NEW YORK (Reuters) – A former merchandising executive at teen apparel retailer Aeropostale Inc (ARO.N: Quote, Profile, Research, Stock Buzz) on Wednesday was sentenced to eight years in prison after being convicted of defrauding the company and taking more than $25 million in kickbacks from a key vendor.
Christopher Finazzo, a former executive vice president and chief merchandising officer at Aeropostale, was also ordered by U.S. District Judge Roslynn Mauskopf in Brooklyn, New York, to forfeit more than $25 million and pay the company $13.7 million in restitution.
Aug 20 (Reuters) – A U.S. appeals court has handed a major
victory to a federal regulatory agency suing big banks over the
sale of toxic mortgage-backed securities to since-failed credit
unions, ruling that the lawsuits were not filed too late.
The 10th U.S. Circuit Court of Appeals in Denver ruled on
Tuesday in favor of the National Credit Union Administration
(NCUA), which could be a boost for the Federal Housing Finance
Agency (FHFA), which is also suing banks over bad mortgage
securities, and quickly seized on the decision.
NEW YORK (Reuters) – Royal Bank of Scotland Group Plc (RBS.L: Quote, Profile, Research, Stock Buzz) said on Wednesday it had reached a settlement allowing it to use a key piece of software in its trade finance business that a U.S. judge had prevented the bank from using due to copyright infringement.
Terms of the settlement with Complex Systems Inc were not disclosed. But RBS in a statement said the deal would allow it to use the company’s BankTrade software and continue processing trade finance transactions across all of its legal entities.
NEW YORK (Reuters) – A Florida man accused of engaging in a scheme to sell more than $1 million in bitcoins to users of the illicit online marketplace Silk Road on Tuesday lost a bid to narrow his criminal case.
Robert Faiella, 54, who prosecutors say was an underground exchanger of bitcoins, had urged a New York federal judge to dismiss one of two counts against him, operating an unlicensed money transmitting business, because bitcoins are not money.
NEW YORK (Reuters) – A former partner at defunct law firm Jenkens & Gilchrist, whom prosecutors have called the most important cooperating witness in the largest criminal tax fraud case in U.S. history, was sentenced on Wednesday to six months in prison.
At a court hearing in New York, U.S. District Judge William Pauley also ordered Erwin Mayer, of suburban Chicago, to pay $220 million in restitution jointly with other co-conspirators for his part in the promotion of tax shelters the U.S. government said led to $1.63 billion in lost revenue.
NEW YORK, July 28 (Reuters) – The former chief operating
officer of Philip Falcone’s hedge fund Harbinger Capital
Partners has agreed to pay $200,000 to resolve charges he aided
a scheme to misappropriate fund assets, the U.S. Securities and
Exchange Commission said Monday.
The SEC said Peter Jenson also agreed to admit wrongdoing as
part of the accord, which would resolve a lawsuit the SEC
launched in 2012 against him, Falcone and Harbinger.
NEW YORK, July 26 (Reuters) – Texas tycoon Sam Wyly and the
estate of his late brother Charles should pay damages totalling
$1.41 billion for their role in a scheme that hid trades in
companies they controlled using offshore trusts, the U.S.
Securities and Exchange Commission said.
In a court filing late on Friday, the SEC said the amount
was justified by the finding of a New York federal court jury
that the Wylys had engaged in a fraud that over 13 years earned
them $553 million in profits that were not disclosed to
investors in the companies.
NEW YORK (Reuters) – A former Bank of America Corp derivatives trader who pleaded guilty to conspiring to falsify documents was spared prison on Friday after spending years helping the government probe bid-rigging in the $3.7 trillion municipal bond market.
Brian Zwerner, a former manager of Bank of America’s municipal derivatives desk, was sentenced to spend three years on probation and pay a $10,000 fine by U.S. District Judge Victor Marrero in New York.
NEW YORK (Reuters) – An investment adviser in his 70s was found guilty on Thursday on charges he defrauded clients by funneling money to a New York horse racing firm and small, thinly traded companies in exchange for secret kickbacks.
A federal jury in New York found James Tagliaferri, who managed TAG Virgin Islands, Inc in St. Thomas, guilty on 12 of 14 counts including investment adviser fraud, securities fraud, and wire fraud.
NEW YORK, July 24 (Reuters) – A U.S. judge on Thursday
expressed concern over a proposed $450 million settlement of
claims Apple Inc conspired with five publishers to fix
e-book prices, saying its provisions could drastically reduce
money paid to consumers depending on appeals.
U.S. District Judge Denise Cote in Manhattan said she found
“most troubling” a clause requiring Apple to pay only $70
million if an appeals court reversed her finding that the
company is liable for antitrust violations and sent it back to
her for further proceedings.