Harry Markopolos News
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The Securities and Exchange Commission is certainly looking all spiffy and new these days.
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Bernard Madoff’s investors can’t sue the U.S. Securities and Exchange Commission for failing to uncover his massive Ponzi scheme, a federal appeals court ruled.
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Harry Markopolos knew right away that Bernie Madoff was a crook.
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One late afternoon in March 2007, Sanjay Wadhwa sat at his desk transfixed by the data on his computer screen. Wadhwa was then a low-level supervisor in the Wall Street office of the U.S. Securities and Exchange Commission investigating a supposedly routine case of “cherry- picking.” The SEC had gotten a complaint that Rengan Rajaratnam, the founder of Sedna Capital Management LLC, a small hedge fund, was doling out a disproportionate share of his best trades to the beneficiaries of a “friends and family” account. It was Wadhwa’s job to figure out what was going on, Bloomberg Businessweek reports in its April 23 issue.
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Former Wells Fargo & Co. investment banker John Femenia was charged in Charlotte, North Carolina, last week with leading an $11 million insider trading ring that paid kickbacks in cash and gold for tips on corporate mergers.
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The former internal watchdog for the U.S. Securities and Exchange Commission violated ethics rules by overseeing investigations that touched on people with whom he had “personal relationships,” an outside review found.
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Lehman Brothers Holdings Inc. lost a bid to recover an alleged $11 billion “windfall” from Barclays Plc ’s purchase of its defunct brokerage unit when a judge ruled the transaction was fair.
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The former internal watchdog for the U.S. Securities and Exchange Commission violated ethics rules by overseeing investigations that touched on people with whom he had “personal relationships,” an outside review found.
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The U.S. Securities and Exchange Commission’s internal watchdog has castigated the agency for missing the Bernard Madoff fraud, spotlighted employees who viewed online pornography and called for a criminal probe into the ethics of the SEC’s former top lawyer.
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Citigroup Inc. ’s Citibank ignored warning signs of Bernard L. Madoff ’s Ponzi scheme, and a bank executive knew the con man’s stated trading strategy couldn’t generate the reported returns, the trustee liquidating Madoff’s firm said in a lawsuit.
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