3 Admit Conspiracy In Stock-Tip Case
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A former pharmaceutical executive and two of his sons pleaded guilty yesterday to conspiracy charges for engaging in what authorities called a "brazen" scheme to profit more than $2 million from illegal stock tips passed among the family members and their friends.
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AP Financial News - 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's first such felony case.
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Employees of some of Wall Street's top  banks were among more than a dozen people charged on Thursday  in what authorities called one of the most pervasive insider  trading rings since the 1980s, accused of using leaked  information and even blackmail to make millions of dollars.
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Three-letter ticker symbols are starting to show up on the Nasdaq.
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(Hartford-AP Sept. 24, 2004 1:00 PM) _ All three people named in the federal indictments stemming from the investigation into the Rowland administration have pleaded innocent to the charges.
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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 Royal Group Technologies (RYG.TO: Quote, Profile, Research) (RYG.N: Quote, Profile, Research) executives, including the company&#39;s founder and its chief executive, may have defrauded shareholders and creditors, Canadian
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Federal regulators have subpoenaed Fidelity Investments and several brokerage firms that handle the stock-trading business for the mutual fund giant, seeking information about gifts and expensive perks Fidelity traders may have accepted from the brokerage firms, according to attorneys involved in the case.
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The former chief executive of Brocade Communications Systems Inc. vouched for his co-defendant in a closely watched stock options backdating case, asserting in documents unsealed Wednesday that she didn't know she was executing improper transactions.
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Ten top Wall Street firms are sued for $3.5 billion by Overstock.com.
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Houston -- Prosecutors claim six executives conspired to push through a 1999 sham sale of barges because they didn&#39;t think they&#39;d get caught.
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(InfoWorld) - Hoping to tackle the growing problem of pump-and-dump stock scams Microsoft has quietly filed lawsuits against at least three alleged perpetrators who it says used its MSN Hotmail networks to promote stocks. Hotmail has "received large volumes of unsolicited commercial e-mail messages" promoting stocks for such companiesÂ as Distributed Power, TGC Ventures, China Biolife Enterprises, and Irwin Resources, according to court documents filed during April and May in King County Superior Court in Seattle. Microsoft charges the defendants with violating the federal CAN-SPAM act as well as Washington state consumer protection laws and is seeking unspecified damages, according to the filings. Pump-and-dump e-mail scams are a form of fraud where the criminals purchase stock in a company -- typically an inexpensive penny stock -- and then promote the equity in millions of unsolicited email messages. The technique is one of the more lucrative spamming practices and has been "the fastest growing area in spam" over the past few months, said Craig Schmugar, a threat research manager with McAfees' Avert Labs. Pump-and-dump spam has not only taken up resources and threatened the smooth functioning of Hotmail, but it "continues to result in significant costs to Microsoft," the court filings state. Microsoft executives were not immediately available to comment for this story. Because Microsoft does not know the name of the spammers behind the unsolicited e-mails, it has filed the lawsuits as "John Doe" cases, giving it the power to subpoena information in the case and ultimately name the parties responsible when they are uncovered. It's the latest move in the cat and mouse game between pump-and-dump spammers and the technology companies trying to stop them. Pump-and-dump scams are gaining more attention from criminals and companies like Microsoft for one simple reason: They work. Researchers at Purdue and Oxford Universities recently examined the dynamics of pump-and-dump and found that spammers could realize 5 percent returns in a single day. Because these scams are so lucrative, they've attracted some of the most technically competent spammers to develop new techniques, said Adam O'Donnell, a senior research scientist at Cloudmark. "The pump-and-dump schemes are basically driving spam research and development," he said. Primarily, this research has centered around the creation of templates that can be used by infected PCs to create spam messages and on a form of e-mail known as image spam, O'Donnell said. These image spam messages look just like any other e-mail but are in fact .jpg or .gif images. Image spam is also particularly well-suited to pump-and-dump because the fraudsters don't need victims to click on a link for scam to work. Over the past year, image spammers have developed a variety of techniques to confuse spam filters, said McAfee's Schmugar. They've added colorful backgrounds, wavy text, and filled their messages with nonsense text to try to evade optical character recognition technologies, he said. For example, a recent spam message promoting China Biolife Enterprises, one of the stocks named in Microsoft's suit, contained the following message: "Symbol CBFE Price $1.55 (UP 11.51%) Target $4 Market: Bullish. Strangler minott goodnight bennett rebel rousers." With the jump in pump-and-dump e-mail, O'Donnell said it's no surprise that Microsoft has brought the lawsuits. "Hotmail is heavily used and is viewed by the Web community as one of the most challenging spam environments right now," he said.
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U.S. prosecutors and the FBI in  Northern California have formed a task force to investigate  allegations of stock option grant manipulation by local  companies, authorities said on Thursday.
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Four executives at Infineon Technologies AG and its US subsidiary, Infineon Technologies North America Corp., are to plead guilty to participating in an international conspiracy to fix prices in the DRAM market, the US Department of Justice (DoJ) said
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NEWARK, NJ -- Three companies have agreed to pay $50 million to settle charges they defrauded investors in Pimco Funds by not disclosing a market timing arrangement.
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According to the indictment, the men conspired to send fictitious price and volume reports on trades to two newsletters that publish indexes widely used to price gas.
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A former Dow Jones & Company director and three associates will pay more than $24 million to settle charges that they traded illegally on inside knowledge of the News Corporationâs takeover of Dow Jones.