Arlington Finance Firm MCG Fines Former CEO Over Loans
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Northern Virginia commercial finance company MCG Capital Corp. said it fined its recently departed chief executive $25,000 for not paying interest on personal loans made to him by the company.
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Securities regulators sued two former  financial advisers at Morgan Stanley  on Friday for  defrauding at least 50 mutual fund companies and their  shareholders.
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The New York Stock Exchange on  Wednesday imposed a $19 million fine on investment bank Morgan  Stanley MWD.N, the largest ever meted out by the exchange,  for various regulatory and supervisory lapses.
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Freddie Mac FRE.N, the No. 2 U.S.  mortgage finance company, on Wednesday said it may face civil  action from the U.S. Securities and Exchange Commission for  possible violations of securities laws.
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Former ImClone Systems Inc. Chief  Executive Sam Waksal has agreed to pay a $3 million civil  penalty to settle charges over the insider trading scandal that  also involved lifestyle entrepreneur Martha Stewart, U.S.  regulators said on Wednesday
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LOS ANGELES/NEW YORK  - Three former Countrywide Financial Corp.  executives agreed to plead guilty to charges they conducted insider trading in the mortgage lender's shares in the week leading up to a disappointing earnings report, federal prosecutors said.
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Prosecutors indicted a Korean bank and a Belgium-based holding company owned by Lone Star Funds, an American private equity group, on charges of stock price manipulation in connection with Lone StarÂs 2003 acquisition of the bank. Lone StarÂs vice chairman, Ellis Short, and its general counsel, Michael Thomson, already face charges of spreading false information to weaken the stock price of the Korea Exchange BankÂs credit card unit before it was bought by Lone Star. The new charges are against the bank and LSF-KEB Holdings, a paper company based in Brussels that Lone Star set up in 2003 to take over the bank, according to Chae Dong-wook, a senior prosecutor. Officials of the bank and other Lone Star officials declined to comment.
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Former Brocade Communications Systems CEO Gregory Reyes has been sentenced to 21 months in prison and a $15 million fine for fraud related to backdating of the storage networking company&#39;s stock options.Reyes was convicted last August&#160;in the most prominent of many criminal and civil cases in the past two years related to backdating by high-tech companies. Apple, McAfee, Rambus, and scores of other vendors have faced either internal or external probes. Reyes&#39; conviction was the first by the U.S. Department of Justice in a backdating case. Reyes was found guilty on 10 charges including securities fraud, conspiracy and falsifying financial records. He could have faced as much as 20 years in prison.The sentencing order on Wednesday from Judge Charles Breyer of the U.S. District Court for the Northern District of California has been stayed pending an expected appeal, which has not yet been filed, according to the court.Backdating, which involves changing the date that stock options grants were made to certain employees so they can later get a bigger profit, is not illegal but has to be accounted for properly. Many high-tech companies used the practice during the Internet boom early in this decade to attract prized employees.In the wake of Brocade&#39;s backdating problems, the company restated its results from 1999 to 2004. The scandal also led to charges against Stephanie Jensen, former vice president of human resources, and Michael Byrd, the company&#39;s former CFO and COO.
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NEW YORK  Morgan Stanley on Friday said Chief Executive John Mack received compensation valued at about $1.5 million in fiscal 2007, a year when the investment bank's profit plunged 57 percent.
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The former chief executive of Freddie Mac, Leland C. Brendsel, may recover more than $50 million in compensation that the company&#39;s regulator froze during an investigation into a $5 billion profit restatement, a federal judge has ruled.
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NEW YORK - Mortgage financier Freddie Mac said yesterday it settled a dispute with bankrupt loan servicer American Home Mortgage Corp., clearing the way to pay $2.4 million in delayed property taxes on behalf of thousands of homeowners.
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Mortgage finance company Freddie  Mac FRE.N on Wednesday said it may face civil action from the  U.S. Securities and Exchange Commission for possible violations  of securities laws.
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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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Commerce Bancorp Inc  has been  sued by its founder and former chief executive, who said New  Jersey's largest bank wrongly ousted him in June and owes more  than $57 million of damages.
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NASD on Monday said it fined Morgan Stanley (MWD.N: Quote, Profile, Research) $100,000 for failing to tell municipal bond investors that their bond holdings could be called before the maturity date, which could result in
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(InfoWorld) - 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. David C. Drummond, former CFO of software maker SmartForce, was ultimately responsible for financial statements that overstated revenue by $113.6 million and net income by $127 million during a three and a half year period ending in mid-2002, the SEC said. "Drummond's violations arose in part out of his failure to determine whether SmartForce was improperly recognizing revenue (which it was) on a reseller agreement," the SEC said. Drummond became Google's vice president of corporate development in 2002, in addition to taking on the role of chief legal officer, according to Google's Web site. SmartForce has since merged into SkillSoft PLC. The SEC fined Drummond and three other former SmartForce executives a total of $2.3 million, while the company's accounting firm, Ernst & Young Chartered Accountants of Ireland, was ordered to pay $725,000 for the transgressions. The U.S. District Court of New Hampshire also ordered three of the former SmartForce executives to pay civil fines related to the accounting charges, in a case filed by the SEC. Drummond was required to pay the highest fine among the three, $125,000. He and the two other executives neither admitted nor denied allegations in the SEC complaint, according to the statement. Google was glad to see the matter brought to a close. "David has been an important part of Google's growth and success and we look forward to his continued contributions," the company said in a statement attributed to CEO Eric Schmidt. A lawyer representing Drummond said in a separate statement that his client had acknowledged that a background in accounting would have helped him in his job at SmartForce, and that during the years in question, SmartForce and other companies were dealing with rapid changes in sales models and accounting rules. SmartForce's outside auditors, Ernst & Young, were also apparently incorrect about how the new rules should be applied, the statement said.
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A former corporate executive was sentenced on Tuesday to 20 years in prison and ordered to pay $165 million restitution in a massive Florida fraud against Portuguese bank Banco Espirito Santo, prosecutors said.