Lake Forest resident John E. Walsh, 63, has been sentenced to 12.5 years in federal prison after pleading guilty to fraud charges for operating a Ponzi-type scheme dating back to 2007. Walsh was sentenced just a day before his partner, Charles G. Martin, 46, formerly of Glencoe, was hit with a 17 year prison sentence on […]
Laurie Schneider, of Oceanside, New York, has been indicted for operating Ponzi schemes that defrauded investors of more than $4 million.1 The defendant was arraigned earlier today before United States Magistrate Judge A. Kathleen Tomlinson at the United States Courthouse, 100 Federal Plaza, Central Islip, New York. The charges were announced by Loretta E. Lynch, […]
Wall Street’s own watchdog filed a complaint against Charles SchwabCorp on Wednesday accusing the online brokerage of requiring customers to waive their rights to pursue class actions against the firm, a violation of industry rules. The Financial Industry Regulatory Authority alleged that San Francisco-based Schwab added a new provision in October to more than 6.8 […]
Despite a pending Finra complaint against his firm, David Lerner has continued to pitch nontraded REITs improperly, according to an amended complaint filed in December by the self-regulator. In the amended filing, the Financial Industry Regulatory Authority Inc. went after Mr. Lerner personally and added more allegations to the original May 2011 complaint against his […]
Carlyle Group LP abandoned a plan to ban shareholders from filing class-action lawsuits after U.S. regulators threatened to block a stock sale the private-equity firm is seeking to complete as soon as April. The Washington-based firm amended the documents for its initial public offering on Jan. 10 to include a provision that would have required […]