Advertisement
YOU ARE HERE: LAT HomeCollectionsStock Manipulators
IN THE NEWS

Stock Manipulators

FEATURED ARTICLES
CALIFORNIA | LOCAL
November 15, 1989
I want to commend you for your editorial commenting on the cruel irony of the savings and loan story--that the rip-off of the assets of these lending institutions happened under the guise that by reducing governmental controls there would result "unqualified benefits." But your explanations contain some of the grandest understatements of this century. In fact, our current scandal (and national shame) makes the manipulators of yore going back to Teapot Dome and forward to the stock manipulators of more recent times look like rank amateurs.
ARTICLES BY DATE
BUSINESS
December 20, 2012 | By Stuart Pfeifer and Walter Hamilton, Los Angeles Times
Herbalife Ltd. is girding for a fight against a Wall Street money man who's betting $1 billion that the company is nothing more than what he called a "pyramid scheme. " The Los Angeles maker of nutritional products rushed to defend itself Thursday against a hedge fund manager's accusation. Hedge fund titan Bill Ackman accused Herbalife of paying its sales staff far more money to recruit new distributors than to actually sell its products. That results in the roughly 2.6 million distributors at the bottom of the sales pyramid making little or no income, while a handful at the top hauls in millions, he said.
Advertisement
BUSINESS
October 11, 1990 | From Reuters
Prosecutors today linked a second major Japanese bank, Tokyo-based Sanwa Bank, to a growing stock manipulation scandal. In a hearing before the Tokyo District Court, prosecutors charged stock speculator Mitsuhiro Kotani and a longtime associate with conspiring to manipulate the share prices of a large resort development firm in April. They also alleged that Sanwa Bank provided Kotani and associates with $238.
BUSINESS
October 9, 2010 | By Tom Petruno, Los Angeles Times
Larry Wilcox, the former "CHiPs" TV star accused by federal regulators of securities fraud, has agreed to plead guilty to criminal charges in the stock manipulation case. Wilcox, 63, could face five years in prison on one count of conspiracy to commit securities fraud under a plea bargain reached with the U.S. attorney's office in Miami on July 2 and released publicly this week. The Justice Department filed criminal charges against Wilcox and nine other penny stock promoters on Thursday in Miami at the same time that the Securities and Exchange Commission filed civil securities fraud charges.
BUSINESS
December 19, 1997 | From Bloomberg News
The Securities and Exchange Commission on Thursday charged 58 defendants with penny stock manipulation, in one of the largest stock fraud cases ever. The SEC filed four civil fraud lawsuits in New York and one in Salt Lake City. The suits allege that penny stock promoters and executives of small, publicly traded companies bribed brokers to get them to sell the companies' stocks to brokerage customers.
BUSINESS
August 2, 1998 | TOM PETRUNO
Lawsuits are serious business, but they also often make for interesting, and sometimes even entertaining, reading. So it is with a case filed last week by the Los Angeles office of the Securities and Exchange Commission against one Rafi M. Khan, a 47-year-old Southland stock broker and promoter whose name has been well-known to securities regulators here and abroad since the mid-1980s.
BUSINESS
December 18, 1989 | Associated Press
Prominent Wall Street stock speculator Salim B. (Sandy) Lewis was sentenced today to three years' probation and fined $250,000 after pleading guilty to manipulating the price of Fireman's Fund Corp. stock. U.S. District Judge Mary Johnson Lowe told Lewis she spared him a prison term and sentenced him to work in a drug rehabilitation clinic because "your skills should not be wasted." Lowe fined S. B. Lewis & Co.
BUSINESS
March 4, 1989 | From Times Staff and Wire Reports
A Cincinnati brokerage has been subpoenaed by federal investigators looking into possible stock manipulation involving American Continental of Phoenix and its efforts to sell Lincoln Savings & Loan of Irvine. But the head of Queen City Securities said the firm was not itself a target of a Securities and Exchange Commission investigation into questionable trading of American Continental stock. "We haven't done anything wrong. We are cooperating with the SEC in any way we can," said H.
CALIFORNIA | LOCAL
March 16, 1986
The Securities and Exchange Commission has sued five officials of the defunct Heritage Bank, alleging that they manipulated its stock for nearly 18 months in 1981 and 1982 in an attempt to artificially inflate its value. The Anaheim bank, once Orange County's largest independent bank, was seized by the state Banking Department and declared insolvent in March, 1984. It was turned over to the Federal Deposit Insurance Corp. for liquidation.
CALIFORNIA | LOCAL
October 21, 1998
A man was sentenced to a year in federal prison and ordered to pay almost $1 million in restitution for conspiring to manipulate the stock price of a company that provided medical testing services in shopping malls, authorities said Tuesday. David Paletz, 54, formerly of Woodland Hills, was sentenced by U.S. District Judge George H. King. Others already sentenced are the father and son who served as chairman and president of the E.N. Phillips company.
BUSINESS
July 16, 2008 | Tom Petruno, Times Staff Writer
The Securities and Exchange Commission on Tuesday stepped up its war against what it believes is manipulation of stocks by "short sellers" -- traders who bet on falling share prices. SEC Chairman Christopher Cox surprised Wall Street with a plan to curb illegal short selling in 19 major financial company shares, including embattled mortgage titans Fannie Mae and Freddie Mac. Shares of Fannie and Freddie have been big targets of bearish traders this year.
BUSINESS
August 23, 2001 | From Bloomberg News
The National Assn. of Securities Dealers is investigating 11 cases of possible "spoofing" by brokerage traders who try to manipulate stock prices by entering false quotes, then canceling them. Traders' use of these "phantom quotes" has persisted even though regulators have tightened surveillance of the Nasdaq Stock Market and filed charges against seven brokers and investors since 1998, NASD Executive Vice President Stephen Luparello said.
CALIFORNIA | LOCAL
October 21, 1998
A man was sentenced to a year in federal prison and ordered to pay almost $1 million in restitution for conspiring to manipulate the stock price of a company that provided medical testing services in shopping malls, authorities said Tuesday. David Paletz, 54, formerly of Woodland Hills, was sentenced by U.S. District Judge George H. King. Others already sentenced are the father and son who served as chairman and president of the E.N. Phillips company.
BUSINESS
September 1, 1998 | P.J. HUFFSTUTTER, TIMES STAFF WRITER
Waldron & Co., the Irvine investment banking company being investigated by federal regulators for possible stock manipulation, fired its president, Cery B. Perle, on Friday. Company sources, speaking on the condition of anonymity, said Perle's dismissal is linked with Waldron's ties to Shopping.com, the troubled Internet shopping service that is also under scrutiny by the Securities and Exchange Commission.
BUSINESS
August 2, 1998 | TOM PETRUNO
Lawsuits are serious business, but they also often make for interesting, and sometimes even entertaining, reading. So it is with a case filed last week by the Los Angeles office of the Securities and Exchange Commission against one Rafi M. Khan, a 47-year-old Southland stock broker and promoter whose name has been well-known to securities regulators here and abroad since the mid-1980s.
BUSINESS
December 19, 1997 | From Bloomberg News
The Securities and Exchange Commission on Thursday charged 58 defendants with penny stock manipulation, in one of the largest stock fraud cases ever. The SEC filed four civil fraud lawsuits in New York and one in Salt Lake City. The suits allege that penny stock promoters and executives of small, publicly traded companies bribed brokers to get them to sell the companies' stocks to brokerage customers.
BUSINESS
May 4, 1985 | MICHAEL A. HILTZIK, Times Staff Writer
Financier Ivan F. Boesky, whose large stake in CBS played a role in the speculative run-up of the company's stock last month, agreed Friday to limit his CBS holdings to 4.3% or less and to stay out of any takeover raid on the company for two years. In return, CBS agreed to withdraw its lawsuit charging Boesky with manipulating its stock and violating federal margin regulations in buying his shares. In a statement issued by his public relations firm, Boesky said he is "pleased" by the withdrawal.
BUSINESS
March 19, 1997 | From Times Wire Services
A self-policing organization for securities dealers, together with the FBI, is investigating 19 companies whose stocks were allegedly manipulated by organized crime, the head of the group told Congress. The regulatory arm of the National Assn. of Securities Dealers Inc.
Los Angeles Times Articles
|