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Nov 24, 2013

Nonprofit that flipped homes to investors faces scrutiny

NEW YORK, Nov 24 (Reuters) – A U.S. housing regulator has
been investigating the activities of a small California
not-for-profit that bought hundreds of foreclosed
homes through a federally backed program intended to help local
communities hurt by the housing bust, according to government
documents reviewed by Reuters.

The U.S. Department of Housing and Urban Development’s
Office of the Inspector General late last year began probing San
Diego-based Heartland Coalition’s participation in the “First
Look” program in Las Vegas and other U.S. cities, according to a
redacted investigation report and a letter from the regulator in
response to a Freedom of Information Act request.

Nov 21, 2013

Judge denies bail for alleged Silk Road founder Ulbricht

NEW YORK (Reuters) – A federal judge on Thursday denied a petition to release alleged Silk Road founder Ross Ulbricht from jail before his trial, concluding that the bail proposal his defense team presented was not strong enough to dispel worries that the 29-year-old would try to flee or take violent action.

Following the judge’s ruling, disappointed sighs were heard from a few members of Ulbricht’s family who attended the hearing. “Oh God,” said Ulbricht’s mother, Lyn LaCava Ulbricht.

Nov 21, 2013

SAC’s Steinberg sought ‘illegal edge,’ prosecutor tells jurors

NEW YORK (Reuters) – A lawyer for Michael Steinberg, a one-time top deputy at Steven A. Cohen’s fund SAC Capital Advisors, said Wednesday his client was being unjustly vilified by a former employee acting out of his own self-interest.

But a federal prosecutor countered that Steinberg actively sought an “illegal edge” through trades on secret information cultivated through a “corrupt circle” of analysts, including one working at SAC who has pleaded guilty to insider trading.

Nov 18, 2013

Prosecutors say ‘Real Housewives’ stars lied by claiming she wasn’t housewife

NEW YORK, Nov 18 (Reuters) – Prosecutors on Monday accused
“Real Housewives of New Jersey” stars Teresa and Joe Giudice of
lying eight years ago when they claimed on loan applications
that Teresa was a realtor, not 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 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.

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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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