EQUITYBITES-(C)2010 M2 COMMUNICATIONS Finnish mobile devices maker Nokia Corporation (OMX Helsinki:NOK1V) (NYSE:NOK) said today that a class action complaint was filed against the company on Friday in the US District Court for the Southern District of New York.
THE crisis at Goldman Sachs worsened today as it emerged that the bank is facing a criminal investigation into its mortgagetrading activities. Reports said federal prosecutors in the US had launched an investigation into whether Goldman or its staff had committed securities fraud.
THE shock revelation from the US on Friday that financial watchdog the Securities and Exchange Commission had lodged fraud charges against Goldman Sachs sent global markets into freefall and prompted concerns at the wider implications of this latest attempt at rooting out alleged wrongdoing. It was a disappointing end to a week of relative calm during which some markets had touched new highs since the recession began. But investors had more to fear than the immediate shock of finding that Goldman Sachs could be implicated. The charges will be an embarrassment for its former chairman and chief executive Hank Paulson who, as US treasury secretary, introduced several government measures involving billions of dollars aimed at bailing out the country's crippled financial system.
THE London market tumbled into the red yesterday after shock news that US investment bank Goldman Sachs had been accused of fraud by the Securities and Exchange Commission. Stocks worldwide plummeted after the US SEC announced it was filing a civil fraud charge against Goldman over allegations that it defrauded investors in its disclosures about securities it sold which were tied to subprime mortgages.
The former operations director for Bernard Madoff Investment Securities was arrested yesterday to face conspiracy, securities fraud and tax charges. Daniel Bonventre, 63, was arrested at his Manhattan home, said FBI spokesman James Margolin. Bonventre was expected to appear in federal court later in the day.
THE London market tumbled into the red yesterday after shock news that US investment bank Goldman Sachs had been accused of fraud by America's Securities and Exchange Commission (SEC). Stocks worldwide plummeted after the SEC announced it was filing a civil fraud charge against Goldman over allegations that it defrauded investors in its disclosures about securities it sold which were tied to sub-prime mortgage securities.
MOST financial crises end up with a handful of rogues being led away in chains as the regulatory authorities belatedly take action. We seem to be moving towards that phase of the great panic now. Among the more exotic players to have come out of the woodwork are former Nasdaq chief Bernie Madoff, who will serve his days out in prison. In Britain the missing financier Nicholas Levene is believed to be in the Priory clinic after some Pounds 70m of clients' investments - including some prominent names in the business community such as Brian Souter and Richard Caring - allegedly have gone missing. Back in the US two Bear Stearns executives, Ralph Cioffi and Matthew Tannin, have gone on trial in the Brooklyn federal court on securities fraud charges arising from the 2007 collapse of two hedg...
Observer GOLDMAN Sachs is expected to earmark about $5bn (Pounds 3bn) for staff pay and bonuses this week, days after being accused of securities fraud by US regulators. Chief executive Lloyd Blankfein is expected to unveil revenues of $11bn for the first quarter of this year on Tuesday, up from $9.4bn in the same period of 2009. About 47 per cent of that will go into a "compensation pool" for bosses and employees. ALASKAN tribal leaders and fishermen will come to London on Thursday to protest that plans by Anglo-American, the London-listed mining group, to build an open- pit gold and copper mine in the Bristol Bay region will destroy the breeding grounds of sockeye salmon. Independent HENDERSON Group, the Ftse 250 asset manager, is planning to spend up to $300m (Pounds 264m) on five...
Goldman Sachs bosses have defended their actions in the financial crisis and disputed the US government's claims that they staged a massive fraud on investors. But they were met yesterday with angry questions from a Senate panel investigating Goldman's role in the financial crisis and the Securities and Exchange Commission fraud suit against it and one of its traders.
A prosecutor demanded that alleged Wall Street fraudster Bernard Madoff be jailed until his trial, saying he broke his bail conditions by sending watches, jewellery, cufflinks and mittens worth more than a million dollars to relatives and friends. "The defendant's recent actions amount to obstruction of justice," Assistant US Attorney Marc Litt told the judge at an hour-long bail hearing in New York. Madoff, a former Nasdaq stock market chairman, was arrested on December 11 on securities fraud charges alleging he duped investors out of as much as 50 billion dollars (pounds 34.2 billion) in a giant pyramid scheme. His lawyer said his client did not violate a court-imposed asset freeze and called it an innocent mistake, saying Madoff and his wife sought the return of the items they had p...
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