By Clare Baldwin | HONG KONG HONG KONG Crypto-currency exchange Bitfinex’s plan to impose losses on all its trading clients for the theft by hackers of $72 million in Bitcoin rests on two flawed pillars, according to lawyers. The Hong Kong-based exchange said ... More »
NEW YORK/SAN FRANCISCO U.S. prosecutors have opened a criminal investigation into Valeant Pharmaceuticals International Inc (VRX.N) over whether it hid from insurers its relationship with a specialty pharmacy that helped boost its drug sales, the Wall Street J... More »
NEW YORK A federal appeals court on Wednesday rejected a new bid by five former employees of Bernard Madoff’s firm to overturn their convictions for helping their boss conceal his Ponzi scheme, which cost customers more than $17 billion. The order by the 2nd U... More »
WASHINGTON The chairman of the Federal Communications Commission on Friday pressed major U.S. phone companies to take immediate steps to make technology that blocks unwanted automated calls available to consumers at no charge. FCC Chairman Tom Wheeler, in lett... More »
NEW YORK U.S. prosecutors have agreed to a rare settlement refund of $6 million to hedge fund Diamondback Capital Management LLC after a ruling by a 2014 federal appeals court made pursuing insider trading cases tougher, according to court papers. In documents... More »
SWIFT on Monday rejected allegations by officials in Bangladesh that technicians with the global messaging system made the nation’s central bank more vulnerable to hacking before an $81 million cyber heist in February. The comments were in response to a Reuter... More »
A large New York law firm that once represented the now-imprisoned Texas financier Allen Stanford has reached a $35 million settlement with victims of his estimated $7.2 billion Ponzi scheme. Chadbourne & Parke entered the accord on Feb. 25, two weeks before a... More »
The attackers who stole $81 million from the Bangladesh central bank probably hacked into software from the SWIFT financial platform that is at the heart of the global financial system, said security researchers at British defense contractor BAE Systems. SWIFT... More »
NEW YORK A New York lawyer was sentenced on Thursday to six months in prison for participating in a fraudulent scheme in which a con man impersonated his successful father in order to raise money to buy Maxim magazine. Harvey Newkirk, 40, was sentenced by U.S.... More »
WASHINGTON The U.S. Treasury Department inched closer on Friday toward finalizing a rule requiring banks to identify the legal owners of shell companies, a move it hopes will help prevent illegal financial activities such as money laundering. The White House’s... More »
PANAMA CITY The head of a Panama-based law firm at the center of a massive leak of offshore financial data on Sunday denied any wrongdoing, and said his firm has fallen victim to “an international campaign against privacy”. German newspaper Suddeutsche Zeitung... More »
U.S. hospitals should brace for a surge in “ransomware” attacks by cyber criminals who infect and shut down computer networks, then demand payment in return for unlocking them, a non-profit healthcare group warned on Friday. The Health Information Trust Allian... More »
NEW YORK As crowdfunding sites like GoFundme.com and Indiegogo.com started to take off, New York City editor Brandon Wenerd was more than happy to donate to worthy causes, like the kid with stage-four kidney cancer who wanted to travel the world. Soon Wenerd, ... More »
NEW YORK A former JPMorgan Chase & Co investment adviser was sentenced to five years in prison on Tuesday after admitting that he stole at least $20 million from client accounts to fund a gambling addiction and to trade in stock options. Michael Oppenheim, 49,... More »
SHANGHAI Beijing has called on local authorities to crack down on illegal fundraising platforms after China’s largest online peer-to-peer (P2P) lender was found to have collected more than 50 billion yuan ($7.6 billion) for fake investment projects. The State ... More »
WASHINGTON Barclays (BARC.L) and Credit Suisse (CSGN.VX) have settled federal and state charges that they misled investors in their dark pools, with Barclays admitting it broke the law and agreeing to pay $70 million, federal and New York state officials said ... More »
A federal appeals court on Friday set back Bank of New York Mellon Corp’s effort to recoup $312 million it lent to Sentinel Management Group Inc, a money manager that collapsed in 2007 and whose former chief is now in prison for fraud. The 7th U.S. Circuit Cou... More »
The hedge fund billionaire Steven A. Cohen has resolved U.S. charges related to insider trading, in an accord that clears the way for one of Wall Street’s top investors to soon manage outside money even after his former firm pleaded guilty to fraud. Cohen acce... More »
Martin Shkreli, the pharmaceutical entrepreneur facing U.S. charges of securities fraud, has said he had been the target of legal authorities for his much-criticized drug-price hikes and his over-the-top public persona, the Wall Street Journal reported. Shkrel... More »
BRASILIA Brazilian President Dilma Rousseff’s key ally in Congress is certain it can head off an impeachment threat, but in return the party demands a radical change of policy course to pull the economy out of its deepest downturn in 25 years. Senator Eunicio ... More »
Two men including an oil equipment supply firm executive have been arrested on charges related to an alleged scheme to corruptly secure energy contracts from Venezuela’s state-owned energy company, the U.S. Justice Department said Sunday. Roberto Rincon, the p... More »
Martin Shkreli, the pharmaceutical executive facing U.S. charges of securities fraud, lost control of his Twitter account to hackers on Sunday, hours after he took to Twitter to plead his innocence, his spokesman said. “It was hacked,” Craig Stevens, a spokesm... More »
NEW YORK Former Adelphia Communications Corp CEO John Rigas, who is serving a 12-year sentence for his role in a fraud that led to the cable company’s collapse, is seeking release from prison due to his “precipitously deteriorating health.” Lawyers for Rigas, ... More »
NEW YORK The trustee liquidating Bernard Madoff’s firm on Friday began distributing another $1.19 billion to victims of the swindler’s Ponzi scheme. Irving Picard, the trustee, said the payout will boost distributions to more than $9.16 billion. Next week mark... More »
A New York-based investment adviser filed a class action lawsuit against Barclays Plc on Friday alleging that rigged foreign exchange trading practices at the bank caused “significant damages” to its trading partners. The suit by Axiom Investment Advisors LLC,... More »
U.S. film studio Relativity Media LLC is accusing its senior lender and two former executives of a secret plan to thwart its refinancing efforts, a factor that it said in court documents helped lead to its July bankruptcy filing. In a revised disclosure statem... More »
Fans of the New York Mets had bemoaned the negative impact of the Bernie Madoff financial scandal on the Major League Baseball team’s payroll until Thursday night’s series-clinching victory over the Los Angeles Dodgers. With believers now dreaming of the team’... More »
NEW YORK Two former Rabobank [RABO.UL] traders from Britain are set to become the first defendants to face trial in the United States on charges stemming from a global investigation into whether various banks sought to manipulate the interest rate known as Lib... More »
ORLANDO, Fla. Two contractors hired to manage NASA’s vehicle fleet at the Kennedy Space Center defrauded the agency of at least $387,000 for unnecessary tire replacements, according to a lawsuit filed Wednesday by federal prosecutors in Florida. The complaint ... More »
TOKYO Tom Scott, a former U.S. executive at Toshiba Corp (6502.T), remembers his former boss Atsutoshi Nishida as an aggressive leader who could motivate staff but also rattle them with tough sales targets and an occasional dressing down. “He gave me goals tha... More »
NEW YORK A group of mainly U.S.-based stock traders and computer hackers in Ukraine made as much as $100 million in illegal profits over five years by conspiring to use information stolen from thousands of corporate press statements before their public release... More »
NEW YORK A group of mainly U.S.-based stock traders and computer hackers in Ukraine made as much as $100 million in illegal profits over five years by conspiring to use information stolen from thousands of corporate press statements before their public release... More »
NEW YORK U.S. presidential candidate Hillary Clinton would increase the incentives for corporate whistleblowers to come forward to report financial misconduct, she said on Monday. Answering questions from voters in an online chat, Clinton, the Democratic front... More »
SHANGHAI Chinese stocks fell on Tuesday, taking little comfort from a slew of support measures unleashed by Beijing in recent days, and unnerved by Chinese Premier Li Keqiang’s failure to mention the market chaos in a statement on the economy. Before the marke... More »
SAO PAULO Swiss lender UBS AG made a whistleblower deal with Brazilian authorities investigating the suspected rigging of Brazil’s currency market and will receive no punishment in the case, a local newspaper reported on Friday. The investigation, which involv... More »
