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Securities Fraud California

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BUSINESS
December 21, 1993 | From staff and wire reports
Three cohorts of Charles H. Keating Jr. were put on probation Monday by federal judges who lauded them for admitting their guilt early and for helping to convict the former operator of Lincoln Savings & Loan. Raymond C. Fidel, a former president of the Irvine thrift, and Ernest C. Garcia II, an Arizona developer and major borrower, were each put on three years' probation for their roles in the nation's costliest thrift failure. Mark S.
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CALIFORNIA | LOCAL
September 29, 2000 | JOSH MEYER, TIMES STAFF WRITER
A federal grand jury indicted Mark Simeon Jakob on Thursday on 11 criminal counts of securities and wire fraud, alleging that the 23-year-old committed one of the most audacious stock market hoaxes ever to make up for huge paper investment losses and to reap $241,724 in profits. The grand jury said Jakob, of El Segundo, "knowingly and willfully" committed fraud when he created a fake news release about the high-tech firm Emulex Corp.
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BUSINESS
July 9, 1998 | From Bloomberg News
Four former Media Vision Technology Inc. executives were accused of causing the company to inflate its 1993 financial results in what regulators described as the biggest securities fraud case in the history of California's high-tech Silicon Valley. The U.S. Securities and Exchange Commission, in a lawsuit filed in a federal court in San Francisco, also alleged that three of the executives netted a total of $2.3 million from inside trading. Named in the suit are Paul C.
BUSINESS
August 29, 2000 | Bloomberg News
Media Vision Technology Inc.'s former chief executive pleaded guilty to two counts of wire fraud, acknowledging he helped to inflate the Fremon-based company's 1993 financial results. Paul Jain, 55, could face 10 years in jail, $500,000 in fines and restitution to victims for his role in what regulators have described as the biggest securities-fraud case in the history of Silicon Valley. Jain is scheduled to be sentenced Dec. 1 in U.S. District Court in Oakland.
BUSINESS
March 25, 1994 | From Times Staff and Wire Reports
Former Keating Associate Settles SEC Charges: Robert J. Kielty, a former associate to Charles H. Keating Jr. settled charges with the Securities and Exchange Commission alleging fraud connected to the failed Lincoln Savings & Loan Assn. In an administrative proceeding, the SEC said Kielty, former general counsel and senior vice president at American Continental, Lincoln's parent company, agreed to a cease and desist order barring further violations.
BUSINESS
January 10, 1992 | SONNI EFRON, TIMES STAFF WRITER
A federal judge Thursday set bail at $600,000 for Newport Beach investment adviser Steven D. Wymer but ordered stiff conditions, including electronic surveillance, to ensure that the 43-year-old money manager does not flee. But even as Wymer's lawyers were trying to arrange his release as early as today, prosecutors said they have uncovered new evidence that Wymer's alleged securities swindle was much broader than originally believed.
BUSINESS
December 29, 1993 | From Associated Press
David Paul, convicted chairman of failed Centrust Bank, has agreed to settle federal securities charges without admitting wrongdoing in junk bond deals with Charles H. Keating Jr., a regulator said Tuesday. Paul will accept an injunction barring him from any future fraud or disclosure violations following charges brought by the Securities and Exchange Commission.
BUSINESS
December 7, 1994 | JESUS SANCHEZ, TIMES STAFF WRITER
About 20,000 people nationwide have invested an estimated $1.5 billion over the past 18 months in allegedly phony retirement plans, which were falsely promoted on television as being approved by the Internal Revenue Service, securities officials from several states disclosed Tuesday. In California, the Department of Corporations--in its largest enforcement effort--has taken legal action against 426 individuals and entities that took in several hundred million dollars through the scheme, said G.
BUSINESS
February 23, 1996 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
California regulators have sued Lloyd's of London, accusing the British insurance giant of defrauding 500 California investors, whose losses to date total $100 million and potentially much more.
BUSINESS
March 7, 1996 | Times Staff and Wire Reports
SEC Files Fraud Complaint Over Ostrich Investments: More than 350 people nationwide may have lost $7.45 million by investing in limited partnerships to raise and breed ostriches, the Securities and Exchange Commission said. In a complaint filed in U.S. District Court in Los Angeles, the SEC charged Trans-American Ostrich Traders Inc., Larry R. Earp and David P. Silver with fraud in the sale of 17 limited-partnership offerings between November 1993 and February 1994.
BUSINESS
January 5, 2000 | Jeff Leeds
A federal grand jury in Los Angeles indicted two Southern California men, accusing them of conspiracy to commit securities fraud and wire fraud by posting bogus e-mail messages to pump up investor interest in a thinly traded stock they owned. By using screen aliases to post e-mails on electronic bulletin boards, the men caused a run-up in the price of NEI Webworld, a bankrupt firm, from 13 cents to more than $15, the U.S. attorney's office said.
BUSINESS
July 9, 1998 | From Bloomberg News
Four former Media Vision Technology Inc. executives were accused of causing the company to inflate its 1993 financial results in what regulators described as the biggest securities fraud case in the history of California's high-tech Silicon Valley. The U.S. Securities and Exchange Commission, in a lawsuit filed in a federal court in San Francisco, also alleged that three of the executives netted a total of $2.3 million from inside trading. Named in the suit are Paul C.
BUSINESS
May 1, 1997 | DEBORA VRANA, TIMES STAFF WRITER
State regulators on Wednesday ordered several Los Angeles-area firms to stop selling illegal futures contracts in foreign currencies and gold and silver to mostly Chinese, Korean, Hispanic and Filipino immigrants here. The firms, along with 20 individuals, were selling the contracts as part of "affinity scams," in this case targeting immigrant communities, according to the state Department of Corporations, the agency that regulates securities sales in California.
BUSINESS
March 7, 1996 | Times Staff and Wire Reports
SEC Files Fraud Complaint Over Ostrich Investments: More than 350 people nationwide may have lost $7.45 million by investing in limited partnerships to raise and breed ostriches, the Securities and Exchange Commission said. In a complaint filed in U.S. District Court in Los Angeles, the SEC charged Trans-American Ostrich Traders Inc., Larry R. Earp and David P. Silver with fraud in the sale of 17 limited-partnership offerings between November 1993 and February 1994.
BUSINESS
February 23, 1996 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
California regulators have sued Lloyd's of London, accusing the British insurance giant of defrauding 500 California investors, whose losses to date total $100 million and potentially much more.
BUSINESS
December 8, 1993 | From Times Staff and Wire Reports
Keating Aide Sent to Prison: A son-in-law of convicted Lincoln Savings & Loan operator Charles H. Keating Jr. was sentenced to 40 months in federal prison. He had pleaded guilty to three charges of misapplying $13.9 million of the failed Irvine thrift's insured deposits. Robert M. Wurzelbacher Jr., one of Keating's five sons-in-law, will be eligible for parole immediately but will probably serve at least 26 months, said his lawyer, Mark E. Beck.
BUSINESS
May 1, 1997 | DEBORA VRANA, TIMES STAFF WRITER
State regulators on Wednesday ordered several Los Angeles-area firms to stop selling illegal futures contracts in foreign currencies and gold and silver to mostly Chinese, Korean, Hispanic and Filipino immigrants here. The firms, along with 20 individuals, were selling the contracts as part of "affinity scams," in this case targeting immigrant communities, according to the state Department of Corporations, the agency that regulates securities sales in California.
BUSINESS
March 10, 1995 | From Reuters
A federal grand jury has indicted a former Lawrence Livermore National Laboratory officer on charges of insider trading of Cray Computer Corp. stock, the U.S. attorney's office said Thursday. William DeGarmo, who was chief counsel to the prestigious scientific laboratory for more than 10 years, is accused of having shorted 5,000 shares of Cray stock days before Lawrence Livermore announced it was canceling a $30-million contract with Cray.
BUSINESS
December 7, 1994 | JESUS SANCHEZ, TIMES STAFF WRITER
About 20,000 people nationwide have invested an estimated $1.5 billion over the past 18 months in allegedly phony retirement plans, which were falsely promoted on television as being approved by the Internal Revenue Service, securities officials from several states disclosed Tuesday. In California, the Department of Corporations--in its largest enforcement effort--has taken legal action against 426 individuals and entities that took in several hundred million dollars through the scheme, said G.
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