Latest Securities fraud News

Utah man sentenced to prison for investment fraud scheme

Jan. 14, 2022 08:41 AM EST

NORFOLK, Va. (AP) — A Utah man has been sentenced to five years in prison for his part in a nationwide investment fraud scheme that targeted elderly victims and led to losses of nearly $30 million, officials said. According to a news release from the U.S. Attorney’s Office for...

Ponzi schemer gets over 17 years, ordered to repay $103M

Jan. 13, 2022 17:22 PM EST

ROCHESTER, N.Y. (AP) — A man once dubbed “King Perry” was sentenced Thursday to more than 17 years in prison for his role in masterminding a long-running investment scam that collected more than $115 million from 1,000 investors nationwide. Perry Santillo appeared in federal...

Father, son from Japan guilty in Vegas in $1.5B 'Ponzi' case

Jan. 06, 2022 15:21 PM EST

LAS VEGAS (AP) — Two former investment executives from Japan have pleaded guilty in Las Vegas to wire fraud in what prosecutors have called a $1.5 billion international Ponzi scheme with 10,000 victims in the U.S. and abroad. Junzo Suzuki and his son, Paul Suzuki, entered their...

15-year sentence in phony $58 million fuel trading scheme

Jan. 04, 2022 14:10 PM EST

SHREVEPORT, La. (AP) — A man who pleaded guilty in Louisiana last year in an estimated $58 million investment fraud scheme was formally sentenced Tuesday sentenced to 15 years in prison, the U.S. Attorney's Office in Shreveport said. David DeBerardinis, 60, had pleaded guilty to a...

Former Theranos CEO Holmes convicted of fraud and conspiracy

Jan. 04, 2022 13:01 PM EST

SAN JOSE, Calif. (AP) — In a case that exposed Silicon Valley’s culture of hubris and hype, Elizabeth Holmes was convicted Monday of duping investors into believing her startup Theranos had developed a revolutionary medical device that could detect a multitude of diseases and conditions from a...

SEC: Payday loan scheme bilks investors out of millions

Dec. 28, 2021 10:38 AM EST

MIAMI (AP) — The owner of a Miami-based payday loan company bilked hundreds of investors out of millions of dollars and repaid others with money he acquired from a Ponzi scheme, according to a newspaper report and federal regulators. About 500 investors, many from South Florida’s...

EV start-up Nikola settles with US for $125 million

Dec. 21, 2021 11:07 AM EST

Electric and hydrogen-powered truck startup Nikola has agreed to a $125 million settlement over charges that it defrauded investors after misleading them about its products, technical advances, and financial prospects. Nikola Corp. violated the antifraud and disclosure control...

Ex-OppenheimerFunds worker pleads guilty to insider trading

Dec. 15, 2021 17:11 PM EST

NEW YORK (AP) — A former OppenheimerFunds analyst pleaded guilty Wednesday to a securities fraud charge alleging he used company secrets to collect over $8 million in illegal profits. Sergei Polevikov entered the plea in Manhattan federal court. Afterward, U.S....

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....