securities fraud

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Trumpian Words From Shkreli as Jury Starts Deliberating

'Drain the swamp. Drain the sewer that is the DOJ. MAGA,' he wrote on Facebook

(Newser) - He's been painted as both "brilliant beyond words" and a conman during his securities fraud trial—and on Monday, the jury considering Martin Shkreli's case will start deliberations on whether "inmate" will be added to that list of descriptors, reports the Guardian . Closing arguments took place... More »

At Own Trial, 'Biggest Mouth' in Pharma Finally Closes

Martin Shkreli says he decided against 'risky' move, won't testify

(Newser) - Earlier this month, prosecutors wanted Martin Shkreli to stop the "campaign of disruption" they say he'd been leading during his securities fraud trial, and they were able to get a judge to order him to stop blabbing about his case publicly. Now it looks like those sealed lips... More »

Alleged Insider Trader Maybe Did Too Much Googling

Didn't cover up online search history for 'insider trading' too well, prosecutors say

(Newser) - If you don't want the SEC to pick up on the fact that you've carried out an unusual trade, you probably shouldn't Google "how sec detect unusual trade," or "insider trading in an international account." Those are the phrases that federal prosecutors allege... More »

Prosecutors Want Martin Shkreli to Shut Up

They accuse him of trying to disrupt trial

(Newser) - Martin Shkreli is "making a spectacle of himself" and his securities fraud trial and he needs to be told to be quiet, prosecutors say. Prosecutors have asked a judge for a gag order banning the "Pharma Bro" from talking about the case publicly and discussing it on social... More »

Lady Gaga Cited Not Once, but Twice in Shkreli Trial Opening

Shkreli was simply 'born this way,' defense attorney argues about eccentric client

(Newser) - Is Martin Shkreli "strange" and "weird," with a "dysfunctional personality"? Yes on all counts, per Benjamin Brafman, the ex-pharma CEO's lawyer, who offered what the New York Times calls a "captivating" opening statement at Shkreli's securities fraud trial Wednesday in New York... More »

'Pharma Bro' Martin Shkreli Is Going on Trial

His lawyers claim he's penniless

(Newser) - Martin Shkreli's federal trial on securities fraud charges begins this week—and since the former pharmaceutical boss has been dubbed "the most hated man in America," there won't be any shortage of cheerleaders for the prosecution. Shkreli, 34, is accused of illegally taking stock from Retrophin,... More »

Investor Sues: Theranos 'Knowingly and Repeatedly Lied'

Partner Fund Management wants its $96M returned

(Newser) - Just when you thought things couldn't get worse for Theranos, this: One of its major investors has sued the company and its founder, Elizabeth Holmes, in an effort to get back its $96 million investment and then some. Partner Fund Management argues "the defendants engaged in securities fraud... More »

'Crazy Eddie,' King of 'Insane' Prices, Dead at 68

Eddie Antar rose to success with his electronics retail chain, ended up in prison

(Newser) - If you came of age in the New York tri-state area in the '70s and '80s, it was hard to escape the "Crazy Eddie" ads that touted one of the region's most well-known electronics retailers. But there won't be any more Christmases in August for... More »

FBI Busts Pharma Bad Boy on Fraud Charges

Martin Shkreli accused of using company stock to pay other debts

(Newser) - Martin Shkreli may have to dump some of his recent musical acquisitions to pay his own legal fees: The 32-year-old pharmaceutical pariah who unapologetically jacked the price of a life-saving drug was arrested by the FBI Thursday on charges of federal securities fraud, Reuters reports. Shkreli is accused of pilfering... More »

Rolling Stone Profiles Chase Whistleblower

The article calls her the bank's 'worst nightmare'

(Newser) - Matt Taibbi, an American freelance journalist the New York Times describes as having an "avid following," is known for writing critically of Wall Street. Some may recall his 2010 Rolling Stone feature "The Great American Bubble Machine," in which he describes Goldman Sachs as "a... More »

JPMorgan to Cough Up $2B in Madoff Case

Bank accused of turning a blind eye to vast Ponzi scheme

(Newser) - Five years after history's biggest Ponzi scheme was exposed, Bernie Madoff's main banker is facing a rare criminal action for its role in the scam and is preparing to settle for around $2 billion, reports the New York Times . JPMorgan is accused of turning a blind eye to... More »

Feds Sue BofA Over 'Jumbo' Loans

Bank accused of hiding information about risky prime mortgages

(Newser) - The US Justice Department filed another lawsuit against Bank of America today—this one a civil suit claiming the bank had defrauded investors over $850 million in mortgage-backed securities. Investors lost $70 million and will lose $50 million more, the suit contends, after prime mortgages that supported the securities went... More »

Feds to Illinois: You Deceived Investors

SEC settles with Illinois over underfunded pension system

(Newser) - Federal regulators accused Illinois of securities fraud today, saying officials had misled investors about the shaky state of the state pension system, the New York Times reports. The SEC said Illinois had issued false annual reports for 15 years claiming the state was keeping up with its required payments to... More »

Wall Street Scammer Ducks Prison by Working for CIA

Felix Sater tracked down Stinger missiles on the black market

(Newser) - A Russian businessman charged with cheating investors on Wall Street struck a deal with the CIA: Reduce my punishment to nearly nothing, and I'll help you buy missiles on Russia's black market, the Miami Herald reports. Felix Sater apparently pulled off the plan, tracking down the Stinger missiles... More »

Goldman Won't Be Charged Over Financial Crisis

Not enough evidence to pursue fraud cases, feds decide

(Newser) - Looks like Goldman Sachs is off the hook for its role in the financial crisis. The Justice Department and Securities Exchange Commission have ended two investigations into the bank's role in the crisis, concluding that "there is not a viable basis to bring a criminal prosecution with respect... More »

Madoff's Brother to Plead Guilty, Get 10 Years

Peter Madoff was a top exec at Bernie's fraudulent hedge fund

(Newser) - Bernie Madoff's brother is heading to prison for 10 years. Peter Madoff made an agreement with prosecutors and will plead guilty on Friday to two charges: falsifying the records of an investment adviser and conspiracy to commit securities fraud and other crimes, reports the Wall Street Journal . Peter served... More »

Celebrex Fraud Docs Reveal Deception at Pfizer

Arthritis drug-maker was 'cherry-picking' data, says employee

(Newser) - A federal judge has unsealed documents in a long-running fraud case against Pfizer, maker of the arthritis drug Celebrex—and selected quotes are none too pretty. "They swallowed our story, hook, line and sinker," wrote a research director at Pfizer, which had said Celebrex was safer for the... More »

Taxpayers Have Paid Millions to Defend Fannie Execs

FHFA has spent $37M on accused fraudsters since takeover

(Newser) - The US government has sunk almost $100 million into defending a trio of ex-Fannie Mae executives accused of securities fraud, including $37 million since the government took control of the firm, according to a regulatory analysis released today. The Federal Housing Finance Agency is on the hook for those costs... More »

SEC Letting Big Banks Skirt Fraud Penalties

'New York Times' analysis finds 350 instances of banks getting free passes

(Newser) - The Securities and Exchange Commission has repeatedly allowed Wall Street's biggest banks to avoid penalties specifically intended to punish and deter fraud, a New York Times analysis of SEC records reveals. Over the past decade, the SEC has on almost 350 occasions granted waivers exempting big financial companies from... More »

Feds to Charge Crooked Bond Traders

Ex-Credit Suisse traders accused of bonus-boosting fraud

(Newser) - Looks like it's payback week: Federal prosecutors are planning to file fraud charges against four former Credit Suisse traders accused of overstating the value of mortgage securities in order to boost their bonuses, the Wall Street Journal reports. The alleged fraud happened in early 2008 as problems with complex... More »

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