(Bloomberg) — Florida money manager Arthur Nadel pleaded guilty to 15 fraud counts, 13 months after he disappeared for two weeks in January 2009 as state authorities began investigating investor complaints about missing money. U.S.
Posts Tagged ‘Wire Fraud’
Florida Money Manager Nadel Pleads Guilty to Fraud
February 24th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Asset Values, Count Indictment, District Court Judge, Federal Defenders, Guilty Pleas, Investor Complaints, Judge John Koeltl, Mail Fraud, Mark B, Maximum Prison, Missing Money, Money Manager, Nadel, New Money, Plea Agreement, Ponzi Scheme, Sarasota Florida, Securities Fraud, State Authorities, Wire Fraud 
Comments Off19 indicted in ‘massive cybercrime conspiracy’ – dallasnews.com – 9 Jan 2010
January 13th, 2010 Before You Invest U.S. prosecutors indicted 19 people Friday – most in Dallas and Fort Worth – on charges related to a “massive cybercrime conspiracy” that they said defrauded local telecommunications companies and other merchants of $15 million worth of services and goods.
The indictments follow raids by the FBI last year on two data hosting companies where computer servers were taken on suspicion of fraudulent activity.
Posted in Finance Fraud Tags: Computer Servers, Fake Identifications, False Documents, Fraudulent Activity, Fugitives, Internet Post, James Jacks, Littlejohn, Local Telecommunications, Matthew Norman, Michael Faulkner, Michael Watts, Patrick Haney, Pretenses, Shell Companies, T Corp, Telecommunications Companies, Telecommunications Providers, Todd Shafer, Wire Fraud No Comments »This Day in Wall Street History 1988: Drexel Burnham pleads guilty to securities fraud
December 21st, 2009 Before You Invest Call it just another day on Wall Street during the scandal-ridden 1980s. This time, the culprit was the once-high-flying junk bond firm, Drexel Burnham Lambert Inc., which pleaded guilty to charges of mail, wire and securities fraud.
As part of the settlement, Drexel agreed to hand over a record $650 million in fines, as well as to cooperate with authorities in their ongoing investigation of other Wall Street figures.
Posted in Finance Fraud Tags: 1980s, 80s, Chapter 11, Coffers, Culprit, Drexel Burnham Lambert, Flying Junk, Fraud Settlement, Junk Bond King, Junk Bond Market, King Thanks, Mail Fraud, Michael Milken, Racketeering, Scandal, Securities Fraud, Source History, Wall Street, Wall Street History, Wire Fraud No Comments »Florida Lawyer Rothstein Charged in $1.2 Billion Ponzi Scheme
December 3rd, 2009 Before You Invest David Voreacos, Carlyn Kolker and Susannah Nesmith, Bloomberg, December 2, 2009 Scott Rothstein (above), a disbarred South Florida lawyer, pleaded not guilty to U.S. 
Posted in Finance Fraud Tags: Blue Jeans, Carlyn, Charlie Crist, Conspiracy Charges, Disbarred, Federal Politicians, Florida Lawyer, Glaring Example, Governor Charlie Crist, Guitar Collection, Initial Appearance, Kolker, Magistrate Judge, Miami History, Nesmith, Ponzi Scheme, Sexual Harassment, Sloman, Whistleblower Lawsuits, Wire Fraud No Comments »Lawyer Scott Rothstein Pleads Not Guilty To Ponzi Scheme Allegations
December 1st, 2009 Before You Invest A once high-flying attorney who courted politicians and celebrities was arrested Tuesday on federal racketeering and fraud charges alleging he operated a $1 billion investment scheme involving phony legal settlements.
Lawyer Scott Rothstein was led into the Miami FBI office in handcuffs following his early morning arrest on five charges, including a violation of the Racketeer Influenced and Corrupt Organizations, or RICO law, often used against the Mafia and other criminal organizations.
Rothstein was also charged with wire fraud, money laundering, and mail and wire fraud conspiracy. The combined maximum prison term for convictions on all counts is 100 years, according to court documents.
A few hours after his arrest, Rothstein pleaded not guilty in federal court even though the information charging document — rather than an indictment — used by prosecutors typically means a defendant has agreed to eventually plead guilty.
Posted in Finance Fraud Tags: 100 Years, Court Documents, Criminal Organizations, Defendant, Fbi Office, Federal Racketeering, Fraud Charges, Handcuffs, Indictment, Investment Scheme, Legal Settlements, Mafia, Mail, Maximum Prison, Money Laundering, Prison Term, Prosecutors, Racketeer Influenced And Corrupt Organizations, Rico Law, Wire Fraud No Comments »The Tim Durham Ponzi Scheme
December 1st, 2009 Before You Invest The case against Indianapolis financier Tim Durham continues to unfold.
On Monday, the U.S. attorney filed a motion dismissing the effort to seize Durham’s assets.
U.S. Attorney Tim Morrison said there was probable cause to believe the assets (which include his 30,000 square foot Geist home, along with other properties and bank accounts) were gained through unlawful acts.
Morrison said the government originally moved to seize Durham’s assets in order to ensure Durham didn’t sell off the properties or any of his other assets.
Morrison said once they realized there was no need to seize the assets at this point, they filed the notice of dismissal.
He wouldn’t comment further on why they came to this realization.
He did make it clear the government could move forward on seizing assets if the case becomes a criminal matter.
Last week, federal authorities filed civil charges against Indianapolis businessman Tim Durham, alleging he was involved in wire fraud.
The civil suit filed accuses Durham of running a Ponzi scheme where he allegedly used money from new investors to pay off old investors.
Posted in Finance Fraud Tags: Assets, Bank Accounts, Civil Charges, Civil Suit, Criminal Matter, Federal Authorities, Financier, Indianapolis Businessman, Investors, Money, Ponzi Scheme, Probable Cause, Realization, Running, Square Foot, Tim Durham, Tim Morrison, Unlawful Acts, Wire Fraud No Comments »Former Stratton Oakmont Executive Charged in Securities Fraud Case
November 25th, 2009 Before You Invest Irving Stitsky, a former executive at Stratton Oakmont, along with Mark Alan Shapiro and William B. Foster, have been found guilty of committing securities fraud. The crime involved more than 150 investors who together entrusted Stitsky with $18 million.
The three convicted perpetrated their illegal activity under an umbrella corporation known as, “Cobalt.” The company claimed to acquire and develop real-estate properties, some of which were never under its ownership.
Posted in Finance Fraud Tags: 1990s, Alan Shapiro, Bank Fraud, Boiler Room, Cobalt, Conspiracy Charges, Felons, Fraud Case, Illegal Activity, Investors, Irving Stitsky, Mail Fraud, Misrepresentations, Real Estate Properties, Securities Fraud, Stratton Oakmont, Tax Fraud, Umbrella Corporation, Wire Fraud No Comments »Bear Managers’ Acquittal May Hamper U.S. Fraud Prosecutions
November 11th, 2009 Before You Invest 
A federal jury acquitted two former Bear Stearns hedge fund managers of defrauding investors. Ralph Cioffi and Matthew Tannin were found not guilty on all charges of conspiracy, securities fraud and wire fraud. They were accused of deliberately misleading investors before the financial crisis.
Posted in Finance Fraud Tags: Acquittal, Bear Stearns, Bear Stearns Hedge Fund, Federal Jury, Financial Crisis, Fraud Charges, Hedge Fund Manager, Hedge Fund Managers, Legal Experts, Mccaughey, Misleading Investors, Newsone, Prosecutions, Prosecutors, Ralph Cioffi, Reuters, Securities Fraud, Smiles, Street Managers, Tannin, Wire Fraud No Comments »SEC busts a ‘master of deceit’ in $14M Ponzi scheme
October 20th, 2009 Before You Invest Three men are accused of running a Ponzi scheme that scammed more than $14 million from hundreds of Haitian-American investors in South Florida and New Jersey.
In a complaint filed Friday, the Securities and Exchange Commission said Ronnie Eugene Bass Jr., Abner Alabre and Brian Taglieri promised to double their clients’ money every 90 days through their HomePals Investment Club.
“The extraordinary promises made by these three men spread by word of mouth throughout a close-knit community,” said Glenn Gordon, associate director of the SEC’s Miami regional office.
Posted in Finance Fraud Tags: Abner, American Investment, American Investors, Criminal Charges, Delray Beach, Grand Jury Indictment, Investment Club, Investment Clubs, Investments Club, Master Trader, Money Laundering, New Clubs, Ponzi Scheme, Prospective Clients, Securities And Exchange Commission, Securities Fraud, Stock Options, Taglieri, Trading Losses, Wire Fraud No Comments »Prosecution begins Opening Statements in Case Against Former Bear Sterns Hedge Fund Managers
October 15th, 2009 Before You Invest Opening statements by the prosecution began today in the trial of one time Bear Stern employees Ralph Cioffi and Matthew Tannin. The former hedge fund managers are the first to be tried in connection with a federal probe into the subprime market collapse.
The men are charged with misleading clients who invested into two separate hedge funds that collapsed.
Posted in Finance Fraud Tags: Actuality, Bear Stearns, Bear Stern, Bear Sterns Hedge Fund, Collateralized Debt Obligations, Credit Strategies, Federal Probe, Fund Managers, Hedge Funds, Insider Trading, Investment Policy, Market Collapse, Opening Statements, Personal Money, Ralph Cioffi, Securities Fraud, Strategies Master, Subprime Market, Tannin, Wire Fraud No Comments »
