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DOJ Brings Massive FCPA Case Against 22 Individuals
Massive undercover operation leads to FCPA charges against 22 individuals.
Former Jeffries Money Manager Indicted for Insider Trading
Money manager and three others were originally charged back in February 2009.
Stanford CIO Pendergest-Holt Indicted on Two Counts
A federal grand jury has indicted Laura Pendergest-Holt, the Stanford Financial Group’s chief investment officer, on two felony counts: one count of conspiracy to obstruct an agency investigation and one count of obstruction. CNBC’s Scott Cohn reports that the indictment alleges that Pendergest-Holt hid details of Stanford Financial’s holdings from investigators, including a $1.6 billion loan [...]
Marc Dreier Update: Amended Indictment Raises Amount of Alleged Fraud to $700 Million, Adds Money Laundering Charge
Prosecutors in the Marc Dreier case filed an amended indictment on Tuesday that alleges that Dreier defrauded investors out of approximately $700 million, not $400 million as previously alleged. The WSJ reports that the indictment, originally brought in January 2009, alleges conspiracy and fraud charges for the sale of fictitious promissory notes to hedge funds [...]
Former CEO of KB Home Indicted for Fraud Related to Options Backdating
Bruce E. Karatz, the former CEO of KB Home, has been indicted and charged with 20 counts of defrauding the Los Angeles homebuilder and its shareholders by awarding himself and others with millions of dollars worth of undisclosed backdated stock options.The NLJ reports that in the indictment returned on Thursday, Karatz is charged with concealing [...]
Update: Today’s Madoff Indictment Deadline Extended Another 30 Days
Federal prosecutors’ deadline to indict Bernard Madoff on fraud charges has been extended by 30 days, the AP reports, citing “a person familiar with the Bernard Madoff case.” The AP reports that lawyers agreed to extend today’s indictment deadline (previously discussed here) as authorities continue to investigate the case.
Read the AP article
Wednesday is Indictment Deadline in Madoff Prosecution
Federal prosecutors have until Wednesday to indict Bernard Madoff or seek a second extension from the court handling the case. AFP reports that prosecutors in the SDNY would not reveal their plans, saying only that both options remained available. Prosecutors and Madoff already agreed to a 30-day extension in mid-January, and AFP reports that many [...]
Dreier Indictment Released; Charges Dreier Confession Exists on Tape
Federal prosecutors have now released the federal indictment of Marc Dreier. Among other things it includes an allegation that Dreier admitted many of the key allegations against him in a tape recorded conversation, and that he also acknowledged being “ashamed” of his role in fabricating documents.
Read the Indictment (via Am Law Daily)
US Attorney Charges Six With Stealing From Securities Class Action Settlement Funds
Six people were charged yesterday with an alleged scheme to use dummy corporations, fake brokerage accounts, and virtual offices to steal $41 million from securities class action settlement funds.
The Philadelphia Inquirer reports that Laurie Magid, Acting U.S. Attorney for the Eastern District of Pennsylvania, announced that “the ring, which also included a lawyer, went to [...]
Former Biopure Corp. Executive Indicted for Lying to Court About Having Cancer
Howard P. Richman, a former executive of Biopure Corp., was indicted yesterday in federal court in Boston for allegedly lying to a federal judge when he said he was gravely ill from colon cancer. Prosecutors claim that Richman did so in an attempt to force a settlement in a case brought against him by the [...]