DOJ and JP Morgan Chase Nearing Agreement on $13B Mortgage Fraud Penalty

Numerous reports state that the U.S. Department of Justice and JPMorgan Chase are nearing agreement on a civil settlement requiring the bank to pay $13 billion in penalties, fines, and compensation for the bank’s involvement in mortgage fraud stemming from the financial panic of 2008. The amount reportedly breaks down into three categories.  First, there […]

SEC Charges Illinois with Fraud

The Securities and Exchange Commission has charged the state of Illinois with securities fraud, obtaining a cease and desist settlement with the state for its failure to accurately portray the status of its pension fund to investors. This is the second state that the SEC has charged with fraud after having named New Jersey in […]

Wire Taps Lead to Insider Trading Charges

A federal grand jury in the Southern District of New York brought insider trading charges against six individuals, including a billionaire hedge fund operator and executives of major corporations. The indictment alleges that Raj Rajaratnam, a billionaire who operates the $7 billion Galleon Group hedge fund, Rajiv Goel, manging director of strategic investments at Intel […]