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SEC stops $150 million investment scheme

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 […]

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S&P Sued by Justice Departments over credit ratings

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 […]

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California resident pleads guilty in $80 million Ponzi scheme

Anthony Vassallo, 33, of Folsom, California, pleaded guilty today for his role in a massive investment fraud scheme that brought in more than $80 million from more than 300 investors, U.S. Attorney Benjamin B. Wagner, FBI Special Agent in Charge Herbert M. Brown, and Internal Revenue Service (IRS) Criminal Investigation (CI) Special Agent in Charge […]

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$300 million Ponzi scheme exposed

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, […]

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Many equity structured products linked to Apple may now be underwater

Last year, at least 450 new structured products were linked to Apple, according to SLCG. Three-quarters of them were issued when the stock was at least $550. The shares closed Friday at $439.88, down $60 for the week. As a result, the value of Apple-linked products suffered a one-week drop of more than 15%, estimates […]

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