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Securities Fraud

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

Page 79 of 81

September 9, 2014

Don Langford, former chief credit officer and senior vice president of Nebraska-based TierOne Bank, pleaded guilty for his role in a scheme to defraud TierOne’s shareholders and regulators. Specifically, Langford conspired with others to hide losses at the bank by cooking the bank’s books and reporting falsified information to stakeholders, regulators, external auditors, and the investing public. The bank even made an unsuccessful attempt to get taxpayer TARP funds in November 2008. TierOne filed for bankruptcy shortly after the Office of Thrift Supervision shut the bank down in June 2010. DOJ

August 29, 2014

Former CEO of ArthroCare Corporation Michael Baker and former ArthroCare CFO Michael Gluk were sentenced to serve 20 years and 10 years in prison, respectively, for their leading roles in a $750 million securities fraud scheme. On June 2, 2014, they were convicted by a jury of wire fraud, securities fraud, and conspiracy to commit wire and securities fraud in connection with their scheme to artificially inflate the share price of ArthroCare stock through sham transactions. DOJ

August 21, 2014

Bank of America agreed to pay $16.65 billion to resolve federal and state mortgage fraud claims against the bank and its former and current subsidiaries, including Countrywide Financial Corporation andMerrill Lynch. It is the largest civil settlement with a single entity in American history. And it includes a $5 billion penalty under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA), the largest FIRREA penalty ever. As part of the settlement, BofA acknowledged misrepresenting the quality of billions of dollars worth of risky mortgage loans. Whistleblower Insider

July 21, 2014

Jing Wang, the former Executive Vice President and President of Global Business Operations for Qualcomm Inc., pleaded guilty to insider trading in shares of Qualcomm and Atheros Communications. He also pleaded guilty to laundering the proceeds of his insider trading using an offshore shell company. DOJ

July 14, 2014

Citigroup agreed to pay $7B to resolve government claims related to the bank’s packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities (RMBS) which, according to the government, “contributed mightily to the financial crisis that devastated our economy in 2008.” The settlement includes a $4B civil penalty — the largest penalty to date under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). Whistleblower Insider

June 2, 2014

A federal jury convicted Michael Baker and Michael Gluk, the former CEO and former CFO of Texas-based medical device manufacturers ArthroCare Corp., for orchestrating a fraud scheme that resulted in shareholder losses of over $400M. Evidence at trial demonstrated that Baker and Gluk masterminded a scheme to artificially inflate sales and revenue through a series of end-of-quarter transactions involving several of ArthroCare’s distributors beginning in 2005 and continuing until 2009. Baker, Gluk and other ArthroCare employees determined the type and amount of product to be shipped to distributors based on ArthroCare’s need to meet Wall Street analyst forecasts, rather than distributors’ actual orders. ArthroCare then reported these shipments as sales enabling the company to meet or exceed internal and external earnings forecasts. DOJ

SEC’s 23rd Whistleblower Award Goes to a “Company Outsider”

Posted  01/20/16
On Friday, January 15th, the SEC made an award of more than $700,000 to a whistleblower the agency described as a “company outsider who conducted a detailed analysis that led to a successful SEC enforcement action.” The SEC’s whistleblower program explicitly provides for financial rewards to company outsiders by allowing “independent analysis” — even when based on publicly available information — to...

Even the Mysterious Must Face the Taxman: Australian Authorities Raid Home of Suspected Founder of Bitcoin

Posted  12/10/15
By Tim McCormack On December 9, police in Australia raided the home of a man suspected of being the elusive and previously anonymous creator of digital currency Bitcoin.  Launched in 2009 by an anonymous programmer known by the pseudonym Satoshi Nakamoto, Bitcoin has since grown exponentially.  Indeed, “[a]s it’s been adopted for everything from international money transfers to online narcotrafficking, the...

SEC Enforcement Spotlight – Bob Marley-Linked Jammin’ Java Charged with Massive Pump and Dump Fraud Scheme

Posted  11/19/15
By Tim McCormack The Securities and Exchange Commission filed fraud charges yesterday against nine people in connection with a classic pump and dump market manipulation scheme involving the stock of Jammin’ Java, also known as Marley Coffee.   See SEC Press Release.  According to the SEC’s complaint, Jammin Java’s former CEO Shane Whittle orchestrated the fraud, which culminated in 2011 with the collapse...

In Their Own Words -- Ceresney

Posted  10/23/15

--  “The Division’s hard work, tremendous energy, and efficiency uncovered significant misconduct during the past fiscal year, and helped bring a significant number of high-impact, first-of-their-kind actions.”

Andrew J. Ceresney, Director of the SEC’s Enforcement Division, commenting on the SEC’s 2015 Enforcement Results.
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