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Sep 12, 2014

U.S. uses state secrets law to intervene in Iran-related lawsuit

NEW YORK, Sept 12 (Reuters) – The U.S. government has moved
to invoke a powerful national security law to dismiss a private
lawsuit against a non-profit group, United Against A Nuclear
Iran, on grounds that the case could reveal state secrets,
according to a court filing on Friday.

Lawyers for the government argued that proceedings in the
private dispute between a Greek businessman and U.S.-based UANI
could “cause harm to national security” if they are allowed to
continue. The document in federal court in New York said the
secrets were “properly classified national security information”
which would be described in another filing that would not be
made public.

Aug 28, 2014

U.S. may use secrets act to stop suit against Iran sanctions group

NEW YORK, Aug 28 (Reuters) – The U.S. government is
considering using a powerful national security law to halt a
private lawsuit against a non-profit group, United Against A
Nuclear Iran, according to a source familiar with the case.

Greek businessman and ship owner Victor Restis last year
sued UANI for defamation after the New York-based group, whose
advisors include former intelligence officials from the United
States, Europe and Israel, accused him of violating sanctions on
Iran by exporting oil from the country.

Aug 28, 2014

Exclusive: U.S. may use secrets act to stop suit against Iran sanctions group

NEW YORK (Reuters) – The U.S. government is considering using a powerful national security law to halt a private lawsuit against a non-profit group, United Against A Nuclear Iran, according to a source familiar with the case.

Greek businessman and ship owner Victor Restis last year sued UANI for defamation after the New York-based group, whose advisors include former intelligence officials from the United States, Europe and Israel, accused him of violating sanctions on Iran by exporting oil from the country.

Aug 22, 2014

U.S. federal prosecutors questioning GM lawyers on vehicle recalls: source

By Emily Flitter

(Reuters) – U.S. federal prosecutors have learned that lawyers for General Motors Co were present at key meetings during which information about problems with some of its vehicles were discussed, a source close to the investigation said.

The prosecutors from the U.S. Department of Justice have asked how lawyers attending those meetings participated in them and what they did afterward with the information that was shared during the meetings, the source said.

Jul 24, 2014

Morgan Stanley to pay $275 mln penalty for misleading RMBS investors

NEW YORK/WASHINGTON, July 24 (Reuters) – The U.S. Securities
and Exchange Commission said on Thursday it had charged Morgan
Stanley with misleading investors about two mortgage-backed
securities it issued before the 2008 financial crisis, and that
the bank would pay $275 million to settle the case, according to
a press release.

The SEC found Morgan Stanley had not given investors in the
securities, which were called Morgan Stanley ABS Capital I Inc.
Trust 2007-NC4 and Morgan Capital I Inc. Trust 2007-HE7, the
correct information about how many of the mortgages they
contained were delinquent, the release said.

Jul 2, 2014

U.S. SEC, in about-face, ends probe of ex-Goldman banker

NEW YORK, July 2 (Reuters) – The U.S. Securities and
Exchange Commission has dropped an insider trading investigation
targeting a former Goldman Sachs investment banker after
initially deciding to file a case against him, the ex-banker and
his lawyer said on Wednesday.

“I’m grateful that the SEC took the time to consider all the
facts and drop the investigation,” Matthew Korenberg, the former
Goldman banker, said.

Jun 25, 2014

U.S. charges two more in IBM insider trading case

NEW YORK, June 25 (Reuters) – U.S prosecutors in Manhattan
unsealed an indictment on Wednesday against two men they said
participated in a ring of information-sharing that led to
illegal trading in a technology company acquired by IBM
in 2009.

Daryl Payton Jr. and Benjamin Durant III were arrested on
Wednesday morning, a spokesman for the Federal Bureau of
Investigation said. Each faces five counts of securities fraud
and one count of conspiracy to commit securities fraud,
according to the indictment.

Jun 19, 2014

Exclusive: UBS faces criminal probe for Puerto Rico bond fund sales – lawyers

NEW YORK (Reuters) – U.S. authorities are probing UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz) for criminal fraud after a former broker in Puerto Rico allegedly directed clients to improperly borrow money to buy mutual funds that later plunged, according to lawyers representing some of the investors.

At issue is whether UBS executives in Puerto Rico and in the United States knew proceeds from loans made by a Utah unit of the Swiss bank were used in a way that violated its own lending rules. If they knew about the practice and did not stop it, they could be criminally responsible for the alleged fraud.

Jun 13, 2014

GM employees under probe for defective ignition switch: sources

By Emily Flitter

(Reuters) – U.S. prosecutors are interviewing present and former General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) employees as part of their criminal probe into the automaker’s ignition-switch problem that has been linked to at least 13 deaths, two sources said.

Since early this year, GM has been enveloped in a scandal over why it took more than a decade to begin recalling low-cost Chevrolet Cobalts, Saturn Ions and other cars with the problems that were causing the vehicles to stall during operation.

Jun 3, 2014

Exclusive: U.S. lawmakers probe Treasury unit’s hiring, will object to Obama nominee

WASHINGTON/ST LOUIS (Reuters) – Two powerful congressmen have opened separate inquiries into whether a Department of the Treasury bureau charged with policing money laundering may have flouted federal hiring rules, including regulations that require military veterans be given preference for government jobs.

Darrell Issa, a California Republican who chairs the House oversight panel, expressed concern about possible improper hiring practices at the Financial Crimes Enforcement Network.

    • About Emily

      "Based in New York covering financial crimes, including insider trading, investment scams, accounting fraud and financial firm misconduct."
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