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Aug 8, 2013

Bruno Iksil will face no charges in ‘Whale’ probe: source

NEW YORK (Reuters) – The trader at the center of JPMorgan Chase’s $6.2 billion trading loss last year will not face charges related to the incident, a source familiar with the matter said on Thursday.

Iksil, who worked in JPMorgan’s chief investment office in London and incurred losses on oversized positions in a derivatives market, is cooperating with government investigators, the source said.

Aug 8, 2013

Judge orders hold on administrative proceeding against SAC’s Cohen

NEW YORK (Reuters) – Steven A. Cohen got a reprieve on Thursday, albeit a small and temporary one, when an administrative law judge approved a request to stay a case brought by securities regulators, who have accused the billionaire hedge fund manager of failing to supervise two of his employees.

Chief Administrative Law Judge Brenda P. Murray granted a stay of the U.S. Securities and Exchange Commission’s administrative proceeding against the SAC Capital Advisors founder in an order filed on Thursday.

Aug 8, 2013

Exclusive: U.S. steps up probe of JPMorgan over Bear mortgage bonds

By Emily Flitter, Karen Freifeld and David Henry

(Reuters) – The U.S. Department of Justice has stepped up a probe in recent weeks into Bear Stearns & Co’s mortgage dealings in the run-up to the financial crisis, according to two sources familiar with the situation, raising the possibility that JPMorgan Chase & Co may face yet another case over mortgage bonds.

Justice Department lawyers in Washington have been interviewing people linked to Bear Stearns’ mortgage securitization business, EMC Mortgage Corp, over sales of mortgage bonds going into the housing crisis, the sources said.

Aug 8, 2013

U.S. steps up probe of JPMorgan over Bear MBS -sources

Aug 8 (Reuters) – The U.S. Department of Justice has stepped
up a probe in recent weeks into Bear Stearns & Co’s mortgage
dealings in the run-up to the financial crisis, according to two
sources familiar with the situation, raising the possibility
that JPMorgan Chase & Co may face yet another case over
mortgage bonds.

Justice Department lawyers in Washington have been
interviewing people linked to Bear Stearns’ mortgage
securitization business, EMC Mortgage Corp, over sales of
mortgage bonds going into the housing crisis, the sources said.

Aug 3, 2013

SAC lawyers support delay in civil case against firm’s founder

By Casey Sullivan and Emily Flitter

(Reuters) – Lawyers for SAC Capital Advisors founder Steven A. Cohen expressed support for a government motion to delay insider trading civil proceedings against Cohen, pending related criminal charges against his hedge fund, according to a court filing on Friday.

Cohen’s defense lawyers said that they supported the Justice Department’s motion, with the caveat that the Securities and Exchange Commission promptly provide documents relating to the case, which consists of “at least 375 million pages”.

Aug 1, 2013

Factbox: Tourre verdict boosts SEC’s post-crisis trial record

NEW YORK (Reuters) – Holding people liable for roles they played in the 2008 financial crisis has not been easy for the U.S. Securities and Exchange Commission, which a jury ruled mostly for on Thursday in the civil fraud trial of former Goldman Sachs trader Fabrice Tourre.

The SEC says it has brought enforcement actions against 157 people and entities and collected $2.68 billion in penalties and other monetary judgments in response to the crisis. Only three of these cases have gone to trial, and the results, at best, are mixed.

Aug 1, 2013

Tourre verdict boosts SEC’s post-crisis trial record

NEW YORK, Aug 1 (Reuters) – Holding people liable for roles
they played in the 2008 financial crisis has not been easy for
the U.S. Securities and Exchange Commission, which a jury ruled
mostly for on Thursday in the civil fraud trial of former
Goldman Sachs trader Fabrice Tourre.

The SEC says it has brought enforcement actions against 157
people and entities and collected $2.68 billion in penalties and
other monetary judgments in response to the crisis. Only three
of these cases have gone to trial, and the results, at best, are
mixed.

Jul 30, 2013

Accused tipper to SAC hedge fund arrested in insider-trading probe

By Emily Flitter and Dan Levine

(Reuters) – A securities analyst accused of leaking secret information in 2009 about a potential partnership between Yahoo and Microsoft to an SAC Capital Advisors hedge fund manager and other traders was arrested and charged in California, prosecutors said on Tuesday.

Sandeep Aggarwal, who worked as an analyst covering technology stocks before moving to India to start his own internet company, was arrested on Monday by FBI agents in San Jose while visiting the United States. He made his initial appearance in San Francisco federal court on Tuesday, charged with conspiracy to commit securities fraud and wire fraud related to insider trading.

Jul 29, 2013

‘Real Housewives’ New Jersey couple facing fraud charges

NEW YORK (Reuters) – She was called a “dumb ass” on national television on Sunday, but things got worse for reality TV “Real Housewife” Teresa Guidice on Monday when she and her husband, Giuseppe, were charged with fraud and tax evasion.

The two cast members of “The Real Housewives of New Jersey” were indicted in U.S. District Court in New Jersey on a total of 39 charges, including bankruptcy fraud, making false statements on loan applications, bank fraud and conspiracy to commit mail and wire fraud, according to court filings.

Jul 26, 2013

SAC Capital pleads not guilty, but remains silent to investors

NEW YORK (Reuters) – Billionaire investor Steven A. Cohen’s hedge fund pleaded not guilty on Friday to insider trading charges in federal court, as investors in the roughly $15 billion fund awaited word on plans for the fund’s future.

Several SAC Capital Advisors LLP clients said they had yet to be contacted officially by the firm in an investor-wide call or note. Investors have until August 16 to decide if they will submit a redemption request to the fund. At least one client called, but could get no information.

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