A multistate probe of alleged manipulation of interest rates threatens to leave banks liable for billions of dollars in estimated state and local losses from the scandal, even as they settle with national regulators.
Noah Freeman and Donald Longueuil, former junior portfolio managers at SAC Capital Advisors LP, were accused of insider trading while working at the $12 billion hedge fund in the latest round of charges stemming from a nationwide crackdown by federal prosecutors.
For the sixth time, the U.S. government has linked an employee of hedge-fund icon Steven A. Cohen to insider trading while at the firm. For the first time, prosecutors said Cohen had talked with a defendant about the stocks in their complaint, pulling him deeper into one of the biggest investigations of securities fraud in history.
Charles O. “Chuck” Prince and Robert Rubin were among Citigroup Inc. officials who knew 2007 losses were mounting on mortgage assets that U.S. regulators have faulted the bank for not disclosing, a court filing shows.
Wells Fargo & Co. is standing by the accuracy of its foreclosure filings and won’t follow competitors in delaying seizures, after an employee testified he signed documents for proceedings without personally reviewing records.
The insider-trading conviction of Joseph Contorinis, an ex-Jefferies Paragon Fund money manager, was upheld by an appeals court in a ruling that may aid prosecutors as they defend the appeal of Galleon Group LLC co-founder Raj Rajaratnam.
Neither a convicted con artist like Bernard Madoff nor a jailed chief executive like WorldCom Inc.‘s Bernard Ebbers will benefit from today’s U.S. Supreme Court ruling that narrowed the federal “honest services” law used by prosecutors to target corporate wrongdoing, lawyers said.