securities fraud

SEC Charges Illinois With Fraud -- and Settles Immediately

On Monday, the Securities and Exchange Commission published a notice that simultaneously charged the state of Illinois with committing securities fraud and also settled the charges, without requiring Illinois to either "admit or deny" the agency's findings.

Post-Financial Crisis, the SEC Is More Toothless Than Ever

Whether you have millions of dollars invested in stocks, or a few thousand bucks in mutual funds, it's vitally important to you that the SEC -- Wall Street's top cop -- is doing its duty, and enforcing the law. But a new report casts doubt on whether our financial cop is really on the beat.

JPMorgan Hit With Fraud Lawsuit Over Bear Stearns Securities

The New York attorney general's office has hit JPMorgan Chase & Co. with a civil lawsuit, alleging that investment bank Bear Stearns -- prior to its collapse and subsequent sale to JPMorgan in 2008 -- perpetrated massive fraud in deals involving billions in residential mortgage-backed securities.

Olympus Sues Former Execs Over Billion-Dollar Fraud

Japanese optics giant Olympus is suing several former executives and its current president, seeking millions of dollars in damages after revelations about a decade-plus scheme that hid $1.7 billion in securities losses from investors.

Guilty! Ex-Hedge Fund Manager Convicted

After more than a week of deliberations, a jury has convicted former billionaire Wall Street hedge fund manager Raj Rajaratnam on 14 counts of securities fraud. Federal authorities had called the insider trading case the biggest ever involving a hedge fund.

Lawyers' Carelessness Was Key to the Mortgage Mess

As multiple lawsuits and SEC actions progress in relation to the nation's mortgage mess, it's becoming clear that the misbehaviors of the lawyers involved at all stages were not isolated incidents: The misconduct was systemic, and it's time to start holding those lawyers accountable.

Financial Meltdown Accountability: Bring On the Class Actions!

The Financial Crisis Inquiry Commission's report concludes that ineffective regulators and big banks were the primary causes of the financial meltdown. Next stop: Government and class action lawsuits to recoup some of what we all lost, and (please please please) criminal charges against the worst offenders too.

FBI Makes First Arrest in SEC Insider Trading Probe

On Wednesday, the FBI arrested Don Chu, an expert on Asian markets for Primary Global Research, setting the tone for the SEC's crackdown on insider trading. Chu was charged with conspiracy to commit securities fraud and conspiracy to commit wire 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.