Posts Tagged ‘Fraud
“Chinese Warren Buffett” Gets ROR for $150k
On April 20, after having been incarcerated beginning in mid-January on charges of running a multi-million dollar Ponzi scheme, Weizhen Tang won his freedom (temporarily) by posting $150,000 bail. According to the Toronto Sun, Tang said, “I want a chance to prove my innocence— that’s why I came back from China.”
Ridiculous Fraudsters Charged By SEC
The SEC is really on it’s game so far this year. I mean, granted, catching the idiots in the case I’m about to write about wasn’t exactly rocket science, but still… mad props (yes, I’m stuck in the early 1990s. It’s cool).
Former Goldman Employee Testimony May Weaken Govt. Case
Paolo Pellegrini, a former Paulson executive who worked on the Abacus deal, has come forward with information contradicting the government’s contention that Goldman misled investors by marketing complex synthetic financial securities to them that were tied to subprime mortgages chosen by John Paulson and which Paulson later bet against. According to the LA Times, Pellegrini [...]
All the Fuss About the Goldman Fraud Charges
So April 16, the SEC charged Goldman Sachs and VP Fabrice Tourre with civil fraud charges stemming from 2007 CDO deals with John Paulson’s hedge fund (the eponymous Paulson & Co.)– and since Goldman and Paulson are huge names and the prospect of scandal makes us all salivate, everyone has their panties in a twist. [...]
Petters Gets 50 Years for $3.65B Fraud
The implosion of Minnesota businessman Tom Petters’ corporate empire which defrauded investors of $3.65 billion involving not just hedge funds, but at least 10 pastors, three missionaries, dozens of retirees and a half-dozen nursing home residents, according to federal court filings cited in the New York Times. Prosecutors are arguing that the Ponzi scheme is [...]
Convicted Mgr Resists Efforts to Collect $3.1M
Former Wayzata hedge fund manager John Lawton, who pleaded guilty last November one count of mail fraud and one count of making a false statement for an investment operation that resulted in losses of more than $10 million by more than 50 investors, is now resisting efforts by the SEC to collect what they claim [...]
Ponzi Schemes of the Week
Because I was getting tired of writing individual stories on these morons, I thought I’d consolidate all of the scandals into one big article giving you the skinny on all the greed that is fit to print… er, blog? We’re all familiar with the concept made famous by Charles Ponzi in the 1920s… use funds [...]
Atlanta Hedge Funder Sued for Fraud
In what is becoming in all too familiar story, yet another hedge fund manager is being accused of bilking his investors out of millions. However, in an interesting twist, this one is apparently trying to return funds to clients amid accusations that he misled investors, according to a lawsuit against him and people familiar with [...]
Beverly Hills Investment Manager Sentenced For Fraud
Michael E. McCready, a Beverly Hills investment advisor and licensed securities broker of McCready & Associates, was sentenced Monday to a nine year prison term for swindling twenty-five investors (mostly friends of his from the entertainment industry) out of $10 million. According to the lawsuit filed in 2009, McCready operated a Ponzi scheme from 2004 [...]
Fraudster Flips Investors the Bird for 2nd Time
So many really easy, really bad, really tempting jokes that could be made right now… But after that awful headline, I will restrain myself. I’m sorry you had to endure that. After pleading guilty to ripping off investors in his XL Capital Partners hedge fund of $12 million in 2008, Hamilton Bird is being charged [...]
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