Ponzi Scheme News
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Fairfax Financial Holdings Ltd., with seven of eight hedge funds it accused of spreading false rumors out of a lawsuit, may see the $24 billion case shrink again. A judge is poised to rule whether racketeering counts allowing triple damages should be tossed, Bloomberg News’s Thom Weidlich reports.
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Updated 21 minutes ago
New York Mets general manager Sandy Alderson, preparing to drive to Florida for spring training earlier this month, joked with fans through Twitter messages about the sorry state of his baseball team’s finances.
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R. Allen Stanford “flushed” investor money away on failing businesses, yachts and cricket tournaments, prosecutors told jurors who are deliberating on whether the Texas financier led a massive Ponzi scheme.
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Stockton, California, which is heading toward the first steps of Chapter 9 bankruptcy, is described as a crime-racked wretch designated by Forbes magazine as the most miserable city in America.
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Countries don’t go bankrupt, said Walter Wriston, the legendary boss of what is now Citigroup Inc. After all, he reasoned, they “own” more than they “owe.”
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Royal Bank of Canada and Toronto- Dominion Bank, the country’s two biggest banks, raised their dividends after reporting profits that topped analysts’ estimates on record earnings from consumer lending.
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California Attorney General Kamala Harris told a judge she is entitled to pursue a lawsuit against the estate of a former Bernard Madoff investor for allegedly violating state laws, and the court should bar interference in the “people’s action” by the Madoff trustee.
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A U.S. investigation of possible insider-trading by Goldman Sachs Group Inc. employees expanded to include a managing director whose name emerged at the trial of convicted hedge fund manager Raj Rajaratnam, a person with knowledge of the probe said.
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Toronto-Dominion Bank, Canada’s second-largest bank, said profit declined for the first time in more than a year after it recorded litigation costs related to a Ponzi scheme in Florida. The lender boosted its quarterly dividend 5.9 percent.
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The bankruptcy that Stockton, California, resisted for three years is now at its doorstep, spurred by the weight of retiree costs, the housing bust and accounting blunders that drained the city’s coffers.
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