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Sep 18, 2012

Freed American says more U.S. citizens remain in Nicaraguan jails

NEW YORK (Reuters) – When a guard at a Nicaraguan prison showed Jason Puracal the newspaper headline saying he would be freed, he tried to walk out of jail that instant, only to be sent back to his cell.

A few days later, however, Puracal, the U.S. citizen who was jailed in Nicaragua two years ago after being wrongfully convicted of drug trafficking and money laundering, walked free.

Sep 6, 2012

Senate committee launches probe of JPM’s “Whale” losses

NEW YORK (Reuters) – A Senate committee has launched a probe into JPMorgan Chase’s “London Whale” trading losses, according to a source familiar with the investigation.

The Permanent Subcommittee on Investigations, chaired by Senator Carl Levin, is interviewing current and former employees of JPMorgan’s (JPM.N: Quote, Profile, Research, Stock Buzz) Chief Investment Office in connection with the bank’s $5.8 billion loss on trades in an obscure corner of the credit market, according to the source.

Jul 28, 2012

Insight: At least three banks seen central to Libor rigging

By Carrick Mollenkamp and Emily Flitter

(Reuters) – New details from court documents and sources close to the Libor scandal investigation suggest that groups of traders working at three major European banks were heavily involved in rigging global benchmark interest rates.

Some of those traders, including one who used to work at Barclays Plc in New York, still have senior positions on Wall Street trading desks.

Jul 28, 2012

At least three banks seen central to Libor rigging

July 28 (Reuters) – New details from court documents and
sources close to the Libor scandal investigation suggest that
groups of traders working at three major European banks were
heavily involved in rigging global benchmark interest rates.

Some of those traders, including one who used to work at
Barclays Plc in New York, still have senior positions
on Wall Street trading desks.

Jul 20, 2012
via MacroScope

Giving up on the middle class

With more dismal U.S. economic data emerging this week, one marketing consultant wealth manager is advising her financial industry clients colleagues to ignore the masses altogether and focus solely on the ultra rich.

In an article on wealthmanagement.com, April Rudin, CEO of The Rudin Group (which, for the record, says it only focuses on clients of high and higher net worth), describes a “new reality” in which many wealth managers are marketing themselves to people who “will in the future not be able to afford their products and services.”

Jul 18, 2012

In the JPMorgan scandal, a rush to hire lawyers

NEW YORK (Reuters) – The two-month-old investigation by U.S. authorities into how a group of traders in London caused a nearly $6 billion trading loss at JPMorgan Chase & Co. is leading some players who were connected to the unit involved in the scandal to hire lawyers.

The latest former JPMorgan executive to retain a lawyer to deal with the federal probe and the bank’s ongoing internal investigation is Irvin Goldman, who was the chief risk officer for the bank’s Chief Investment Office (CIO) during the period when the trading losses began to mount.

Jul 11, 2012

Libor price fixing case is getting work for lawyers

NEW YORK, July 11 (Reuters) – More than a dozen current and
former employees of several large banks under investigation for
allegedly trying to manipulate benchmark interest rates have
hired defense lawyers over the past year, according to people
familiar with the matter.

The individuals, some whom were employed in either New York
or London by Barclays, UBS and Citigroup, have retained lawyers
as a federal grand jury in Washington, D.C. gathers evidence for
potential criminal charges, these people said.

Jul 2, 2012

Insight: Green Mountain’s coffee distributor brews controversy

NEW YORK (Reuters) – A U.S. Securities and Exchange Commission investigation into the accounting practices of Green Mountain Coffee Roasters is casting a spotlight on M. Block & Sons, a little-known consumer products distributor.

The 18-month Green Mountain probe marks the third time in a dozen years that securities regulators have looked at the accounting practices of a company that used Chicago-based M. Block to store and help deliver its products to major retailers.

Jul 2, 2012

Green Mountain’s coffee distributor brews controversy

NEW YORK, July 2 (Reuters) – A U.S. Securities and Exchange
Commission investigation into the accounting practices of Green
Mountain Coffee Roasters is casting a spotlight on M. Block &
Sons, a little-known consumer products distributor.

The 18-month Green Mountain probe marks the third time in a
dozen years that securities regulators have looked at the
accounting practices of a company that used Chicago-based M.
Block to store and help deliver its products to major retailers.

Jun 21, 2012

SAC Capital’s Cohen questioned by SEC investigators

BOSTON/NEW YORK (Reuters) – The U.S. government is again shining the spotlight on hedge fund titan Steven A. Cohen amid a high-profile campaign to root out improper trading on Wall Street.

Cohen, whose $14 billion SAC Capital ranks as one of the world’s biggest and most successful hedge funds, was recently deposed by investigators from the U.S. Securities and Exchange Commission, according to two people with knowledge of the matter who said they were not permitted to speak about it publicly.

    • About Emily

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