New charges in public pension corruption saga.
FORTUNE -- The Securities and Exchange Commission yesterday filed federal fraud charges against CalPERS CEO Fred Buenrostro and his placement agent pal Alfred Villalobos, alleging that they bilked private equity firm Apollo Global Management (APO) out of around $20 million.
For regular readers, this shouldn't be too surprising. Buenrostro and Villalobos were the tips of a pay-to-play spear that corrupted the nation's largest public pension MOREDan Primack - Apr 24, 2012 9:58 AM ET
The LIBOR trading scandal could turn out to be far worse for Wall Street than its mortgage troubles.
FORTUNE -- Much of the talk about bad behavior on Wall Street since the financial crisis has been about mortgages with a little bit of insider trading sprinkled in. And that makes sense. Everyone immediately understands what a mortgage is. And the housing bust that resulted from all those bad home loans affected MOREStephen Gandel, senior editor - Mar 23, 2012 5:00 PM ET
The story doesn't end for two former hedge fund managers who beat a fraud rap and are looking for a fresh start.
By James Bandler, editor-at-large
FORTUNE -- Three years ago in June when the feds charged a pair of Bear Stearns hedge fund managers with conspiracy, securities fraud, and wire fraud for their roles in the collapse of the funds, they were expected to be at the front of the cavalcade MOREAug 12, 2011 5:00 AM ET
Regulators have finally located a fraud for which they can hold an actual person accountable.
The Securities and Exchange Commission agreed Wednesday to settle a bubble-era subprime fraud suit against broker Morgan Keegan. And in an unusual twist, it managed to wring a stiff settlement out of the guy who oversaw the alleged fund-overpricing scheme.
Morgan Keegan will pay $200 million to settle charges it defrauded customers by selling mutual fund shares at MOREColin Barr - Jun 22, 2011 1:07 PM ET
The SEC has just popped the top on a scheme that doesn't quite rival Bernie Madoff.
In a case that gives new meaning to the British term "small beer," our courageous securities regulators today nabbed two guys who made no money running an online gag about Pabst Blue Ribbon.
Two advertising executives, Michael Migliozzi II of California and Brian William Flatow of Connecticut, agreed Wednesday to cease and desist from running a web MOREColin Barr - Jun 8, 2011 1:18 PM ET
The biggest loser in the latest apparent Chinese reverse merger fraud is John Paulson.
Paulson, the hedge fund manager who made billions betting against the housing market at the end of the bubble, is the biggest shareholder of a company called Sino-Forest (SNOFF). That stock lost two-thirds of its value this week, including 17% Friday, after a short-seller released a report claiming the company was a fraud.
The selloff leaves Paulson, whose firm held MOREColin Barr - Jun 3, 2011 12:42 PM ET
Has any group ever been more richly rewarded for failure than the CEOs of the six biggest U.S. banks?
Over the past decade the too-big-to-fail banks have showered a staggering $1.15 billion in cash and stock on a changing cast of hard-charging if inept chief executives, according to regulatory filings. That works out to an average paycheck of $19 million a year – this in a decade in which the biggest banks ripped off everyone in sight on MOREColin Barr - May 24, 2011 6:40 AM ET
Ring the bells! The government actually managed to convict someone of ripping off those of us who, willingly or otherwise, entrust our financial futures to the markets.
A federal jury on Wednesday found hedge fund manager Raj Rajaratnam guilty of all 14 counts of conspiracy and fraud, after he scored $64 million in a long-running insider trading scam.
Rajaratnam, 53, now faces 20 years in prison. Here's hoping they throw away the key.
Because the decision hands the government MOREKatie Benner - May 11, 2011 11:18 AM ET
Another day, another black eye for Wall Street.
UBS (UBS) agreed Wednesday to pay $160 million to settle charges it defrauded local government bond issuers for five years through a bid-rigging scheme. The scheme drove up the prices municipal issuers paid, the authorities said, and delivered millions of dollars in ill-gotten gains to the Swiss bank.
UBS rigged more than 100 bond auctions in 36 states between 2000 and 2004, officials said. UBS, MOREColin Barr - May 4, 2011 3:52 PM ET
How fitting that when Wall Street finally takes a hit after years of mortgage malpractice, the stick is called the False Claims Act.
If there is one thing that's never in short supply in banking circles, after all, it is false claims. Internet stocks are good as gold! House prices never fall! Derivatives make the financial system safer!
Those particular false claims aren't the ones that have Wall Street looking down the MOREColin Barr - May 4, 2011 6:28 AM ET
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