M2 EQUITYBITES-November 29, 2011- (C)1994-2011 M2 COMMUNICATIONS http://www.m2.com
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.
IT has taken a long time coming but the verdict in the insider trading trial of Galleon Group founder Raj Rajaratnam could not have been more definitive. The jury found him guilty on all 14 charges of conspiracy and securities fraud in an outcome which gives the lie to the belief that understanding financial crime is beyond ordinary mortals.
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.
A FORMER director of Goldman Sachs has been charged in the US with passing information to convicted insider dealer Raj Rajaratnam, the disgraced co-founder of hedge fund Galleon. Wall Street veteran Rajat Gupta handed himself in to federal authorities in Manhattan and was charged with five counts of securities fraud and one count of conspiracy that carries a sentence of up to 25 years in prison.
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.
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.
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.
LONDON FTSE 100 CLOSE 5,744 -81.1 LONDON'S 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).
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.
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