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December 2, 2008 10:47:00 PM CST

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securities fraud news stories

6 Stories

SEC Aims to Check False Rumors on Wall Street

Feds worried about false info in skittish market, but nailing culprits is tough task

New York Times New York Times Jul 14, 08 9:15 AM CDT
(Newser) - After months of urging from business, the Securities and Exchange Commission announced plans yesterday to clamp down on the rumor mill that can induce Wall Street gyrations with false information. Last week's market turbulence pushed the feds to make the move before this week's trading, the New York Times reports—but proving that false information has been spread maliciously is a tough task. More »

More about:  Wall Street • Lehman Brothers • Bear Stearns • SEC • investigation • Securities and Exchange Commission • rumor • securities fraud

Email May Toast Arrested Bear Fund Managers

Pair faces charges
of misleading investors in $1.6B collapse

Wall Street Journal Wall Street Journal Jun 19, 08 10:16 AM CDT
(Newser) - A pair of former Bear Stearns hedge-fund managers arrested today on federal fraud charges could be done in by an email in which one described their market position as "toast"—days before telling investors it was "quite comfortable." Matthew Tannin and Ralph Cioffi will be indicted later today in a collapse that cost investors $1.6 billion, the Wall Street Journal reports. More »

More about:  Financial Crisis • Bear Stearns • hedge fund • indictment • securities fraud • wire fraud

Not Guilty-Plea From Ex-CEO in Drug, Fraud Rap

Broadcom honcho said to spike drinks with ecstasy, commit bribery

Associated Press Associated Press Jun 17, 08 10:36 AM CDT
(Newser) - Broadcom co-founder Henry Nicholas pleaded not guilty yesterday to securities fraud and drug charges, the AP reports. The former microchip king was accused of false accounting as well as dropping ecstasy into associates’ drinks, running a drug warehouse, and using bribery and death threats to keep it all quiet. The company’s former CFO also pleaded not guilty to fraud. More »

More about:  crime • drug dealing • Broadcom • securities fraud

France Frees Rogue Trader Kerviel

He'll be under 'judicial control' during probe
of $8B SocGen loss

Guardian (UK) Guardian (UK) Mar 18, 08 8:50 AM CDT
(Newser) - Jerome Kerviel, the trader accused of an $8 billion fraud that nearly brought down Societe Generale, has been freed by a Paris court after five weeks in detention, the Guardian reports. The trader, who faces charges including breach of trust and falsifying documents, will remain free while the case is investigated but won't be allowed to leave Paris. More »

More about:  Paris • banking • rogue trader • Societe Generale • securities fraud • Jerome Kerviel

Second SocGen Broker Held in Kerviel Probe

Could derail rogue trader's chances of getting released

Bloomberg Bloomberg Mar 12, 08 10:23 AM CDT
(Newser) - Authorities have taken a second Societe Generale employee into custody and conducted a search of La Defense headquarters, as the probe into unauthorized securities trading that cost the French bank $7.6 billion expands, reports Bloomberg. Police are holding a broker from a bank subsidiary, said a SocGen spokeswoman. Another broker was taken into custody, questioned, and released last month. More »

More about:  rogue trader • Societe Generale • securities fraud • risky trading • SocGen • Jerome Kerviel

FBI Probes Countrywide
for Fraud

Feds seek evidence that subprime lender lied about quality of loans

Wall Street Journal Wall Street Journal Mar 9, 08 5:00 AM CDT
(Newser) - The FBI has launched a securities fraud investigation against subprime mortgage lender Countrywide Financial for allegedly lying to investors about its financial status and the quality of its mortgage loans, reports the Wall Street Journal . The probe could extend to Wall Street firms that helped package more than $100 billion in mortgage-backed securities for Countrywide over the past three year s . More »

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