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Security Fraud

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CALIFORNIA | LOCAL
December 4, 1998 | DAVID ROSENZWEIG, TIMES STAFF WRITER
Former Mouseketeer Darlene Faye Gillespie testified in her own defense Thursday against federal charges that she engaged in an elaborate stock fraud scheme, buying shares with rubber checks and obstructing a Securities and Exchange Commission probe into her trading. Under questioning by her lawyer, the 57-year-old Oxnard resident portrayed herself as an innocent victim of unscrupulous brokers who churned and manipulated her accounts to generate "outrageous" commissions.
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BUSINESS
April 21, 2014 | By Ricardo Lopez
A San Francisco man pleaded guilty to a single count of securities fraud Monday related to the 2009 acquisition of Marvel Entertainment by Walt Disney Co, federal authorities said.  The announcement by the U.S. attorney's office for the Central District of California caps the criminal case against Toby G. Scammell, a Bay Area man who had been accused of insider trading. A civil action by the U.S. Securities and Exchange Commission began with an insider trading charge in 2011; a judgment was issued in that case last month.    The SEC ordered Scammell to disgorge his trading profits and pay interest and civil penalties totaling $800,985.
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BUSINESS
February 13, 1991 | Associated Press
A settlement valued at $53.3 million has been reached in various lawsuits against Ivan F. Boesky, according to court papers filed Monday. Part of the settlement, reached with investors who sold six stocks while Boesky was trading them illegally on inside information, is covered by $29.6 million from a victims fund established with money Boesky paid to settle civil charges with the Securities and Exchange Commission.
BUSINESS
May 28, 2013 | By Stuart Pfeifer, Los Angeles Times
A former senior partner at accounting firm KPMG's Los Angeles office has agreed to plead guilty to a securities fraud charge of passing inside information about the firm's clients to a friend, who used it to make more than $1 million in stock trades. Scott London, 50, who supervised more than 500 KPMG auditors, agreed Tuesday to plead guilty to one felony charge, according to a court document he signed. The date he will enter the guilty plea has not yet been scheduled. London's stock-trading friend, Encino jeweler Bryan Shaw, pleaded guilty to a conspiracy charge last week.
BUSINESS
December 31, 1999 | From Reuters
The Securities and Exchange Commission said Thursday that it has charged two executives of American Telephone & Telecommunications Corp. with fraud for selling securities in the firm that purportedly was set up to offer long-distance telephone service via the Internet. The company is not related to telecommunications giant AT&T Corp.
CALIFORNIA | LOCAL
December 22, 1989 | From Times Wire Services
A Mission Viejo securities broker and another from Orange were among three men indicted Thursday on charges of defrauding relatives and elderly clients, including a 101-year-old man, of hundreds of thousands of dollars. Two of the victims were an Atwater man, 101, and his 83-year-old wife, who lost $225,000 in an alleged fraud by Jacques Doigny, 40, of Mission Viejo. Doigny, a former agent of Mutual of Omaha Co.
BUSINESS
November 4, 1998 | Reuters
President Clinton signed legislation Tuesday to stem the migration of some securities fraud class-action lawsuits to state courts from federal courts, but he did so with an objection to a pay-related provision. The bill was backed by Silicon Valley's high-tech industry, which had complained that securities lawsuits were flooding state courts--particularly in California--and forcing companies to direct resources to costly litigation rather than developing new technology.
BUSINESS
October 30, 2002 | From Bloomberg News
Nvidia Corp. engineer Robert Prevett illegally made $595,000 on stock trades before his company announced a contract to provide graphics chips for Microsoft Corp.'s Xbox video game system, prosecutors said. "The evidence will show Mr. Prevett got so wrapped up in the stock market that he couldn't resist trading," said Assistant U.S. Atty. John Hemann in an opening statement in Prevett's insider trading trial.
CALIFORNIA | LOCAL
September 14, 1993 | JEFF McDONALD
A former Oxnard couple has been indicted on more than 65 counts of fraud and selling illegal securities for allegedly swindling dozens of investors in their defunct Oxnard manufacturing company. Thomas and Patricia Boyd, who now live in Fresno County, are accused of selling dozens of investors shares of products made by States Plastics of Oxnard through the 1980s.
BUSINESS
March 3, 2009 | Associated Press
Federal regulators on Monday accused Sunwest Management Inc., one of the nation's largest operators of assisted-living facilities, and its former chief executive with securities fraud in connection with real estate investments that turned sour. The Securities and Exchange Commission announced the charges against Sunwest, based in Salem, Ore.
BUSINESS
March 11, 2013 | By Ricardo Lopez
The Securities and Exchange Commission charged Illinois with securities fraud, accusing the state of misleading municipal investors over pension fund obligations, the regulatory agency said Monday. An investigation determined the state failed to inform investors about the impact of problems with its pension funding schedule, the agency said. Between 2005 and 2009, Illinois sold more than $2.2 billion in municipal bonds but neglected to tell investors that pension obligations were underfunded, the agency said.
BUSINESS
June 16, 2012 | By Andrew Tangel, Los Angeles Times
NEW YORK — The federal government took down the biggest Wall Streeter yet in its battle against insider trading: Rajat Gupta, a former director of Goldman Sachs who once headed powerful consulting firm McKinsey & Co. Gupta's conviction on securities fraud and conspiracy charges in federal court in Manhattan on Friday may embolden government efforts to weed out white-collar corruption using wiretaps, tools traditionally used against mobsters and...
BUSINESS
July 21, 2011 | By E. Scott Reckard, Los Angeles Times
As Barry Minkow prepared to be sentenced a second time for securities fraud, he appeared in a familiar role: repentant, apologetic, acknowledging deep character flaws and expressing hope he can transform himself for the better yet again. "The truth about me is I am a 45-year-old loser, and I am so very sorry for what I have done," Minkow wrote in a letter to U.S. District Judge Patricia A. Seitz of Miami, who was to sentence him early Thursday for conspiring to manipulate the stock of home builder Lennar Corp.
BUSINESS
May 12, 2011 | By Nathaniel Popper and Walter Hamilton, Los Angeles Times
A resounding guilty verdict in the insider-trading trial of a high-flying hedge fund magnate represents the biggest victory against Wall Street wrongdoing in two decades — and could invigorate the government's effort to stamp out a crime that's existed for as long as stocks have changed hands. To win the conviction of Raj Rajaratnam, prosecutors relied on extensive electronic wiretaps, marking the first time illegal trading has been pursued with a tool more commonly employed against organized crime.
BUSINESS
October 8, 2010 | By Tom Petruno, Los Angeles Times
How do we break this to Ponch? Federal regulators on Thursday brought securities fraud charges against more than a dozen penny-stock promoters ? including Larry Wilcox, who played California Highway Patrol officer Jonathan "Jon" Baker on the hit TV show "CHiPs" in the late 1970s and early '80s. The Securities and Exchange Commission said it caught the promoters in "various illicit kickback schemes to manipulate the volume and price of microcap stocks and illegally generate stock sales.
BUSINESS
October 7, 2010 | By E. Scott Reckard, Los Angeles Times
The government is trying to introduce new evidence at the upcoming trial of former Countrywide Financial Corp. Chairman Angelo R. Mozilo and two former top executives to show that they knew about the company's alleged misdeeds during the frenzied housing boom and its catastrophic bust. With a civil jury trial looming mid-month, the Securities and Exchange Commission filed more evidence that it wants to use in its securities-fraud and insider-trading case against the three former executives at what once was the nation's largest mortgage lender.
BUSINESS
August 24, 2010 | By Dawn C. Chmielewski, Los Angeles Times
The boyfriend of an assistant to a top Walt Disney Co. executive pleaded guilty Monday to conspiracy to commit securities fraud and wire fraud in federal court in New York in an insider trading scheme that garnered notoriety for its lack of sophistication. Yonni Sebbag was arrested in May along with Bonnie Hoxie, a former aide to Zenia Mucha, the head of corporate communications for Disney. Both were charged with conspiracy to commit securities fraud and wire fraud by selling inside information to investment companies.
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