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Former Houston based attorney pleads to Ponzi scheme

A former attorney in Houston who portrayed himself as a real estate investment tycoon has pleaded guilty in a $7.8 million Ponzi scheme.  Federal prosecutors in Houston say 67-year-old Billy Frank Davis pleaded guilty Monday to wire fraud. Investigators say more than 20 investigators were scammed.  Prosecutors say Davis during the past 10 years pretended […]

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SEC charges San Francisco investment adviser and its owner for fraud

The Securities and Exchange Commission brought fraud charges against San Francisco-based hedge fund manager Hausmann-Alain Banet and his firm Lion Capital Management. According to the SEC’s complaint, Banet stole more than a half-million dollars from a retired schoolteacher who thought she was investing her retirement savings in Banet’s hedge fund. According to the SEC’s complaint […]

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Former IndyMac CEO settles with SEC

The U.S. Securities and Exchange Commission today announced that on September 28, 2012, the United States District Court for the Central District of California entered a settled final judgment as to Michael W. Perry, the former Chief Executive Officer and Chairman of the Board of IndyMac Bancorp, Inc. IndyMac, through its main subsidiary, IndyMac Bank, […]

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SEC to take second look at money market fund regulation

The US Securities and Exchange Commission is again seeking a study of money-market regulations after ChairmanSchapiro’s bid to advance new rules fell short. SEC Republican commissioners Gallagher and Paredes, together with Democrat Aguilar, sent a letter yesterday to Schapiro and SEC Chief Economist Craig Lewis reiterating a call for an analysis of whether certain rules could disrupt money-market funds […]

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Oregon based hedge fund manager charged with running Ponzi scheme

The Securities and Exchange Commission today filed fraud charges against a Portland, Oregon-based investment adviser who perpetrated a long-running Ponzi scheme that raised over $37 million from more than 100 investors in the Pacific Northwest and across the country. The SEC alleges that Yusaf Jawed used false marketing materials that boasted double-digit returns to lure […]

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