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A federal appeals court Friday upheld the 2009 conviction and 50-year prison sentence of Minnesota businessman Tom Petters, who was found guilty of orchestrating a $3.7 billion Ponzi scheme. The Eighth U.S. Circuit Court of Appeals ruled that Petters got a fair trial. A three-judge panel rejected defense claims that the U.S. District Judge Richard […]
On December 5, 2011, the Securities and Exchange Commission charged four Chinese citizens and a Chinese-based entity with insider trading and obtained an emergency court order to freeze their assets after they reaped more than $2.7 million in profits by trading in advance of a recent public announcement of a merger agreement between London-based Pearson […]
On November 30, 2011, the Securities and Exchange Commission filed an enforcement action under seal in federal court in Washington D.C. and obtained an emergency court order to halt a prime bank scheme that defrauded at least 13 investors out of more than $2 million since August 2010. The Court unsealed the action on December […]
On November 17 Judge John F. Grady of the U.S. District Court for the Northern District of Illinois entered a final judgment against Jeffrey R. Neufeld (Neufeld) and Paridon Capital Management LLC (Paridon) of Elgin, Illinois for defrauding the TCM Global Strategy Fund (TCM Fund or the fund), a hedge fund, and its investors. Without […]
SEC Chairman Mary Schapiro, in a letter sent to senators late Monday, asked Congress to pursue legislation that changes the legal formulas used by the agency to calculate penalties. Ms. Schapiro’s proposals would allow the SEC to impose fines up to nine times greater than the maximum currently allowed by U.S. law. The changes would […]