Posts Tagged ‘Mortgage’

33 Days to Opt Out of Schwab Yield Plus Class Action

Aidikoff, Uhl & Bakhtiari announces that the deadline to opt out of the Schwab YieldPlus class action lawsuit is fast approaching. Schwab YieldPlus
Fund investors who are members of the class action — which involves
the Schwab YieldPlus Fund Select Shares (Nasdaq:SWYSX) and the Schwab
YieldPlus Investor Shares (Nasdaq:SWYPX) — have approximately 33 days
to submit their request to opt out of the class action if they wish to
pursue an individual arbitration claim with the Financial Industry
Regulatory Authority (FINRA).

“Charles Schwab marketed and sold the Schwab YieldPlus Funds as safe,
cash-like investment alternatives.

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SEC Halts $50 Million Ponzi Scheme

The U.S. Securities and Exchange Commission said it halted a $50 million Ponzi scheme near Detroit that raised money for a real-estate investment fund and targeted the elderly.

A federal judge in Michigan agreed to freeze assets after the SEC sued John Bravata, 41, and Richard Trabulsy, 26, claiming they lured more than 400 investors by promising 8 percent to 12 percent annual returns, the agency said today in a statement.

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Fraud of Rs 16 crore recovered in co-operative bank – DNA – 23 May 2009

Kolhapur: A fraud of around Rs 16 crore, in the Ravi Co-operative Bank, here was unearthed by the auditors involving the former bank chairman and 27 others, police said. The fraud was unearthed by the auditors, when they came across with 44 suspicious cases of loans sanctioned between 1999 to 2007, police said.

In many cases the liability of loans were not shown, illegal loans and same property was shown as mortgage in number of cases, police said and added that renewal of old loans without clearing the existing loans were also found. Criminal cases has been filed against 28 persons including the bank’s former chairman Baburao Jadhav, police added.

Ex Credit Suisse Brokers Face New Subprime Related Charges

Two former Credit Suisse Group AG brokers accused of fraudulently selling clients subprime mortgages linked to auction-rate securities pleaded not guilty to a dozen new fraud charges.

Julian Tzolov and Eric Butler were first indicted last year on securities fraud and conspiracy charges in U.S. District Court in Brooklyn, New York.

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