(Crain’s) — Motorola Inc. is asking a judge to prevent one of its top cell phone executives from disclosing confidential information in his new job with rival Nokia Corp.
Motorola sued David Hartsfield, who oversaw development of top products such as the Droid smartphone. The company is seeking a temporary restraining order to prevent Mr.
Posts Tagged ‘Wrongdoing’
Motorola sues former executive who jumped to Nokia
January 18th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Confidential Information, Crain, Droid, Hartsfield, Judge Charles, Lawful Employment, Lawsuit States, Legitimacy, Livelihood, Motorola Inc, Network Technology, New Job, Nokia Corp, Pricing Strategies, Secret Information, Technology Industry, Telecommunications Company, Temporary Restraining Order, Verizon Wireless, Wrongdoing 
No Comments »Settlement and Judgment Reached in SEC Investigation into Striker Petroleum, LLC.
December 18th, 2009 Before You Invest Last week a judgment was entered against Striker Petroleum, LLC in US District Court. Striker is a limited liability company based out of Frisco, Texas involved in acquiring oil and gas properties with the intent to increase production. The company, however, was charged in an Securities and Exchange Commission (SEC) investigation with perpetrating multiple wrongdoings.
The judgment against Striker and its two main officers, Mark Roberts and Christopher Pippin, calls for Striker to be disgorged of its ill-gotten gains.
Posted in Finance Fraud Tags: Civil Penalties, Current, Disgorged, Frisco Texas, Ill Gotten Gains, Initial Investment, Investors, Judgment Against, Limited Liability Company, Llc, Mark Roberts, Oil And Gas, Petroleum, Pippin, Sec Investigation, Securities And Exchange, Securities And Exchange Commission, Striker, Us District Court, Wrongdoing No Comments »Scottrade Fined for Deficiencies in Anti-Money Laundering Program
October 27th, 2009 Before You Invest Scottrade has been handed a $600,000 fine by the Financial Industry Regulatory Authority (FINRA) for failing to implement an adequate anti-money laundering (AML) program. By failing to implement an effective AML program, Scottrade violated certain sections of the Bank Secrecy Act and FINRA rules.
In this specific case, Scottrade is being fined for three main reasons:
1.
Posted in Finance Fraud Tags: Anti Money Laundering, Applicable Rules, Bank Secrecy Act, Business Model, Compliance, Confidence, Deficiencies, Financial Industry Regulatory Authority, Finra, Guidance, Investors, Money Movement, Regulatory Bodies, Regulatory Body, Scottrade, Semblance, Surveillance, Suspicious Activity, Wrongdoing 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 created the impression it was still financially viable with the assistance 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 »Visa and MasterCard hit by Hungarian fine
September 25th, 2009 Before You Invest Authorities in Hungary have fined Visa Europe, MasterCard and some of the country’s biggest commercial banks after ruling that they formed an illegal bank card fee cartel.
According to Reuters, GVH – the competition authority – found the three parties guilty of limiting competition by creating and maintaining an interchange fee structure.
MasterCard and Visa were hit with a combined fine of $2.6 million, while the country’s financial institutions were ordered to pay a total penalty of $5.25 million – of which $1.52 million was levied against OTB Bank, the largest institution of its kind in Hungary.
Chairman of the GVH ruling panel Tihamer Toth said at a news conference that “competition between the two card firms and the card-accepting banks was distorted and limited” as a result of the cartel.
However, all parties have denied any wrongdoing and Visa and MasterCard both stated that they plan to appeal.
The GVS was established in 1990 and aims to promote “fairness and freedom” in relation to competition in markets in Hungary.
Posted in Finance Fraud Tags: 6 Million, Authorities, Cartel, Commercial Banks, Competition Authority, Fairness, Fee Structure, Financial Institutions, Freedom, Gvs, Hungary Europe, Hungary Visa, Interchange Fee, Mastercard, Mastercard Visa, News Conference, Reuters, Visa And Mastercard, Visa Mastercard, Wrongdoing No Comments »Goldman Sachs and Deutsche Bank issued with subpoenas
July 31st, 2009 Before You Invest A US Senate panel has issued subpoenas to Goldman Sachs and Deutsche Bank, it has emerged.
According to the Wall Street Journal, the two financial institutions are being investigated for evidence of wrongdoing or fraud in the collapse of the mortgage market last year.
The probe will focus on whether internal memos from executives at the bank indicate that they were privately unsure of the financial viability of the mortgage securities they were assembling.
Citing people familiar with the matter, the news source said that Washington Mutual, which is now largely owned by JP Morgan Chase, has also been issued with a subpoena.
“It appears likely that several other financial institutions also have received subpoenas,” the newspaper stated.
Both Goldman Sachs and Deutsche Bank reported strong second-quarter earnings earlier this month.
Goldman Sachs’ earnings rose 33 per cent, while net profit at Deutsche Bank rose 68 per cent over the three-month period.
Posted in Finance Fraud Tags: Collapse, Deutsche Bank, Financial Institutions, Financial Viability, Goldman Sachs, Internal Memos, Jp Morgan, Jp Morgan Chase, Mortgage Market, Mortgage Securities, Net Profit, News Source, Second Quarter Earnings, Senate Panel, Subpoena, Subpoenas, Us Senate, Wall Street Journal, Washington Mutual, Wrongdoing No Comments »Feds say investor bilked clients of $24M
July 23rd, 2009 Before You Invest
The head of AA Capital Partners, a Chicago-based investment firm, is facing federal charges that he embezzled $24 million in client funds. John Orecchio, formerly of Arlington Heights, is charged with one count of wire fraud and one count of embezzling.
Posted in Finance Fraud Tags: Arlington Heights, Bowl Game, Capital Partners, Co Owner, Embezzlement, Federal Charges, Federal Officials, Fraud Charge, Horse Farm, Investment Firm, Investment Funds, Lasalle St, Maximum Penalty, Maximum Sentence, Partners Inc, Pension Plans, Political Contributions, Securities And Exchange Commission, Wire Fraud, Wrongdoing No Comments »Billions ‘withdrawn from Madoff accounts before arrest’
May 20th, 2009 Before You Invest Approximately $12 billion was withdrawn from accounts belonging to Bernard Madoff’s investment firm prior to his arrest for running a $65 billion Ponzi scheme, according to reports.
Sources told the New York Times that around half the money was pulled out in the three months leading up to the disgraced broker’s arrest in December 2008.
The newspaper said the figures will offer “a bit of hope” to investors burned by the scam, as under US law the trustee in charge of liquidating Bernard L Madoff Investment Securities can sue those who withdrew the cash.
Indeed, court-appointed trustee Irving Picard has already filed two lawsuits seeking the recovery of $6.1 billion estimated to have been withdrawn from Mr Madoff’s firm over the past ten years.
One of those suits was filed against philanthropic organization the Picower Foundation, its two founders and a number of other defendants.
In his complaint, Mr Picard contests that Barbara and Jeffry Picower should have been aware they were profiting from fraud because of the “implausibly” high returns they received from Mr Madoff.
The couple’s lawyer said they had not been aware of his wrongdoing and played no role in the fraud, Newsday reported.
Posted in Finance Fraud Tags: 1 Billion, Bernard Madoff, Billions, Contests, Founders, Fraud, Investment Firm, Investment Securities, Jeffry, Lawsuits, Lawyer, Liquidating, New York Times, Newsday, Philanthropic Organization, Picard, Picower Foundation, Three Months, Trustee, Wrongdoing No Comments »UBS Sued By Spanish Investor Over Madoff
May 19th, 2009 Before You Invest A Spanish investor asked a court to order UBS AG’s Luxembourg unit to release documents to help show alleged wrongdoing by the bank over losses tied to Bernard Madoff.
UBS’s Luxembourg unit, custodian bank of now defunct Luxembourg Investment Fund, should hand over documents including “an operational memorandum” mentioning UBS, the fund and Bernard L.
Posted in Finance Fraud Tags: American Selection, Bernard Madoff, Custodian Bank, Dozens, Investment Firm, Investment Fund, Investment Securities, Investor, Investors, Lawyer, Losses, Luxembourg, Operational Memorandum, Perrot, Sicav, Spanish Investment, Swiss Bank, Ubs, Ubs Ag, Wrongdoing No Comments »9,000 Madoff Claims and Counting….
May 14th, 2009 Before You Invest A court-appointed trustee unraveling Bernard Madoff’s massive fraud signaled Thursday that he may go after the disgraced financier’s family to pay victim claims, which have grown to almost 9,000.
Legal action against the family “is a matter that’s being looked into,” trustee Irving Picard said during a telephone conference call with reporters.
Picard already has filed lawsuits in bankruptcy court in Manhattan to try to force hedge funds and other large investors to return $10.1 billion in fictitious profits paid by Madoff’s firm, alleging they should have known about the fraud.
Posted in Finance Fraud Tags: Bankruptcy Court, Bernard Madoff, Conference Call, Court Filings, Financier, Harbeck, Hedge Funds, Inner Circle, Investor Money, Investor Protection, Last November, Lavish Lifestyle, Massive Fraud, Picard, Ponzi Scheme, Recovery Efforts, Securities Fraud, Sipc, Telephone Conference, Wrongdoing No Comments »
