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Scam artist Bruce Friedman dies in French prison

Former Sherman Oaks money manager Bruce Fred Friedman has died in French custody while awaiting extradition to Los Angeles on charges related to an alleged $228-million investment scam. An official at the US Embassy in Paris confirmed Friedman’s death Monday but declined to say when or how he died. Friedman, 62, had been in a […]

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Business executive pleads, faces 5 years

Jon Latorella, 48, of Marblehead, the former chief executive officer of LocatePlus, was charged along with former LocatePlus Chief Financial Officer James Fields of Brookline with setting up sham corporations that they then claimed to be customers of their business, a Cummings Center-based information broker. Federal prosecutors say the fictitious companies, including one that was […]

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Brookstreet CEO fined $10 million for securities fraud

The Securities and Exchange  Commission today announced that a federal judge has ordered the former CEO of  Brookstreet Securities Corp. to pay a maximum $10 million penalty in a  securities fraud case related to the financial crisis. The SEC litigated the case beginning in December 2009, when the agency  charged Stanley C. Brooks and Brookstreet […]

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Goldman Sachs faces regulators over mortgage backed securities

Goldman Sachs received a so-called Wells notice Feb. 24 from the Securities and Exchange Commission relating to disclosures for a late-2006 offering of $1.3 billion in subprime residential mortgage-backed securities, the firm said today in an annual financial report. Wells Fargo said it also got an SEC notice as the government examines whether it properly […]

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Co-founders of Canopy Financial, Inc. sentenced

The U.S. Securities and Exchange Commission (Commission) announced that on February 15, 2012, co-founders of the bankrupt Canopy Financial, Inc., a health care transaction-software company based in Chicago, were sentenced to 15 and 13 years in prison for defrauding investors and clients of more than $93 million. Anthony Banas, Canopy’s chief technology officer, was sentenced […]

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