June 4, 2016 |
The $12 billion Hershey Trust for impoverished children has placed its chief compliance officer and top in-house lawyer, Marc A. Woolley, on administrative leave as the state Attorney General's Office seeks removal of three of the trust's board members. Woolley vividly described the trust board's infighting in a memo last September that was circulated to board members and later leaked along with other documents to the Office of the Attorney General, leading to a new state investigation of the trust.
May 18, 2016 |
A 28-year-old Ukrainian hacker pleaded guilty Monday to taking part in a long-running international scheme in which yet-to-be published financial news releases were stolen and the information used in illegal trading that generated an alleged $30 million in profits. The scheme - in which a Glen Mills man, Vitaly Korchevsky, 50, also has been charged - involved trading ahead of about 800 corporate news releases, hours or even days before the releases went public. The traders allegedly paid the hackers a percentage of the illegal profits and used foreign shell companies to share in them, as well, according to federal prosecutors.
April 12, 2016 |
The Securities and Exchange Commission has a relatively new cop on the beat here: Sharon Binger, director of the Philadelphia Regional Office. The Philly office oversees enforcement and examinations for the mid-Atlantic region. Binger joined it from the SEC's New York office in 2014, where she was assistant regional director. In an interview, Binger outlined some recent cases and priorities, first highlighting the one filed last week against Paul-Ellis Investment Associates, which the SEC examined at the firm's offices at 1818 Market St. In a suit filed against Joseph Andrew Paul and John Dee Ellis Jr., both of Philadelphia, the SEC alleges that the men orchestrated a fraud of a dozen retirees that totaled $3.9 million.
February 7, 2016
A Bucks County lawyer was convicted Friday in federal court of insider trading that netted him more than $75,000 in profit on an insurance-company merger, prosecutors said. Herbert Sudfield, 64, of Doylestown, was working for a law firm that represented Harleysville Group, Inc. in its 2011 merger with Nationwide Mutual Insurance Company. Knowing the merger was coming, Sudfield purchased shares of Harleysville stock before the deal was publicly announced, prosecutors said. Sudfield then lied to the FBI about his prior knowledge about the deal and details about his stock purchase, prosecutors said.
October 9, 2015 |
GOT A curious email in May that I've been thinking about a lot this week. The Soul was playing in Atlantic City and, in an otherwise innocuous preview story, I wrote the following: The fantasy gambling website DraftKings.com is the title sponsor (for the game), which is sort of appropriate. For years, Soul owner Ron Jaworski has wanted to play a home game away from the Wells Fargo Center, and a trip to A.C. represents a gamble. Harmless, right? Not so fast. That paragraph led to an email from a woman representing DraftKings chiding me that DraftKings is not a gambling website.
August 17, 2015 |
The congregation of a Delaware County church has urged a federal judge in New York to grant its pastor bail after he was charged this week in an international insider-trading scheme involving Ukrainian hackers. In a letter submitted to U.S. District Judge Raymond J. Dearie, board members of the Slavic Evangelical Baptist Church of Brookhaven described Vitaly Korchevsky, 50, as a "very respected and connected person within our community" devoted to "God's calling to evangelize the world.
August 13, 2015 |
Federal authorities say Vitaly Korchevsky is a crooked money manager who worked for years with Ukrainian hackers to pull off an audacious $100 million insider trading scheme. His wife describes him as a humble pastor who routinely travels the world on behalf of one of the largest Slavic Baptist churches in the Philadelphia suburbs. But regardless of whether Korchevsky is just one or both of those things, he stands accused in what prosecutors are calling an "unprecedented hacking and trading scheme" that demonstrates a new threat posed by sophisticated cyber criminals.
July 18, 2015 |
A Doylestown lawyer was indicted Thursday for allegedly using advance knowledge about his clients' activities to make illegal stock purchases in 2011, netting him about $75,000 in profit, according to the U.S. Attorney's Office. Herbert Sudfeld, 64, listed as a partner at the Bucks County law firm Curtin & Heefner, was charged with one count of insider trading for allegedly buying stock in a company he represented the day before a merger, then selling those shares for an 85 percent return a day later, once the deal was announced, according to the indictment.
October 3, 2014 |
A FEDERAL JUDGE struggled yesterday with what sentence to give Christopher Saridakis - a former eBay and Gannett executive - who pleaded guilty to insider trading. On the one hand, Saridakis, 46, "a bright guy who's hugely successful in business," is - aside from his one conviction - a law-abiding citizen, U.S. District Judge Stewart Dalzell noted. On the other hand, the judge said he had to hand down a sentence that would deter others from insider trading and he had to avoid sentencing disparities.