Latest Securities fraud News

Former Wilmington Trust execs lose bid to nix SEC complaint

Jul. 29, 2020 5:58 PM EDT

DOVER, Del. (AP) — A federal judge on Wednesday rejected a request by two former bank executives who were convicted on criminal charges to dismiss a civil suit filed against them by federal securities regulators. The Securities and Exchange Commission complaint alleges that former Wilmington Trust...

U.S. national Marcus Beam, center, wearing protective equipment as precaution against the coronavirus, is flanked by police as he is presented to the media during a press conference at the Regional Police Headquarters in Denpasar, Bali, Indonesia, Friday, July 24, 2020. Authorities on the resort island arrested Beam, an American fugitive accused of investment fraud in the United States involving hundreds of thousands of dollars, police said Friday. The U.S. Securities and Exchange Commission said on its website that Beam, of Woodridge, Illinois, is accused of misappropriating about $500,000 from investors that was supposed to be placed in investment funds. (AP Photo/Firdia Lisnawati)

Bali police arrest American wanted in investment fraud

Jul. 24, 2020 7:52 AM EDT

DENPASAR, Indonesia (AP) — Authorities on the Indonesian resort island of Bali have arrested an American fugitive accused of investment fraud in the United States involving hundreds of thousands of dollars, police said Friday. Bali police chief Petrus Reinhard Golose said the suspect, Marcus Beam, had been...

California men charged with $10M worldwide fraud scheme

Jul. 23, 2020 8:09 PM EDT

SACRAMENTO, Calif. (AP) — Three California men were charged with running a phony securities scheme that defrauded investors around the world out of more than $10 million, authorities said Thursday. Christopher Mancuso, John Black, and Joseph Tufo allegedly lured victims by promising to triple or quadruple...

Owner of shuttered dairy sentenced to 10 years in $60M fraud

Jul. 20, 2020 4:58 PM EDT

PHILADELPHIA (AP) — The owner of an award-winning organic dairy who pleaded guilty to defrauding investors of nearly $60 million was sentenced Monday to 10 years in federal prison. Philip Riehl, an accountant and the majority owner of Trickling Springs Creamery, ran a long-running Ponzi scheme that preyed...

Pandemic pushes back embattled former mayor's trial to 2021

Jul. 17, 2020 5:36 PM EDT

FALL RIVER, Mass. (AP) — The trial of a former Massachusetts mayor facing federal investment fraud and extortion charges has been postponed indefinitely after being delayed twice due to the coronavirus pandemic. U.S. Federal Court Judge Douglas Woodlock told a pretrial conference over Zoom that trials for...

Ponzi scheme convict wants prison release due to pandemic

Jul. 14, 2020 9:04 AM EDT

JACKSON, Miss. (AP) — A Mississippi man sentenced to nearly 20 years only nine months ago for running a $100 million Ponzi scheme is hoping a federal judge will order his release from prison because of the coronavirus pandemic. Arthur Lamar Adams, 61, filed a petition in the U.S. District Court in Jackson...

The Supreme Court is seen in Washington, early Monday, June 15, 2020. (AP Photo/J. Scott Applewhite)

Supreme Court rules SEC can recoup money in fraud cases

Jun. 22, 2020 10:25 AM EDT

WASHINGTON (AP) — The Supreme Court on Monday preserved an important tool used by securities regulators to recoup ill-gotten gains in fraud cases. By an 8-1 vote, the justices ruled that the Securities and Exchange Commission can seek to recover the money through a process called disgorgement. Last year,...