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Path cleared for Whistleblower to sue UBS

UBS AG lost a bid Tuesday to dismiss a whistle-blower lawsuit by a former commercial mortgage-backed securities strategist who said he was fired for refusing to publish misleading research reports. U.S. District Judge Jesse Furman in Manhattan found that Trevor Murray, who was fired in February 2012, could move forward with his case. Murray alleges […]

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SAC executives are received subpoenas

Four senior executives at Steven Cohen’s SAC Capital Advisors LP received subpoenas as part of the U.S. multiyear probe into insider trading at the hedge fund firm, a person with knowledge of the matter said. Subpoenas were sent to Tom Conheeney, president of SA; Steve Kessler, head of compliance; and Phillipp Villhauer, head trader. A […]

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SEC charges Victorville and others in connection with municipal bond offering

The Securities and Exchange Commission today charged that the City of Victorville, Calif., a city official, the Southern California Logistics Airport Authority, and Kinsell, Newcomb & DeDios (KND), the underwriter of the Airport Authority’s bonds, defrauded investors by inflating valuations of property securing an April 2008 municipal bond offering. Victorville Assistant City Manager and former […]

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Gold takes largest single day plunge since 1980s

Gold plunged for the second straight day Monday, dropping more than 8% at midday in what was shaping up as the metal’s biggest one-day percentage decline in 30 years.  Gold for April delivery, the front-month contract, was down 8.6% at $1,372.10 a troy ounce on the Comex division of the New York Mercantile Exchange at […]

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Ponzi scheme architect sentenced to 10 years

A man accused of cheating California residents out of hundreds of millions of dollars in what prosecutors characterized as one of the largest real estate Ponzi schemes in state history has been sentenced to 10 years in prison. A Shasta County Superior Court judge issued the sentence against Gary Armitage, 62, on Monday, as some of […]

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