Securities Fraud

FBI Alleges Another Insider Trading Case Involving "Consultants"

Prosecutors allege that a former employee at the US Centers for Medicare and Medicaid Services, David Blaszczak, 41, working with a current employee at CMS at his Washington, DC-area consulting firm, provided insider trading information to Deerfield.

In Rare Move, US Sues Barclays For Mortgage Securities Fraud

The market was waiting for the DOJ to announce the long-awaited settlement with Deutsche Bank today. Instead, it got news of a surprise lawsuit filed by the DOJ which sued Barclays after failing to settle a long-running probe into the UK bank's involvement in pre-crisis mortgage fraud.

Meet The NY Pension "Strategist" Who Traded Allocations For "Hookers And Blow"

According to a complaint filed by U.S. prosecutors earlier today, Navnoor Kang, the former Director of Fixed Income and Head Portfolio Strategist at the New York State Common Retirement Fund, steered $2 billion worth of allocations to two "preferred brokers" in exchange for $100,000 worth of bribes in the form of the universal currency of "hookers and blow."

Frontrunning: October 11

  • Samsung scraps Note 7 (Reuters)
  • Note 7 fiasco could burn a $17 billion hole in Samsung accounts (Reuters)
  • Trump's struggles may depress Democratic voter turnout (Reuters)
  • Major Investor Sues Theranos  (WSJ)
  • S. Africa’s Gordhan to Be Charged; Rand Plunges Most Since June (BBG)
  • Oil price falls back from one-year highs, hit by OPEC deal concerns (Reuters)

Watch Live As Wells CEO John Stumpf Gets Grilled On The Hill Again: Five Things To Look For

Wells Fargo embattled CEO John Stumpf returns to Capitol Hill for the second time in 10 days, for a contentious hearing with the House Financial Services committee. Despite Stumpf's belated clawback of $41 million in unvested stock, which took place only after tremendous congressional and populist outrage, his job remains very much under threat.

Former JPMorgan Banker Convicted Of Insider Trading

In one of the few cases of insider trading leading to an actual conviction, earlier today, a former Wall Street investment banker was found guilty for engaging in insider trading by tipping his father off to unannounced healthcare mergers. Sean Stewart, who previously worked at JPMorgan and Perella Weinberg was found guilty by a federal jury in Manhattan on all nine counts he faced, including securities fraud.