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Tag >> U.S. Attorney
Jun 06
2011

American Tower subpoenaed by SEC

Posted by Stephen Taub in U.S. Attorneysubpoenastock optionsSecurities and Exchange CommissionSEC filingsJustice Departmentcompliancebackdating

Stephen Taub

American Tower has one again become a target of regulators.

The telecom company said in a regulatory filing it has received a subpoena from the Securities and Exchange Commission requesting certain documents from 2007 through the present, including in particular documents related to the Company's tax accounting and reporting.

Apr 07
2011

Ex-CFO, accountant admit to Ponzi role

Posted by Stephen Taub in U.S. Attorneyfraudcompliance

Stephen Taub

The former chief financial officer and an accountant with Capitol Investments USA pleaded guilty to a count of securities fraud for their role in the operation of an $880 million Ponzi scheme linked to a fictitious wholesale grocery distribution business.

Roberto Torres, the CFO of Capitol, and Alejandro Torres, an accountant at Capitol, used the company to assist founder Nevin K. Shapiro in fraudulently obtaining $880 million between January 2005 and November 2009, according to US Attorney Paul J. Fishman.

They face up to 20 years in prison and a $5 million fine.

Feb 28
2011

Ex-mortgage lender's treasurer charged in TARP scam

Posted by Stephen Taub in U.S. AttorneyTroubled Asset Relief ProgramTARPSecurities and Exchange Commissionsecmortgagescompliance

Stephen Taub

Federal regulators have charged the former treasurer of a private mortgage lending company for her role in a more than $1.9 billion fraud scheme and an attempt to scam the Treasury's Troubled Asset Relief Program (TARP).

Desiree Brown, the former treasurer of Taylor, Bean & Whitaker (TBW), pleaded guilty to conspiring to commit bank, wire and securities fraud, which contributed to the failures of Colonial Bank and TBW, according to US Attorney Neil H. MacBride for the Eastern District of Virginia.

May 12
2010

No Chinese Walls in the Dead Presidents deal?

Posted by Ron F in U.S. AttorneysecuritizationSecurities and Exchange CommissionRiskRegulationMorgan StanleyGoldman SachsfraudcomplianceBanksbanking reformBanking

Ron F

The Morgan Stanley case may not go as far as the one involving Goldman. And it is way too early to know what exactly prosecutors would charge the firm with doing.

But it's possible to venture a guess based on Yves Smith's observations today at Naked Capitalism.

Apr 20
2010

Reagan budget bigwig pays $7.2 million to settle

Posted by Stephen Taub in U.S. AttorneySecurities and Exchange CommissionsecDavid Stockmancompliancecollins & Aikman

Stephen Taub

Remember David Stockman? President Reagan's one-time Director of the Office of Management and Budget?

Still don't? He's the one who espoused the virtues of supply-side economics and the trick down theory.

Apr 08
2010

One day, two CFOs, two trials

Posted by Stephen Taub in U.S. AttorneytrialsecfraudcompliancebackdatingAccounting

Stephen Taub

Wednesday was not a good one for the CFO profession.

Two separate trials have gotten underway this week involving chief financial officers. One of them is civil while the other is criminal.

Mar 15
2010

CFO hat trick: one prison sentence, one plea, one charge

Posted by Stephen Taub in U.S. AttorneySecurities and Exchange CommissioncomplianceCFO

Stephen Taub

This has not been a good week for the reputation of law-abiding CFOs.

Believe it or not, over just a four-day period, one CFO was sentenced to prison, another one pled guilty to embezzlement and a third was charged with stealing money from her firm.

Feb 05
2010

Ties that bind

Posted by Stephen Taub in U.S. AttorneySecurities and Exchange CommissionRaj rajaratnamlawsuitsJustice Departmenthedge fundsGalleon Groupcompliance

Stephen Taub

Oops.

That was basically the explanation given by the United States attorney for the Southern District of New York when a lawyer for one of the defendants in the criminal insider-trading case against Galleon Group's founder, Raj Rajaratnam said federal prosecutors sent the Securities and Exchange Commission confidential wiretap information.

For its part, officials at the SEC said they did not listen to anything contained on the 10 CDs containing the recordings, and that they returned them to the US attorney.

Jan 22
2010

Ex-Koss finance exec faces 120 years in prison

Posted by Stephen Taub in U.S. Attorneytop executivessox 404fraudfinancial crisisexecutive compensationcompliance

Stephen Taub

The financial crisis was in part caused by all those people who lavishly spent money they did not have while others on Wall Street risked other people's money.

And then there was the case of Sujata Sachdeva, who also spent money she did not have but, rather, used other people's money. In her case, the practice could land her in the slammer for as much as 120 years.

Jan 21
2010

Buffett unit pays more than $90 million to settle

Posted by Stephen Taub in U.S. AttorneyRiskJustice DepartmentinsurancecomplianceCFOBusiness practicesAIG

Stephen Taub

Warren Buffett and Berkshire Hathaway skate away again.

 A reinsurance subsidiary of Buffett's Berkshire Hathaway has agreed to pay $92.2 million to a number of governmental agencies and investors for its role in a scheme to manipulate the financial results of two other insurance companies in a non-prosecution agreement.

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