Crime

SEC whistleblower awarded $50,000 Fallback Image Decorative pattern

Industry

SEC whistleblower awarded $50,000

The whistleblower who recently reported a multi-million dollar fraud will receive nearly $50,000—the first payout from a new SEC program that rewards people for providing evidence of fraud.

By Staff |August 22, 2012

2 min read

Fleeced investors launch class-action against BMO Fallback Image Decorative pattern

Industry

Fleeced investors launch class-action against BMO

From 1999 to April 2002, Salim Damji—who claimed to have invented a new teeth-whitening product for Colgate—defrauded investors out of approximately $77 million. And he used BMO accounts to deposit and transfer the stolen funds. It’s alleged the bank knowingly assisted Damji; according to the Ontario Superior Court’s decision documents, it was aware the funds […]

August 17, 2012

1 min read

Former Morgan Stanley advisor goes to prison Fallback Image Decorative pattern

Industry

Former Morgan Stanley advisor goes to prison

A former Morgan Stanley adviser has been handed a nine-month prison sentence for conspiring to evade the bank’s internal controls, reports Financial Times. Garth Peterson—an American who worked at Morgan Stanley’s Shanghai real estate office—was sentenced on Thursday in New York. He bribed a Chinese official to gain profitable real estate investments for both the […]

By Staff |August 17, 2012

1 min read

MF Global trustee suing former execs Fallback Image Decorative pattern

Industry

MF Global trustee suing former execs

Trustee James Giddens—who’s overseeing the liquidation of the brokerage MF Global—has decided to sue some of its high-level execs, reports Financial Times. He plans to join existing class-action lawsuits, which were launched against several senior MF Global employees; John Corzine, Henri Steenkamp, and Laurie Ferber are all named in various suits. Read: Giddens seeks distribution […]

By Wire services |August 16, 2012

1 min read