Items Tagged with 'Securities fraud'

ARTICLES

  • SEC: Former construction company CEO lied about post-Katrina business to raise stock price

    Former CEO of Home Solutions of America fined and sanctioned
    The former CEO and chief financial officer of a disaster restoration and construction business conspired with other company executives to lie about the company’s business in the wake of Hurricane Katrina to drive up the company’s stock price, the Securities and Exchange Commission said Tuesday.
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  • Judge tosses class action suit against Zillow

    Rules Zillow did not defraud investors by not revealing CFPB investigation
    A federal judge dismissed a securities fraud class action suit against Zillow on Tuesday. The suit alleged that the real estate giant defrauded investors by not disclosing that the CFPB was investigating its co-marking program for possible RESPA violations. But according to the judge, in the plaintiff’s attempt to prove that Zillow knowingly committed wrongdoing, they actually proved otherwise.
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  • Monday Morning Cup of Coffee: Elon Musk settles with SEC, steps down as Tesla chairman

    Plus, former Ocwen exec coughs up cash for insider trading, CFPB official is blasted for racism
    Securities fraud, insider trading and allegations of racism inside the CFPB – we’ve got a solid dose of drama to kick off your week. Read about the details of Elon Musk’s settlement with the SEC – and the hefty fine he and Tesla will pay to wronged investors. Plus, a former Ocwen exec pays the price for insider trading, and a CFPB official suffers serious backlash from his colleagues when racists blog posts emerge from his past.
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  • Former Bankrate CFO gets 10 years for cooking the books to the tune of $25 million

    Pleaded guilty to defrauding shareholders out of $25 million
    The former chief financial officer of Bankrate will spend the next 10 years in prison after admitting in court earlier this year that he falsified the company’s accounts in a scheme that ended up costing shareholders $25 million. According to the Department of Justice, Edward DiMaria used his position at Bankrate to artificially boost the company’s earnings from 2010 through 2014.
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  • Former Bankrate CFO admits to defrauding shareholders out of $25 million

    Edward DiMaria pleads guilty to accounting and securities fraud
    Bankrate’s former chief financial officer admitted in court this week that he cooked the company’s books over a four-year period in a scheme that eventually cost shareholders more than $25 million. According to the DOJ, Edward DiMaria used his position at Bankrate, a publisher, aggregator, and distributor of personal finance content and lead generator for the financial services industry, to artificially inflate the company’s earnings from 2010 through 2014.
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  • SEC accuses California men of running $2.18 million home flipping scam

    Allegedly took investor funds for personal use
    The Securities and Exchange Commission is charging two California men with running a home flipping scam that defrauded dozens of investors out of their retirement savings. According to the SEC, the men actually purchased some properties, and were successful in turning a profit by flipping those properties, but did not make enough money to cover the money they took for their own use.
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