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Category Archives: Securities Fraud


Securities Fraud: When Pennies Count

Most securities fraud cases involve significant thefts from individual victims, like the alleged $64 billion Ponzi scheme run by Bernie Madoff. However, some cases show that fraudulent conduct involving small amounts of money can add up to millions of dollars of illicit profit if the conduct is allowed to continue over a long period. The… Read More »

Insider Trading Fells SAC

First JPMorgan Chase agrees to accept fault for manipulating the market, then SAC Capital Advisors makes financial history the wrong way — by accepting a record $1 billion fine and agreeing to admit to insider trading charges.  In July, the Federal Bureau of Investigation (FBI) announced insider trading charges against SAC Capital companies. The FBI… Read More »

Downloading into Prosecution

The federal government has been quite aggressive in prosecuting Internet downloaders under the Computer Fraud and Abuse Act, so aggressive that one downloader, Aaron Swartz, committed suicide in despair. Swartz, a computer genius who developed RSS and Reddit, was a fierce Internet activist who believed that academic papers and research, often funded by government and… Read More »

U.S. Supreme Court Issues Two Important Securities Law Cases

The U.S. Supreme Court issued two securities law decisions in late February 2013 that may affect the number of securities fraud cases brought by Securities and Exchange Commission and the number of securities fraud class actions. One case addressed how quickly the SEC must act when pursuing fraud charges. The second concerned private plaintiffs pursuing… Read More »

For Second Time Ever, a U.S. State is Accused of Securities Fraud

Apparently individuals and companies are not the only ones who can be accused of securities fraud. For only the second time ever, the Securities and Exchange Commission accused a U.S. state of securities fraud. The New York Times reported that the SEC accused the State of Illinois of misleading investors about the condition of the… Read More »

Breach of Fiduciary Duty: Son of Brooke Astor Convicted for Stealing Millions

In December 2009 Anthony D. Marshall, the 85-year-old son of longtime philanthropist and darling of New York high society Brooke Astor, was sentenced to one to three years in prison for stealing millions from his mother while managing her finances before she died. Mrs. Astor died in 2007 at age 105. This brought to a… Read More »

Inside the Lawyers Studio: Media Coverage on Cases Involving Insider Trading

The Securities and Exchange Commission (SEC) defines illegal insider trading as “…buying or selling a security, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material, nonpublic information about the security. Insider trading violations may also include “tipping” such information, securities trading by the person “tipped,” and… Read More »

Broken Dealer Audits: Accounting Deficiencies Uncovered by the PCAOB

The Public Company Accounting Oversight Board (PCAOB), the United States audit industry regulator, is supervised by the Securities and Exchange Commission. Last year, the PCAOB established an interim program to inspect the audits of broker-dealers. This program was long overdue and one of the steps taken to increase brokerage oversight after the Bernie Madoff scandal, where… Read More »

Years in the Making, Brokers Charged for Securities Fraud

The financial meltdown in Wall Street and the subsequent bailout of major financial institutions by the U.S. government has placed undue pressure on white collar defendants, particularly those charged with securities fraud. Such is the case for three New York City brokers under the employ of Linkbrokers Derivatives Corporation, a subsidiary of London-based ICAP PLC… Read More »