Ex-Amvescap chiefs fined $3.34m for funds scandal
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Three former employees at fund manager Amvescap yesterday agreed to pay penalties totalling $3.34m (Â£1.9m) to settle charges relating to the US mutual funds scandal.
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Securities regulators have ordered a division of Citigroup Inc. to pay $478,000 in a fine and restitution for allegedly recommending high-risk commodity futures funds to people who shouldn
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A senior executive at Finland's third largest bank Sampo was handed a fine of 14,624 euros (17,951 dollars) for speeding by the Helsinki appeals court, Finnish media reported.
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The honor of paying the stiffest penalty in the long-running mutual fund trading scandal goes to former investment advisers Harold Baxter and Gary Pilgrim.
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Google's chief legal officer was fined by the Securities and Exchange Commission (SEC) Thursday over accounting issues arising from when he was chief financial officer (CFO) at former company.
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The Securities and Exchange Commission announced a &#36;140 million settlement Wednesday with a mutual fund adviser to the former FleetBoston Financial Corp. for improper trading, the same day the agency filed civil fraud charges against two former employees of the adviser.
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(InfoWorld) - Four former executives with computer networking and security vendor Enterasys Networks have been sentenced to prison terms for their roles in accounting fraud at the company that cost investors millions of dollars, the U.S. Department of Justice announced Tuesday. The executives were convicted on conspiracy and fraud charges during a December 2006 trial. At sentencing hearings that began last week in U.S. District Court for the District of New Hampshire, Judge Paul Barbadoro sentenced former Enterasys CFO Robert J. Gagalis to 11 1/2 years in prison. Gagalis was convicted of one count of conspiracy, two counts of securities fraud, one count of making false statements to auditors of a public company, and four counts of wire fraud. Bruce D. Kay, a former Enterasys finance executive, was sentenced to 9 1/2 years in prison. The jury found Kay guilty of one count of conspiracy, two counts of securities fraud, one count of falsifying books and records of a public company, one count of making false statements to auditors of a public company, and three counts of wire fraud. Robert G. Barber, a former Enterasys business development executive, was sentenced to eight years in prison and fined $25,000. The jury found Barber guilty of conspiracy, two counts of securities fraud, one count of falsifying books and records of a public company, and one count of making false statements to auditors of a public company. Hor Chong "David" Boey, former finance executive in Enterasys' Asia Pacific division, was sentenced to three years in prison. Boey was convicted of conspiracy, two counts of securities fraud, one count of falsifying books and records of a public company, one count of making false statements to auditors of a public company, and two counts of wire fraud. Starting in mid-2001, the four defendants and other Enterasys executives inflated the company's revenue figures as a way to meet expectations of financial analysts and to maintain or increase the price of the company's stock, the DOJ said. The defendants backdated and falsified documents and concealed terms of business transactions from Enterasys' auditors in order to inflate revenue, the DOJ said. The conspirators also fraudulently created false revenue by secretly investing company funds in other companies and having those companies to use the investment proceeds to buy Enterasys products. Because of the fraudulent scheme, public investors lost at least $97 million, the DOJ said. The four "will spend years in prison for perpetrating a fraud that cost Enterasys shareholders millions of dollars," Alice Fisher, assistant attorney general in the DOJ's Criminal Division, said in a statement. Several other former Enterasys executives, including former Chairman, President and CEO Henry Fiallo have previously pleaded guilty to felony charges in connection with the scheme. To date, eight former Enterasys executives have been convicted of felonies. An Enterasys spokesman said the none of the four defendants have worked for the company recently. The company is under new management and ownership since the accounting fraud case was filed, and the convictions will not affect the company going forward, said Kevin Flanagan, company spokesman. The accounting fraud case "is very much in the past" for the company, he added.
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The National Association of Securities Dealers on Wednesday charged American Funds Distributors Inc., a unit of The Capital Group Cos., with violating a rule by directing approximately &#36;100 million in kickbacks over three years to about 50 brokerage firms that were the top sellers of American Funds' mutual funds.
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The former chief financial officer of defunct hedge fund Bayou Group was sentenced to 20 years in prison on Tuesday for his role in a scheme that cheated investors of more than $400 million.
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A court Thursday convicted a former fisheries official on charges of taking a $3.7 million bribe to allocate fishing quotas to a businessman, news reports said.
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A jury that convicted five former executives from Enron Corp. and Merrill Lynch &amp; Co. of fraud found yesterday that the crime cost investors $13.
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The  world's largest insurance group pays $126m in fines as part of a settlement with US regulators over its dealings with two firms.
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A judge sentenced former Food and Drug Administration chief Lester M. Crawford yesterday to three years of supervised probation and fined him about $90,000 for lying about stocks he owned in companies regulated by the agency.
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CHICAGO _ Discount brokerage Charles Schwab Corp. on Tuesday settled regulators&#39; allegations that it allowed scores of improper mutual fund trades, agreeing to pay a $350,000 fine.
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Jean-Marie Messier, the former chief of Vivendi Universal SA who is under investigation for alleged fraud and stock manipulation, was fined 1 million euros ($1.3 million) by French regulator
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Jean-Marie Messier, the former chief of Vivendi Universal SA who is under investigation for alleged fraud and stock manipulation, was fined 1 million euros ($1.3 million) by French regulator Autoritee des Marches Financiers.
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Invesco Funds Group and affiliate AIM Advisors say they have agreed to pay $450 million (250 million pounds) to settle civil lawsuits over improper trading, the third biggest