Wells Fargo has agreed to pay $3 billion and admit wrongdoing to settle criminal and civil investigations with the Justice Department and the Securities and Exchange Commission over its fraudulent fake-account scandal, the U.S. Attorney’s Office said Friday. “This case illustrates a complete failure of leadership at multiple levels within the bank,” said U.S. Attorney […]
U.S. Charges Israel and German Operatives of Bloombex Options, Morton Finance and Starling Capital with $100M Fraud…
The United States Securities and Exchange Commission on Thursday charged two Israeli men and a German man with binary options fraud to the tune of $100 million. The three defendants were named as Gil Beserglik, 63, an Israeli citizen living in Germany, his son Raz Beserglik, 33, who lives in Israel, and Kai Christian Petersen, […]
Wall Street’s Trading Secrets: This U.S. Senator Wants to Keep You in the Dark…
On July 29, those savvy market watchers at Themis Trading posted a report on their blog about how a Republican Senator from Louisiana (about 1400 miles from Wall Street) had taken a peculiar interest in the long-delayed system that would shine a bright light on who might be rigging stock trading on any particular day. […]
The Wolves Have Turned on Each Other on Wall Street…
Some decades back, the late MIT economist Lester Thurow wrote this: “Essentially, the economic problem is like that of the wolf and the caribou. If the wolves eat all the caribou, the wolves also vanish.” What Thurow did not take into consideration is that if the wolf pack is large enough, it can survive for […]
Ukrainian Hackers Broke Into the SEC’s EDGAR Database, Made $4.1 Million From Insider Trades…
On Tuesday, United States authorities charged numerous mostly Ukrainian hackers for a scheme to trade on press releases that had not yet been released. The Ukrainians breached the SEC’s EDGAR database to receive access to the nonpublic information. The scheme netted over $4 million for fraudsters from the U.S., Russia and Ukraine. Using 157 corporate earnings […]
Company Co-Founded by Nancy Pelosi’s Son Charged with Securities Fraud…
The Securities and Exchange Commission (SEC) charged a company cofounded by Paul Pelosi Jr. with fraud on Wednesday after learning that two convicted criminals were running the business. Paul Pelosi Jr., the son of House Minority Leader Nancy Pelosi (D., Calif.), was the president and chief operating officer of Natural Blue Resources Inc., an investment […]
A Decade After the Financial Meltdown, the SEC Still Hasn’t Passed Executive Compensation Rules…
Almost everyone got on board the reform train after the 2008 financial crisis. However, big business, and in particular the biggest banks, slammed the brakes on reforms that threatened to separate senior executives from their money that critics said incentivized excessive risk taking before the crisis. Almost all of the mandatory provisions of the law […]
Theranos’ CEO Elizabeth Holmes Charged by SEC with “Massive $700M Fraud”…
A little over two years after Theranos was exposed as a fraud by the WSJ, and not that much longer after its CEO Elizabeth Holmes was prancing around with Bill Clinton on the stage of the Clinton Global Initiative…the SEC finally woke up, and moments ago it announced that it has charged Elizabeth Holmes as […]
CEO Surrenders Control of Company…
SEC Blocks Chicago Stock Exchange Sale to China-Based Investors…
U.S. regulators on Thursday killed the politically sensitive sale of the Chicago Stock Exchange (CHX) to a group led by China-based investors, saying a lack of information on the would-be buyers threatened the ability to properly monitor the exchange after the deal. The move by the Securities and Exchange Commission (SEC) ends a two-year battle […]