U.S. to seek indictments of ex-BP traders: reports
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The U.S. Justice Department is  expected to seek indictments of up to four former BP Plc   traders as early as Thursday, the Wall Street Journal reported  in its online edition on Wednesday.
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The U.S. Securities and  Exchange Commission plans to file civil charges against Dow  Jones & Co. Inc. board member David Li over an insider trading  investigation linked to News Corp.&#39;s $5 billion bid for the  media company, the Wall Street Journal reported.
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A deposition will be taken from BP chief executive John Browne in London on Friday related to a fatal 2005 explosion at a Texas refinery run by the British energy giant, a US lawyer said Wednesday.
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(InfoWorld) - U.S. and Canadian stock regulators filed fraud charges on Monday against several former executives of Nortel Networks, accusing them of twisting accounting practices to make it seem that the company was meeting Wall Street expectations. The U.S. Securities and Exchange Commission charged Frank Dunn, Nortel's former CEO and CFO, Douglas Beatty, the former CFO and controller, Michael Gollogly, the former controller and MaryAnne Pahapill, the former assistant controller. Meanwhile, the Ontario Securities Commission announced it would hold a hearing on May 1 to consider sanctions against Dunn, Beatty and Gollogly. The charges come as Nortel struggles to recover from the scandal. The company had fired or accepted resignations from all four managers by 2005, but is still repairing the damage to its financial records and its reputation. On March 1, Nortel said it would post yet another round of financial restatements and delay the filing of its 2006 annual report. The defendants all disregarded accounting practices and disclosure requirements in their effort to manipulate the books at the Canadian telecommunications equipment maker, the SEC said in charges filed in the U.S. District Court for the Southern District of New York. "The fraudulent conduct at issue here was egregious and long-running," said Linda Thomsen, director of the SEC's division of enforcement, in a statement. "Each of the defendants betrayed Nortel's investors and their misconduct gave rise to billions of dollars in shareholder losses." According to the SEC, between late 2000 and January 2001, Dunn, Beatty and Pahapill changed Nortel's revenue-recognition policies so they could appear to meet financial forecasts. And from July 2002 through June 2003, Dunn, Beatty and Gollogly created an illegal pool of reserve funds they used to fabricate profits, meet earnings targets and award bonuses. Then, in the second half of 2003, Dunn and Beatty tried to cover their tracks by explaining the company's $948 million restatement as an accounting error caused by internal control mistakes, the SEC said. That restatement was actually caused by the secret fund. Although he did not address the charges, one of the defendants quickly denounced the SEC for charging executives of a company outside U.S. borders. "I am disappointed that, after three years, the [SEC] has brought charges on the same day in respect of the same matter as the Ontario Securities Commission," said Dunn in a statement. "I think it would have been appropriate, under the circumstances, if the authorities in the United States had deferred to the Ontario Securities Commission in what is really a Canadian matter, and had acknowledged that the Canadian authorities are fully capable of addressing these important issues." However, the SEC insisted that it had jurisdiction since Nortel's stock trades on U.S. exchanges. "The action we take today sends a strong message that officers of U.S.-filing foreign corporations will be held to the same standards of accountability that are required of all participants in the U.S. financial markets," Thomsen said. Â
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BP said regulators were considering civil charges against it for trading activities in the gasoline futures market four years ago.
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HONG KONG/WASHINGTON  - The U.S. Securities and Exchange Commission plans to file civil charges against Dow Jones & Co. Inc.  board member David Li over an insider trading investigation linked to News Corp.'s  $5 billion bid for the media company, the Wall Street Journal reported.
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Fresh allegations against former Daily Telegraph tycoon Conrad Black are expected to emerge from the courtroom filing of a long-awaited investigation into his stewardship of the newspaper empire Hollinger International.
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Patricia C. Dunn, the former chairwoman of Hewlett-Packard, and four other people will be named in indictments being filed by CaliforniaÂs attorney general today in the spying case at the company, according to lawyers involved in the case.
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Four former El Paso Corp. natural gas traders have been charged with making false reports used to calculate the index price of natural gas, US Attorney Michael Shelby said Wednesday.
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The U.S. Securities and Exchange Commission plans to file civil charges against Dow Jones & Co Inc  board member David Li over an insider trading probe linked to News Corp's  bid for the media company, the Wall Street Journal reported on Wednesday.
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THREE senior officials running one of Americaâs junior stockmarkets could face civil charges relating to its options market, following a probe by US watchdog the Securities and Exchange Commission.
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Federal prosecutors today unsealed criminal charges against more than a dozen people -- including former executives at three of Wall Street's elite investment banks and traders at prominent hedge funds -- for engaging in thousands of improper trades in a pair of wide-ranging schemes.
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Three British ex-bankers are to appeal a decision by a judge that they could be extradited to the United States to face trial over alleged fraud charges relating to disgraced energy group Enron.
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Federal indictments were unsealed yesterday accusing five former natural-gas traders at three Houston energy companies of reporting fake trades to industry publications.
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California's attorney general  filed a criminal complaint on Wednesday seeking indictments of  former Hewlett-Packard Co.  Chairman Patricia Dunn and  four others for their roles in a probe into board leaks.
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Federal regulators are considering civil charges against two former executives of Lucent Technologies Inc. and a third ex-employee of the telecommunications gear maker over
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The US Securities and Exchange Commission said on Tuesday it brought fraud and insider trading charges against former top executives of bankrupt credit card issuer NextCard Inc.