Latest Securities fraud News

Elizabeth Holmes makes her case to the jury in fraud trial

Nov. 22, 2021 23:17 PM EST

SAN JOSE, Calif. (AP) — Elizabeth Holmes, the one-time medical entrepreneur now charged with building a fraudulent company based on promises of a revolutionary technology, returned to the witness stand Monday. Her testimony, which focused largely on her enthusiasm based...

California electrician ordered to pay $481 million for scam

Nov. 16, 2021 17:25 PM EST

SACRAMENTO, Calif. (AP) — A California electrician was ordered Tuesday to pay $481.3 million in restitution as part of his sentence for participating in a $1 billion Ponzi schemed that suckered Warren Buffett’s Berkshire Hathaway Inc., among many others. Joseph W....

North Carolina developer sentenced to prison in Ponzi scheme

Nov. 16, 2021 08:21 AM EST

RALEIGH, N.C. (AP) — A North Carolina real estate developer has pleaded guilty to his role in a scheme that defrauded investors of more than $1.5 million. federal prosecutors said. The U.S. Attorney's Office for the Eastern District of North Carolina says in a news...

Disappearing shorts: As stocks soar, skeptics surrender

Nov. 11, 2021 10:34 AM EST

NEW YORK (AP) — The skeptics on Wall Street have gone missing. As the stock market has surged to records — unbowed by recession, pandemic or warnings of a dangerous bubble — activity has dwindled to a nearly two-decade low for the traders known as short sellers, who...

California man gets 30 years in prison for $1B Ponzi scheme

Nov. 09, 2021 20:00 PM EST

SACRAMENTO, Calif. (AP) — The owner of a San Francisco Bay Area solar energy company was sentenced to 30 years in federal prison Tuesday for an audacious Ponzi scheme that defrauded investors of $1 billion. It's the biggest criminal fraud scheme in the history of the...

Ponzi cattle scheme operator gets 91 months in prison

Nov. 05, 2021 11:15 AM EDT

RAPID CITY, S.D. (AP) — A South Dakota feedlot operator who pleaded guilty to operating a Ponzi cattle scheme has been sentenced to nearly eight years in prison. Prosecutors said Robert Blom, of Corsica, resold the same cattle to multiple investors and made a profit of...

Radio host gets 3 life prison terms for bilking listeners

Nov. 01, 2021 20:44 PM EDT

FORT WORTH, Texas (AP) — A Texas radio host was sentenced to three life prison sentences Monday for a Ponzi scheme in which he bilked elderly listeners out of millions of dollars. William Neil “Doc” Gallagher also got a 30-year prison sentence from state District...

High court won't take case involving Hunter Biden ex-partner

Nov. 01, 2021 10:34 AM EDT

WASHINGTON (AP) — The Supreme Court on Monday rejected an appeal from a former business partner of presidential son Hunter Biden who was seeking to overturn his criminal conviction for securities fraud. As is typical, the justices did not comment in leaving in place a...

Prosecutors: Investment advisor stole $2.8M from clients

Oct. 28, 2021 13:09 PM EDT

NEWARK, N.J. (AP) — A former broker and investment advisor stole more than $2.8 million from clients to pay for his gambling and buy high-end, luxury items for himself, according to federal prosecutors in New Jersey. Kenneth Welsh, 41, of River Edge, was arrested...

Feds: Ohio stock trader fleeced Twitter users in pump-&-dump

Oct. 26, 2021 16:56 PM EDT

NEW YORK (AP) — An Ohio trader in penny stocks was arrested Tuesday on charges alleging he earned over $1 million illegally by lying repeatedly to his over 70,000 Twitter followers to get them to buy stocks in what authorities are calling a new social media-infused twist on an old stock...