 to conspiracy to commit securities fraud and then testified on the government’s […]

    / Jun 16, 2009 at 2:17 PM
  • News

    SEC Gets A Shot At Redemption

    If Mary Schapiro and the revamped SEC can’t put this one away, there is really no hope for them. Italian authorities recently found a little surprise in the suitcases of two Japanese travelers trying to cross the border into Switzerland- US government bonds with a face value of over $134 billion. The Italian police now […]

    / Jun 15, 2009 at 1:03 PM
  • News

    Madoff Victims Try To Out Ponzi The Ponz Himself

    It appears as though one great fraud deserves another. A group of Madoff victims is taking a page out of Bernie’s book and asking a federal bankruptcy judge to reconsider the way their losses are being calculated. Their magic formula is one part backward logic, one part betting that a judicial system that awarded damages […]

    / Jun 8, 2009 at 11:26 AM
  • News

    Lying Billionaire Says UBS Lied About His Ability To Lie To The IRS

    Billionaire Igor Olenicoff is suing UBS for allegedly not telling him the truth about his US tax liabilities for his Swiss bank account. However, the real case here is which of the two parties has less credibility. Olenicoff says UBS pulled a fast one when it came to his tax liabilities and,”tarred his reputation and […]

    / Jun 8, 2009 at 10:04 AM

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