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Nov 20, 2012

Ex-SAC manager charged in $276 million insider scheme

NEW YORK, Nov 20 (Reuters) – A former hedge fund manager who
worked for a fund affiliated with Steven A. Cohen’s SAC Capital
was arrested on Tuesday in what U.S. prosecutors are calling
“the most lucrative insider-trading scheme ever.”

Mathew Martoma, who worked for CR Intrinsic Investors in
Stamford, a unit of SAC Capital, has been accused of making more
than $276 million in illicit profits based on tips about Elan
Corp and Wyeth LLC, which was bought by Pfizer
in late 2009.

Nov 20, 2012

Former SAC fund manager charged over insider trading

NEW YORK (Reuters) – A former hedge fund manager who worked for a fund affiliated with SAC Capital was arrested on Tuesday in what U.S. prosecutors say could be the most lucrative insider trading scheme ever charged.

Mathew Martoma, who worked for CR Intrinsic Investors, a unit of SAC Capital, has been accused of making more than $250 million in illicit profits based on tips about Elan Corp and Wyeth, which was bought by Pfizer in late 2009.

Nov 19, 2012

New Jersey starting to handle more insider trading cases

NEW YORK (Reuters) – New Jersey’s U.S. prosecutor’s office is picking up more insider trading cases, edging into territory that has historically been dominated by the federal prosecutors in New York City.

The most recent case was unveiled on Monday when prosecutors in Newark announced charges against six people – three of whom were friends from high school – for their alleged roles in an insider-trading ring. The six have been charged for passing tips to each other about healthcare companies which generated $1.4 million in illegal profits.

Nov 17, 2012

Sandy cleanup turns popular New York beach parking lot into dump

NEW YORK (Reuters) – Last summer it was packed with beachgoers, a parking lot where New Yorkers stashed their cars, applied sunscreen and dragged lawn chairs, coolers and umbrellas across the blacktop toward the shore.

Today it’s an enormous waste collection site half a mile long and a quarter-mile wide, piled high with debris from the flooding caused by storm Sandy.

Nov 3, 2012

Power returns to lower Manhattan, but many waiting

NEW YORK, Nov 3 (Reuters) – The lower Manhattan skyline lit
up early Saturday morning for the first time since superstorm
Sandy slammed into the U.S. Northeast while thousands of storm
victims in New Jersey and elsewhere remained in the dark and
awaiting disaster relief.

The power restoration came as gasoline supplies headed to
coastal zones devastated by the record storm surge and to
motorists whose patience has been tested by gasoline rationing
during the painstaking effort to rebuild.

Nov 3, 2012

Power, fuel ease US storm woes, but many still waiting

NEW YORK, Nov 3 (Reuters) – While power returned to much of
Manhattan and fuel supplies were headed for the disaster zone,
residents of some of the hardest-hit areas faced a long wait for
electricity and help after superstorm Sandy’s devastating strike
on the U.S. Northeast.

With the U.S. presidential election just three days away, at
least 3.5 million homes and businesses remained without power in
a region choked with storm debris and long gas lines reminiscent
of the 1970s-era U.S. fuel shortage. Angry residents wondered
when their lives would return to normal.

Nov 3, 2012

Hardest-hit areas left behind as power returns to Manhattan

NEW YORK, Nov 2 (Reuters) – As electricity returns to Lower
Manhattan in the wake of Sandy, residents in some of the
neighborhoods of New York City hardest hit by the giant storm
are complaining that their plight is being overlooked.

In many outlying areas of the city, thousands of people are
going to have to wait up to nine days, and in some cases even
longer, for electricity to be restored to their homes. Some have
lost their houses altogether to floods or fire and others are
dealing with heavy water damage. The lines at the few gas
stations that have fuel to sell stretch around the block and
security is an increasing concern.

Nov 2, 2012

Post-storm anger grows, especially outside Manhattan

NEW YORK (Reuters) – Frustration grew for superstorm Sandy’s victims in the U.S. Northeast on Friday, many of whom were left with no power, no gasoline and little information about when their shattered lives might return to normal.

While Manhattan prepared to host the annual New York City Marathon on Sunday, acute gasoline shortages in the city’s storm-battered outer boroughs and New Jersey led to long lines and short tempers.

Nov 2, 2012

Upper Manhattan struggles with guest influx after Sandy

NEW YORK (Reuters) – While people living north of New York’s Times Square were largely spared from the rising waters and power outages that slammed Lower Manhattan on Monday, they are now dealing with a different kind of flood: Guests.

Refugees from “Blackout City,” the portion of Manhattan that has been without power since late Monday, have been flowing north into parts of the city where life has been fairly normal this week – at least on the surface.

Oct 31, 2012

In “Blackout City” – a quieter, emptier version of Manhattan

NEW YORK (Reuters) – The residents and business owners of lower Manhattan who have lost their electricity this week are beginning to adjust to life in an unfamiliar place: “Blackout City.”

It is a largely quiet place, empty of the crowds that would normally gather to shop, eat, and work there, patrolled by slow-moving police cars with flashing lights and peopled by the lonely bicyclist or dog-walker.

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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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