New York, August 7: Indicted for artificially inflating earnings between 2000 and 2005, Maurice "Hank" Greenberg, who led American International Group Inc. (AIG) for 38 years until his ouster in 2005, has agreed to pay $15 million penalty to settle fraud charges, the Securities and Exchange Commission (SEC) said Thursday.
New York, March 13: They were only a few grieving investors present in the court. However, these few represented thousands others who had been duped by the swindler named Bernard Madoff. And when Judge Denny Chin ordered the trickster to jail, these investors had a reason to cheer.,
New York -- Accused New York trader Bernard Madoff is likely to plead guilty to what is called the largest fraud case in history, his attorney said Tuesday.
"It is anticipated that he will plead guilty on Thursday," Madoff's attorney Ira Sorkin said in an interview, MarketWatch reported. "I have no comment beyond that," he said.
However, Madoff, accused of 11 felony fraud counts involving a scheme that lost as much as $50 billion, will first have to clarify his attorney's position, ABC News reported.
Sorkin said Tuesday he had invested $18,860 with Madoff.
Madoff, however, is expected to waive off any conflict of interest issues, ABC said.
Prosecutors said Madoff's plea could end up with a sentence of 150 years in prison. As far as recovered funds, however, "it doesn't seem they (investors) will see any recovery of consequence," Fordham Law School Professor Jim Cohen said.
Hyderabad, India, March 9: The fraud tainted Indian IT company, Satyam Computer Services (BSE: 500376; NYSE:SAY), is adopting a competitive bidding route to offload a 51 percent stake in the company. Interested bidders need to have assets of at least 15 billion rupees ($290 million) and must submit a detailed expression of interest to bid for the company by March 20.
Manhattan, March 7: Bernard Madoff, the alleged swindler in the 50-billion ponzi scheme is set to plead guilty to federal charges next Thursday. A source familiar with the matter said that Madoff is expected to plead guilty to having run a securities racket and having indulged in money laundering activities.
Washington, February 27: The Justice department has revealed that Laura Pendergest-Holt, the chief investment officer of the Houston based Stanford Financial Group, was detained by the FBI and charged with obstructing an inquiry into the suspected $8 billion financial scam.
Washington, February 26: Bernard Madoff seems to have become the role model for quite a number of people as the frauds on the Wall Street become all too familiar. The federal authorities held two more money managers who allegedly ran a $550 million securities-fraud scheme. A la mini Madoff!
Antigua, February 21: Taking a tough stance on the alleged $8 billion fraud involving certificates of deposit issued by Antigua-based Stanford International Bank (SIB), the watchdog seized Stanford's banks and companies in Antigua and Barbuda.
Texas, February 18: The Securities and Exchange Commission (SEC) has charged billionaire R. Allen Stanford, the chairman of Houston-based investment firm Stanford Group and three other companies of whom he was in charge, with carrying out a 'massive, ongoing fraud'.
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