The Securities and Exchange Commission accused New York hedge-fund manager Corey Ribotsky and his firm of hiding losses and spending investors’ money on luxuries such as cars and a Rolex watch. Mr. Ribotsky’s firm, NIR Group LLC, invested through so-called PIPE transactions, or private investment in public equity, which often involve deals with small companies […]
Securities and Exchange Commission staff found “apparent failures” at each of the 10 credit rating agencies they examined, including Standard & Poor’s, Moody’s, and Fitch, the agency said on Friday in its first annual report on credit raters. The SEC sent letters outlining the staff’s concerns to each of the ratings firms and demanded a […]
Lehman Brothers Holdings Inc defended on Tuesday a proposed plan to end the largest bankruptcy in U.S. history, but said it will alter certain language to resolve objections from the U.S. Trustee. Lehman filed court papers in U.S. Bankruptcy Court in Manhattan asking Judge James Peck to approve the outline for its $65 billion payback […]
Regulators filed a lawsuit Tuesday against Goldman Sachs Group Inc., accusing the investment bank of violating federal and state securities laws in the sale of $1.2 billion in mortgage-backed securities. The lawsuit, filed in U.S. District Court in Los Angeles, seeks damages in excess of $491 million. It is the fourth securities lawsuit to be […]
A hedge fund group owned by Massachusetts Mutual Life Insurance Co. has agreed to pay more than $1 billion to customers of imprisoned fraudster Bernard Madoff, in one of the largest settlements with the trustee in Madoff bankruptcy case. Under the agreement, announced today, Tremont Group Holdings of Rye, N.Y., and its Rye Select family […]