A once-prominent Indiana money manager acknowledged
that he operated a Ponzi scheme that defrauded investors out of at least $7
million. Keenan Hauke, 40, pled guilty to a single charge of securities
fraud, which carries a maximum prison sentence...
Amid accusations of commingled accounts, misuse of
customer funds, and imprudent risk oversight, this past week MF Global CEO Jon
Corzine testified before the House Agriculture Committee that he was aware of
unreconciled accounts but that he does not...
The nation's 11th largest CPA firm has been sued
for $150 million and accused of failing to detect the largest Ponzi scheme in
the history of the Pacific Northwest despite issuing clean opinion letters
following several audits of the funds from...
Whether the process is just winding down for the year or
the process is actually winding down for good, the bank closure rate has
recently fallen off dramatically. The FDIC has not taken over any banks for
three weeks straight, with no bank closure...
A Harvard-educated former lawyer pled
guilty to operating a Ponzi scheme that took in more than $10 million from
investors. Robert Tunnell, Jr., 72, entered a guilty plea to one count of
mail fraud and one count of wire fraud, each of which carries...
A Florida man received a twenty-year
prison sentence for orchestrating a Ponzi scheme that bilked investors out
of nearly $20 million and claimed many retired teachers among its victims.
James Davis Risher, 61, was sentenced by United States District...
Federal prosecutors unveiled charges against two more
former employees of convicted Ponzi schemer Scott Rothstein's now-defunct law
firm Rothstein Rosenfeldt Adler ("RRA"), accusing them of playing a
role in Rothstein's massive fraud...
The results of coordinated state examinations of
investment advisers in the first half of 2011 by the North American Securities
Administrators Association (NASAA) reveal significant deficiencies in a
broad range of areas. As investment advisers gear...
I've been reading several calls
for prosecution of fraud on Wall Street lately. No, these aren't coming from
the Occupy Wall Street crowd. Instead, top economic and business commentators
and scholars are noting the dearth of prosecution and...
A Texas businessman scheduled to stand trial in January
2012 to face charges he orchestrated a $7 billion Ponzi scheme is not competent to stand trial,
according to his attorney. Disgraced financier R. Allen Stanford, 61, has
remained in federal custody...
The reorganization of the Division of Enforcement which
spawned the re-introduction of specialty groups was, in part, designed to focus
the resources of the Division and increase efficiency and effectiveness. Three
recently filed cases are an example...
by Edmund D. Harllee
Tuesday, November 1, 2011, the Board of Governors of the Federal Reserve System
(the "Board") and the Federal Deposit Insurance Corporation (the "FDIC") each
issued a final rule to implement the requirement...
by Troutman Sanders CFPB Team
On November 16, 2011, the Consumer Financial Protection
Bureau (CFPB) announced
the next step in its student loan initiative with its Notice
and Request for Information Regarding Private Education Loans and Private
by Jay G. Baris, Stephanie C. Thomas and Luke
The Commodity Futures Trading Commission and the
Securities and Exchange Commission (together, the "Commissions") issued final
rules defining the systemic risk reporting obligations of...
The three federal banking agencies and the SEC recently
approved for comment a proposed regulation implementing Section 619 of the
Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act"), more
generally known as the "Volcker...
A Gainesville man received
a twenty year sentence in prison for orchestrating a Ponzi scheme that bilked
investors out of $30 million. David Lewalski, 48, received the maximum
sentence from United States District Judge James Whittemore after
The Receiver tasked with marshaling and distributing
assets to victims of R. Allen Stanford's alleged $7 billion Ponzi scheme has filed
papers asking a U.S. judge to approve a proposed plan to review and pay claims
by victims. In a filing in the...
The first jury trial seeking to hold a financial
institution liable for its complicity in Scott Rothstein's $1.4 billion Ponzi
uncertainty after the institution filed a motion seeking a mistrial
following testimony of a key witness...
Guaranty Bank of Austin, Texas's August 21,
2009 closure is the fourth-largest bank failure during the current wave of
bank failures and the tenth largest bank failure in U.S. history. The
bank's failure, which came just 15 months after its...
Michael Lewis packages his stories on the effects of the
global financial crisis in Iceland ,
and California into one book: Boomerang .
If you had ready the stories when they were published in Vanity Fair ,
From my discussions, many real estate fund managers are
still not sure if they are subject to registration under the Investment
Advisers Act. The definition of "private fund" can exclude many real estate
funds depending on the structure of...
The court-appointed trustee overseeing the unraveling of
Bernard Madoff's massive Ponzi scheme has filed
an amended complaint in which he is seeking the return of $226.4 million from
several Madoff family members including Madoff's brother...
An inevitable part of the current wave of bank failures
has been the FDIC's filing of lawsuits against former directors and officers of
the failed institutions. And though the FDIC's initiation of this litigation
has been gradual, the lawsuits...
With hundreds (thousands?) of private fund managers set
to register with the Securities and Exchange Commission next quarter, the new
form ADV is on the IARD system and
ready for you to start uploading information.
I noticed the first problem. ...
The online coupon industry, led by companies such as Groupon Inc. , is growing
rapidly, and it's still not clear which company or companies will end up the
winners. With so much money potentially at stake, it's not surprising that