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Securities Fraud

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BUSINESS
January 12, 1995 | by Jim Smith, Daily News Staff Writer
Armed with his MBA from Drexel University, Peter T. Jones figured he was a hot-shot financial adviser. So did more than 400 other area residents, many of them former co-workers at Federal Express Co., where Jones had labored as a lowly courier and had made extra money doing tax returns. His former colleagues had invested more than $9 million over six years. Jones, who wasn't a registered securities broker, meant well for his clients, authorities concede, but his investment choices, mostly speculative options and commodities, turned sour.
NEWS
November 17, 1999 | By Sudarsan Raghavan, INQUIRER STAFF WRITER
A Bucks County company under federal investigation for alleged money laundering and ties to Russian organized crime was fined $3 million yesterday for a securities fraud that federal prosecutors say cost thousands of investors more than $500 million. The fine against YBM Magnex International Inc. of Newtown was part of a plea agreement with the U.S. Attorney's Office in Philadelphia. The company was put into receivership earlier this year after shareholders ousted its board and management.
NEWS
January 11, 2007 | By Troy Graham INQUIRER STAFF WRITER
A suburban Philadelphia stockbroker pleaded guilty in federal court in Newark yesterday, the day his trial was scheduled to start on charges of securities and wire fraud. Robert M. Montani Jr., 45, of Valley Forge, admitted to manipulating the price of two publicly traded stocks, skimming commissions, and hiding his money in offshore accounts. He could face 33 to 41 months in prison at his sentencing, scheduled for April 18. Montani remains free on bail until then. Montani was the compliance officer at Bryn Mawr Investment Group/Valley Forge Securities.
NEWS
August 14, 1995 | By Chris Conway, INQUIRER STAFF WRITER Inquirer staff writer Rich Heidorn Jr. contributed to this article
Joseph Salema, onetime top aide to former Gov. Jim Florio, is scheduled to be sentenced today in federal court in New York for securities fraud in connection with a $237 million bond sale by the Camden County Municipal Utilities Authority in 1990. The fraud scheme, which took place before Salema went to work as Florio's chief of staff in October 1990, was uncovered by federal investigators as part of a wide-ranging investigation into influence-peddling in the nation's $1.2 trillion municipal bond market.
NEWS
May 23, 1996 | By Nancy Phillips, INQUIRER STAFF WRITER
The banker who paid a $200,000 kickback to Nicholas A. Rudi as part of a 1990 bond deal testified yesterday that he feared he would lose his lucrative role in the multimillion-dollar transaction if he did not pay the money. George L. Tuttle Jr., a former senior vice president at First Fidelity Bank, said he overbilled the Camden County Municipal Utilities Authority for the bank's work as underwriter on a $237.5 million bond offering and used the proceeds to pay Rudi. Had he not done so, Tuttle said, he could have lost his profitable position as senior underwriter on the transaction.
BUSINESS
October 24, 2003 | By Joseph N. DiStefano INQUIRER STAFF WRITER
The Securities and Exchange Commission has ordered the Pennsylvania state workers' pension system to hand over records of its relationship with a troubled Philadelphia venture-capital firm that is the subject of a government investigation. "They want some documents dealing with the Keystone IV, V and VI [venture-capital funds] in reference to their pursuit of the principals of Keystone," Nicholas Maiale, the Philadelphia lawyer who is chairman of the $20 billion Pennsylvania State Employees' Retirement System, said after learning of the SEC subpoena yesterday.
NEWS
July 22, 2013 | By Jane M. Von Bergen, Inquirer Staff Writer
One of the 160 or so victims in Everett Charles Ford Miller's $41.2 million Ponzi scheme was a retired Cherry Hill radiologist whose family lost $2 million. Another was Miller's neighbor, an owner of car dealerships whose suburban McMansion borders Miller's house on a pleasant lakeside cul-de-sac in Marlton. Their kids were friends, but not anymore. A third was an elderly woman who invested - and lost - $80,000 that she and her deceased husband had earned in their plumbing business.
BUSINESS
January 17, 1996 | By Cynthia Mayer, INQUIRER STAFF WRITER
L.C. Wegard & Co. Inc., the securities brokerage accused of using hard-sell telephone pitches to commit "massive fraud" through sales of overpriced stocks, has closed its doors and shifted its business to other brokerages. The New York-based stock brokerage withdrew its registration from the National Assocation of Securities Dealers on Jan. 5, according to records, closing down its seven offices in five states, including ones in Bensalem and Monroeville, Pa.; Princeton, N.J.; Rhode Island, Ill., and New York.
NEWS
February 6, 1988 | By JIM SMITH, Daily News Staff Writer
Businessman Arthur L. Toll admitted paying more than $100,000 in bribes to officials of Atlantic City casinos to get junket work for his airline, but insisted he believed the bribes were tax-deductible expenses. After hearing his testimony yesterday, a jury in federal court in Philadelphia acquitted Toll of all charges, including tax evasion. Toll, 40, of Huntingdon Valley, Montgomery County, was an owner of American International Airways Inc., a defunct airline that ferried gamblers to the shore casinos in exchange for casino commissions.
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NEWS
July 5, 2014 | By Julia Terruso and Michael Boren, Inquirer Staff Writers
Six months after they walked into the courthouse on a below-freezing January day, 12 jurors convicted reputed mobster Nicodemo Scarfo, associate Salvatore Pelullo, and two Texas mortgage company employees in a multimillion-dollar corporate scheme that will send the men to prison for decades. The trial involved thousands of exhibits, hundreds of FBI wiretapped conversations, and testimony over the course of months. The prosecution's aim was to prove that the men, along with three attorneys, looted First Plus Financial and defrauded shareholders of $12 million to benefit themselves and the Lucchese crime family.
BUSINESS
October 12, 2013 | By Harold Brubaker, Inquirer Staff Writer
BALTIMORE - With one condition, the Maryland Lottery and Gaming Control Commission on Thursday gave the parent company of Parx Casino in Bensalem a green light to continue its bid to build an $800 million casino south of Washington. The condition is that Greenwood Racing's chairman, Robert W. Green, end his friendship with the penny-stock swindler Robert E. Brennan, who served more than nine years in federal prison for bankruptcy fraud and obstruction of justice. Green and Brennan got to know each other in the late 1980s when Green formed a company to buy PhiladelphiaPark racetrack - now home to Parx - from Brennan's International Thoroughbred Breeders Inc. for $67 million.
BUSINESS
September 21, 2013 | By Erin E. Arvedlund, Inquirer Columnist
If you think you have been scammed in a fraudulent investment, Ingrid Robinson has advice for you. Start building your case right away, and don't give up. The U.S. Attorney's Office in Philadelphia in May indicted Matthew McManus, of Glenside, and Andrew Bogdanoff, and his son, Aaron, on federal fraud charges connected with their Remington Financial Group loan brokerage. The Bogdanoffs have pleaded guilty. McManus has pleaded not guilty and is scheduled for trial Oct. 28. Robinson, 67, who resides in California, invested with Remington in 2007 and didn't realize the outfit was a fraud until she arranged for a loan.
NEWS
July 22, 2013 | By Jane M. Von Bergen, Inquirer Staff Writer
One of the 160 or so victims in Everett Charles Ford Miller's $41.2 million Ponzi scheme was a retired Cherry Hill radiologist whose family lost $2 million. Another was Miller's neighbor, an owner of car dealerships whose suburban McMansion borders Miller's house on a pleasant lakeside cul-de-sac in Marlton. Their kids were friends, but not anymore. A third was an elderly woman who invested - and lost - $80,000 that she and her deceased husband had earned in their plumbing business.
BUSINESS
July 21, 2013 | By Zachary A. Goldfarb and Mike DeBonis, Washington Post
Detroit's historic bankruptcy filing could raise anxiety - and, thus, interest rates - in the nearly $4 trillion municipal bond market, which cities use to fund construction and public-works projects, finance officials said. Detroit owed creditors about $19 billion. Others said that Detroit was so financially damaged and the bankruptcy so anticipated that the effect will be muted. Whatever the case, the bankruptcy filing did not come at a good time. The municipal bond market has been under pressure because of speculation that the Federal Reserve could curtail its bond-buying program this year.
BUSINESS
May 9, 2013 | By Juan A. Lozano, Associated Press
HOUSTON - Jeffrey Skilling's more-than-24-year prison sentence for his role in the collapse of the once-mighty energy giant Enron could be reduced by as much as 10 years if a federal judge approves an agreement reached Wednesday between prosecutors and defense attorneys. Under the agreement, Skilling's original sentence will be reduced to between 14 and 171/2 years. The agreement has to be approved by U.S. District Judge Sim Lake, who is to hold a hearing June 21. Daniel Petrocelli, Skilling's attorney, said the agreement "brings certainty and finality to a long, painful process.
BUSINESS
March 30, 2013 | By Larry Neumeister, Associated Press
NEW YORK - A senior portfolio manager for one of the nation's largest hedge funds was arrested Friday, accused of joining an insider-trading conspiracy that the government said made more than $6 million illegally for the investment company founded by billionaire businessman Steven A. Cohen. The arrest broadens the government's probe of trading practices at SAC Capital Advisors, which manages $15 billion. Two weeks ago, the Securities and Exchange Commission said two affiliates of SAC Capital would pay more than $614 million in what federal regulators called the largest insider-trading settlement ever.
NEWS
January 15, 2013 | By Bob Warner, Inquirer Staff Writer
Rafael "Ralph" Kaplan landed a job in 2011 as an auditor for City Controller Alan Butkovitz. He called the $39,600-a-year position a "dream job. " Kaplan, 34, a licensed CPA with a master's degree in business administration, was gone six months later, dismissed at the end of his probation, ostensibly for using a four-letter word in criticizing an office seminar. Now he's a wild card in the 2013 controller's election, with a website, therealalanbutkovitz.com, that purports to present "The Real Alan Butkovitz.
BUSINESS
November 16, 2012
In the Region Panel spreads blame for MF Global A U.S. House panel said credit rating agencies and federal regulators contributed to MF Global 's collapse last year but pinned most of the blame on ex-CEO Jon S. Corzine, the former New Jersey governor. The report issued by Republicans found that Corzine's risky strategies caused MF Global's bankruptcy. It also said rating agencies Moody's and Standard & Poor's failed to identify the biggest risk to MF Global: its $6.3 billion bet on European countries' debt.
NEWS
September 14, 2012 | By John P. Martin, Inquirer Staff Writer
They don't get defendants like Evelyn Baptiste in federal court every day - or even every year. Baptiste, a Montgomery County resident, was sentenced Thursday to six months home confinement and five years of probation for pocketing $186,000 in Social Security disability benefits she didn't deserve. But it wasn't the crime that made her unique. It was her age: Baptiste is 82. Of the 170,000 defendants sentenced nationwide for federal crimes in a recent two-year span, only a few dozen were older than 80, according to Justice Department data.
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