The founder of military body armor supplier Point Blank Solutions Inc. was sentenced to 17 years in prison for siphoning millions of dollars from the company and selling stock based on inside information.
David Brooks , a founder and former chief executive officer of military contractor DHB Industries Inc. , was found guilty of committing a $185 million fraud and looting the company to pay for personal expenses.
Philadelphia Newspapers LLC is aiming to put the company up for auction again next week after the Teamsters union blocked a court-approved sale of the publisher of the Philadelphia Inquirer and Philadelphia Daily News to secured lenders.
The National Credit Union Administration has sued Goldman Sachs Group Inc., accusing the Wall Street firm of violating federal and state laws in the sale of securities to now-failed corporate credit unions.
Point Blank Solutions Inc. ’s acting chief executive officer, James Henderson , was sued by the former CEO’s brother, an investor in the bankrupt military contractor who claims Henderson failed to conduct proper audits.
Three former directors of a military contractor whose cofounder was convicted of looting the firm were sued by the U.S. Securities and Exchange Commission over claims they were “willfully blind” to the accounting fraud.
Lehman Brothers Holdings Inc. filed a motion this week for approval of a settlement of a complex credit-default swap involving Societe General, New York Branch, that will bring in at least $445 million.