Blogs
The logo of KPMG. (Photo credit: Wikipedia)
Here's what we are reading today:
KPMG Audit Partner Resigns Amidst Insider Allegations (Bloomberg) - KPMG LLP fired the head of its Los Angeles audit practice after learning that he provided inside information to someone who used it to trade stocks. The partner, Scott London, was the lead auditor for Skechers U.S.A. Inc. (SKX), according to David Weinberg, the shoemaker’s chief financial officer. Herbalife Ltd. (HLF) and Skechers said in statements that KPMG is withdrawing as their auditor. The U.S. Justice Department and the Securities and...
Full Tilt Poker (Photo credit: Wikipedia)
Here's what we are reading today:
Full-Tilt Poker Founder to Plead Guilty But Avoid Prison (Bloomberg) - Full Tilt Poker founder Raymond Bitar, accused of using funds from online players to finance company operations and pay its owners, will plead guilty under an agreement that will let him avoid prison and obtain a needed heart transplant.
Two Real Estate Developers in Austin, TX Heading to Prison (Austin BJ) - The case against the two dates back to August or September 2008 when they began negotiations with Texas Capital Bancshares Inc. and U.S....
Here's what we are reading on April Fool's Day - No Kidding:
35 Educators Indicted on Fraud in Atlanta (News 10) - A grand jury today indicted 35 Atlanta educators on racketeering and other charges in the 4-year-old Atlanta Public Schools cheating scandal. Fulton County District Attorney Paul Howard said the 35 were indicted on 65 counts, including racketeering, making false statements and improperly influencing witnesses.
Two Inmates Walk Away From Federal Prison Camp in Duluth, MN (News Tribune) - Two inmates, one 64 and the other 67 simply walked away into the night from a federal prison...
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SAC Capital's Michael Steinberg Arrested (WSJ) - Michael Steinberg, 40 years old, was led out of his building on New York's Park Avenue in handcuffs around 6 a.m. Mr. Steinberg has worked at Stamford, Conn.-based SAC since 1997 and at its Sigma Capital Management unit in New York since 2003, dealing closely with SAC's billionaire founder Steven A. Cohen. Details of the charges are expected to become public later Friday.
Is SAC's Steve Cohen Buying Off the US Govt? (New Yorker) - If the government was coming down on you for illegal (insider trading) activities,...
English: The Supreme Court of the United States. Washington, D.C. Français : La Cour suprême des Ãtats-Unis. Washington D.C., Ãtats-Unis. âªNorsk (bokmÃ¥l)â¬: Høyesterett i USA. Washington, D.C. (Photo credit: Wikipedia)
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Prison Guards Can Be Sued for Abuse (Washington Post) - The Supreme Court ruled unanimously Wednesday that the federal government can be sued for abuse claims against prison guards. The high court ruled for Kim Lee Millbrook, a prisoner at the federal prison in Lewisburg, Pa., who had accused prison guards of sexually assaulting him in...
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Registered Nurse Pleads Guilty to Medicare Fraud (FBI) - A registered nurse who fabricated nursing visit forms in connection with a $24 million home health care fraud conspiracy in Detroit pleaded guilty today for her role in the scheme
Owner of Non-Profit Foster Care Being Investigated in Wisconsin (WI State Journal) - The state Department of Children and Families has revoked CCR's license, alleging that Simon, 62, and his wife, Mary, 47, overcharged taxpayers $6.1 million between 2009 and 2011. Much of the excess money went toward maintenance of a lavish...
Petrichloral (Photo credit: Wikipedia)
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California Counselmen Found Guilty of Misappropriation (Bloomberg) - Remember Bell, CA? The town where the city manager, Robert Rizzo, paid himself and fellow counsel members outrageous salaries? Well 5 of them were convited at trial this week .... Rizzo's trial is still pending along with the assistant city manager, Angela Spaccia.
Closing Arguments in John Bravata Trial in Detroit (Livingston Daily) - The trial of outspoken investor who is accused of running a Ponzi scheme with his son is coming to an end. A jury will...
English: Mug shot of Charles Ponzi (March 3, 1882 – January 18, 1949). Charles Ponzi was born in Italy and became known as a swindler for his money scheme. His aliases include Charles Ponei, Charles P. Bianchi, Carl and Carlo. Italiano: Foto segnaletica di Charles Ponzi. Charles Ponzi (Lugo, 3 marzo 1882 – Rio de Janeiro, 18 gennaio 1949) è stato un truffatore italiano. Immigrò negli Stati Uniti, dove divenne uno dei più grandi truffatori della storia americana. (Photo credit: Wikipedia)
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Life Sentence For White-Collar Crime (Forbes) - We found a case...
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Play by Play of London Whale Hearing (Rolling Stone) - In case you missed it, take a scan of the replay of the live-blog by Matt Taibbi during the Senate hearing on the JPMorgan Chase "London Whale" trade that lost the bank about $6.3 billion. It is amazing what smart people forget.
What is Ahead for SAC Capital (DealBook) - My good friend Peter Henning put together an overview of the settlements that SAC entered into regarding charges of insider trading. A record $602 million paid in fines and disgorgement .... but will anyone go to prison?
Supreme Court Looks...
Richard Milhous Nixon, 37th President of the United States (Photo credit: Wikipedia)
Here's what we are reading:
SAC Capital Pays HUGE $600 million Fine (DealBook) - The government’s multiyear campaign to ferret out insider trading on Wall Street has yielded multiple prosecutions of former employees of SAC Capital Advisors, the giant hedge fund owned by the billionaire investor Steven A. Cohen. On Friday, federal authorities took aim at the fund itself. In what officials are calling the largest-ever settlement of an insider trading action, SAC agreed to pay securities regulators about $...