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List Of Securities Frauds
Following is a list of securities frauds (also called stock frauds or investment frauds): *2003 Mutual-fund scandal: A number of major brokerages and mutual fund firms were accused of various deceptive acts that disadvantaged customers. Among them were late trading and market timing. Various SEC rules were enacted to curtail this practice. * Allen Stanford * China Medical Technologies, U.S. Department of Justice criminally indicted CMED's CEO and CFO for securities fraud and wire fraud conspiracy for stealing more than $400 million from investors as part of a seven-year scheme. * David Hu (IIG), cofounder of IIG Capital, imprisoned for securities fraud and running a Ponzi scheme * Madoff investment scandal * Martin Shkreli * Taylor, Bean & Whitaker, top-10 U.S. wholesale mortgage lending firm that ceased business following multibillion-dollar fraud revelations *Theranos: Claimed that it had devised blood tests that required very small amounts of blood and that could be performed ra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Securities Fraud
Securities fraud, also known as stock fraud and investment fraud, is a deceptive practice in the stock or commodities markets that induces investors to make purchase or sale decisions on the basis of false information."Securities Fraud Awareness & Prevention Tips faq by FBI, accessed February 11, 2013 The setups are generally made to result in monetary gain for the deceivers, and generally result in unfair monetary losses for the investors. They are generally violating securities laws. Securities fraud can also include outright theft from investors ( embezzlement by [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2003 Mutual-fund Scandal
The 2003 mutual fund scandal was the result of the discovery of illegal late trading and market timing practices on the part of certain hedge fund and mutual fund companies. Spitzer investigation On September 3, 2003, New York Attorney General Eliot Spitzer announced the issuance of a complaint against New Jersey hedge fund company Canary Capital Partners LLC, charging that they had engaged in "late trading" in collusion with Bank of America's Nations Funds. Bank of America is charged with permitting Canary to purchase mutual fund shares, after the markets had closed, at the closing price for that day. Spitzer's investigation was initiated after his office received a ten-minute June 2003 phone call from a Wall Street worker alerting them to an instance of the ''late trading'' problem. Canary Capital settled the complaint for US$40 million, while neither admitting nor denying guilt in the matter. Bank of America stated that it would compensate its mutual fund shareholders for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Allen Stanford
Robert Allen Stanford (born March 24, 1950) is an American-Antiguan convicted financial fraudster, former financier, and sponsor of professional sports. He was convicted of fraud in 2012, having operated an eight billion dollar Ponzi scheme, and is now serving a 110-year federal prison sentence. Stanford was the chairman of the now-defunct Stanford Financial Group of Companies. A fifth-generation Texan who once resided in Saint Croix, U.S. Virgin Islands, he holds Multiple citizenship, dual citizenship, as a citizen of Antigua and Barbuda and of the Citizenship in the United States, United States. He contributed millions of dollars to politicians in Antigua and the United States, amongst other countries. In early 2009, Stanford became the subject of several fraud investigations, and on February 17, 2009, was charged by the U.S. Securities and Exchange Commission with fraud and multiple violations of U.S. securities laws for alleged "massive ongoing fraud" involving $7 billi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
China Medical Technologies
China Medical Technologies, Inc. (CMED) was a Cayman Islands corporation based in China, currently in liquidation following fraud allegations. It purported to develop, manufacture, and market high intensity focused ultrasound therapy systems"Model: FEP-BY02", advanced in vitro diagnostic ("IVD") products using enhanced chemiluminescence ("ECLIA") technology, fluorescent in-situ hybridization ("FISH") technology, and surface plasmon resonance (“SPR”) technology to detect and monitor various diseases and disorders.''In the Matter of China Medical Technologies, Inc.'' Order, 11 October 2012, SEC.gov. CMED ceased operating in early 2012, leaving investors unpaid on $426 million worth of bond debt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
David Hu (IIG)
International Investment Group (IIG) is an American financial institution that specializes in short-term trade finance and commercial finance with a focus on emerging markets. Through its affiliate ''IIG Capital'' it provides financing to small and medium-sized merchants, traders and processors with a need for supply chain financing. David Hu (胡大韦 ''Hu Dawei''), cofounder of IIG Capital, served as its chief investment officer (CIO). In April 2022, Hu was sentenced to 12 years in prison for running a Ponzi scheme, defrauding and scamming customers of more than $120 million. Moreover, Hu fabricated documents to hide his financial losses. Hu's partner Martin Silver was also found guilty of running the Ponzi scheme. David Hu's case was handled by the Securities and Commodities Task Force and the United States Department of Justice (DOJ). Attorneys Drew Skinner, Negar Tekeei, and Alex Rossmiller were in charge of prosecuting Hu, and Judge Alvin K. Hellerstein sentenced Hu to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Madoff Investment Scandal
The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. In December of that year, Bernie Madoff, the former Nasdaq chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme. Madoff founded Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest. The firm employed Madoff's brother Peter Madoff, Peter as senior managing director and chief compliance officer, Peter's daughter Shana Madoff as rules and compliance officer and attorney, and Madoff's sons Mark Madoff, Mark and Andrew Madoff, Andrew. Peter was sentenced to 10 years in prison, and Mark died by suicide two years to the day after his father's arrest. Alerted by Madoff's sons, federal authorities arrested Madoff on December 11, 2008. On March 12, 2009, Madoff pleaded guilty to 11 federal crimes and admitted ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Martin Shkreli
Martin Shkreli (; born March 17, 1983) is an American investor, businessman and financial criminal. Shkreli is the co-founder of the hedge funds Elea Capital, MSMB Capital Management, and MSMB Healthcare, the co-founder and former CEO of pharmaceutical firms Retrophin and Turing Pharmaceuticals, and the former CEO of start-up software company Gödel Systems, which he founded in August 2016. In September 2015, Shkreli was widely criticized when Turing obtained the manufacturing license for the antiparasitic drug Daraprim and raised its price to insurance companies from $13.50 to $750.00 (USD) per pill. In 2017, Shkreli was convicted in federal court on two counts of securities fraud and one count of conspiracy. He was sentenced to seven years in prison and up to $7.4 million in fines. In the civil antitrust case, Shkreli was fined a further $64.6 million to be repaid to victims. In May2022, he was released early from the low-security federal prison in Allenwood, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taylor, Bean & Whitaker
Taylor, Bean & Whitaker was a top-10 wholesale mortgage lending firm in the United States, the fifth-largest issuer of Government National Mortgage Association (GNMA or Ginnie Mae) securities. Their slogan was "Perfecting the Art of Mortgage Lending". On August 5, 2009, following a raid by the Special Inspector General of the Troubled Asset Relief Program (SIGTARP) and suspension by the Federal Housing Administration from issuing FHA mortgage loans and Ginnie Mae mortgage-backed securities, it ceased business operations. In April 2011, its majority owner was convicted of 14 counts of securities, bank, and wire fraud and conspiracy to commit fraud, and sentenced to 30 years in federal prison. Deutsche Bank and BNP Paribas have sued Bank of America, the trustee and collateral agent of Taylor Bean's Ocala subsidiary, for over $1.75 billion in losses stemming from the subsidiary's fraud. History Taylor, Bean & Whitaker closed $35 billion in residential mortgage loans in 2007. It e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Theranos
Theranos Inc. () was an American privately held corporation that was touted as a breakthrough health technology company. Founded in 2003 by then 19-year-old Elizabeth Holmes, Theranos raised more than US$700 million from venture capitalists and private investors, resulting in a $9 billion valuation at its peak in 2013 and 2014. The company claimed that it had devised blood tests that required very small amounts of blood and that could be performed rapidly and accurately, all using compact automated devices that the company had developed. These claims were proven to be false. A turning point came in 2015, when medical research professor John Ioannidis, and later professor of clinical biochemistry Eleftherios Diamandis, along with investigative journalist John Carreyrou of ''The Wall Street Journal'', questioned the validity of Theranos's technology. The company faced a string of legal and commercial challenges from medical authorities, investors, the U.S. Securities and Exchan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
