Recent Investor Fraud and Ponzi Scheme News
Former Boston Provident Head Trader Pleads Guilty to Fraud | ||
Boston Provident’s former chief trader and chief investment manager, Ezra Levy, admitted stealing $3 million from Boston Provident and has plead guilty... | ||
“America’s Prophet” Sean David Morton charged with $6 million securities fraud | ||
The SEC has charged Sean David Morton, a self-styled psychic who claimed the ability to predict the stock market, with securities fraud for raising up... | ||
Plainfield Asset Management asks borrower to keep dealings quiet | ||
A Greenwich hedge fund, Plainfield Asset Management, who is being investigated by the Manhattan District Attorney appears to have something to hide. News... | ||
Los Angeles Bus Drivers Targeted in Ponzi Scheme | ||
The SEC has charged investment advisory firm Mitchell, Porter & Williams, Inc. (MPW) and its principal Thomas L. Mitchell with fraud after halting the... | ||
Another Madoff Player Charged in Ponzi Scheme | ||
Last week the SEC charged Daniel Bonventre, Bernard Madoff’s Director of Operations, with disguising the infamous fraud at Madoff’s firm, Bernard... | ||
Are the Feds getting closer to nailing NIR Group for stock kickback scheme? | ||
A Long Island hedge fund is back in the news today with new allegations that Feds are looking into. According to the Wall Street Journal, NIR Group, run... | ||
Update in Florida Fund Manager Fraud: Nadel Pleads Guilty | ||
Florida fund manager, Arthur G. Nadel, pleaded guilty to all charges in an indictment, involving mail, wire, and securities fraud. Nadel admitted to swindling... | ||
Gemini’s Edward Stein sentenced to 9 years for Ponzi Scheme | ||
Earlier this week, U.S. District Judge Jack B. Weinstein announced that he would shorten hedge fund manager Edward T. Stein’s prison sentence for running... | ||
Submission of Wiretap Recordings Delayed in Galleon Group Case | ||
Raj Rajaratnam faces criminal and civil charges in the Galleon Group insider trading case but won an emergency order on February 11th, delaying the submission... | ||
SEC Charges AGB Partners and Palmyra Capital Advisors with Improper Short Selling Practices | ||
The SEC this week filed the first cases under the new Rule 105 of Regulation M, which was amended to curtail unlawful short-selling practices. According... | ||
Loch Capital experiencing high redemptions due to friendship with witness in Galleon Case | ||
Loch Capital Management is currently facing high redemptions due to the close friendship between its co-founders Timothy and Todd McSweeney and Steve... | ||
District Attorney is investigating Max Holmes’ Plainfield Asset Management | ||
It looks like Max Holmes, founder of Greenwich-based Plainfield Asset Management, is in a whole world of trouble. On top of having to convince very frustrated... | ||
Neil V. Moody and Christopher D. Moody charged in Massive Florida Hedge Fund Fraud | ||
The SEC has charged Neil V. Moody and his son, Christopher D. Moody, with securities fraud today. The Moodys allegedly misled investors with regards... | ||
Former McKinsey Consultant Pleads Guilty to providing Raj Rajaratnam with Insider Info | ||
In March 2006, former McKinsey & Company director Anil Kumar delivered confidential information about a future takeover of ATI Technologies by Advanced... | ||
KL Group's Won Sok Lee Sentenced to 25 Years in Prison for $194m Ponzi Scheme | ||
After two years as a fugitive Won Sok Lee, Partner at the Florida-based KL Group fund, has been sentenced to 25 years in prison for a Ponzi scheme that... | ||
WSJ has it Wrong, No “Insider Information” suit against Falcone’s Harbinger Capital | ||
Despite misleading headlines in the Wall Street Journal, Phil Falcone’s Harbinger Capital Partners has not been sued for using insider information... | ||
Fortress Investment Group sues law firm connected to Dreier Ponzi scheme | ||
Fortress Investment Group (NYSE: FIG), a global hedge fund and asset management firm, has filed a lawsuit against Dechert LLP, a law firm linked to Marc... | ||
Coal for Christmas, SEC Freezes Accounts of Frenchmen for Sanofi-Aventis – Chattem trades | ||
The Securities and Exchange Commission announced today that it has frozen the assets of Nicolas Patrick Benoit Condroyer and Gilles Robert Roger. The... | ||
Hedge Funds Distance Themselves from Stevie Cohen as Cohen’s Ex-Wife Alleges Insider Trading | ||
Prominent hedge funds, including Blue Ridge Capital, Greenlight Capital, Third Point Management Company, Glenview Capital Management, and Maverick Capital,... | ||
SEC Charges Hurricane Restoration Company and Executives in Post-Katrina Accounting Fraud | ||
The SEC has charged Home Solutions for America, Inc., a hurricane restoration company based in Dallas and New Orleans, and seven of its executives for... | ||
Fraud and Ponzi Schemes
The Fraud and Ponzi Scheme news section, much like HedgeTracker's infamous Hall of Fraud list, covers the latest investor fraud and Ponzi scheme allegations that have been uncovered in the financial industry. While major news outlets have exhaustedly covered the Bernie Madoff, R. Allen Stanford, Marc Dreier, Samuel Israel, and Tom Petters scandals, they have afforded little coverage to other significant fraud allegations that have occurred, such as the ones involving Arthur Nadel and Scoop Management, Moises Pacheco and Advanced Money Management, James Nicholson and Westgate Capital, Magnus Peterson and Weavering Capital, Frank Bluestein and E-M Management, as well as Rod Cameron Stringer and the RCS Hedge Fund.
The Hedge Fund Fraud news section provides up-to-date information on the most recent charges, Ponzi schemes, SEC filings, allegations, and convictions of fraud, with information on the defendants, victims, funds, companies and investors all in one place.
Hall of Fraud Top 10
Firm | Assets* |
Madoff Investments LLC | 64,800 |
Stanford Financial Group | 8,000 |
Petters Group Worldwide | 3,500 |
Frankel International & Frankel Chemical | 1,200 |
Satyam Computer Services | 1,000 |
Westgate Capital Management, LLC | 900 |
Dreier LLP | 700 |
WG Trading Co | 554 |
Weavering Capital | 500 |
Provident Royalties LLC | 485 |
*Estimate of alleged Fraud/Investor Losses ($MM) | |