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Join the Securities Litigation and Enforcement Group on LinkedInTrader Sentenced to 30 Months in Prison for ‘Brazen, Ill-Conceived’ Scheme – Compliance Week
One year after taking down his entire brokerage firm through a scheme that the SEC labeled as “deliberate, brazen, and ultimately ill-conceived,” former trader David Miller was sentenced to 2 1/2 years in prison. Miller pleaded guilty in April 2013 to charges of wire fraud and conspiracy to commit wire and securities fraud. via Trader Sentenced to […]
Billionaire Mark Cuban takes on the SEC – The Washington Post
Cuban said he has reached out to [SEC Chair Mary Jo] White via “backdoor channels” for a face-to-face meeting, where he hopes to discuss how his ordeal can inform the SEC’s work. He said the agency measures success by its courtroom wins and losses without assessing whether these legal battles boost investor confidence or improve […]
Madoff informed close associates of Ponzi plans, employee testifies – NY Daily News
Their massive Ponzi scheme was an open secret. “You all know what we do here,” Wall Street villain Bernard Madoff told his closest associates during a closed-door meeting in 2005, a witness said Tuesday in the fraud trial of former Madoff office workers. via Madoff informed close associates of Ponzi plans, employee testifies – NY […]
Securities Docket News Wire for November 19, 2013
Get caught up with the Securities Docket News Wire for November 19, 2013.
Shareholders Obtain $882 Million Default Judgment in Longtop Financial Securities Suit — The D & O Diary
On November 14, 2013, Southern District of New York Judge Shira Scheindlin entered a default judgment order including a damages award of $882.3 million against Longtop Financial Technologies Ltd. and its former CEO, Wai Chau Lin. A copy of the order can be found here. However, as impressive as the size of this award is, the […]
JPMorgan to pay NY $1Bn over mortgage crisis — New York Post
Thousands of underwater homeowners across New York may see some financial relief from the record-setting $13 billion mortgage- bond settlement Tuesday between JPMorgan Chase and federal and state regulators. More than $1 billion in relief will be heading to the Empire State, according to state Attorney General Eric Schneiderman. via JPMorgan to pay NY $1Bn […]