Archive for February, 2009

Identity Theft Complaints Rise 20 Percent

Filed February 27th, 2009 meg

The number of identity theft complaints have risen around 20 percent from 2007, reports the FTC. Identity theft represents 26 percent of all consumer fraud complaints, followed by third-party and creditor debt collection, catalog sales, and Internet services. While 20 percent was pure credit card fraud, government documents or benefits fraud accounted for 15 percent, […]

Two more arrests for securities fraud

Filed February 27th, 2009 joshua

Two men who managed investment funds for New York colleges and charities, among many, were arrested yesterday on securities fraud charges. AP reports that Paul Greenwood, 61, and Stephen Walsh, 64, raided their clients’ funds and spent the money on horses, collectibles and personal items. Greenwood, according to the report, is also an elected official […]

Senator’s Foundation Sues Madoff’s Brother

Filed February 26th, 2009 meg

The family foundation of a New Jersey senator is suing Bernie Madoff’s brother over their losses in the alleged Ponzi scheme. U.S. Sen. Frank Lautenberg’s foundation says it invested $7.3 million with Madoff in 2001 and 2002. Lautenberg foundation lawyer Ronald Riccio says Peter Madoff should also be held responsible because he was the chief […]

Nadel’s bail set, freedom unlikely for swindler

Filed February 26th, 2009 joshua

Accused fraudulent hedge fund manager Arthur Nadel is unlikely to see freedom ever again. A judge in a New York federal court set Nadel’s bail at $5 million, requiring at least $1 million be posted in cash, and that he have four other people guarantee his bond. Nadel is accused of defrauding investors in several […]

Madoff Victim’s Lawsuit Dismissed

Filed February 25th, 2009 meg

An investor who entrusted $10 million to Bernard Madoff days before his arrest won’t be able to jump ahead of other investors to access his money. Instead, Martin Rosenman’s case has been dismissed. The judge indicated he believed Mr. Rosenman was “indistinguishable” from other victims of the Madoff scheme, but just that his timing was […]

Nadel gets bail decision Wednesday, partners want some assets unfrozen

Filed February 25th, 2009 joshua

Accused fraudulent hedge fund manager Arthur Nadel will find out Wednesday morning if he’ll receive bail and be released from a New York jail. As he sits in custody, partners of his are petitioning a judge to have jewelry they’re trying to sell unfrozen. The partners claim the transaction would be a legitimate transaction, and […]

Madoff Could Not Have Acted Alone, says Examiner

Filed February 24th, 2009 meg

The finding that Bernard Madoff didn’t trade any securities for more than a decade may show that the money manager couldn’t have acted alone. Trustee Irving Picard said he found no trace of stock trades on their behalf by Bernard L. Madoff Investment Securities LLC for as much as 13 years. James Ratley, president of […]

Madoff Trades Were Pure Fiction

Filed February 23rd, 2009 meg

Investigators have confirmed suspicions that the monthly statements, showing that Bernard Madoff was making stock trades for investors, were pure fiction. Court-appointed trustee Irving Picard Picard is overseeing the liquidation of Bernard L. Madoff Investment Securities LLC. So far he has recovered an estimated $950 million in assets that would be used to help cover […]

Red flags missed in Stanford fraud case

Filed February 23rd, 2009 joshua

Apparently they don’t make red flags like they used to as more and more were missed, and could have stopped alleged securities fraud mastermind Robert Allen Stanford years ago. According to an Associated Press report, the Securities and Exchange Commission had been tracking Stanford and his corrupt The Standford Group for a number of years. […]

R. Allen Stanford Found by FBI

Filed February 20th, 2009 meg

FBI agents have found R. Allen Stanford, the suspected mastermind of a $9.2 billion financial fraud, in Fredericksburg, Va., and served him with court papers. The SEC charged Stanford after determining that he was allegedly misleading customers in the sale of certificates of deposit and other financial products. The SEC also charged Stanford’s three companies […]