The SEC has charged Robert Allen Stanford, a prominent Texas businessman, in connection with an $8 billion fraud in the sale of so-called certificates of deposit that promised unrealistic rates of return. Stanford guaranteed fixed-income investments by “promising improbable and unsubstantiated high interest rates,” according to a statement by the SEC.
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Kevin Bacon, Sandy Koufax, Mets Owners All Got Screwed By Madoff
By 2.5.09
A court filing in U.S. Bankruptcy Court in Manhattan made public a 162-page document listing his various clients, which include Hall of Fame Pitcher Sandy Koufax, actor Kevin Bacon, and the Wilpon family, owners of the New York Mets.
SEC Ignored Warnings On $50 Billion Ponzi Scheme Since 1999
By 12.17.08
SEC’s chief announced they had repeatedly received since 1999″credible and specific allegations” about Madoff’s $50 billion pyramid scheme…
SEC, Treasury Throw More Sandbags Into The Wall Street Flood Waters
By 9.19.08
The SEC has temporarily banned short selling of 799 financial stocks, and the Treasury Department has said that it would guarantee (temporarily?) money market funds up to the amount of $50 billion. The New York Times called this move “startling” because money market funds have long been considered one of the safest investments — about as safe as a savings account.
By 5.1.08
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Bank of America will pay a nearly $10 million settlement to 15,000 customers after feeding investors information that was biased towards its own funds, says the SEC. [CNNMoney]
FBI Said To Be Investigating Countrywide
By 3.11.08
The FBI has opened an investigation into Countrywide for suspected securities fraud, reports the New York Times. The Justice Department and FBI “are looking at whether officials at Countrywide, the nation’s largest mortgage lender, misrepresented its financial condition and the soundness of its loans in security filings.” So far everything is unofficial because nobody has been authorized to discuss the case, and a Countrywide spokeswoman says, “”We are not aware of any such investigation.”
SEC Cracking Down On Stock Spam
By 10.5.07
The SEC doesn’t like stock spam. They’ve suspended trading in three companies as part of an anti-spam initiative, meant to deter e-mail campaigns that defraud investors.
Man’s $179,000 401k Plan Hacked Drained; No Federal Laws Protect Him
By 1.5.07
David DeSmitdt’s retirement plan with J.P. Morgan got hacked and emptied, and there’s no federal laws to protect him.
Lunatic Overstock CEO Ebullient Over SEC Subpoena
By 5.16.06
We reported last week that the SEC has subpoenaed Overstock.com. And we all already know that Overstock CEO Patrick Byrne is out of his flipping mind. Put those two facts together? This amazing press release straight from Overstock.com, titled (we swear to god!) “Overstock.com Celebrates Receipt of SEC Subpoena.”
SEC Sticks Subpoena to Overstock
By 5.10.06
Overstock.com is an embattled victim under attack by its rivals and a cabal of journalists and shortsellers working to destroy its good name.
SEC Tells Agents to “Check Yourself Before You Wreck Yourself”
By 2.28.06
s enforcement division for subpoenaing two journalists, declaring their behavior renegade.
Overstock.com’s CEO Patrick Byrne ‘Perhaps’ is an Ogre
By 2.27.06
We know Overstock.com sometimes has crappy customer service, as we amusingly revealed.
