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Posts Tagged ‘white collar crime’

Pequot’s Samberg Deserves Hard Time in the Sin Bin for Insider Trading

Posted by Larry Doyle on May 27th, 2010 12:48 PM |

Justice not properly dispensed is ultimately justice denied. Regrettably this reality happens all too often in our country. For whatever reason, white collar crime in general and financial crimes specifically are all too often adjudicated by the imposition of fines. I think this is wrong.

I see this reality playing out yet again in a story just released by Bloomberg, Pequot, Samberg Pay $28 Million to End Insider-Trading Probe,

Pequot Capital Management Inc. and the hedge-fund firm’s founder, Arthur Samberg, will pay almost $28 million to settle regulatory claims they illegally tapped information from a Microsoft Corp. employee to bet on the software maker’s stock. (more…)

Muni Payoffs or, Once Again, Wall Street Screws Main Street

Posted by Larry Doyle on March 26th, 2010 3:13 PM |

If you think there was fraud involved in the underwriting of mortgages, then you ain’t seen nothing yet. If there is one sector of Wall Street that has notoriously been connected with fraudulent activities it is the municipal bond sector. Why is that?

Very simply, when you have individuals who are earning municipal salaries (high 5-figures to low 6-figures) awarding bond deals which generates millions in fees for Wall Street underwriters, then it is not hard to understand that those municipal employees are going to have their hands out looking to get ‘greased.’ Who really pays for that grease? You and me. (more…)

Update: David Slaine Pleads Guilty

Posted by Larry Doyle on February 2nd, 2010 10:02 PM |

GUILTY!!

Wall Street master of the universe David Slaine has now been reduced to just another in a long line of Wall Street crooks.

God forbid one tries to make an honest living in the financial industry.

I first wrote about Slaine on January 17th. At that point, I wondered whether Slaine’s cover as a government mole in the ongoing insider trading investigation on Wall Street had been blown by The Wall Street Journal. Was somebody trying to out Slaine in order to distract or derail the ongoing investigation?

We may never know. What we do know now is that Slaine had already pled guilty at that point.

Reuters reports today, Ex-NY Fund Manager Slaine Pleads Guilty: >> (more…)

No Justice!! No Confidence!!

Posted by Larry Doyle on March 9th, 2009 10:38 AM |

All indications point to a plea deal this week with Bernie Madoff. In my opinion, Bernie Madoff seems to have been treated with kid gloves to this point. House arrest for a purported crime of this magnitude defies logic. One can only assume the government

Bernie Madoff

Bernie Madoff

utilized this approach, even after Bernie shipped jewels and assets overseas, as they were trying to extract as much information as possible. This week’s news will give the public the first hint as to what kind of information the government has extracted.

My father was an assistant district attorney in Suffolk County, MA and has often made the point that white collar crime never received the degree of justice it deserved. The crime that Bernie and team propagated not only directly impacted his investors but also massively impacted the public at large. How is that? Bernie’s Ponzi scheme, perpetrated over such an extended period of time, has caused a crisis of confidence in our markets, our regulatory system, and ultimately our country.

It defies logic that this Ponzi scheme was not executed without enormous cooperation and involvement by a number of individuals both inside and outside the Madoff organization. There is no doubt in my mind that many of those individuals have information, that if revealed, can and will be extremely embarrassing for some high profile people within our regulatory bodies and our government. (more…)






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