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DBSI which went bankrupt last fall, was “doomed to fail,” said Joshua R. Hochberg, an examiner appointed by a bankruptcy court to examine DBSI’s business affairs. But the company’s troubles did not stop founder and president Douglas Swenson and other officers, directors, owners and top employees from giving “significant amounts of money to themselves,” according to […]
Former AIG CEO Hank Greenberg has agreed to pay the SEC $15 million to settle past accounting issues, as reported by the Wall Street Journal. The settlement addresses allegations related to accounting practices during his tenure at AIG, reflecting ongoing efforts by the SEC to hold corporate leaders accountable for financial misconduct. Additionally, former AIG […]
Two Ohio families and their pastor filed a federal lawsuit in Minneapolis this week accusing some “confusingly intertwined” Twin Cities investment advisers and a dozen business entities of fraud, misrepresentation and other breaches in the handling of their life savings. The eight plaintiffs claimed Trevor Cook, 37, of Burnsville and Gerald Durand, 58, of Lakeville […]
Carlyle Group is being probed by New York prosecutors and the U.S. Securities and Exchange Commission over whether the world’s second-largest private- equity firm made illegal payments to intermediaries to secure $1.3 billion in investments from the state’s pension fund, according to a person with knowledge of the matter. New York Attorney General Andrew Cuomo […]
2008 will forever be the year that subprime mortgages and corporate scandals altered the face of Wall Street. With $800 billion in writedowns and losses the market found itself buried under the weight of the subprime crisis. Stock markets worldwide crashed by more than $30 trillion taking mega investment houses like Bear Stearns down with […]