Fraud Archives - Page 2 of 4

Former Wells Fargo exec settles SEC fraud charges, to pay $3 million

Jack J. Kelly Fraud, SEC May 31, 2023

The former head of Wells Fargo & Co’s retail bank agreed to pay a $3 million penalty to settle U.S. Securities and Exchange Commission fraud charges for misleading investors about sales practices used to inflate a performance metric, the SEC said on Tuesday. Carrie ...Read More

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Fake Billionaire Hedge Fund Manager Ran Ponzi Scam, US Says

Jack J. Kelly CFTC, Fraud, Ponzi Scheme May 12, 2023

A former Chicago commodities trader was arrested and charged with fraud for lying to clients about everything from a non-existent collection of 122 luxury cars to phony returns that exceeded 200%. Phillip Galles, 57, was charged in a criminal complaint unsealed Thursday with a ...Read More

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Sam Bankman-Fried wants his case thrown out of court

Jack J. Kelly Cryptocurrency, Fraud, Investigation, Lawsuit May 9, 2023

Lawyers for FTX founder Sam Bankman-Fried on Monday filed motions to dismiss the US government’s fraud charges against him. Bankman-Fried’s attorneys said the government failed to properly explain what offenses the former CEO of the bankrupt crypto exchange committed. They urged the judge to ...Read More

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Theranos founder Elizabeth Holmes isn’t headed to jail tomorrow after all

Jack J. Kelly Conspiracy, Fraud, Prison, Scandal April 27, 2023

Theranos founder Elizabeth Holmes will not be heading off to prison tomorrow to begin serving an 11-year sentence, as first reported by the WSJ. Though earlier this month U.S. District Court Judge Edward Davila denied her request to remain free while she appeals her conviction, this week she ...Read More

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Theranos’ Elizabeth Holmes loses bid to stay out of prison

Jack J. Kelly Fraud April 12, 2023

Disgraced Theranos CEO Elizabeth Holmes has been rebuffed in her attempt to stay out of federal prison while she appeals her conviction for the fraud she committed while overseeing a blood-testing scam that exposed Silicon Valley’s dark side. In an 11-page ruling issued late ...Read More

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Ex-Morgan Stanley Adviser Stole Millions From NBA Players

Jack J. Kelly Fraud March 29, 2023

Ex-Morgan Stanley investment advisor Darryl Cohen and three accomplices were charged with allegedly defrauding current and former NBA players out of millions of dollars. In the indictment, which was unsealed on Thursday, Damian Williams, the United States Attorney for the Southern District of New York, and ...Read More

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Shareholders file lawsuit against Silicon Valley Bank, alleging fraud

Jack J. Kelly Bailout, Bank Failure, Banks, CEO, CFO, Cryptocurrency, Fraud, Interest Rates, Lawsuit, Regulators, Risk Management, Shareholders March 14, 2023

A group of shareholders have reportedly filed a lawsuit against Silicon Valley Bank’s parent company and some of its executives amid the unfolding crisis. Multiple news outlets reported on March 13 that many Silicon Valley Bank shareholders alleged fraud from the bank, CEO Greg Becker and ...Read More

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Crypto Companies Behind Tether Used Falsified Documents and Shell Companies to Get Bank Accounts

Jack J. Kelly Cryptocurrency, Fraud March 3, 2023

In late 2018, the companies behind the most widely traded cryptocurrency were struggling to maintain their access to the global banking system. Some of their backers turned to shadowy intermediaries, falsified documents and shell companies to get back in, documents show. One of those ...Read More

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Financial aid startup Frank founder fires back at JP Morgan Chase

Jack J. Kelly Fraud March 2, 2023

JP Morgan Chase faced new accusations from Charlie Javice, the young entrepreneur behind the student financial aid startup Frank, which the bank acquired in a $175 million transaction chief executive Jamie Dimon has since called “a huge mistake.” Javice fired back on Monday, formally ...Read More

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SEC charges fugitive Do Kwon, Terraform with fraud in connection with Terra collapse

Jack J. Kelly Cryptocurrency, Fraud February 17, 2023

The Securities and Exchange Commission charged Terraform Labs and its CEO, Do Kwon, with fraud, alleging that they orchestrated a multibillion dollar “crypto asset securities fraud,” the SEC said Thursday. Kwon and Terraform allegedly schemed from Apr. 2018 until the collapse of TerraUSD, also known ...Read More

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