Latest
Investment Fraud
& Related Newswire
5/25/2006 2:17:00 AM | Bill would crack down on illegal 'naked short selling' 
=(0) The State of Utah is enacting a law that would protect businesses registered there, such as Overstock.com, from illegal naked short selling. Short selling itself is legal but in these cases, the stocks sold are not delivered, which leads to artificially inflated volumes that can drive down actual share prices. In other words, it's market manip...
Read More
5/25/2006 2:17:00 AM | Utah's longest civil suit to continue with wife after plaintiff's death ... =(0) The longest-standing class action lawsuit in Utah has outlived its lead plaintiff. Richard Madsen, 76, has died of Parkinson's Disease; however his wife Nancy Madsen will represent the class of more than 9,000 who are suing Washington Mutual Bank. The case, filed in 1975, has to do with proceeds from advance payments to mortgage company P...
Read More
5/23/2006 2:20:00 PM | Veritas shareholder class-action suit can go to trial, judge rules =(0) A judge has ruled that a shareholder class-action lawsuit against Veritas Software Corp. and its top officials may go ahead. The suit concerns the company's financial results for 2003 and 2004 and alleges fraudulent activities which artificially inflated the share price. ...
Read More
5/22/2006 7:07:00 PM | US telecoms firm investigated over stock options =(0) A new series of investigations is underway in corporate America. This one concerns how companies handle stock options granted to senior executives. Stock options are a common perk, but the problem arises if their exercise price is later backdated and this is not properly disclosed and accounted for. The result may produce a falsely inflated pa...
Read More
5/19/2006 5:53:00 PM | Notice of Filing Securities Class Action Against The Home Depot ... =(0) A class action lawsuit is in the works against Home Depot, on behalf of investors who purchased its stock between May 19, 2001 and February 22, 2005. The suit alleges that the company misled the public concerning its financial condition and operations, allowing the share price to become artifically inflated. Various fraudulent practices ...
Read More
5/18/2006 5:57:00 PM | NYC Lawyers Indicted For Class Action Fraud =(0) A well-known law firm has been indicted for crimes including conspiracy, money laundering and mail fraud. Milberg Weiss, Bershad and Schulman, the company, and two of its partners and two other defendants allegedly took part in a scheme where lead defendants in class action lawsuits were paid and may even have put themselves in jeopardy willin...
Read More
5/18/2006 3:22:00 PM | HealthSouth to Pay US $3 Mln to Avoid Indictment =(0) HealthSouth has reached a non-prosecution agreement with the US Department of Justice. The terms of the settlement involve payment of $3 million to the U.S. Postal Inspection Services Consumer Fraud Fund and three years of probation, involving complete cooperation with government requests for information and access. HealthSouth is attempting t...
Read More
5/11/2006 12:53:00 PM | Universal Music settles payola probe =(0) Universal Music Group Recordings Inc. (UMG) has agreed to settle charges of payola for $12 million. The company was part of NY Attorney General Eliot Spitzer's probe into bribery and wrongdoing in the radio and music industries. UMG allegedly provided benefits such as money, the use of hotel rooms and other gifts in exchange for increased...
Read More
5/10/2006 12:19:00 AM | Spitzer: H&R Block Knew of Bad Advice =(0) New York Attorney General Eliot Spitzer amended his lawsuit against H&R Block, saying he has evidence that not only did the company knowingly sell a poor investment product to its clients, but actively penalized tax preparer employees who expressed concern about this product, even threatening them with dismissal if they did not sell adequate quotas...
Read More
4/5/2006 4:05:00 AM | SEC hits ex-Refco short sellers with fraud charges =(0) The US Securities and Exchange Commission has charged six people with fraud in a stock manipulation scheme. They allegedly conspired to aggressively short-sell the stock of a US software company in an attempt to drive down the share price. Under the conditions of a loan arranged by one of the defendants, this short-selling was illegal....
Read More
4/4/2006 11:08:00 PM | Spitzer sues 'spyware' co. over pop-up ads - =(0) New York Attorney General Eliot Spitzer has initiated his second lawsuit against an alleged internet adware company, Direct Revenue. The aim is to stop the practice of piggybacking unwanted programs into downloads of other items or having these programs self-install when certain websites are visited. These stealth programs (adware or spyware) may m...
Read More
4/4/2006 6:42:00 PM | Lerach Coughlin Stoia Geller Rudman & Robbins LLP Files Class ... - =(0) A class action suit has been filed in Virginia on behalf of investors who purchased shares of TNS in September, 2005. The complaint concerns an alleged failure to disclose information relevant to the company's continuing operations and that revenues were declining for several undisclosed reasons such as contract delays and unfavorable currency exch...
Read More
4/4/2006 5:06:00 PM | Verizon tentatively settles e-mail suit - =(0) A settlement seems to be imminent in the class action lawsuit against Verizon. Pending a judge's approval, the company has proposed a refund structure for customers whose legitimate emails were blocked by their over-enthusiastic spam filter in 2004 and 2005. Verizon claims to have since improved its spam filter system. ......
Read More
4/4/2006 4:30:00 PM | Nortel's governance makeover =(0) This article discusses the implications of the proposed governance reforms to be negotiated as part of the settlement of the outstanding class action lawsuits against Nortel Networks. This is not without precedence but is more complicated in Nortel's case than in the past. Nortel complies with the letter of the law and the rules in both Canada and ...
Read More
4/4/2006 2:53:00 PM | ESpeed fraud lawsuit dismissed, may be refiled - =(0) A lawsuit against electronic bond broker eSpeed has run into problems. A federal judge has dismissed the class action suit by investors because of insufficient evidence including failure to demonstrate intent to commit fraud. The broker's stock plunged sharply in July, 2004 after a poor earnings forecast; previous to the forecast, the company had ...
Read More
4/4/2006 2:20:00 PM | Money Laundering Probe Targets Hyundai =(0) Officials from four Korean investment companies are among suspects arrested in a vast money-laundering scheme involving Hyundai and Kia Motors. The charge is that "slush fund" money was funneled through the companies which illegally profited from the scheme. The President of Kia Motors, Chung Eui-sun, was also arrested....
Read More
4/4/2006 2:09:00 PM | Attorney General Cox, Department of Treasury Continue Fight for ... - =(0) The State of Michigan will serve as one of the lead plaintiffs for the securities class action lawsuit against HealthSouth. The State claims that it has lost around $33 million in the retirement fund for its employees as a result of alleged fraud and admitted criminal wrongdoing. HealthSouth admittedly overstated income for the purpose of artificia...
Read More
4/4/2006 8:57:00 AM | Senior citizens warned of investment scams =(0) Senior citizens are warned that they are prime targets for illegal and unethical investment dealers. Officials urge anyone approached about a prospective investment to exercise common sense, not be lured by promises of unrealistic returns, and to deal only with people known to friends and family. Besides illegal scams, seniors should be wary of inv...
Read More
3/29/2006 5:58:00 PM | Former Prudential manager charged with aiding in trading scheme =(0) As the investigation into the securities fraud at Prudential continues, a former Boston branch manager, Robert E. Shannon, was recently charged by federal prosecutors. The allegation is that one of the brokers whom Shannon supervised began the fraudulent trading practices in 1999; subsequently, other managers allegedly participated for the benefit ...
Read More
3/28/2006 11:16:00 PM | Missouri residents piggyback onto suit against H&R Block - =(0) Another lawsuit has been filed against H&R Block claiming misrepresenatation with regard to their Express IRA product. This follows the suit in New York by Attorney General Eliot Spitzer. The program is targeted for low-income H&R Block tax preparation customers, but is structured such that fees tend to outweigh returns....
Read More
Investment Fraud News 1 | Investment Fraud News 2 | Investment Fraud News 3 | Investment Fraud News 4