Foreign Collusion, Naked Shorting (Counterfeiting) & Money Laundering — All Illicit Wealth
Man beats cancer, rides across country to beat it some more
Ronda Sluder, 20 December 2001
It’s been nine years since Patrick Byrne has been to South Lake Tahoe.
Unlike a typical gambling or camping trip, on this visit Byrne is just passing through. His schedule is tight. He needs to travel 4,000 miles on his bike to meet the Pan-Massachusetts Challenge and raise money for a cause all too familiar to him. Continue reading “Article: Man beats cancer, rides across country to beat it some more”
Steven Cohen slapped with lawsuit by ex-wife
Associated Press, 17 December 2009
The ex-wife of one of America’s richest men has sued the billionaire in New York for racketeering, saying he hid millions of dollars from her for decades. Continue reading “Article: Steven Cohen slapped with lawsuit by ex-wife”
Manulife’s Jakarta Unit Could Face Bankruptcy in Policy Claim Dispute
Michael SchumanStaff Reporter of The Wall Street Journal, 21 August 2001
JAKARTA, Indonesia — The Indonesian subsidiary of Manufacturers Life Insurance Co. of Canada faces bankruptcy because of one disputed claim, highlighting the desperate need for legal reform by President Megawati Sukarnoputri’s new government.
The beneficiary of a deceased policyholder has filed a bankruptcy claim against the subsidiary at Jakarta’s commercial court and a ruling is expected on Thursday. Manulife refused to pay the beneficiary of the 50 million rupiah ($5,714) policy, claiming that the deceased failed to disclose his health problems when he applied for the policy. The policyholder passed away two years ago. In a strange legal twist, however, the beneficiary and his lawyers, instead of filing a civil complaint against the company, are trying to push Manulife’s subsidiary into bankruptcy if it doesn’t pay the claim plus damages, an amount totaling 5.1 billion rupiah.
Continue reading “Article: Manulife’s Jakarta Unit Could Face Bankruptcy in Policy Claim Dispute”
India Market Regulator Suspects Credit Suisse Unit of Manipulation
Daniel Pearl, 20 April 2001
India’s stock market regulation authority ordered three brokerage groups, including Credit Suisse Group ‘s Credit Suisse First Boston unit, to freeze brokerage activities until further notice, saying they were involved in recent manipulation of share prices.
The actions, by the Securities and Exchange Board of India, marked the toughest discipline yet meted out to a foreign brokerage firm in India. Besides CSFB, the regulator handed similar notices to Indian companies, five of them associated with Nirmal Bang Group and three associated with First Global Securities.
The Securities and Exchange Board, known as SEBI, gave the companies the opportunity to contest the freeze order, but not before the end of this month, people familiar with the matter said. SEBI officials said they were acting to protect investor interests but declined to make public letters SEBI sent to the companies and to Indian stock exchanges. Continue reading “Article: India Market Regulator Suspects Credit Suisse Unit of Manipulation”
Internet law site sues old partners
Jenna Colley , 25 February 2001
Houston-based Internet Law Library Inc. is throwing the book at its former partners.
In a federal lawsuit filed Jan. 26, Internet Law Library accuses ex-investors of a slew of improprieties, alleging stock manipulation, securities and exchange violations and fraud.
Internet Law Library filed the suit in U.S. District Court in Houston against Southridge Capital Management LLC and its executives Steve Hicks, Dan Pickett and Christy Constabile. Also named are Canadian company Thomson Kernaghan & Co. and investor Cootes Drive LLC.
Internet Law Library, through several subsidiaries, operates various Internet sites containing databases for legal and other research.
According to the suit, Southridge agreed to a $3 million convertible preferred stock purchase and a $25 million line of equity. The company alleges that after agreeing to provide the $28 million in capital, Ridgefield, Conn.-based Southridge sold the company’s stock short. Continue reading “Article: Internet law site sues old partners”
Fox News and TheStreet.com Reach Settlement on Lawsuit
The Fox News Network has settled a lawsuit against TheStreet.com and its co-founder, the hedge fund manager James J. Cramer, after the financial news site canceled a program on the Fox News Channel, a cable channel.
The terms of the settlement include a promise by TheStreet.com not to produce a similar show for another network before May 1, 2001. Mr. Cramer promised to make only occasional appearances on other networks until then.
Jim Cramer Responds to Fox News Lawsuit After TheStreet.com
NEW YORK, June 6 /PRNewswire/ — In the wake of Fox News’ airing of the
final “TheStreet.com” show on May 28, 2000, former program panelist James J.
Cramer has filed counterclaims against Fox News. Alleging that Fox News
breached its contract, Cramer, a partner in the hedge fund Cramer Berkowitz,
charges that Fox News invented new policies that it applied only to him which
made it impossible for Cramer to appear on the program. Cramer also states he
is now free to appear on other TV networks because TheStreet.com show has been
canceled, and his contract with Fox News provided that the agreement would
terminate if Fox News discontinued airing the program.
Russian Mafiya Red-Handed in Extensive Crime Ring
RED MAFIYA: How the Russian Mob Has Invaded America. Robert I. Friedman. Little, Brown. $25.95. 269 pp.
Guess where the second-largest American collection of Russian mobsters outside of Brighton Beach, Brooklyn, lives? That’s right: the land of leche and EliM-an — Miami.
Read Full Article
Nicholas Stein, 07 February 2000
How many Internet CEOs spend their adolescence learning allegorical life lessons from Warren Buffett? And how many then go on to follow his advice? Patrick Byrne, CEO of Overstock.com, a Salt Lake City company that sells excess inventory of items such as clothing and consumer electronics at deep discounts, has done both. Continue reading “Article: The Renaissance Man of E-Commerce Patrick Byrne has done more in his 37 years than most do in a lifetime. Will that make his company, Overstock.com, a success?”
Life of an 18-Year-Old Day Trader: He’s Got Fake Millions, Fake ID
Nick Paumgarten , Observer, 09 August 1999
For a good chunk of July, an 18-year-old kid from Long Island named Harris Kupperman was beating the 9,100 other contestants_in_something_called “TheStreet.com Investment Challenge.” In just four weeks, he had turned $500,000 into $7.6 million, a 1,400 percent return. At that rate, he’d have $76 quintillion in a year. “I guess that’s O.K.,” he said. Actually, it’s unheard of. And to think-this kid couldn’t get a summer job on Wall Street this year. He was too young.
Continue reading “Article: Life of an 18-Year-Old Day Trader: He’s Got Fake Millions, Fake ID”
NASD Fines Morgan Stanley $1 Million For Allegedly Manipulating Stock Prices
Deborah Lohse
Wall Street Journal,
The National Association of Securities Dealers fined Morgan Stanley & Co. $1 million and suspended and fined seven traders for allegedly manipulating in 1995 the price of 10 stocks that are part of the Nasdaq 100 Index.
The decision was issued Monday, following five days of hearings last June and July before the NASD’s market-regulation committee. That committee, made up of members of the securities industry, was convened after Morgan Stanley contested an NASD Regulation complaint on the matter issued Oct. 25, 1996.
30 Firms to Pay $900 Million In Investor Suit
David Barboza
New York Times, 25 December 1997
Thirty brokerage firms, including some of the biggest and most trusted names on Wall Street, agreed yesterday to pay about $900 million to end a civil suit contending they schemed with one another for years to fix prices on the Nasdaq stock market.
Lawyers for the plaintiffs in the class-action lawsuit, which represented tens of thousands of investors, called it the biggest settlement ever of a price-fixing lawsuit.
CANADA’S MANULIFE HIT WITH CLASS-ACTION SUIT
ASSOCIATED PRESS, 21 October 1996
A class-action suit has been launched against Manufacturers Life Insurance Co. over its ”vanishing premium” policies. A multimillion-dollar lawsuit has been filed in Ontario Court General Division on behalf of a group of Manulife’s Ontario policyholders. Lawyer Charles Wright said the judge will be asked to establish the suit as a class action, where the claims and rights of many people with common interests are decided in a single-court proceeding. Toronto-based Manulife is already facing class actions in the United States pertaining to vanishing premium policies.
”There are thousands of people behind this suit,” Mr. Wright said. The suit bears the name of Bernard McKrow, 75, of Windsor, Ontario, who alleges he bought a $100,000 vanishing premium policy in 1986 after being told he would only have to make seven premium payments because money earned on the relatively high premiums would cover payments in the future.
Continue reading “Article: CANADA’S MANULIFE HIT WITH CLASS-ACTION SUIT”
Ex-Shearson Exec To Plead Guilty in Stock-Loan Investigation
Stefan Fatsis
Associated Press, 7 September 1989
The expected guilty plea by Dennis T. Palmeri, Shearson’s former executive vice president in charge of stock loans, would be the first action following more than a year of examination by federal prosecutors.
The case also is said to be derived from information from jailed speculator Ivan F. Boesky, a major source of evidence for Wall Street securities investigations since he was ensnared in an insider trading probe in 1986.
N.Y. Grand Jury Probes Stock Loan Practices
Steve Coll and David Vise
Washington Post, 21 July 1989
NEW YORK, JULY 20 — The Manhattan U.S. attorney is conducting a criminal investigation of Wall Street’s lucrative securities lending business, focusing on an official of Shearson Lehman Hutton Inc., according to documents and sources familiar with the case.
Subpoenas issued as part of the grand jury investigation, while not stating the precise target of the probe, have requested witnesses to provide records about investments, transactions and accounts involving Dennis Palmeri, who supervises all of Shearson’s stock loan operations.
THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?
