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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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Hedge fund managers charged in Ponzi scheme complaint

US Attorney Anne M Tompkins made the announcement in conjunction with Chris Briese, Special Agent in Charge of the Federal Bureau of Investigation (FBI), Charlotte Division, and Jeannine A Hammett, Special Agent in Charge of the Internal Revenue Service-Criminal Investigation Division (IRS-CI). According to the criminal indictment, the defendants operated “hedge funds” as part of […]

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$2.5 million civil penalty levied against investment advisor

The Securities and Exchange Commission announced that on February 2, 2012, United States District Judge William C. Caldwell of the United States District Court for the Middle District of Pennsylvania entered an order imposing a $2,500,000 civil penalty jointly and severally against defendants Robert Glenn Bard and Vision Specialist Group, LLC. In an earlier order […]

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AIJ Investment Advisor's operations frozen – investor losses believed to be more than $2 billion

AIJ Investment Advisors Co.’s operations were halted Friday after regulators said the firm allegedly lost “most of’” the ¥183 billion ($2.3 billion) in pension assets it managed. Japanese credit rater Rating & Investment Information Inc. warned in a 2009 newsletter to clients that AIJ had “unnaturally stable returns” despite a down market. Although AIJ wasn’t […]

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Harbinger bet on LightSquared draws SEC scrutiny

Phil Falcone’s Harbinger Capital Partners LLC lost 47 percent for investors in his main hedge fund last year as he was forced to slash the value of his troubled wireless venture by more than half.  Most of the decline in the Harbinger Capital Partners Offshore Fund I came from Falcone’s investment in LightSquared Inc., which […]

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