EIC/Wall Street investigations
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May 21, 2011

Sen. Grassley investigating SAC Capital trades

CHICAGO/NEW YORK (Reuters) – Senate Judiciary Committee head Charles Grassley is investigating possible insider trading at SAC Capital Advisors LLP, highlighting increased public scrutiny of potential wrongdoing by hedge funds.

The Financial Industry Regulatory Authority last week provided Grassley with about 20 instances of suspicious trading at the hedge fund, a spokeswoman for the senator confirmed on Saturday.

May 21, 2011

U.S. senator investigating SAC Capital trades

CHICAGO/NEW YORK, May 21 (Reuters) – A powerful U.S.
Republican lawmaker is investigating possible insider trading
at SAC Capital Advisors LLP, highlighting increased public
scrutiny of potential wrongdoing by hedge funds.

The Financial Industry Regulatory Authority last week
provided Senate Judiciary Committee head Charles Grassley with
about 20 instances of suspicious trading at the hedge fund, a
spokeswoman for the senator confirmed on Saturday.

May 13, 2011
via Reuters Investigates

A Philadelphia story

Photo

Tyrone Gilliams is a commodities trader who likes to party hardy but is now being sued by an investor for fraud.

In terms of dollars, this case isn’t the biggest–the investor claims Gilliams misappropriated some $4 million and spent it on personal expenses. But the lawsuit reveals that apparent investment schemes continue to proliferate, even after the implosion of Bernard Madoff’s giant Ponzi scheme.

May 12, 2011

Special Report: A fame-seeking Philly trader’s rap falls flat

NEW YORK (Reuters) – Tyrone L. Gilliams Jr., a commodities trader, part-time online preacher and hip hop event promoter, is not one for understatement.

In a promotional video for a celebrity-studded charity event last December — among the headliners was rapper Sean “Diddy” Combs — Gilliams mugs for the camera. Posing with stacks of money on his lap, he bills himself as a mogul, a philanthropist and a self-starter.

May 12, 2011

A fame-seeking Philly trader’s rap falls flat

NEW YORK, May 12 (Reuters) – Tyrone L. Gilliams Jr., a
commodities trader, part-time online preacher and hip hop event
promoter, is not one for understatement.

In a promotional video for a celebrity-studded charity event
last December – among the headliners was rapper Sean “Diddy”
Combs – Gilliams mugs for the camera. Posing with stacks of
money on his lap, he bills himself as a mogul, a philanthropist
and a self-starter.

Apr 28, 2011

Former SAC analyst settles insider charges with SEC

NEW YORK/BOSTON (Reuters) – Former SAC Capital Advisors LP analyst Jonathan Hollander reached a settlement with U.S. securities regulators over allegations he engaged in insider trading in his personal account, while working at Steven A. Cohen’s $12 billion hedge fund.

In settling with the U.S. Securities and Exchange Commission on Thursday, Hollander agreed to pay a penalty of about $222,000, which included a fine and restitution for profits he, a family member and a friend made from trading on a January 2006 tip about the buyout of the Albertsons’ supermarket chain, his lawyer said.

Apr 28, 2011

Harbinger’s Falcone gives details on SEC probes

BOSTON/NEW YORK, April 28 (Reuters) – Billionaire hedge
fund manager Philip Falcone recently gave investors more
information about three U.S. government investigations into his
Harbinger Capital Partners fund firm.

In a year-end financial statement, Falcone also disclosed
for the first time that his $6 billion firm paid $60 million to
settle a lawsuit with NACCO Industries.

Apr 21, 2011

From Hannibal Lecter to Bernie Madoff

NEW YORK (Reuters) – Bernard Madoff — the architect of history’s biggest Ponzi scheme — and Gary Ridgway – the Green River killer — would seem to have little in common aside from being branded as “monsters” in the tabloids.

But a team of FBI agents, the same ones who specialize in helping local police track down serial killers like Ridgway, are using their expertise in behavioral profiling to target white collar criminals like Madoff.

Apr 20, 2011
via Reuters Investigates

The Silence of the Madoffs

The FBI profiling group made famous in the movie The Silence of the Lambs is turning its attention to white collar criminals. It’s not that the FBI has grown bored with serial killers, it is more an indication of the growth industry white collar crime seems to have become.

The financial crisis not only was the undoing of Bernie Madoff’s long-running Ponzi scheme, it also brought down Allen Stanford’s empire and exposed dozens of other apparent investment schemes. And, lately, it appears federal authorities in New York keep finding another hedge fund trader who made money from illegal stock tips.

Apr 20, 2011

Special Report: From Hannibal Lecter to Bernie Madoff

NEW YORK (Reuters) – Bernard Madoff — the architect of history’s biggest Ponzi scheme — and Gary Ridgway – the Green River killer — would seem to have little in common aside from being branded as “monsters” in the tabloids.

But a team of FBI agents, the same ones who specialize in helping local police track down serial killers like Ridgway, are using their expertise in behavioral profiling to target white collar criminals like Madoff.