The Securities and Exchange Commission today announced charges and an asset freeze against an individual living in Illinois and two companies behind an investment scheme defrauding foreign investors seeking profitable returns and a legal path to U.S. residency through a federal visa program. The SEC alleges that Anshoo R. Sethi created A Chicago Convention Center […]
The Department of Justice has filed a civil suit against Wall Street’s largest credit rating agency. Standard & Poor’s is accused of knowingly committing fraud by issuing falsely inflated credit ratings between 2004 and 2007. The government estimates that S&P could be liable for $5 billion in damage if found guilty, in what is seen […]
Federal officials say they’ve charged five former real estate executives in a $300 million Ponzi scheme, the Associated Press is reporting. According to the AP, the Securities and Exchange Commission filed civil charges in Miami federal court Wednesday against former Cay Club president and CEO Fred Davis Clark Jr., chief accounting officer David W. Schwarz, […]
More than $241 million of structured notes tied to Apple face losses after a 27 percent drop in the stock of the world’s most valuable company eroded built-in cushions that protect investors. Banks issued 76 U.S. notes linked to Apple stock during the seven weeks starting Aug. 20 when the company was valued at $650 a […]
The Securities and Exchange Commission (SEC) announced that on January 17, 2013, in a criminal action brought by the U.S. Attorney’s Office for the Northern District of Illinois, the Honorable James B. Zagel in the Northern District of Illinois sentenced Kenneth A. Dachman (Dachman) to 120 months in prison on 11 counts of wire fraud […]