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Nov 18, 2014

U.S. hits Georgia-based debt collector with fraud charges

NEW YORK (Reuters) – Federal authorities announced fraud charges against a Georgia-based debt collection company and seven of its employees on Tuesday, saying they used threats of jail and other hardball tactics to convince more than 6,000 people to cough up money the company said they owed.

According to a criminal complaint filed by federal prosecutors in Manhattan, the company, Williams Scott & Associates, known as WSA, collected more than $4 million by claiming in phone calls to victims that it had been hired by the U.S. government to collect debts and fees for nonexistent offenses like “check fraud.”

Nov 11, 2014

Special Report: For these oil and gas bets, the odds favor the house

NEW YORK (Reuters) – Atlas Energy LP has a deal for investors eager to get in on the U.S. energy boom: Contribute at least $25,000 in a partnership that will drill for oil and gas in Texas, Ohio, Oklahoma and Pennsylvania and then share any revenue from the wells’ output.

Atlas Resources LLC, a subsidiary of the Pittsburgh, Pennsylvania-based energy group, aims to raise as much as $300 million before the offer closes Dec. 31. The company says it will toss in up to $145 million of its own capital, too.

Nov 11, 2014

For these oil and gas bets, the odds favor the house

NEW YORK, Nov 11 (Reuters) – Atlas Energy LP has a deal for investors eager
to get in on the U.S. energy boom: Contribute at least $25,000 in a partnership
that will drill for oil and gas in Texas, Ohio, Oklahoma and Pennsylvania and
then share any revenue from the wells’ output.

Atlas Resources LLC, a subsidiary of the Pittsburgh, Pennsylvania-based
energy group, aims to raise as much as $300 million before the offer closes Dec.
31. The company says it will toss in up to $145 million of its own capital, too.

Oct 31, 2014

Exclusive: American Realty Capital facing criminal probe over accounting – sources

NEW YORK (Reuters) – U.S. authorities have opened a criminal probe of American Realty Capital Properties in the wake of the real estate investment trust’s disclosure that it had uncovered accounting errors, two sources familiar with the matter said on Friday.

The Federal Bureau of Investigation is conducting the investigation along with prosecutors from U.S. Attorney Preet Bharara’s office in New York, the sources said. Further details of the probe could not be learned.

Oct 31, 2014

American Realty Capital facing criminal probe over accounting-sources

NEW YORK, Oct 31 (Reuters) – U.S. authorities have opened a
criminal probe of American Realty Capital Properties in
the wake of the real estate investment trust’s disclosure that
it had uncovered accounting errors, two sources familiar with
the matter said on Friday.

The Federal Bureau of Investigation is conducting the
investigation along with prosecutors from U.S. Attorney Preet
Bharara’s office in New York, the sources said. Further details
of the probe could not be learned.

Oct 15, 2014

Wife of convicted ex-SAC employee petitions to keep cash, home

NEW YORK, Oct 15 (Reuters) – A federal judge in Manhattan
will soon have to weigh in on how the family of a convicted
insider trader should live while the man spends nearly a decade
in federal prison.

The wife of Mathew Martoma, who was caught using secret tips
to trade two stocks while working for SAC Capital Advisors,
asked a court on Wednesday to let her keep the couple’s $2.2
million Florida home and roughly $4.5 million in cash, according
to a filing.

Oct 14, 2014

Ex-Merck analyst faces insider trading charges on merger tips

NEW YORK (Reuters) – Federal criminal prosecutors in New York charged a former Merck & Co Inc employee with conspiracy to commit fraud for tipping a contact about potential mergers, including Merck’s takeover of Idenix Pharmaceuticals ahead of a public announcement in June, according to a court filing on Tuesday.

In charging Zachary Zwerko, the filing referred only to “the pharmaceutical company where he was employed at the time.” But his profile on the business networking site LinkedIn describes him as a former senior analyst for Merck and his lawyer confirmed that Zwerko worked at Merck during the relevant period. The lawyer declined to comment on the case.

Oct 9, 2014

U.S. SEC delays decision on fate of $602 mln SAC settlement

NEW YORK, Oct 9 (Reuters) – The U.S. Securities and Exchange
Commission on Thursday asked a judge for more time to decide
whether money from a $602 million settlement with SAC Capital
Advisors should go to investors claiming they are victims of
SAC’s insider trading scheme.

The decision is being closely watched because of the size of
the settlement, as well as the significance of a ruling by the
SEC on whether victims can indeed be identified in insider
trading cases.

Oct 8, 2014

U.S. judge to decide state secrets procedure in Iran case

NEW YORK, Oct 8 (Reuters) – The U.S. government on Wednesday
asked a federal judge in Manhattan to dismiss a private civil
lawsuit against an Iran sanctions group on national security
grounds without any public explanation for the reason.

If the judge agrees, it would mark the first time the
government had invoked the state secrets privilege without
publicly explaining its motivation for doing so.

Oct 3, 2014

U.S. SEC to decide if investors share in $600 mln SAC settlement

NEW YORK, Oct 3 (Reuters) – The U.S. Securities and Exchange
Commission will decide next week whether investors in two drug
stocks at the center of the largest-ever insider trading case
are entitled to compensation.

If the SEC rules in their favor, the investors could seek a
portion of the $602 million the SEC collected in a settlement
from a division of SAC Capital Advisers after former portfolio
manager Mathew Martoma was caught trading on secret tips. It
would be the SEC’s largest payout ever to insider trading
victims. The settlement money would otherwise go to the U.S.
Treasury.

    • About Emily

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