Latest Securities fraud News

Wunderkind ex-mayor to face jurors in fraud, bribery case

Apr. 18, 2021 10:02 AM EDT

BOSTON (AP) — After he was elected mayor of Fall River, Massachusetts, at just 23 years old, it seemed Jasiel Correia's political career had nowhere to go but up. Bright and dynamic, Correia charmed voters by portraying himself as a successful entrepreneur who could revive the struggling...

EXPLAINER: Charmed by Madoff, SEC later tightened its rules

Apr. 15, 2021 00:40 AM EDT

WASHINGTON (AP) — Until Bernie Madoff’s scheme came crashing down and the biggest Ponzi scheme in Wall Street’s history came to light, he appeared as a charming wizard with a Midas touch. His investment advisory business attracted a devoted legion of clients, including A-list...

Ponzi schemer Bernie Madoff dies in prison at 82

Apr. 14, 2021 21:04 PM EDT

NEW YORK (AP) — Bernard Madoff, the infamous architect of an epic securities swindle that burned thousands of investors, outfoxed regulators and earned him a 150-year prison term, died behind bars early Wednesday. He was 82. Madoff's death at the Federal Medical Center...

Former lawmaker must pay more than $10 million in fraud case

Apr. 09, 2021 17:48 PM EDT

ATLANTA (AP) — A lawyer for a former state lawmaker and Georgia Board of Regents member says his client has been ordered to pay nearly $10.8 million after being accused of running what authorities called a Ponzi scheme. Dean Alford of Conyers resolved the matter through...

Man accused in $227M Ponzi scheme involving film rights

Apr. 06, 2021 20:11 PM EDT

LOS ANGELES (AP) — A Los Angeles man was arrested Tuesday on suspicion of running a $227 million Ponzi scheme that solicited investors for phony film licensing deals, federal prosecutors said. Zachary Joseph Horwitz, 34, was charged with wire fraud, which carries a...

Feds: Businessman agrees to guilty plea in investment scheme

Apr. 01, 2021 15:04 PM EDT

INDIANAPOLIS (AP) — An Indianapolis businessman plans to plead guilty to federal charges alleging that he operated a fraudulent investment scheme involving more than 100 people who invested more than $11 million. Federal prosecutors said in court documents filed...

San Diego woman sentenced for nearly $400M Ponzi scheme

Mar. 31, 2021 20:27 PM EDT

SAN DIEGO (AP) — A San Diego businesswoman whose Ponzi scheme bilked hundreds of people out of nearly $400 million was sentenced Wednesday to 15 years in federal prison. Gina Champion-Cain, 57, received more than the sentence recommended by prosecutors. At the...

Economist who pulled Albania out of 1997 anarchy dead at 58

Mar. 29, 2021 12:34 PM EDT

TIRANA, Albania (AP) — Bashkim Fino, who was appointed to shepherd Albania out of almost total chaos when fraudulent investment schemes collapsed 24 years ago and angry crowds looted military installations nationwide, has died. He was 58. The former prime minister's...

Tech company founder gets 8 years in prison for stock fraud

Mar. 26, 2021 15:56 PM EDT

ALEXANDRIA, Va. (AP) — Whether Daniel Boice’s idea for a company was any good is debatable — he billed it as a sort of “Uber for private investigators” called Trustify — but his timing was impeccable. He launched in 2015, just when the cheating-spouse website...

Man sentenced for concert investment scheme

Feb. 22, 2021 19:48 PM EST

ORLANDO, Fla. (AP) — A Florida man was sentenced Monday to four years and nine months in federal prison for his part in a multimillion-dollar concert investment scheme. Edison Denizard, 41, of Orlando, was sentenced in Orlando federal court, according to court records....