NEW YORK (Reuters) – Faced with steep budget cuts, the U.S. federal court system on Monday slashed $15 an hour from the fees it pays private lawyers to represent poor criminal defendants.
The Judicial Conference of the United States said it would cut rates for non-capital cases to $110 an hour from $125. For death penalty cases, the rate drops to $163 an hour from $178.
NEW YORK (Reuters) – Billionaire fund manager Philip Falcone agreed to a five-year ban from the financial industry and will admit wrongdoing to settle charges by the U.S. Securities and Exchange Commission that he improperly used money from his hedge fund and unfairly favored some of his investors, the SEC announced on Monday.
While the ban would put at least a temporary end to Falcone’s hedge fund career, the consent order detailing the agreement does not say Falcone is barred from being a director or officer of a public company. Two spokesmen for the SEC did not immediately respond to requests for comment.
NEW YORK, Aug 19 (Reuters) – Billionaire fund manager Philip
Falcone agreed to a five-year ban from the financial industry
and will admit wrongdoing to settle charges by the U.S.
Securities and Exchange Commission that he improperly used money
from his hedge fund and unfairly favored some of his investors,
the SEC announced on Monday.
While the ban would put at least a temporary end to
Falcone’s hedge fund career, the consent order detailing the
agreement does not say Falcone is barred from being a director
or officer of a public company. Two spokesmen for the SEC did
not immediately respond to requests for comment.
Aug 16 (Reuters) – A financial broker who was sued six years
ago by “Seinfeld” actress Julia Louis-Dreyfus is under
investigation for lying on registration forms submitted to the
Financial Industry Regulatory Authority, according to a
Bambi Holzer, a Beverly Hills, California-based broker known
both for her frequent television appearances and the dozens of
complaints against her by one-time clients, was informed on July
18 about the investigation, according to FINRA’s website.
NEW YORK (Reuters) – The JPMorgan Chase & Co executives who supervised the traders at the center of the “London Whale” scandal are unlikely to face any charges over a trading debacle that cost the largest U.S. bank more than $6.2 billion, people familiar with the probe said.
Federal prosecutors on Wednesday brought criminal charges against two former JPMorgan traders – Javier Martin-Artajo and Julien Grout – accusing the pair of deliberately understating losses on the trades on JPMorgan’s books.
NEW YORK (Reuters) – Federal prosecutors in Manhattan on Wednesday criminally charged two former JPMorgan Chase & Co employees with wire fraud and a conspiracy to falsify books and records related to the bank’s $6.2 billion trading losses last year, according to court papers.
The charges, the first to arise from the “London Whale” trading scandal, say the two employees, Julien Grout and Javier Martin-Artajo, had deliberately tried to hide hundreds of millions of dollars in losses on trades in a portfolio of synthetic credit derivatives.
NEW YORK (Reuters) – U.S. authorities investigating the $6.2 billion “London Whale” trading losses at JPMorgan Chase & Co are considering making arrests, the latest twist in a case that created a scandal for the largest U.S. bank, according to two people familiar with the situation.
The main target of the investigation is Javier Martin-Artajo, according to the sources, who did not want to be identified because the investigation is ongoing. Artajo worked in London as the direct supervisor of Bruno Iksil, the trader who became known as “the London Whale” after making outsized bets in a thinly traded derivatives market.
NEW YORK (Reuters) – Lawyers for Steven A. Cohen’s hedge fund, SAC Capital Advisors, reached a formal agreement with federal prosecutors to allow the hedge fund to continue to operate while the criminal case against it proceeds, according to a source briefed on the matter.
According to the source, SAC will be required to hold on to the vast majority of the assets it manages for Cohen. The source declined to speak on the record because the agreement has not yet been approved by a judge.
NEW YORK (Reuters) – Three months after a team of international law enforcement officials raided the digital currency firm Liberty Reserve, cyber experts say criminals are increasingly turning to another online currency called Perfect Money.
Idan Aharoni, the head of cyber intelligence at EMC Corp’s RSA security division, said that some online scam artists and thieves are using Perfect Money’s digital currency to launder money and conceal profits in much the same way they allegedly did with Liberty Reserve’s currency.
NEW YORK (Reuters) – The U.S. Department of Justice has stepped up a probe in recent weeks into Bear Stearns mortgage dealings in the run-up to the financial crisis, adding to JPMorgan Chase & Co’s legal problems, according to three sources familiar with the situation.
JPMorgan bought failing Bear Stearns with government encouragement during the financial crisis in 2008, but then became embroiled in private lawsuits by mortgage bond insurers alleging that home loans underlying securities were rotten from the start.