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Securities Fraud United States

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BUSINESS
November 8, 1995 | From Associated Press
A federal judge denied bail Tuesday to the bond trader who lost $1.1 billion at Daiwa Bank, and prosecutors said for the first time that the trader has been reluctant to cooperate with investigators. Toshihide Iguchi, 44, was ordered to remain in custody until he is sentenced. He pleaded guilty last month to forgery and embezzlement in his scheme to cover up the trading losses at Daiwa Bank over a 12-year period.
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BUSINESS
May 30, 1997 | From Reuters
Prosecutors and securities regulators in 20 states Thursday unveiled a series of enforcement actions intended as a crackdown on high-pressure penny-stock sales abuses by small brokerages. Fourteen firms were named in a total of 37 enforcement actions, officials said. None of them are based in California. It was the biggest nationwide crackdown ever by state authorities against brokers selling stocks over the telephone, according to North American Securities Administrators Assn.
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BUSINESS
January 19, 1996 | SCOT J. PALTROW, TIMES STAFF WRITER
Closing another chapter on the limited-partnership debacles of the late 1980s, brokerage firm PaineWebber Inc. agreed Thursday to pay $302.5 million to settle regulators' charges that it defrauded customers by enticing them to make highly risky oil and gas, real estate and aircraft investments. The firm also said it was taking a $30-million charge against its 1995 fourth-quarter profits to cover the costs of administering the settlement.
BUSINESS
April 7, 1997 | Bloomberg News
A federal prosecutor and a Securities and Exchange Commission attorney conspired to advance a far-reaching stock fraud in which a $350,000 bribe was paid to people thought to be Canadian officials, an expanded U.S. indictment alleges. The expanded indictment of former SEC enforcement attorney James Nearen, handed up late last week, links his case for the first time to that filed by regulators against Andrew S. Pitt, an assistant U.S. attorney in Los Angeles. The new indictment by the U.S.
BUSINESS
December 6, 1996 | From Times Staff and Wire Reports
With the right to sue over certain claims expiring today, Orange County filed six lawsuits Thursday against more than 20 brokerage houses and others for their alleged roles in the county's historic bankruptcy. The lawsuits were filed in U.S. Bankruptcy Court in Santa Ana mainly because the county wanted to make sure that it protects its right to take legal action against potential defendants before the statute of limitations expires today, the second anniversary of the county's bankruptcy.
BUSINESS
February 2, 1995 | Times Staff and Wire Reports
Jett Reportedly Seeks Testimony-for-Immunity Trade: Joseph Jett, the former Kidder, Peabody & Co. bond trader accused of fabricating $350 million in profit, wants to testify against his ex-employers in return for immunity from criminal prosecution, a source who spoke on condition of anonymity said this week. Jett hopes to avoid charges by the U.S. attorney's office in Manhattan. A spokesman for Jett declined to comment. A U.S. attorney's office spokesman did not return a telephone call.
BUSINESS
December 20, 1995 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
President Clinton vetoed a controversial bill Tuesday that would make it harder for investors to file and win lawsuits charging publicly traded companies with securities fraud. The bill, vetoed just hours before it would have become law at midnight, was strongly backed by accountants and business groups--particularly California's legions of high-technology companies. Fighting it were trial lawyers, consumer organizations and state securities regulators.
BUSINESS
January 20, 1995 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
Rep. Christopher Cox (R-Newport Beach) said Thursday that he expects to have legislation ready this spring that would require municipalities and other local government agencies to provide extensive and periodic financial disclosures when they issue bonds and other securities. Cox's bill, which he said he hopes to develop on a bipartisan basis, is likely to become the first major federal measure to emerge in response to the Orange County bankruptcy.
BUSINESS
October 27, 1995 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
A coalition of senior citizens, labor groups and Democratic organizations in California appealed to President Clinton on Thursday to veto proposed legislation that would make it harder for individuals to win securities fraud lawsuits. The legislation, which will be considered soon in a House-Senate conference, is being strongly endorsed by major accounting and brokerage firms, and by high-technology companies, particularly in California.
BUSINESS
December 6, 1996 | From Times Staff and Wire Reports
With the right to sue over certain claims expiring today, Orange County filed six lawsuits Thursday against more than 20 brokerage houses and others for their alleged roles in the county's historic bankruptcy. The lawsuits were filed in U.S. Bankruptcy Court in Santa Ana mainly because the county wanted to make sure that it protects its right to take legal action against potential defendants before the statute of limitations expires today, the second anniversary of the county's bankruptcy.
BUSINESS
April 4, 1996 | Times Staff and Wire Reports
'Cease-Fire' in Lloyd's Battle Declared: State securities regulators and Lloyd's of London, the giant insurance market, agreed to a one-month cease-fire in their growing legal fight in order to begin settlement talks. Nine states have cases against Lloyd's alleging securities fraud and other violations in its recruitment of U.S. investors in the 1970s and '80s. Lloyd's of London is a major player in the global insurance market.
BUSINESS
January 19, 1996 | SCOT J. PALTROW, TIMES STAFF WRITER
Closing another chapter on the limited-partnership debacles of the late 1980s, brokerage firm PaineWebber Inc. agreed Thursday to pay $302.5 million to settle regulators' charges that it defrauded customers by enticing them to make highly risky oil and gas, real estate and aircraft investments. The firm also said it was taking a $30-million charge against its 1995 fourth-quarter profits to cover the costs of administering the settlement.
BUSINESS
December 21, 1995 | ROBERT A. ROSENBLATT and GEBE MARTINEZ, TIMES STAFF WRITERS
Nearly half the Democrats in the House deserted President Clinton on Wednesday and voted to override his veto of a bill restricting lawsuits for securities fraud. The bipartisan vote of 319 to 100 marks the first time the House has overturned a Clinton veto. The Senate is expected to act on the measure soon and the vote is expected to be close.
BUSINESS
December 20, 1995 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
President Clinton vetoed a controversial bill Tuesday that would make it harder for investors to file and win lawsuits charging publicly traded companies with securities fraud. The bill, vetoed just hours before it would have become law at midnight, was strongly backed by accountants and business groups--particularly California's legions of high-technology companies. Fighting it were trial lawyers, consumer organizations and state securities regulators.
BUSINESS
December 7, 1995 | Times Staff and Wire Reports
House Approves Securities Fraud Reform Bill: With strong bipartisan support, the House gave final passage to a bill that would restrict class-action securities fraud lawsuits, sending the measure to the White House. The 320-102 vote came after a debate that pitted those who argue there are too many frivolous lawsuits against those who contend the bill would eliminate a strong deterrent against fraud.
BUSINESS
December 6, 1995 | SCOT J. PALTROW, TIMES STAFF WRITER
President Clinton is leaning toward signing a bill that would limit investors' right to sue for securities fraud, even though his political advisors have urged a veto, White House sources said Tuesday. The Senate on Tuesday did, as expected, approve a House-Senate compromise version of the bill. After Sen. John McCain (R-Ariz.) switched an initial yea vote to a nay, the final tally was 65 to 30, just short of the number that would be needed to override a veto.
BUSINESS
December 1, 1995 | SCOT J. PALTROW, TIMES STAFF WRITER
Felony charges have been lodged against 11 stockbrokers around the country who allegedly cheated elderly customers, the first of what Atty. Gen. Janet Reno said Thursday will be a wave of federal criminal prosecutions of "rogue" brokers. The charges, in the form of indictments and criminal informations, were returned over the past two days against brokers in 10 states, Justice Department officials said.
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