(AP) — Former media mogul Conrad Black has left a federal prison in central Florida where he’s been serving a 6½-year sentence for a fraud conviction.Gary Miller, a spokesman for the prison in Coleman, says Black was discharged on Wednesday.Black’s release came hours after U.S. District Judge Amy St.
Posts Tagged ‘Shareholders’
Conrad Black out of jail on $2 million bond
July 21st, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: 1 Million, Amy St Eve, Appeals Court, Black Out, Central Florida, Coleman, Conrad Black, District Judge, Federal Prison, Fraud Conviction, Gary Miller, Hollinger International Inc, Judge Amy, Media Mogul, Shareholders, Spokesman 
Comments OffSEC eyes changes to shareholder voting system
July 14th, 2010 Before You Invest The Securities and Exchange Commission questioned the public to comment on changes to the voting system, including whether companies need more information about the identity of their shareholders.There are more than 13,000 meetings a year where shareholders can vote in person, via the Internet or by phone, or by mailing in a proxy form.The SEC issued a discussion paper to examine the accuracy and transparency of the voting process, shareholder participation and the relationship between voting power and economic interest.The agency is exploring whether rules are needed for proxy advisory firms and how to get more shareholders to participate in the governance of their companies.Schapiro has said she wants to give shareholders more say in how companies are governed.
Posted in Finance Fraud Tags: Accuracy, Advisory Firms, Board Directors, Broker Dealers, Composition, Corporate Directors, Discussion Paper, Economic Interest, Governance, Investors, Priority, Relationship, Schapiro, Securities And Exchange, Securities And Exchange Commission, Shareholder Participation, Shareholders, Transparency, Voting Power, Voting System Comments Offeropostale Inc.’s former merchandising chief, Christopher Finazzo, was accused by federal prosecutors of conspiring to overcharge
June 16th, 2010 Before You Invest eropostale Inc.’s former merchandising chief, Christopher Finazzo, was accused by federal prosecutors of conspiring to overcharge the teen-clothing retailer on buys from a vendor and sharing in the proceeds.Finazzo, 54, acted with Douglas Dey, the owner of South Bay Apparel Inc., a company based in Calverton, New York, that sold clothing to Aeropostale, according to an indictment returned in Brooklyn, New York.
Posted in Finance Fraud Tags: Abercrombie Fitch, Abercrombie Fitch Co, Aeropostale, American Eagle Outfitters, American Eagle Outfitters Inc, Brooklyn New York, Calverton New York, Christopher Finazzo, Clothing Retailer, Consulting Company, Dey, Eropostale, Federal Prosecutors, Indictment, Mail, Money Laundering, Related Party Transactions, Shareholders, Teen Clothing, Wire Fraud Comments OffWarren Buffett voices support for Goldman Sachs
May 5th, 2010 Before You Invest Warren Buffett, a billionaire investor, has voiced his support for investment bank Goldman Sachs in the wake of the recent fraud allegations levelled by the Securities and Exchange Commission (SEC). The regulator filed a charge of fraud against the financial institution and vice-president Fabrice Tourre, which accused the bank and its employee of deliberately omitting information from investment products linked to subprime mortgages.Mr Buffet, chief executive of Berkshire Hathaway, said that he did not “hold it against Goldman Sachs that they are subject of [SEC] allegations”.He was quoted by the Financial Times as saying: “There is no question that the allegation alone causes the company to lose reputation … the last few weeks hurt the company and morale … it is not remotely mortal but it hurts.”But, Mr Buffet added that after having studied details of the supposedly illegal transaction, he did not believe that Goldman Sachs had committed fraud.Berkshire Hathaway is thought to own $5 billion worth of shares in Goldman Sachs.Meanwhile, Goldman Sachs has revealed that its shareholders have filed a number of law suits against the financial institution accusing it of mismanagement.
Posted in Finance Fraud Tags: Allegation, Berkshire Hathaway, Billionaire, Chief Executive, Fabrice, Financial Institution, Financial Times, Fraud Allegations, Goldman Sachs, Investment Bank, Investment Products, Law Suits, Mismanagement, Reputation, Securities And Exchange, Securities And Exchange Commission, Shareholders, Subprime Mortgages, Voices, Warren Buffett Comments OffUnited, Continental to merge
May 4th, 2010 Before You Invest (AP) — United Airlines has agreed to buy Continental in a $3 billion-plus deal that would make the world’s largest carrier with a commanding position in several top U.S. cities.The new United would surpass Delta Air Lines in size, which should help it attract more high-fare business travelers.
Posted in Finance Fraud Tags: 1 Billion, Airline Industry, Airlines Continental, American Airlines, Business Travelers, Continental Airlines, Continental Airlines Inc, Continental Ceo, Delta Air Lines, Domestic Markets, Executive Chairman, Hubs, Longtime Advocate, Majority Stake, Merger Of Equals, Parent Company, Shanghai, Shareholders, United Airlines, Us Airways Comments OffBank of America sued by Dutch pension fund
March 22nd, 2010 Before You Invest ABN has launched a law suit against Bank of America (BoFA) claiming that the institution withheld information during its acquisition of Merrill Lynch.The Dutch pension fund stated that BoFA hid the full extent of Merrill Lynch’s losses – data which it claimed could have led to shareholders such as ABN rejecting the deal.Details of BoFA’s choice to pay Merrill Lynch staff $5.8 billion in bonuses were also hidden, ABN claimed.BoFA is being sued for over $90 million, the filing in New York revealed.In a statement, APG was quoted by Bloomberg as saying: “There is no doubt that shareholders would have found the information withheld vital to an informed vote and rejected the merger if they would have had knowledge of the concealed facts.”BoFA recently reached a settlement with the Securities and Exchange Commission to pay $150 million in compensation after being sued by the regulator for deliberately misleading shareholders over the Merrill Lynch acquisition.The law suit was filed by the SEC over BoFA’s failure to reveal employee bonuses and financial losses at the company.BoFA was initially fined $33 million in August 2009 before the second set of legal proceedings was initiated earlier this year.
Posted in Finance Fraud Tags: Abn, Acquisition, Apg, Bank Of America, Bloomberg, Bofa, Employee Bonuses, Failure, Financial Losses, Full Extent, Law Suit, Legal Proceedings, Merger, Merrill Lynch, No Doubt, Pension Fund, Securities And Exchange, Securities And Exchange Commission, Shareholders, Vote Comments OffComing Soon: Buffett for the Masses
January 19th, 2010 Before You Invest Berkshire’s proposed stock split to buy Burlington Northern could usher in a new era for the conglomerate—maybe even membership in the S&P 500 On Jan. 20, Berkshire Hathaway (BRKA) shareholders are expected to open up the company’s stock to a far less exclusive crowd of investors, a group who Chairman and Chief Executive Warren Buffett has long warned against.By splitting Berkshire’s class B shares 50-for-1, the price of the conglomerate’s cheapest class of stock would fall from about $3,247 each to about $65.
Posted in Finance Fraud Tags: Admirers, Berkshire Hathaway, Billionaire, Billions Of Dollars, Bni, Brka, Burlington Northern, Conglomerate, Fine China, Index Funds, New Era, Real Game, Share Price, Shareholder Letter, Shareholders, Stock Index, Stock Market, Term Traders, Value Philosophy, Warren Buffett No Comments »Kraft seals $19-billion Cadbury deal, New York Times reports
January 19th, 2010 Before You Invest (Crain’s) — Kraft Foods Inc. has reached a $19-billion deal to buy British candymaker Cadbury PLC, the New York Times reported late Monday.The deal, which could not be independently confirmed, would make Northfield-based Kraft the world’s largest candymaker. It also would represent a triumph for Kraft CEO Irene Rosenfeld, who pursued Cadbury for four months.
SEC Files Charges Against Bank of America For Merrill Lynch Purchase
January 16th, 2010 Before You Invest The Securities and Exchange Commission today charged Bank of America with violating the federal proxy rules by failing to tell extraordinary financial losses at Merrill Lynch prior to a shareholder vote to approve a merger between the two companies.The SEC’s complaint, filed in U.S. District Court for the Southern District of New York, alleges that Bank of America learned prior to the Dec.
Posted in Finance Fraud Tags: Bank Of America, Billions Of Dollars, Disclosure, Disclosures, Financial Losses, Fourth Quarter, Fundamental Changes, Jed S Rakoff, Judge Rakoff, March 1, Merger, Merrill Lynch, Misleading Investors, Sec Files, Securities And Exchange, Securities And Exchange Commission, Shareholder Vote, Shareholders, Southern District Of New York, Undertaking No Comments »UK regulators will be able to rip up bankers’ contracts
November 17th, 2009 Before You Invest The UK government is set to bring in legislation that will allow the Financial Services Authority to rip up the contracts of bankers deemed to be enjoying excessive pay packets as a reward for risk-taking.Although the new Financial Services Bill will not apply to current banking contracts and therefore will not affect 2009 bonuses, it is set to come into place from January next year.The measures are to be outlined on Wednesday in the Queen’s Speech.In comments reported by the Guardian, City spokesman Lord Myners told Sky News: “What we are saying to the shareholders and boards of directors is: get real, recognize that the previous levels of bonuses are socially unacceptable.” Other proposals that will be place forward by Gordon Brown’s government include one that will allow British customers to take part in US-style class action suits against financial institutions they feel have treated them terribly.Last week, Mr Brown sent officials to meet with the IMF to lobby for the implementation of a Tobin tax – a levy on transactions carried out between financial institutions.
Posted in Finance Fraud Tags: Boards Of Directors, British Customers, City Spokesman, Class Action Suits, Contracts, Financial Institutions, Financial Services Authority, Financial Services Bill, Gordon Brown, Imf, Levy, Mr Brown, Myners, Proposals, Shareholders, Sky News, Style Class, Tobin Tax, Uk Government, Uk Regulators No Comments »
