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BUSINESS
December 22, 2011 | By Stuart Pfeifer, Los Angeles Times
Investors cheered when they learned French police had arrested accused Southern California con man Bruce Fred Friedman in the seaside resort town of Cannes. But more than one year later, Friedman remains in France and the hundreds of investors in his alleged Ponzi scheme — authorities pegged it at $228 million — are beginning to wonder whether they'll ever see him in a U.S. courtroom. For more than 13 months, Friedman has opposed efforts to stand trial in Los Angeles. French courts have authorized his extradition to the United States, but the matter now awaits a final decision by the French government, said Thom Mrozek, a spokesman for the U.S. attorney's office in Los Angeles.
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HOME & GARDEN
April 28, 2011 | By Lauren Beale, Los Angeles Times
Writer Jack Canfield, who co-created the Chicken Soup for the Soul series, will sell an oceanfront estate in West Maui, Hawaii, by auction May 12. The suggested opening bid is $7.5 million. Canfield, who makes his primary residence in Santa Barbara, is a key investor in the property, listed at $15.9 million. Called the Jewel of Kahana, the half-acre property has 250 feet of ocean frontage. The main house and two-story detached guest quarters include eight bedroom suites.
BUSINESS
April 11, 2012 | By Walter Hamilton, Los Angeles Times
The stock market rose for the first time in six days Wednesday, but the gains were muted and did little to dispel the notion that a deeper sell-off may be underway. The Dow Jones industrial average climbed 89.46 points, or 0.7%, to 12,805.39, a welcome reversal from its nearly 500-point decline over the last five trading sessions. The Standard & Poor's 500 index rose 0.7%, and the Nasdaq composite index was up 0.8%. An unexpected first-quarter profit from Alcoa Inc.late Tuesday and a slight drop in yields on Spanish and Italian government debt lured buyers.
BUSINESS
February 15, 2012 | By Joe Bel Bruno
Wall Street wrapped up its worst day of the year, with the Dow Jones industrial average posting its largest one-day point and percentage drop since Dec. 28. Here's how America's most-watched index is faring: The index fell 97.33 points, or 0.76%, to 12780.95 - its first drop in three trading days. Five of the Dow's 30 components finished higher. The index is down 9.77% from its record close of 14164.53 reached on Oct. 9, 2007; but it is up 95.22% from its 12-year closing low of 6547.
BUSINESS
March 27, 2003 | From Bloomberg News
Lockheed Martin Corp. won dismissal of an investor suit that claimed the company inflated its share price by assuring investors in 1998 that it was "on track" for a 10% increase in per-share earnings, only to lower those forecasts later. U.S. District Judge Mariana Pfaelzer in Los Angeles said investors failed to prove that company officials knew the statements were false when they made them.
BUSINESS
October 17, 2007 | From Times Wire Services
Financial advisors and wealthy investors believe corporate boards act in the best interests of executives rather than shareholders, according to a survey released Tuesday. Most of those surveyed last month by FTI Consulting Inc. also said they believed that corporate governance practices had improved since the passage of the post-Enron Sarbanes-Oxley corporate reform law in 2002.
BUSINESS
September 28, 2009 | Associated Press
Investors are just not sure where the economy is headed, so the stock market may be in limbo for a while. After stocks stumbled last week on disappointing reports on housing and manufacturing, investors are concerned that the economy's rebound will be slower than originally thought. They may cool their buying and even resort to more selling until they are more certain that the strength of the recovery warrants extending the nearly seven-month-long advance in stocks. "The significant advance that the market has had . . . has left some people with an itchy trigger finger," said Jim McDonald, chief investment strategist at Northern Trust Corp.
BUSINESS
February 6, 2008 | From Times Wire Services
The Securities and Exchange Commission has formed an office to quickly distribute financial penalties to wronged investors after government watchdogs said the agency wasn't returning the money quickly enough. The SEC's Office of Collections and Distributions will pay out more than $5 billion the regulator has recovered from securities law violators, the agency said Tuesday. Since gaining the authority under the Sarbanes-Oxley law to distribute financial penalties, the commission has given more than $3.5 billion to investors.
BUSINESS
November 28, 2009 | By Gail MarksJarvis
Money doesn't show up in the Norman Rockwell scenes around the Thanksgiving table. But after the stunning stock market losses people were suffering at this time last year, the big gains the market has bestowed since then were bound to come up on some lists of reasons to be thankful this year. Since last Thanksgiving, the stock market has climbed 25%. Yet for those who closely watch the fate of the money they put into 401(k) accounts and IRAs, the gains of the last 12 months could fail to provide much solace.
BUSINESS
December 10, 1997 | (Reuters)
Internet start-up Elemental Software Inc. has raised $8 million from a group of investors, including Microsoft Corp., which took a "significant" but undisclosed stake in the Carlsbad-based company. Elemental's flagship Drumbeat software allows business professionals to create sophisticated Internet Web pages without programming knowledge, President Peter Hirshberg said. Other investors included Japan's CSK Corp.
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