Insurers should pay UK businesses over 'cataclysmic' pandemic, court hears

REUTERS

Some of the world’s biggest insurers are wrong to deny a payout to hundreds of

The businesses, from restaurants to leisure groups, said they faced ruin after insurers rejected their attempts to claim millions of pounds collectively in compensation for lost business. read more »

Managing Partner Of Investment Advisory Firm Charged For Over $100 Million Ponzi-Like Fraud Scheme

DOJ

Audrey Strauss, the Acting United States Attorney for the Southern District of New York, and William F. Sweeney Jr., the Assistant Director-in-Charge of the New York Office of the Federal Bureau of Investigation (“FBI”), announced today the filing of an Information charging DAVID HU, a managing partner and the chief investment officer of the New York-based investment advisory firm International Investment Group (“IIG”), with investment adviser fraud, securities fraud, and wire fraud offenses.  As alleged, over a period of more than 10 years, HU perpetrated an over $100 million scheme to defraud investors in IIG’s funds, including by creating fictitious investments and overvaluing investments used to generate funds to pay off earlier investors in a Ponzi-like manner. read more »

SEC Charges Financial Advisor with Fraud for Stealing Millions from Investors

SEC

The Securities and Exchange Commission today charged former registered representative and investment adviser Michael Barry Carter with fraud for stealing from brokerage customers and an elderly advisory client.
 

The SEC's complaint alleges that Carter, a financial advisor in the McLean, Virginia office of a large financial institution, falsified internal documents in order to effect dozens of unauthorized wire transfers, totaling millions of dollars, from the accounts of brokerage customers to his personal bank account. read more »