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Nov 18, 2013

Prosecutors say ‘Real Housewives’ stars lied about housewife status

NEW YORK (Reuters) – Prosecutors on Monday accused “Real Housewives of New Jersey” stars Teresa and Joe Giudice of lying eight years ago about whether Teresa was really a housewife.

A federal grand jury in Newark, New Jersey, added two new counts to the long list of fraud charges against the husband and wife, prosecutors said.

Nov 8, 2013

In SAC case, one chain of insider tips hit dead end before Cohen

NEW YORK, Nov 8 (Reuters) – As lawyers for SAC Capital
Advisors made final preparations on Friday to enter an expected
guilty plea in the insider trading case against the hedge fund,
a late-night filing in a related criminal case offered a close
look at how one trail of inside information went cold just
before it reached SAC founder Steven A. Cohen.

The filing, made in the insider trading case against SAC
executive Michael Steinberg, offers one clue about why
prosecutors have not filed criminal charges against Cohen
personally despite making a case that the firm itself had
violated the law. It provides details related to a key aspect
necessary for proving any insider trading case: Did the person
authorizing the trades knowingly base the trading decision on
insider information?

Nov 8, 2013

In SAC case, one chain of insider tips reached a dead end before Cohen

NEW YORK (Reuters) – As lawyers for SAC Capital Advisors made final preparations on Friday to enter an expected guilty plea in the insider trading case against the hedge fund, a late-night filing in a related criminal case offered a close look at how one trail of inside information dead ended just before it reached SAC founder Steven A. Cohen.

The filing provides details related to a key aspect of necessary for proving any insider trading case: Did the person authorizing the trades knowingly base the trading decision on insider information?

Nov 7, 2013

U.S. arrests man for selling guns online for Bitcoins

NEW YORK (Reuters) – As part of their quest to crack down on anonymous Internet criminal marketplaces, U.S. authorities arrested a New Hampshire man for selling guns online in exchange for the digital currency Bitcoin on the Internet site Black Market Reloaded, U.S. prosecutors in New Jersey said on Thursday.

Prosecutors charged the man, Matthew Crisafi, 38, with conspiracy to commit money laundering, smuggling goods from the United States and selling firearms without a license. He was to be presented in court in New Hampshire late on Thursday before being brought to New Jersey to face the charges.

Nov 6, 2013

Silk Road’s alleged mastermind makes first NY court appearance

NEW YORK (Reuters) – A lawyer for 29-year-old Ross William Ulbricht, the man U.S. prosecutors say operated the anonymous online criminal marketplace Silk Road, on Wednesday said his client would plead not guilty to drug trafficking, hacking and money laundering charges.

Joshua Dratel, who spoke after Ulbricht’s first appearance in Manhattan federal court, said his client is not the man federal prosecutors are trying to make him out to be. He said he would begin making the case for Ulbricht to be released on bail to await his trial. Ulbricht is currently being held in a federal detention center in Manhattan. His bail hearing is scheduled for November 21.

Nov 5, 2013

SAC lack of contrition after plea deal angers prosecutors

NEW YORK (Reuters) – It was only two lines of text – an adjective here, a sentence there – but it almost disrupted the plea deal Steven A. Cohen’s embattled hedge fund had just struck with U.S. prosecutors over insider trading charges.

SAC agreed to plead guilty on Monday to four counts of securities fraud and one count of wire fraud, and pay $1.2 billion in fines and forfeitures as part of the deal.

Nov 4, 2013

Hedge fund titan Cohen to come under outside monitor’s purview

NEW YORK, Nov 4 (Reuters) – Steven A. Cohen is going to have
a government minder as he winds down his SAC Capital Advisors
hedge fund after it agreed on Monday to plead guilty in a nearly
decade-long insider trading investigation.

The provision for a compliance consultant, highlighted by
prosecutors on Monday in announcing a proposed $1.2 billion
settlement and guilty plea, marked the latest instance of what
has become a growing trend of the U.S. Department of Justice
requiring companies to retain outside monitors as part of
settlements.

Nov 4, 2013

U.S. to put SAC hedge fund out of business over insider trading

NEW YORK (Reuters) – Billionaire investor Steven A. Cohen’s days as a hedge fund manager may be over with his SAC Capital Advisors agreeing to plead guilty to insider trading charges and pay a record $1.8 billion in fines and forfeitures.

But Cohen, one of Wall Street’s best known traders, will likely continue to be a major player for years to come. He has not been personally charged with any crime and has some $9 billion of his own money that he is expected to manage through a family office once his hedge fund’s plea deal is cleared by the courts.

Nov 4, 2013

SAC to plead guilty in insider trading case: prosecutors

NEW YORK (Reuters) – Steven A. Cohen’s embattled hedge fund SAC Capital Advisors will plead guilty in federal court and pay $1.8 billion to settle charges stemming from an insider trading investigation that lasted more than five years, prosecutors said on Monday.

The two sides reached a settlement agreement which, if approved by a judge, would also resolve a civil forfeiture action against SAC and its affiliates, prosecutors said.

Oct 14, 2013
via Unstructured Finance

FBI not waiting for Silk Road owner’s Bitcoin password

From the frenzied coverage of the U.S. Federal Bureau of Investigation’s takedown of the online drug marketplace Silk Road early this month one story has emerged as particularly popular among Bitcoin insiders: A report from Forbes on Oct 4 said the FBI had tried and failed to seize alleged Silk Road owner Ross Ulbricht’s personal stash of the digital currency, supposedly worth $80 million.

The FBI is now saying that’s just not true.

According to the Forbes report, the feds managed to seize all the Bitcoin Silk Road had in its accounts, but when it came to going after Ulbricht’s “personal” Bitcoin account, the job wasn’t that easy. Ulbricht had a higher level of protection on his own account than he did on Silk Road’s digital “wallets,” as they are called, and the feds are stuck waiting for Ulbricht to cough up his password before they can take his Bitcoin.

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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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