Stock picker fraud trial begins
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Stock picker Anthony Elgindy profited from illegal tips supplied by an FBI agent who told him about probes of companies Elgindy would then sell short while spreading negative information to clients of his online newsletter, a prosecutor said.
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Three people at the center of a scam that preyed on investors by enticing them with voice-mail messages packaged as secret stock tips pleaded guilty to criminal charges yesterday in a District courtroom.
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The executives will stand trial on accusations they misled investors about KmartÂs financial problems before its 2002 bankruptcy filing.
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Prosecutors want to bring Stanley S. Tollman to trial on charges relating to a $100 million bank fraud and tax evasion scheme.
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The first criminal trial involving former executives of the now infamous energy company, Enron, begins today in a case that could have a crucial bearing on future trials of the company&#39;s top officials.
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A Paris prosecutor on Monday asked for preliminary charges of forgery, breach of trust and fraud to be filed against a trader accused by Societe Generale bank of causing what could be history's largest trading fraud by a single person.
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The trial for former Internet idol Takafumi Horie was scheduled to open Monday in a case that underlines a modernizing Japan's efforts to grapple with the rise of ventures and define the legal boundaries for aggressive stock trading.
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Major cigarette makers go on trial  on Tuesday in the U.S. government's $280 billion racketeering  case that charges the tobacco industry with deliberately  deceiving the public about the risks of smoking since the  1950s.
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(InfoWorld) - Three U.S. men and one man living in France have pleaded guilty to charges related to a stock manipulation scheme that included sending out tens of millions of spam messages to pump up the stock value of 15 companies, the U.S. Department of Justice said Thursday. The four men cost investors more than $20 million in their so-called pump-and-dump scheme, the DOJ said. Michael Saquella, also known as Michael Paloma, 47, of Mesa, Arizona., pleaded guilty in U.S. District Court for the Eastern District of Virginia in Alexandria on Aug. 20. Lawrence J. Kaplan, 63, of Scottsdale, Arizona, pleaded guilty on July 25, in Alexandria to similar charges. Henry "Hank" J. Zemla, 38, of Harris Township, Michigan, also pleaded guilty in federal court in Alexandria on July 20. The three defendants are scheduled to be sentenced between late November and early February. Saquella pleaded guilty to a criminal information charging him with one count of conspiracy to commit securities fraud and one count of electronic mail fraud involving 15 publicly traded companies. Kaplan pleaded guilty to a criminal information charging him with one count of conspiracy to commit securities fraud involving 14 of these companies, and Zemla pleaded guilty to a criminal information charging him with one count of conspiracy to commit securities fraud involving one of the companies. The plea agreements for all three defendants were unsealed Thursday. The scheme involved stocks from companies including eDollars, Xtreme Technologies, and PokerBook Gaming. Justin Medlin, 26, of Paris, also pleaded guilty in federal court in Alexandria on Aug. 20 to a criminal information charging him with one count of electronic mail fraud and one count of conspiracy to commit securities fraud and electronic mail fraud involving seven of the companies. Medlin's plea agreement was unsealed Thursday. He will be sentenced on Nov. 30. The maximum penalties for each of the fraud charges is five years in prison and a $250,000 fine. The stock manipulation schemes generally followed a similar pattern, the DOJ said. The defendants generally solicited small, privately held companies that needed to raise money. One of the defendants would offer to help the company raise significant money through the sale of the company's stock, and then the defendants would list the company's shares on the Pink Sheets, a price quotation system primarily used for trading small companies' stocks. The group of defendants would then gain control of a majority of the stock of the company, the DOJ said. The co-conspirators then engaged in deceptive and manipulative trading practices to boost the price and volume of the company's stock, the DOJ said. In some cases, members of the conspiracy encouraged investors to purchase companies' stock by giving the investors free-trading shares in return for buying blocks of shares at agreed-upon prices, thereby creating the illusion of trading volume and active investor interest. In other instances, members of the conspiracy bought and sold shares of the companies' stock between and among themselves to give the appearance of investor interest, the DOJ said. The co-conspirators also falsely manipulated the price and volume of each company's stock by making materially false and misleading statements in news releases and in spam e-mails distributed by Medlin and other spammers to tens of millions of U.S. e-mail addresses, in an effort to create artificial demand for the companies' stock, the DOJ said. In related actions, the U.S. Securities and Exchange Commission has filed civil charges against Saquella and Kaplan for their part in the schemes to manipulate the price and volume of the companies' securities. Three other defendants, Steven P. Luscko, Gregory A. Neu, and Brian G. Brunette, have pleaded guilty and have been sentenced in federal court in Alexandria for their roles in related stock manipulation schemes. Luscko and Neu were each sentenced to five years in prison and Brunette was sentenced to one year in prison.
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Nearly three years after Enron Corp.'s  ENRNQ.PK dramatic collapse into bankruptcy, the first  criminal trial against the disgraced energy company's former  employees is set to kick off on Monday.
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The former director of a Russian fertilizer company took the stand Friday as the first witness in the fraud and tax evasion trial of former Yukos oil company chief executive Mikhail Khodorkovsky and a top business partner.
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The trial pitting software giant Oracle Corp. (ORCL.O: Quote, Profile, Research) against unwilling takeover target PeopleSoft Inc.
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Jury selection was completed Tuesday for the larceny retrial of two former top Tyco International Ltd. executives who are accused of looting the company of $600 million. Opening statements will begin Wednesday.
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Three people who allegedly sent America Online customers millions of junk e-mail messages touting penny stocks and other Internet gimmicks went on trial Tuesday in the nation&#39;s first such felony case.
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The first trial arising from the Jack Abramoff influence-peddling scandal is moving into a new phase, with prosecutors calling on witnesses to corroborate e-mails detailing the lobbyist&#039;s requests for help from a top procurement official in the Bush administration.
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BIRMINGHAM, Ala.  - The trial of former  HealthSouth Corp. HLSH.PK Chief Executive Richard Scrushy  starts on Tuesday, with the flamboyant Birmingham mogul accused  of orchestrating a $2.64 billion accounting scandal at the  healthcare company he founded.
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The first criminal trial to involve former staff of disgraced energy firm Enron is under way in Texas, with two Enron staff and four bankers in the dock.