Word: fraude
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...Stearns limited partnership. The SEC complaint alleges that eight Wall Street professionals, including a UBS research executive and a Morgan Stanley attorney, two broker-dealers and a day-trading firm participated in the scheme. The defendants also include three hedge funds, which were the biggest beneficiaries of the alleged fraud...
...Four of the named defendants, including Eric Franklin, have pleaded guilty to charges including conspiracy, securities fraud and bribery. Two individuals have pleaded not guilty to conspiracy and securities fraud and have been released on bail. Morgan Stanley, UBS and Bear Stearns have condemned the alleged activity and indicated they are cooperating with the investigation and will continue...
...While legal, the business is obviously risky-and not just because of the potential for fraud and theft. Until recently, unlisted companies were under no obligation to disclose financial information, so investors had few ways to gauge company performance or whether an investment was sound. Although some websites track the prices of popular stocks, reliable market data is nonexistent, meaning it's virtually impossible to determine if prices are fair. Neophytes are informed almost solely by gossip and the misguided hope that what goes up will continue to go up. "Basically, the way stocks are researched is 'My grandfather...
...Maybe not so great. On Feb. 15, British magazine Gramophone asserted that at least some of Hatto's recordings were copies of other performers' work. A critic came upon the alleged fraud when he loaded a Hatto CD onto his computer and an online database automatically identified it as a set by Hungarian Laszlo Simon. An independent expert testing Hatto's catalog claims that the sound-wave patterns on at least five of her CDs are identical to earlier recordings. One online retailer has stopped selling Hatto's music, and the British Phonographic Industry has begun an investigation...
INDICTED. Childhood pals Brent Wilkes, 52, a defense contractor, and Kyle (Dusty) Foggo, 52, former executive director of the CIA; on fraud and other charges surrounding a contract for bottled water for CIA officers in Iraq; in connection with the corruption probe that sent ex-Congressman Randy Cunningham to prison last year; in San Diego. Wilkes was separately charged with conspiring to bribe Cunningham to win deals...