securities fraud

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Hedge Fund Founder Sentenced for Massive Fraud

Bill Hwang gets 18 years

(Newser) - The founder of Archegos Capital Management, a hedge fund, was sentenced to 18 years in prison this week for securities and market manipulation fraud in a scheme that prosecutors said cost global investment banks billions of dollars. Bill Hwang, 60, was told the length of the prison term in Manhattan...

UK Billionaire, Soccer Team Owner Charged in US With Insider Trading
Billionaire Joe Lewis
Won't End Up Behind Bars
UPDATED
Apr 5, 2024 7:21 AM CDT

Billionaire Joe Lewis Won't End Up Behind Bars

Ex-Tottenham Hotspur owner, 87, avoids jail time in insider trading case due to age, declining health

(Newser) - Joe Lewis won't see prison after all. The 87-year-old ex-owner of the Tottenham Hotspur soccer team was sentenced on Thursday for his role in an insider trading case that's said to have made his friends and associates millions, but US District Judge Jessica Clarke went easy on him...

He Eavesdropped on Wife's Work Calls, Made $1.8M

Tyler Loudon of Texas, convicted of securities fraud, now has to surrender all of it

(Newser) - For many people, working from home involved drowning out the spouse working feet away at the kitchen table. For Tyler Loudon of Houston, it involved the opposite. The 42-year-old "took advantage of his remote working conditions" to listen in on his wife's work calls, gaining confidential information he...

Lawmakers to SEC: Musk Lied About Neuralink

They say his statement 'no monkey has died as a result of a Neuralink implant' is false

(Newser) - Elon Musk could be facing yet another SEC securities fraud investigation, this time tied to his brain implant company Neuralink. Four Democratic lawmakers wrote to the SEC on Tuesday, claiming they've seen evidence, including veterinarian records, showing animals deaths occurred that "relate directly to the safety and marketability...

Fugitive 'Cryptocrash' Boss Is Arrested in Montenegro

Do Kwon of Terraform Labs faces charges in 2 countries over $42B crash

(Newser) - A cryptocurrency boss facing fraud charges in the US and South Korea has been arrested far away from both in Montenegro. Terraform Labs founder Do Kwon, charged in connection with the $40 billion collapse of the firm's cryptocurrency, has been wanted in South Korea since September. He and another...

How College Pals Fell Victim to Hollywood Ponzi Scheme
D-List Actor Pleads Guilty
in $690M Ponzi Scheme
IN CASE YOU MISSED IT
Oct 9, 2021 4:50 PM CDT

D-List Actor Pleads Guilty in $690M Ponzi Scheme

Zachary Horwitz faces 20 years for scheme that ensnared his college buddies

(Newser) - Update: An actor accused in a $690 million Ponzi scheme will face up to 20 years in prison after pleading guilty to one count of securities fraud on Monday. Zachary Horwitz of 1inMM Capital allegedly used fake licensing agreements to fool investors, including his college buddies, into putting up money...

Madoff Wants to Make 'Dying Plea' for Release

Lawyer says fraudster wants to personally tell judge he is remorseful

(Newser) - Bernie Madoff, who disclosed last month that he is dying of kidney disease , wants to make a "final dying, personal plea" for freedom, the fraudster's lawyer said Thursday in a request for a new hearing. Attorney Brandon Sample said it would be "eminently reasonable" to schedule a...

A Month After Prison Release, Ex-WorldCom CEO Is Dead

Bernard Ebbers, the 'telephone equivalent to Bill Gates,' had been jailed for securities fraud

(Newser) - The former chief of WorldCom, convicted in one of the largest corporate accounting scandals in US history, died just over a month after his early release from prison. Bernard Ebbers was 78, the AP reports. The Canadian-born former telecommunications executive died Sunday in Brookhaven, Miss., surrounded by his family, per...

Call Made From Picnic Led to Charges for Rep. Chris Collins

Indictment alleges he read an email about a failed drug trial, alerted his son

(Newser) - GOP Rep. Chris Collins surrendered to federal agents in New York on Wednesday to face insider trading charges. CNBC quotes the Justice Department as saying the indictment is tied to "securities of Innate Immunotherapeutics ... an Australian biotechnology company on whose board of directors Christopher Collins served." The allegation...

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...

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...

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...

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...

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...

'Pharma Bro' Martin Shkreli Is Going on Trial
'Pharma Bro' Martin Shkreli 
Is Going on Trial
THE RUNDOWN
Jun 26, 2017 4:51 AM CDT

'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,...

2 Charged in Ponzi Schemes Tied to Adele, Hamilton

Joseph Meli, Steven Simmons joked about their $81M 'shell game': FBI

(Newser) - Two men were charged Friday with roles in Ponzi schemes that cheated wealthy people, including some who believed they were investing in ticket businesses for popular shows like an Adele concert and Broadway's Hamilton. Joseph Meli, 42, of Manhattan, and Steven Simmons, 48, of Wilton, Conn., were arrested on...

Expedia Worker Snooped on Execs' Emails, Made $330K

Jonathan Ly, 28, pleaded guilty Monday to securities fraud

(Newser) - A former IT worker at Expedia pleaded guilty Monday to securities fraud after authorities said he used his access to the computers of top executives to rummage through their email, then made lucrative, illegal stock trades based on the inside information he discovered. Prosecutors said Jonathan Ly, 28, made more...

Gambling-Addicted Banker Gets 4 Years for $46M Scam

Most of his victims were family and friends

(Newser) - A former executive at a New York investment bank who admitted defrauding investors of more than $38 million was sentenced to four years in prison Friday by a judge who cited his gambling addiction as reason for leniency. "I chose gambling over everything," Andrew Caspersen, 40, told US...

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...

'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...

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