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Financial and Investment Fraud

This archive displays posts tagged as relevant to financial and investment fraud. You may also be interested in the following pages:

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April 15, 2015

New York Attorney General Eric T. Schneiderman announced a $10 million settlement of a lawsuit filed against the auditing firm Ernst & Young LLP over its involvement in a financial statement fraud at the now-defunct investment bank, Lehman Brothers Holdings, Inc. That money will be distributed as restitution to investors in Lehman securities, along with some $99 million being paid by Ernst & Young to settle a private federal class action that relied in part on facts uncovered by the Attorney General’s investigation. No other law enforcement authority has brought an enforcement action in connection with the 2008 collapse of Lehman and today’s settlement resolves the first lawsuit brought against an auditor of a public company under New York’s securities laws. NY

March 13, 2015

Florida Attorney General Pam Bondi’s Office obtained a temporary injunction and asset freeze against World Mark Wholesale and Trade, LLC for allegedly engaging in a systematic scheme to defraud owners of timeshares throughout Florida and nationwide. FL

New Report Highlights Effectiveness of Private Sector Whistleblower Programs

Posted  03/12/15
By Marlene Koury A recent report shows internal whistleblower reporting programs are getting stronger and more effective.  As companies continue to invest in the development of these programs, whistleblowers are encouraged to report fraud and misconduct, providing higher quality tips than ever before.  But as concerns are being shared in record numbers, the report also notes organizations are often too slow to...

New York AG Proposes Financial Frauds Whistleblower Act

Posted  02/26/15
By the C|C Whistleblower Lawyer Team New York Attorney General Eric T. Schneiderman announced today proposed legislation to protect and reward whistleblowers who report on fraud or misconduct in the banking, insurance, and financial services industries.  Titled the Financial Frauds Whistleblower Act, the law would be modeled after the Dodd-Frank Whistleblower Program and provide whistleblower rewards of 10-30...

February 13, 2015

New York Attorney General Eric T. Schneiderman announced a felony indictment today charging Moazzam Ifzal “Mark” Malik with stealing over $250,000 from five investors by fraudulently soliciting them to invest in his purported hedge funds, including Seven Sages Capital, L.P. and Wolf Hedge LLC. Malik is accused of luring investors with false representations that he managed a multi-million dollar hedge fund that would guarantee high returns, and then diverted their monies for his own personal use. NY

February 13, 2015

A federal court ordered Scott M. Ross, formerly of Gilberts, Illinois, and his companies, Maize Capital Management, LLC and Maize Asset Management, LLC, to pay $6.7 million in restitution and civil penalties for defrauding investors, mishandling customer funds, and failing to register as a commodity pool operator.  CFTC

February 11, 2015

Ohio Attorney General DeWine announced a lawsuit against Buffalo-based debt collector Nationwide Recovery Group LLC and its owner, Michael P. McCarthy, for violating the Ohio Consumer Sales Practices Act and the Fair Debt Collection Practices Act by allegedly impersonating Ohio government agencies and threatening consumers with arrest while attempting to collect debts. While operating in Ohio, the business also allegedly used the fictitious names Gallagher Mediation and the Law Firm of John McGuire to mislead consumers. OH

February 9, 2015

New York Attorney General Eric T. Schneiderman announced felony charges against Khawaja Saud Masud for stealing over $1M from a retired pediatrician and his wife by fraudulently soliciting them to invest in his purported hedge fund RKS Capital, LP. NY

February 4, 2015

Chief Judge Linda R. Reade of the U.S. District Court for the Northern District of Iowa ordered U.S. Bank National Association to pay $18 million dollars to be returned to Peregrine Financial Group, Inc. customers over allegations of misappropriation of customer funds.  CFTC

January 16, 2015

Two payday lending companies, AMG Services, Inc. and MNE Services, Inc., have settled FTC charges that they violated the law by charging consumers undisclosed and inflated fees. Under the proposed settlement the companies will pay $21 million – the largest FTC recovery in a payday lending case – and will waive another $285 million in charges that were assessed but not collected. The FTC noted that “the settlement requires these companies to turn over millions of dollars that they took from financially-distressed consumers, and waive hundreds of millions in other charges.” FTC
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