LONDON — Self-exiled Russian tycoon Boris Berezovsky says a London court has granted a preliminary divorce decree from his second wife.The billionaire declined to comment on what the settlement might be. But the British newspaper, The Guardian, says it could be as much as 100 million pounds ($154 million.)Berezovsky told The Associated Press Friday that it was up to the court to choose the payout for Galina Besharova, his wife of 18 years.A Family Court judge in London granted Besharova the initial divorce decree Thursday. The divorce usually becomes final after six weeks.Berezovsky does not intend to contest the divorce request.Forbes magazine once estimated that the former Kremlin insider is worth US$1.1 billion.
Posts Tagged ‘100 Million’
Huge payout in Russian tycoon Berezovsky’s divorce
July 23rd, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: 1 Billion, 100 Million, 18 Years, Associated Press, Billionaire, Boris Berezovsky, Divorce Decree, Divorce Magazine, Family Court Judge, Forbes Magazine, Galina, Guardian, Insider, Kremlin, London Court, Russian Tycoon, Second Wife, Six Weeks 
Comments OffSEC to propose disclosure of high-frequency traders’ activities
April 8th, 2010 Before You Invest The Securities and Exchange Commission (SEC) is proposing that the identity of broker-dealers is revealed when high-frequency trades are made, insiders have said.Two unnamed sources told the Financial Times that the SEC is concerned about the current way in which high-frequency trading, which seeks out pricing and other discrepancies in markets through the use of computer algorithms, takes place.At the moment, the identity of broker-dealers carrying out such business is not shown up in audited trails – making it a hard sector to regulate.The new proposals would aim to improve this situation as part of wider reforms including the implementation of risk management controls.John Nester, SEC spokesman, did not confirm the precise details of the regulators plans but said: “Staff expect to make a recommendation in the very near future.”Last month, the new Financial Rules Bill proposed that all large hedge funds – those with assets of more than $100 million – must be registered with the SEC.
Posted in Finance Fraud Tags: 100 Million, Assets, Broker Dealers, Computer Algorithms, Disclosure, Discrepancies, Financial Times, Hedge Funds, High Frequency, Insiders, Nester, Precise Details, Proposals, Regulators, Risk Management, Securities And Exchange, Securities And Exchange Commission, Spokesman, Trades, Unnamed Sources Comments OffCaterpillar predicts $100M hit from health care reform
March 25th, 2010 Before You Invest (AP) — Heavy-equipment maker Caterpillar says the new health care reform law will make a $100 million drag on its first-quarter earnings because of tax law changes.The Peoria company said Wednesday that the health care overhaul President Barack Obama signed this week will reduce the tax deduction it receives for its retiree health care program.Caterpillar says even though the change won’t take effect until 2011, its liabilities for retiree health care are already reflected in its financial statements.So Caterpillar expects to record an after-tax charge of $100 million in the first quarter.
Posted in Finance Fraud Tags: 100 Million, Barack Obama, Caterpillar, Drag On, Financial Statements, Health Care Program, Health Care Reform, Health Equipment, Health Law, Heavy Equipment, Liabilities, New Health Care, Quarter Earnings, Retiree Health Care, Tax Deduction, Tax Law Changes Comments OffGoldman Sachs made $100m on 131 days of 2009
March 3rd, 2010 Before You Invest Goldman Sachs made at least $100 million on 131 days in 2009 – equivalent to once every two days.The figure was revealed by the Securities and Exchange Commission, in a filing that showed the bank made the profits by taking larger risks than it did in 2008.Its daily ‘value at risk’ figure – the amount Goldman Sachs estimated it could lose in a day’s trading – stood at $218 million, up from $180 million the previous year.But, the bank only lost money on 19 occasions in 2009, with the figure never exceeding more than $100 million.David Hendler, an analyst with CreditSights, told the Financial Times that the figures were not surprising.”It’s impressive, but it’s not unexpected,” he said. “They were one of the few games in town in 2009.”Last month, Goldman Sachs announced that its chief executive Lloyd Blankfein is to receive a $9 million bonus for his work last year – a lower-than-expected amount and much lower than the $67.9 million he received in 2007.
Posted in Finance Fraud Tags: 100 Million, Bonus, Chief Executive, Financial Times, Games, Goldman Sachs, Hendler, Lloyd Blankfein, Lost Money, Occasions, Previous Year, Profits, Risk Figure, S Trading, Securities And Exchange, Securities And Exchange Commission, Value At Risk Comments OffRaj Rajaratnam made at least $36 million from insider trading
January 7th, 2010 Before You Invest Raj Rajaratnam, the founder of Galleon Group, made “at least” $36 million in profits from his insider trading ring, US prosecutors have claimed.This is double the $17 million amount initially alleged when Mr Rajaratnam was first arrested in October last year.He is said to have made the money through stock trades that were aided by inside information by hedge fund and company executives.The claim was made in a court filing opposing an application made by Mr Rajaratnam for a reduction in his $100 million bail, reports Bloomberg.A total of 21 people have been arrested in connection with two overlapping insider trading rings, with six pleading guilty so far.Mr Rajaratnam is due to appear in court on Friday (January 8th 2010) in relation to the bail plea.Last month, Mr Rajaratnam and co-defendant Danielle Chiesi both entered not guilty pleas on the charges against them.
This Day in Wall Street History 1987: Boesky is sentenced
December 18th, 2009 Before You Invest The hammer finally came down on Ivan Boesky on this day in 1987, as Federal Judge Morris E. Lasker sentenced the once-mighty arbitrageur to a three-year prison term. Boesky, who had been one of the wealthiest and most-powerful players on Wall Street, was found guilty of insider trading, as well as a series of sizable but shady transactions — crimes that constituted what The Wall Street Journal deemed the “largest scandal in Wall Street’s history.” While Lasker chided Boesky for committing offenses “of the highest seriousness,” the arbitrageur cushioned his fall by agreeing to implicate other firms and figures suspected of securities crimes.
Posted in Finance Fraud Tags: 100 Million, Arbitrageur, Crime Fighter, District Attorney, E Lasker, Eyebrows, Federal Judge, High Profile, Insider Trading, Ivan Boesky, Mayor Of New York, Mayor Of New York City, Political Ambitions, Profile Wall, Rudolph Giuliani, Scandals, Seriousness, Source History, Wall Street History, Wall Street Journal No Comments »InvestmentNews — LPL Sues Pac Life Over Purchase of Broker Dealers
November 30th, 2009 Before You Invest Indemnification dispute with the insurer won’t affect their businesses, firm insistsBy Bruce Kelly At the same time that LPL Holdings Inc. and the three broker-dealers it bought from Pacific Life Insurance Co. were filing suit against the insurer, LPL was reaching out to its advisers to reassure them that the dispute wouldn’t affect their businesses.
Posted in Finance Fraud Tags: 100 Million, Arbitration, Bill Dwyer, Breach Of Contract, Broker Dealer, Broker Dealers, Bruce Kelly, Contractual Obligations, Indemnification, Insurer, Legal Matter, Life Brokers, Life Insurance Co, Lpl Financial, Pacific Life, Pacific Life Insurance, Pacific Life Insurance Co, Sales And Marketing, Securities License, State Supreme Court No Comments »Borsellino wins $11M in suit vs. former NYSE Prez Putnam
November 5th, 2009 Before You Invest (Crain’s) — A Chicago jury has sided with a former trader on the Chicago Mercantile Exchange floor who sued former New York Stock Exchange President Gerald Putnam in a nine-year-ancient dispute over a business partnership.The jury awarded Lewis Borsellino $11 million.“I’m glad the world knows the former head of the New York Stock Exchange is a liar and a cheat,” Mr.
Posted in Finance Fraud Tags: 100 Million, Arbitrage, Archipelago Holdings Inc, Business Partnership, Chicago Mercantile Exchange, Chicago Trading, Crain, Daley Center, Exchange Floor, Lewis Borsellino, Liar, Mr And Mrs, New York Stock, New York Stock Exchange, Nyse, President Gerald, Punitive Damages, Putnam, Stuart Townsend, York Stock Exchange No Comments »Bank of America and Citigroup execs paid average $18m in 2008
October 26th, 2009 Before You Invest Top executives at Bank of America and Citigroup earned an average salary of $18.2 million in 2008, according to records released by US pay czar Kenneth Feinberg.Despite receiving around $90 billion in government bailouts, the two banks paid out nearly double the average amount paid to managers at the other five bailed-out US companies.At Bank of America, 13 executives shared nearly $230 million between them, an average pay packet of $17.5 million.Citigroup paid out $390 million to 21 top employees, $18.6 million each.The records do not include managers who have left the two banks since 2008.Mr Feinberg has already told the companies to cut their wage bills by 50 per cent in 2009, resulting in Citigroup chief executive Vikram Pandit volunteering to accept only one dollar in pay for this year.In 2008, Mr Pandit took home nearly $11 million.Earlier this month, Citigroup reported third-quarter losses of more than $100 million, while Bank of America announced a net loss of $1 billion.
Posted in Finance Fraud Tags: 1 Billion, 100 Million, 18m, 5 Million, 50 Cent, 6 Million, Average Salary, Bank America, Bank Of America, Banks, Chief Executive, Citigroup, Czar, Dollar, Execs, Kenneth Feinberg, Pay Packet, Quarter Losses, Top Executives, Wage Bills No Comments »JPMorgan Chase, Credit Suisse and Morgan Stanley pay $100m Ponzi fine
October 11th, 2009 Before You Invest JPMorgan Chase, Credit Suisse and Morgan Stanley have agreed to pay out $100 million over claims they were involved in a Ponzi scheme at the now bankrupt mortgage lender American Business Financial Services (ABFS).The lawsuit alleged that ABFS had become insolvent in 2000, but made the impression it was still financially viable with the help of the Wall Street firms.Bear Stearns, which is now part of JPMorgan Chase, was also named in the lawsuit.George Miller, the ABFS’s bankruptcy trustee, was seeking at least $750 million from the banks on behalf of more than 20,000 people who lost their life savings when ABFS went bankrupt.JPMorgan Chase paid $55 million on behalf of it and Bear Stearns to settle the case, while Credit Suisse paid out $37.5 million and Morgan Stanley $7.5 million.The companies denied any wrongdoing.Last month, changes to the Security and Exchange Commission’s investigations policies into Ponzi schemes were recommended after it missed Bernard Madoff’s $50 billion worldwide fraud for years.
Posted in Finance Fraud Tags: 100 Million, 5 Million, Abfs, American Business Financial Services, Bankruptcy Trustee, Bear Stearns, Bernard Madoff, Business Financial Services, Chase Credit, Credit Suisse, George Miller, Jpmorgan Chase, Morgan Stanley, Mortgage Lender, Ponzi Scheme, Ponzi Schemes, Security And Exchange Commission, Wall Street, Wall Street Firms, Wrongdoing No Comments »
