Blog
HerbalKing
Yesterday, the Federal Trade Commission shut down HerbalKing, a multinational spamming gang. It is reported that at one point HerbalKing was responsible for up to one-third of all spam messages received. The spammers are currently being investigated and their finances...
Anthony Cuti and William Tennant
Cuti and Tennant of Duane Reade, a chain of drugstores, were charged with securities fraud, making false entries in books and records and making false statements to the Securities and Exchange Commission and auditors. If found guilty both are looking at up to 20 years...
Andres Pimstein
Andres Pimstein, a UM business school graduate, has confessed to operating the ponzi scheme where he used funds from new investors to payback old investors. The full CNN.com article can be read here.
Heinrich Kieber
One of my favorite stories yet. Banking Scandal Unfolds Like a Thriller. He is selling fleecer's names to governments around the world for an unknown amount of money. Liechtenstein Police, via European Pressphoto Agency
WexTrust Capital Owners Charged in $100 Million Fraud
vosizneias.com Steven Byers and Joseph Shereshevsky are being charged with diverting at least $100M of investments to repay old investors in what is know as a Ponzi scheme. Mr. Shereshevsky, the agency said, is a convicted felon who pleaded guilty to bank fraud in...
Auction Rate Securities: What Happens When Auctions Fail
http://www.finra.org/InvestorInformation/InvestorAlerts/TradingSecurities/AuctionRateSecuritiesWhatHappensWhenAuctionsFail/index.htm
Merrill Lynch, UBS, Citigroup, Morgan Stanely, J.P. Morgan Chase, and Wachovia Auction-rate securities
James B. Stewart writes in the WSJ about how banks were selling off there own interests in auction-rate securities as they were still peddling them to clients. It is a pessimistic but good story. Auction-Rate Securities And the Ugly Truth
Chung Mong-koo
The ex-boss of Huyndai Motor was given a presidential pardon from South Korea's president. Chung Mong-koo was convicted in February 2007 of embezzlement and breach or trust. The bbs.co.uk article can be read here.