TRENTON, N.J. (AP) — A former municipal fire chief and investment manager is headed to prison for running Ponzi scheme that stole more than $10 million from his family, friends and fellow...
3 indicted in Arizona in securities fraud scheme
PHOENIX (AP) — Federal prosecutors say a Scottsdale securities broker and three others conspired to illegally convert shares of stock into a profit of hundreds of thousands of...
Trucker Celadon reaches $42M settlement with government
INDIANAPOLIS (AP) — An Indianapolis-based trucking company has agreed to pay $42.2 million in restitution to settle securities fraud charges stemming from falsely reporting inflated profits and...
Justices reject new colleague’s arguments in fraud case
WASHINGTON (AP) — The Supreme Court is rejecting arguments made by Justice Brett Kavanaugh when he was an appeals court judge in a case involving securities fraud.
DETROIT (AP) — A federal judge in New York will hold oral arguments next week in the government's contempt-of-court case against Tesla CEO Elon Musk.
Executive gave tip that launched admissions bribery case
BOSTON (AP) — The biggest school admissions scandal ever prosecuted began with a tip from an executive investigators were targeting in a securities fraud probe, a law enforcement official said...
Nebraska man banned from selling securities in Iowa
DES MOINES, Iowa (AP) — A Nebraska man already convicted in his home state of securities fraud has been ordered to refrain from selling unregistered securities in Iowa.
DETROIT (AP) — Tesla CEO Elon Musk should not be found in contempt of court because he has complied with the terms of a securities fraud settlement, his attorneys wrote in documents filed Monday...
NEW YORK (AP) — Federal authorities said Friday they are investigating claims that Martin Shkreli has been running his pharmaceutical company from behind bars using a contraband...
WATERBURY, Conn. (AP) — Federal prosecutors have filed more charges against a former financial adviser in Connecticut who allegedly defrauded clients out of more than $1 million through a Ponzi...
JACKSON, Miss. (AP) — A second Mississippi man has been charged in a Ponzi scheme in which investors lost more than $85 million.
William McHenry of Canton pleaded not guilty Friday in...
Former Portland developer indicted for investor fraud
PORTLAND, Maine (AP) — A former Portland developer accused of duping investors in a company he founded is facing federal wire and securities fraud charges, officials said Wednesday.
Florida attorney gets 7 years for securities fraud scheme
MIAMI (AP) — A Florida attorney has been sentenced to seven years in prison and ordered to pay $19.7 million in restitution for securities fraud.
Court records show that 77-year-old James Schneider was sentenced Thursday in Miami federal court. He was convicted in December of multiple charges, including conspiracy to commit securities and wire fraud. He must pay restitution to 2,156 investors, as well as forfeit $4.8 million.
Ex-lawmaker gets 5 years in prison for bribery plea
SAN ANTONIO (AP) — A former Texas state senator who already has been sentenced to 12 years in prison for his part in a Ponzi scheme has received a 5-year prison term for a separate bribery count.
Texas: Last defendant pleads guilty in $40M securities fraud
HOUSTON (AP) — The seventh and final defendant has been convicted in what federal prosecutors in Texas call a $40 million securities scam.
John David Brotherton of League City pleaded guilty Tuesday in Houston to conspiracy to commit wire fraud in microcap securities. The indictment defines microcap securities as low-share prices with little or no analyst coverage.
Man gets 76-year sentence for $16M in securities fraud
DENVER (AP) — A Colorado man has been sentenced to 76 years in prison for securities fraud.
The Denver Post reports 59-year-old Kelly James Schnorenberg was sentenced last month after a Douglas County District Court jury convicted him in October on 25 counts of security fraud totaling $16 million.
According to the state Department of Regulatory Agencies, the Lone Tree man bilked 240 investors.
Prosecutors ask court to reconsider pay for Texas AG’s case
AUSTIN, Texas (AP) — An attorney prosecuting Texas Attorney General Ken Paxton on criminal securities fraud charges is asking the state's highest court to reconsider a ruling that has left the future of the case uncertain.
Special prosecutor Brian Wice wants the Texas Court of Criminal Appeals to undo a November ruling that essentially denied his team $200,000 they've previously billed.
Paxton was indicted in 2015 on felony charges of duping investors in a tech startup. He has pleaded not guilty.
- Houston ChronicleRegulator settles fraud case with Houston developersDecember 14, 2018
- Connecticut PostStamford man used dating site in $2.2M investment fraudSeptember 18, 2018
- Philly.comDelco 'habitual fraudster' admits to new stock fraudAugust 16, 2018
- The SunMan Charged in Fraud Case Worked for Galvin's Registry DivisionAugust 14, 2018
- The SunWestford Man Convicted of Insider TradingJuly 12, 2018
Utah charges accused California man of securities fraud
SALT LAKE CITY (AP) — A California man who was the founder and president of a natural gas and oil company in Utah faces charges in that state alleging he defrauded investors.
The Deseret News reports that the Utah Attorney General's Office on Friday charged 60-year-old Spencer Kent Barton of Fresno with multiple counts of securities fraud and other crimes.
Former health care executive charged with securities fraud
NEWARK, N.J. (AP) — A British national has been charged in a plot to defraud investors out of hundreds of millions of dollars in connection with a health care company.
The U.S. attorney's office says Pavandeep Bakhshi was arrested at New York's JFK Airport over the weekend. He's scheduled to appear in federal court in Newark on Monday afternoon.
Ruling throws indicted Texas AG’s case into more uncertainty
AUSTIN, Texas (AP) — The fate of the long-running criminal case against Texas Attorney General Ken Paxton, who has faced securities fraud charges since 2015, was thrown into further uncertainty Wednesday after a court ruled against prosecutors who have threatened to quit if they're not paid.
The decision is a victory for Paxton, a Republican, who was re-elected in November and has pleaded not guilty to charges alleging that he duped investors in a tech startup.
New Tesla chairwoman’s biggest challenge is controlling Musk
DETROIT (AP) — Australian telecommunications executive Robyn Denholm brings much-needed financial and auto industry expertise to her new role as Tesla's board chairwoman, but her biggest challenge is whether she can rein in a CEO with a proclivity for misbehavior.
Denholm, who has been a Tesla board member for nearly five years, was named to the post late Wednesday, replacing Elon Musk as part of a securities fraud settlement with U.S. government regulators.
Man found guilty of $16 million in securities fraud
CASTLE ROCK, Colo. (AP) — A Colorado man has been convicted on 25 counts of security fraud totaling $16 million.
The Denver Post reports a Colorado Department of Regulatory Agencies news release says Kelly James Schnorenberg, of Lone Tree, was convicted Oct. 22 by a Douglas District Court jury.
Texas attorney general favored to win despite indictment
AUSTIN, Texas (AP) — Three years ago, criminal charges against Texas Attorney General Ken Paxton appeared to put his political future in peril.
He is still under indictment, having pleaded not guilty to two felony counts of securities fraud. But now the Republican is favored to win a second term in November, his wife is on the cusp of becoming a state senator and President Donald Trump singled him out as doing a "great job" at a recent midterm rally in Houston.
Investment adviser to be sentenced in April for Ponzi scheme
GREENBELT, Md. (AP) — A federal judge has scheduled a sentencing hearing next year for a Maryland investment adviser convicted of defrauding investors out of millions of dollars to finance her lavish lifestyle.
A jury convicted 56-year-old Dawn Bennett last week of charges including securities fraud, wire fraud and bank fraud. On Wednesday, U.S. District Judge Paula Xinis set Bennett's sentencing hearing for April 8, 2019.
SEC settles fraud allegations against the ‘Frack Master’
DALLAS (AP) — Federal officials say a man who called himself the oil and gas "Frack Master" on cable television has agreed to serve 12 years in prison after pleading guilty to securities fraud and tax charges.
The U.S. Attorney in Dallas, Erin Nealy Cox, announced the plea deal Tuesday with Christopher Faulkner.
The Securities and Exchange Commission says it settled a lawsuit against Faulkner.
Woman convicted of fraud; FBI said she cast ‘hoodoo’ spells
GREENBELT, Md. (AP) — An investment adviser was convicted Wednesday of charges she defrauded investors out of millions of dollars, some of which she used to pay more than $800,000 for prayers by Hindu priests in India to ward off federal investigators.
The Latest: Jury deliberations to resume in Ponzi case
GREENBELT, Md. (AP) — The Latest on the federal trial of a Maryland investment adviser charged with carrying out a multimillion-dollar Ponzi scheme (all times local):
Jurors are heading home for the night without reaching a verdict in the trial of a Maryland investment adviser charged with orchestrating a multimillion-dollar Ponzi scheme to finance her lavish lifestyle.
Convicted lawmaker pleads guilty in separate bribery case
SAN ANTONIO (AP) — A former Texas state senator who had already been convicted on federal fraud charges has pleaded guilty to a separate charge of bribery.
San Antonio Democrat Carlos Uresti admitted Friday to facilitating bribe payments to ex-Reeves County Judge Jimmy Galindo in exchange for favorable actions regarding a county medical services contract. Galindo himself pleaded guilty last year.
Shareholders must vote on Musk’s return as Tesla chairman
If Tesla CEO Elon Musk wants to return as chairman, shareholders will have to vote on it.
The requirement is detailed in a court brief filed jointly on Thursday by Tesla and the Securities and Exchange Commission. The brief was required by a federal judge who must approve a securities fraud settlement reached with Musk and the company last month.
Man accused of securities fraud over tiny home investments
MANCHESTER, N.H. (AP) — A New Hampshire man is accused of fraudulently soliciting money from investors for the construction and selling of so-called tiny homes.
The state Bureau of Securities Regulation has filed a fraud action against Jeffrey Lucero, of Manchester. Officials say he sold or offered to sell unregistered securities and defrauded investors by squandering their money, failing to disclose his poor financial condition and telling at least one investor he would match funds.
Israeli tycoon begins 3-year prison term in securities fraud
JERUSALEM (AP) — One of Israel's most prominent businessmen has entered prison to begin a three-year term for securities fraud.
Former IDB Holding Corp. controlling shareholder Nochi Dankner began his term Tuesday for his role in carrying out millions of dollars' worth of fraudulent transactions in an attempt to influence the share price of the troubled company.
Tesla still has challenges after settling Musk tweet suit
SAN FRANCISCO (AP) — Elon Musk's future with Tesla Motors is clearer after the company settled a securities fraud lawsuit with the federal government, but there are other clouds hanging over the electric car maker.
Another hairpin turn for Tesla as stock dives on SEC charge
NEW YORK (AP) — Tesla investors have taken a wild ride as Wall Street values the promise of one of the world's leading electric car makers, the hurdles the company faces as it tries to become a world-class manufacturer, and a mercurial CEO who can get the market buzzing with a single tweet.
The Latest: CEO fraud charge hammers Tesla’s stock
DETROIT (AP) — The Latest on efforts by federal regulators to remove Elon Musk from his position as CEO and chairman of Tesla (all times local):
Tesla's stock plunged nearly 14 percent Friday, wiping out $7 billion in shareholder wealth after government regulators accused Elon Musk of committing securities fraud and sought to oust him as CEO of the electric car maker.
It marked the largest one-day decline in Tesla's shares in nearly five years.
Markets Right Now: Stocks close out big quarterly gains
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks struggled to a mixed finish on Wall Street as the market closed out its best quarter in nearly five years.
Gains by technology and health care companies were offset by losses in other sectors Friday, including banks and materials companies.
Chipmaker did especially well. Nvidia jumped 5.1 percent and Intel climbed 3.1 percent.
SEC seeks to oust Tesla CEO Elon Musk over go-private tweet
DETROIT (AP) — U.S. securities regulators are asking a federal court to oust Tesla Inc.'s Elon Musk as chairman and CEO, alleging in a complaint that he committed securities fraud with false statements about plans to take the company private.
The Securities and Exchange Commission says in the complaint filed Thursday that Musk falsely claimed in an Aug. 7 statement on Twitter that funding was secured to go private at $420 per share, a substantial premium over the price at the time.
The Latest: Tesla, directors indicate they stand behind Musk
DETROIT (AP) — The Latest on U.S. securities regulators filing a complaint against Tesla CEO Elon Musk alleging that he made false and misleading statements about plans to take the company private in August.
(all times local):
Tesla and its board of directors are indicating their support for CEO Elon Musk, who federal regulators are seeking to oust over allegations he committed securities fraud.
Analyst who fed NFL player tips pleads guilty to fraud
PHILADELPHIA (AP) — The former investment bank analyst who fed confidential stock tips to NFL player Mychal Kendricks has pleaded guilty to securities fraud.
Ex-CEO of Texas fracking sand company gets 15 years in scam
SAN ANTONIO (AP) — The former CEO of a Texas fracking sand company must serve 15 years in federal prison over a $6 million Ponzi scheme that also landed an ex-lawmaker behind bars.
Stanley Bates was sentenced Tuesday in San Antonio. The ex-FourWinds Logistics executive pleaded guilty to counts including securities fraud and money laundering in the scam linked to oil production.
Israel’s Supreme Court sentences tycoon to 3 years in prison
JERUSALEM (AP) — Israel's Supreme Court has sentenced one of the country's most prominent businessmen to three years in prison for securities fraud.
The court ruled Wednesday that former IDB Holding Corp. controlling shareholder Nochi Dankner will begin serving his prison term on Oct. 2 for his role in carrying out millions of dollars' worth of fraudulent transactions in an attempt to influence the share price of the troubled company.
NEWARK, N.J. (AP) — The owner and manager of a New Jersey hedge fund who defrauded two investors out of $4 million is now headed to federal prison.
Nicholas Lattanzio received a six-year sentence Thursday. He also must pay $3.93 million in restitution.
BOISE, Idaho (AP) — Four men convicted in 2014 of fraud stemming from the collapse of an Idaho property management company were finally sent to prison.
Douglas Swenson, the founder and CEO of bankrupt Meridian-based Diversified Business Services and Investments, or DBSI, was taken into custody Tuesday, the Idaho Statesman reported .
HOUSTON (AP) — A Houston businessman indicted last year in a case that federal prosecutors called a $32 million investment scam linked to software development has died.
Attorney Dick DeGuerin says his client, 63-year-old Ray Charles Davis, had been ill and died Saturday at a Houston hospital. DeGuerin had no cause of death but said Tuesday that Davis had heart, gastrointestinal and circulation issues.
SAN ANTONIO (AP) — A federal judge has sentenced a former Texas senator who resigned last week after being convicted on fraud charges to 12 years in prison.
AUSTIN, Texas (AP) — A state senator from San Antonio is resigning, months after being convicted on 11 federal counts of money laundering and wire and securities fraud.
Democrat Carlos Uresti was convicted in February and is awaiting sentencing of up to 20 years in prison.
Uresti is appealing and wasn't up for re-election until 2020, but announced that he would quit effective Thursday.
HAMILTON, Mont. (AP) — A pastor who authorities say was involved in a scam that defrauded a Montana man of $150,000 has pleaded no contest.
The Ravalli Republic reports 57-year-old James Bryant entered the plea Tuesday to three felony charges connected to a 2008 securities scam that involved a fake structural panel business in Mexico.
NEW YORK (AP) — A New York hedge fund founder was arrested Wednesday on charges that he exaggerated his company's performance by over $200 million to impress and preserve investors.
Anilesh Ahuja, 49, of Manhattan, was charged with conspiracy, securities fraud and wire fraud.
NEWARK, N.J. (AP) — A Connecticut man involved in a scheme that defrauded investors out of more than $5 million has been sentenced to nearly two years in prison.
James Trolice and a co-conspirator, Lee Vaccaro of Las Vegas, sold investors interests in companies they controlled. The pair falsely told investors the companies held warrants in a California-based firm that develops mobile security products.