Tagged: securities fraud

Ex-Madoff employees arrested

Two former employees of Bernard Madoff have been arrested and charged with securities fraud in connection with Madoff’s Ponzi scheme to defraud investors of billions of dollars. Law professor Tamar Frankel, an authority on securities law and author of “Trust and Honesty: America’s Business Culture at a Crossroads,” says a massive fraud like this cannot […]

Ponzi schemer pleads guilty

Nevin Shapiro pleaded guilty to running an $880 million multi-state Ponzi scheme.  Law professor Tamar Frankel, an authority on securities law and author of “Trust and Honesty: America’s Business Culture at a Crossroad,” says to expect more and larger Ponzi schemes. “It is no use telling investors that ‘if the offering is too good to […]

Madoff trustee sues “feeders”

The trustee overseeing the liquidation of the estate of convicted swindler Bernie Madoff (r.) has sued 25 feeder funds and 19 individuals for wrongly enriching themselves from the multi-billion-dollar Ponzi scheme for which Madoff is serving a 150-year sentence in federal prison.  Law Professor Tamar Frankel, a securities law authority and author of “Trust and Honesty: […]

Morgan Stanley new Fed target

Wall Street investment bank Morgan Stanley reportedly is being investigated by federal authorities to see if it misled investors about mortage-derivatives deals it helped design and sometimes bet against.  This is on the heels of the Securities and Exchange Commission charging Goldman Sachs with securities fraud involving similar collateralized debt obligations or CDOs.  Law Professor […]

Goldman faces criminal probe

Beleagured Wall Street giant Goldman Sachs, already sued by the SEC on securites-fraud civil charges, reportedly is now being investigated by the Department of Justice for possible criminal charges.  Law Professor Elizabeth Nowicki, both a former SEC attorney and Wall Street lawyer, called the revelations stunning. “This is not a usual occurrence at all, and it is […]

SEC charges Goldman with fraud

The SEC alleges Goldman Sachs defrauded investors by marketing an investment backed by sub-prime loans without telling them that a big hedge fund was on the other side betting that it would fail — which it did.  Law Professors Cornelius Hurley, a former counsel to the Fed Board of Governors, and Elizabeth Nowicki, a former SEC […]

Madoff’s operations director arrested

The man who worked 30 years for Bernie Madoff overseeing the back office record-keeping staff has been arrested on fraud and conspiracy charges related to Madoff’s collapsed multi-billion dollar Ponzi scheme.  Law Professor Tamar Frankel, a securities law authority and author of “Trust and Honesty: America’s Business Culture at a Crossroad,” says the arrest may […]

BofA sued for securities fraud

Bank of America (and its then CEO and CFO) is being sued by New York’s attorney general for securities fraud for misleading shareholders and the government about BofA’s merger with Merrill Lynch.  Law Professor Tamar Frankel, an authorities on securities law and legal ethics and author of “Trust and Honesty: America’s Business Culture at a […]