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Jun 25, 2013

CFTC likely to charge MF Global execs beyond Corzine: legal experts

NEW YORK (Reuters) – The lawsuit that the U.S. Commodity Futures Trading Commission is considering filing against MF Global chief executive Jon Corzine would require the CFTC also to charge other former MF Global employees, legal experts said on Tuesday.

The CFTC is preparing to recommend to its commissioners that a civil complaint against Corzine be filed in federal court, a person familiar with the matter said. The potential suit was first reported by the New York Times on Tuesday.

Jun 14, 2013

FINRA director in U.S. resigns after old theft indictment surfaces

NEW YORK (Reuters) – A regional director for the securities industry’s self-regulatory agency resigned several weeks after the organization received a letter revealing the official had pleaded guilty two decades ago to charitable bingo fraud.

The letter, which was reviewed by Reuters, was sent on May 21 by former securities broker David Evansen to Richard Ketchum, the chief executive officer of the Financial Industry Regulatory Authority and Susan Axelrod, FINRA’s executive vice president of regulatory operations.

Jun 11, 2013

NY U.S. prosecutors’ chief media officer joining SAC’s PR firm

NEW YORK (Reuters) – The top public affairs officer for U.S. federal prosecutors in Manhattan is leaving to join public relations group Sard Verbinnen & Co, which represents many high-profile financial firms, including Steven A. Cohen’s SAC Capital Advisors, according to the firm’s co-founder George Sard.

Ellen Davis, who has spent just less than three years as the chief public information officer for prosecutors in the U.S. District Court in the Southern District of New York, will leave her position at the end of the month and join Sard in September.

Jun 6, 2013

Analysis: SAC insider-trading probe could last years

NEW YORK (Reuters) – The conventional wisdom on Wall Street is the clock is running out for U.S. prosecutors to make a case against billionaire trader Steven A. Cohen and his hedge fund SAC Capital Advisors after years of investigation.

There is a legal prohibition against filing criminal charges based on an instance of insider trading more than five years old, and two of the sets of trades viewed by legal analysts as having the best chances of leading prosecutors to Cohen were made five years ago, in July and August of 2008.

Jun 6, 2013

SAC insider-trading probe could last years

NEW YORK, June 6 (Reuters) – The conventional wisdom on Wall
Street is the clock is running out for U.S. prosecutors to make
a case against billionaire trader Steven A. Cohen and his hedge
fund SAC Capital Advisors after years of investigation.

There is a legal prohibition against filing criminal charges
based on an instance of insider trading more than five years
old, and two of the sets of trades viewed by legal analysts as
having the best chances of leading prosecutors to Cohen were
made five years ago, in July and August of 2008.

Jun 5, 2013

Global $200 million credit card hacking ring busted

NEW YORK (Reuters) – Eleven people in the United States, the UK and Vietnam have been arrested and accused of running a $200 million worldwide credit card fraud ring, U.S. and UK law enforcement officials said on Wednesday.

“One of the world’s major facilitation networks for online card fraud has been dismantled by this operation, and those engaged in this type of crime should know that they are neither anonymous, nor beyond the reach of law enforcement agencies,” Andy Archibald, interim Deputy Director of the National Cyber Crime Unit, said in a statement on the British government’s Serious Organized Crime Agency website. (here)

May 31, 2013

Digital currency firms rush to adopt anti-money laundering rules

LOUIS (Reuters) – These are unsettling times for digital currency businesses and the venture capitalists backing them.

On Tuesday, authorities in Spain, Costa Rica and New York arrested five people at the digital currency firm Liberty Reserve, including its founder Arthur Budovsky, and seized related bank accounts and Internet domains.

May 29, 2013

U.S. accuses currency exchange of laundering $6 billion

NEW YORK (Reuters) – U.S. prosecutors have filed an indictment against the operators of digital currency exchange Liberty Reserve, accusing the Costa Rica-based company of helping criminals around the world launder more than $6 billion in illicit funds linked to everything from child pornography to software for hacking into banks.

The indictment unsealed on Tuesday said Liberty Reserve had more than a million users worldwide, including at least 200,000 in the United States, and virtually all of its business was related to suspected criminal activity.

May 28, 2013

U.S. shuts digital money system it suspects of cyber-criminal links

NEW YORK/ST LOUIS, May 28 (Reuters) – U.S. authorities
revealed on Tuesday they have shut down a Costa Rica-based money
transfer company that they said provided a digital currency
system widely used around the world by cyber-criminals.

In a statement, officials said authorities in Spain, Costa
Rica and New York arrested five people on Friday and seized bank
accounts and Internet domains associated with the company,
Liberty Reserve.

May 28, 2013

U.S. shuts alleged cyber-criminal money transfer system

NEW YORK (Reuters) – U.S. authorities said on Tuesday they have shut down a Costa Rica-based money transfer company that allegedly provided a digital currency widely used around the world by cyber-criminals.

In a statement, officials said authorities in Spain, Costa Rica and New York arrested five people on Friday and seized bank accounts and Internet domains associated with the company, Liberty Reserve.

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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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