SEC

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Lawyer Bolted From Stanford, Sparking $8B SEC Action

Attorney 'disaffirmed' earlier statements

(Newser) - A Washington attorney who represented R. Allen Stanford’s Antigua-based bank quit his post and recanted testimony to investigators last week, sparking the SEC’s public accusations of “massive, ongoing fraud,” Bloomberg reports. Stanford is suspected of misrepresenting the safety of $8 billion invested with his various financial...

Fugitive Financier Has $8B Headstart
Fugitive Financier Has $8B Headstart
OPINION

Fugitive Financier Has $8B Headstart

SEC has slim chance of finding Stanford, missing stash

(Newser) - Financier Robert Allen Stanford is now a fugitive and SEC officials don't look any likelier to get their man than his investors do to get their money back, Felix Salmon writes in Portfolio. Regulators have been sniffing around his operations for long enough to ensure he's got a contingency plan...

SEC Accuses Texas Firm of 'Massive Fraud'

$8B missing, bank barring withdrawals from offshore accounts

(Newser) - The SEC today accused Robert Allen Stanford, head honcho of Stanford Financial group, of running a “massive, ongoing fraud,” and roughly 40 policemen and other law enforcement officials raided the group’s Houston headquarters. The group sold $8 billion in certificates of deposit with abnormally high rates of...

Madoff OKs Settlement With SEC

(Newser) - Bernard Madoff has partly settled civil accusations against him, a sign he will focus on fighting criminal charges over an alleged Ponzi scheme, the New York Times reports. Madoff's settlement with the Securities and Exchange Commission stipulates that he will not admit or deny guilt, but cannot dispute SEC charges....

Wall Street Journal Ignored Madoff Story 3 Years Ago

(Newser) - Today's testimony from the private fraud investigator in the Bernie Madoff case makes one thing clear, writes business blogger Gary Weiss: The Wall Street Journal blew it. Harry Markopolos said editors of the paper blocked a reporter from investigating the case three years ago. Markopolos didn't know why, but he...

Madoff Whistleblower Slams SEC's 'Financial Illiteracy'

(Newser) - The fraud investigator who tried for a decade to convince the SEC to investigate Bernie Madoff will deride the board's "financial illiteracy" before a Congressional panel today, according to prepared testimony obtained by the Wall Street Journal. Whistleblower Harry Markopolos will also testify that investigating Madoff "posed great...

Inquiry Into Jobs' Health Puts SEC in New Territory

Agency may set precedent on executive privacy

(Newser) - The Securities and Exchange Commission's inquiry into Apple’s disclosures on Steve Jobs’ health has the agency prying into perhaps the last remaining corner of executive privacy, Bloomberg reports. Securities law requires companies to reveal to shareholders information that could affect share price, but the health of executives has usually...

Tough Economy Bares a Slew of 'Mini-Madoffs'

Investors increasingly are becoming wary

(Newser) - Cash-strapped investors looking for redemption from investment funds are turning up surprises in the form of “mini-Madoffs,” Ponzi schemes that—while dwarfed by the alleged $50 billion fraud perpetrated by Bernie Madoff—nevertheless have taken victims for millions, reports the New York Times. At least six frauds with...

Obama Moves Quickly to Overhaul Finance Rules

Details of plan to emerge by April when prez heads to London summit

(Newser) - The Obama administration aims to quickly beef up regulation of the US financial system to stave off economic implosion, the New York Times reports. Plans include tightening rules on hedge funds, credit rating agencies, and mortgage firms, and keeping a closer watch on financial instruments at the center of the...

Madoff Scandal Turns Up Heat on Financial Advisers

Loophole lets Madoff types profit from bad advice, they say

(Newser) - Wall Street advisers and brokers are tussling over the details of a looming regulatory overhaul as Washington takes steps to prevent another Bernard Madoff scandal, Bloomberg reports. Advisers want brokers who counsel clients to be subject to the same oversight they’re under; currently, their brokerage counterparts can profit by...

SEC Looking Into Apple's Health Disclosures on Jobs

Non-public inquiry doesn't necessarily indicate wrongdoing

(Newser) - The SEC is taking a long hard look at Apple’s disclosures about Steve Jobs’ health, a source tells Bloomberg. The inquiry isn’t supposed to be public knowledge, and doesn’t indicate that the SEC has seen evidence of wrongdoing. But the agency wants to be sure that Apple...

Madoff Fund Made No Trades
 Madoff Fund Made No Trades 

Madoff Fund Made No Trades

Records of trades don't match stock prices

(Newser) - The fund run by Wall Street swindler Bernie Madoff apparently did not execute a single trade the entire time it was raking in billions of dollars in investment cash from unsuspecting clients, reports Reuters. Monthly statements of trades from Madoff were pure fiction that kept up appearances in the $50...

Schapiro Pledges to 'Reinvigorate' SEC

Obama nominee wants better cooperation among agencies in nabbing next Madoff

(Newser) - Mary Schapiro, Barack Obama’s nominee to head the Securities and Exchange Commission, told senators today she would make enforcement a top priority, CNN reports. Her confirmation hearing was also peppered with questions about how Bernard Madoff’s Ponzi scheme slipped past regulators; Schapiro currently heads an industry watchdog group....

Critics Question Toughness of Obama's SEC Pick

Confirmation hearing today for Schapiro

(Newser) - As Mary Schapiro, Barack Obama's nominee to lead the SEC, heads to Capitol Hill to face Senate confirmation hearings today, questions linger about her light touch with big Wall Street firms. A seasoned regulator, Schapiro nevertheless spent much of last year cracking down on small brokerages and minor players, reports...

Obama's SEC Choice Faces Questions on Lawsuits

Schapiro accused of making misleading statements about regulatory merger

(Newser) - Mary Schapiro, Barack Obama’s choice to lead the Securities and Exchange Commission, has been accused in two lawsuits of making misleading statements to rush through the 2-year-old merger of two regulatory agencies that resulted in a 57% pay hike for herself, the New York Times reports. Schapiro is to...

Madoff Brother Eyed for Not Reporting Scam

Fraudster may have confessed to brother before he told his sons

(Newser) - Bernard Madoff's brother learned that the Madoff fund was a huge scam the evening before the fraudster confessed to his sons, but he failed to inform authorities, insiders tell the New York Times. Peter Madoff, who worked closely with his older brother for decades, has not been charged with any...

Untangling Madoff Case Baffles Feds

Investigators struggle with mounds of documents

(Newser) - Federal investigators are struggling to piece together Bernie Madoff’s massive Ponzi scheme almost a month after his arrest for securities fraud, Bloomberg reports. The FBI, SEC, and Manhattan US attorney are amassing piles of data, including transaction records and investors’ monthly statements, to determine who else may have been...

Madoff Whistleblower Shrinks From Spotlight

Tenacious accountant stands to make book, film money, but just wants to move on

(Newser) - Harry Markopolos, the accountant who began warning the feds years ago about Bernard Madoff’s Ponzi scheme, wasn’t looking for the limelight, the Boston Globe reports. Not only is he testifying before Congress—he’s also been deluged by book and movie offers. His is “a remarkably compelling...

Jail Ruling Looms After Madoff's Bling Gifts

Prosecutors charge he violated bail by scattering assets

(Newser) - Accused Wall Street swindler Bernard Madoff is enjoying what could be his last hours of luxury inside his palatial $7 million New York apartment after prosecutors demanded his bail be revoked for sending some $1 million in jewelry to family and friends, Reuters reports. Madoff is due in court Thursday...

Madoff Mails $1M in Bling; Feds Pounce

(Newser) - Prosecutors are fuming after Bernard Madoff mailed more than $1 million in jewelry to his sons on Christmas Eve, the New York Post reports. The Ponzi schemer was dragged into court today but left under house arrest pending written arguments. Madoff's bail agreement allows such a gift, but an SEC...

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