Latest Securities fraud News

Former Minnesota oil executive convicted of securities fraud

Jun. 16, 2022 16:33 PM EDT

MINNEAPOLIS (AP) — A former oil industry executive from Minnesota who co-founded a facility that loaded crude from the North Dakota oil patch onto rail cars has been convicted in a stock manipulation scheme. A federal jury in New York on Tuesday found Michael Reger guilty of...

Musk appeals ruling that upheld securities fraud settlement

Jun. 16, 2022 11:43 AM EDT

DETROIT (AP) — Tesla CEO Elon Musk is appealing a federal court ruling that upheld a securities fraud settlement over Musk's tweets claiming that he had the funding to take Tesla private in 2018. Musk's lawyer Alex Spiro filed a notice of appeal Wednesday with the federal appeals...

Los Angeles energy exec pleads guilty in $15M Ponzi scheme

Jun. 14, 2022 19:32 PM EDT

LOS ANGELES (AP) — A former energy company executive from Los Angeles pleaded guilty Tuesday in a $15 million scheme to defraud investors in phony business arrangements for services to oil and gas companies in North Dakota, federal prosecutors said. Joey Stanton Dodson was...

Texas AG strides into Twitter takeover drama to bolster Musk

Jun. 07, 2022 18:57 PM EDT

WASHINGTON (AP) — State officials across the nation have taken on Big Tech companies in the courts and state legislatures, and federal regulators have nipped at Twitter over alleged violations of users’ data privacy. Now, one state attorney general with an outsize personality and...

Former executive gets prison for $1 billion solar fraud

May. 31, 2022 20:31 PM EDT

SACRAMENTO, Calif. (AP) — A former executive of a California solar power company was sentenced Tuesday to eight years in prison and ordered to pay nearly $620 million in restitution for his role in a $1 billion fraud scheme, federal prosecutors said. Alan Hansen, of Vacaville,...

Former Indiana attorney gets 10 years for investment scam

May. 26, 2022 14:18 PM EDT

SOUTH BEND, Ind. (AP) — A former northern Indiana attorney who pleaded guilty to scamming elderly investors as part of a Ponzi scheme has been sentenced to more than 10 years in federal prison. Sven Eric Marshall was sentenced Tuesday to 121 months by a federal judge in South Bend...

Seven years later, still no trial for Texas AG Ken Paxton

May. 23, 2022 12:49 PM EDT

AUSTIN, Texas (AP) — Not many people charged with felony crimes go seven years without ever standing trial. One of them is Texas Attorney General Ken Paxton. The twists and turns of how the Republican, who is on the cusp of winning the GOP nomination for a third term Tuesday, has...

Indiana man gets 7 years for scheme that bilked investors

May. 21, 2022 16:22 PM EDT

INDIANAPOLIS (AP) — A central Indiana man has been sentenced to seven years in federal prison for a Ponzi-like scheme that bilked more than two dozen investors out of their retirement savings. A federal judge also ordered George R. McKown, 71, on Friday to pay more than $5.2...

Judge dismisses lawsuit against Musk, Tesla and Twitter fan

May. 20, 2022 16:52 PM EDT

SAN FRANCISCO (AP) — A federal judge in California has dismissed a securities fraud and defamation lawsuit filed by a Tesla investor against CEO Elon Musk, one of Musk's supporters and Tesla. In an order filed Thursday, Judge James Donato threw out the lawsuit by the investor,...

SEC accuses North Carolina man of operating Ponzi scheme

May. 20, 2022 13:53 PM EDT

CHARLOTTE, N.C. (AP) — Federal authorities have accused a North Carolina man of operating a $7 million Ponzi scheme that defrauded at least 75 investors and used the money he gained to make mortgage payments and pay for private schools for his children. The U.S. Securities and...