securities fraud

Jury Rejects Bank's 'Meltdown Defense' in Fraud Case

In a case with wider implications for the financial industry, jurors in a class-action securities fraud suit found that BankAtlantic Bankcorp was liable to shareholders for about $42 million for making false statements about the bank's real estate portfolio and net income.

Former CHiPs Star Charged With Securities Fraud

Regulators brought securities fraud charges against actor Larry Wilcox, who played California Highway Patrol officer Jon Baker on the TV show "CHiPs." The SEC alleged that Wilcox and at least a dozen others were engaged in "various illicit kickback schemes to manipulate the volume and price of microcap stocks and illegally generate stock sales."

Billionaire Brothers Charged With $550 Million Fraud

Billionaire brothers Samuel and Charles Wyly were charged Thursday by the SEC with orchestrating a 13-year-long securities fraud that reaped them $550 million in undisclosed gains that were hidden in a series of transactions in offshore tax havens.

As Probes Mount, Will Bank Profits Suffer?

In this climate, any banker in his right mind will think twice before taking more than the usual share of risk. And generally, low risk equals low profits. Plus, financial reform could cut off some of Wall Street's most lucrative income streams.

Trading Lloyd Blankfein for an SEC Settlement?

A rising number of investment pros now predict that Goldman will push hard to settle the securities fraud case -- with the ouster of Chairman and CEO Lloyd Blankfein possibly thrown into the deal. They argue that the firm may go that route to end the agony it's now mired in.

Will the Teflon Ratings Agencies Start Losing Fraud Suits?

Given the stories of inflated ratings leading unsuspecting investors to ruin, you'd think lawsuits against the credit raters would be slam dunks. But no. So far, the ratings agencies are undefeated. Here's why -- and why that losing streak could be in jeopardy after the latest revelations before Congress last week.

No Matter What the Outcome, Goldman Isn't Going Away

The charges against Goldman Sachs must still be proven in a court of law, but if everything the SEC has charged the firm with is true, does it make sense to entrust the investment bank with functions that are critical to financial markets?

Goldman Sachs, Fraud, Arrogance and Conflicts

Goldman apparently assumed it had the brainpower and political wherewithal to exercise its assumed right to make money in any way it deemed appropriate. Sheer arrogance blinded Goldman from seeing how damaging it was to be seen working against its clients' interests.

SEC Charges Goldman Sachs with Securities Fraud

The SEC charged Goldman Sachs with misstating and omitting key facts about securities tied to subprime mortgages as the housing bubble was bursting. It cited the role "a major hedge fund played in the portfolio selection process and the fact that the hedge fund had taken a short position against the CDO."