Geek who brought chaos to the financial world - from his bedroom in his parents’ semi in Hounslow

DAILY MAIL

Most financial scandals of recent years have featured brash Wolf of Wall Street-style characters, all Lamborghinis and supermodels. But Sarao is the complete opposite. Despite career earnings of $70 million he still lived with his parents in their London semi. read more »

Luckin Coffee fires CEO and COO after accounting scandal

CNN

Luckin Coffee fired its CEO after the Chinese homegrown rival to Starbucks was found to have fabricated sales.

Jenny Zhiya Qian was terminated on Monday, along with chief operating officer Jian Lu -- the executive whom the company said last month was the architect of the fraud -- according to a filing Luckin (LK) made with the Securities and Exchange Commission Tuesday morning. read more »

Head Of Investment Management Firm Pleads Guilty In Connection With $18 Million Pre-IPO Securities Fraud Scheme

DOJ

U.S. Attorney Geoffrey S. Berman said:  “Fred Elm, founder and head of Elm Tree Investment Advisors, admitted today to defrauding investors out of more than $18 million by promising big returns from investments in hot tech companies, like Twitter and Uber, before their initial public offerings. In reality, Elm and his co-defendant Ahmed Naqvi lied about their access to pre-IPO investments, and they invested only a portion of the funds in money-losing trades and spent the rest on their own extravagant lifestyles, including a Bentley, a Maserati, and a Range Rover. After fleeing to Canada, Elm has now been brought to justice. He faces serious prison time for his high-flying scheme, which never earned a profit and left his investors high and dry. ” read more »