Latest Securities fraud News

FILE - In this Nov. 26, 2019 file photo, Paul Erickson leaves the federal courthouse, in Sioux Falls, S.D. Erickson, a former conservative operative once romantically linked to Russian agent Maria Butina who was convicted in investment schemes, has been pardoned by President Donald Trump as part of a flurry of clemency action in the final hours of his White House term. A White House statement early Wednesday, Jan. 20, 2021, said that Erickson's conviction

Trump pardons ex-boyfriend of deported Russian agent

Jan. 20, 2021 3:00 PM EST

PIERRE, S.D. (AP) — President Donald Trump renewed his grievance over the investigation into Russian interference in the 2016 election by pardoning Paul Erickson, a former conservative operative once romantically linked to Russian agent Maria Butina. Erickson received the pardon even though he had pleaded...

4 Florida cases on Trump clemency list as he ends presidency

Jan. 20, 2021 2:33 PM EST

ST. PETERSBURG, Fla. (AP) — Two rappers, a once-prominent eye doctor and a real estate investor convicted in a Ponzi scheme were Floridians on Donald Trump's clemency list hours before he exited the presidency. ____ —Rapper Lil Wayne, whose real name is Dwayne Michael Carter Jr., was given a full...

Kansas man ordered to pay $81K in securities fraud case

Jan. 13, 2021 9:22 AM EST

OLATHE, Kan. (AP) — A Kansas man has been found guilty of federal securities fraud and sentenced to four years’ supervised probation. The office of U.S. Attorney General for Kansas Derek Schmidt said in a news release that Michael Davin, 64, of Olathe, also was ordered at his Monday sentencing to...

Court tosses convictions of former Wilmington Trust execs

Jan. 12, 2021 5:46 PM EST

DOVER, Del. (AP) — A federal appeals court has overturned the convictions of four former executives for the only financial institution to be criminally charged in connection with the federal bank bailout program. A three-judge panel on Tuesday reversed the convictions of the former Wilmington Trust...

2 Utah men convicted of fraud charged in $11M scheme

Jan. 9, 2021 5:35 PM EST

SALT LAKE CITY (AP) — Two Utah men who met in prison while serving time for unrelated fraud schemes have been charged in federal court over a fraudulent trading program one of them claimed to have received in a “spiritual revelation," the Securities and Exchange Commission said. A complaint filed in...

New Jersey man gets 18 months for $17 million stock scam

Dec. 22, 2020 4:06 PM EST

NEWARK, N.J. (AP) — A New Jersey-based securities trader who admitted to orchestrating a stock market manipulation scheme and tax fraud that netted more than $17 million in illegal profits was sentenced to 18 months in prison Tuesday. Joseph Taub had pleaded guilty in July to securities fraud and...

In this May 18, 2019, photo, customers sit at a Luckin Coffee outlet in a shopping mall in Beijing. The U.S. market watchdog says China's Luckin Coffee has agreed to pay a $180 million penalty to settle accounting fraud charges. The Securities and Exchange Commission charged the company with defrauding investors by misstating its revenue, expenses, and net operating loss to appear to have been more profitable and growing faster than it actually was, and to meet the company's earnings estimates. (AP Photo/Mark Schiefelbein)

China's Luckin Coffee to pay $180 million fine in fraud case

Dec. 16, 2020 11:46 PM EST

China’s Luckin Coffee has agreed to pay a $180 million penalty to settle accounting fraud charges, the Securities and Exchange Commission says. The SEC charged the company with defrauding investors by misstating its revenue, expenses, and net operating loss to appear to have been more profitable and...

Sports broker pleads guilty in ticket package scheme

Dec. 14, 2020 1:53 AM EST

MEMPHIS, Tenn. (AP) — Prosecutors in Tennessee said a sports broker pleaded guilty to felony theft and must repay more than $700,000 to investors he bilked through fraudulent high-end ticket package agreements. Shelby County District Attorney Amy Weirich’s office said 53-year-old Rick Barlow...

Feds: Fraudster duped investors with false claims about NASA

Dec. 9, 2020 5:07 PM EST

NEW YORK (AP) — The founder of a nanotechnology company was arrested Wednesday on fraud charges after authorities said he accepted over $12 million from investors who were told NASA was helping him develop a breathalyzer to detect cancer and narcotics. James Jeremy Barbera, 64, former chief executive of...

Company offering pandemic stock tips accused of $137M fraud

Dec. 7, 2020 11:13 PM EST

COLLEGE PARK, Md. (AP) — The founders of a company called Raging Bull tout themselves as expert stock traders who teach customers how they, too, can become millionaires. Marketing emails said they found a “hidden bull market" in the COVID-19 pandemic. Federal regulators say the company operators...