Barry Minkow , a convicted confidence man who started a fraud-detection firm and became a minister, pleaded guilty in a case involving home builder Lennar Corp .’s stock and said he would cooperate with investigators.
Lennar Corp. said a jury awarded it $1 billion in damages against a California developer, Nicolas Marsch III, who the homebuilder accused of defamation and conspiring with Barry Minkow to extort money from the company.
Georgia requested information from UBS AG, Morgan Stanley and Ameriprise Financial Inc. in its probe over whether the firms broke the state’s securities laws in sales of structured notes called reverse convertibles.
InterOil Corp., a Canadian natural- gas explorer and oil refiner, dropped 13 percent after a report that a federal judge decided Chief Executive Officer Phil Mulacek acted in “bad faith” in seeking bankruptcy protection for a company he controlled.
Lennar Corp. , the second-most profitable U.S. homebuilder last year, unexpectedly reported net income for the first quarter after booking a lawsuit settlement and adding income from its distressed-investing unit.