Fraud & Scandals

SAC’s Steinberg gets 3-1/2 years prison for insider trading

Michael Steinberg, a portfolio manager at Steven A. Cohen’s SAC Capital Advisors hedge fund, was sentenced on Friday to 3-1/2 years in prison for insider trading. The sentence was imposed by U.S. District Judge Richard Sullivan in Manhattan, five months after a federal jury convicted Steinberg on securities fraud and […]

Sanusi, CBN oppose Intercontinental Bank shareholders’ suit

The Central Bank of Nigeria and its suspended governor, Mallam Lamido Sanusi, have asked a Federal High Court in Abuja to dismiss a suit challenging the sale of the defunct Intercontinental Bank Plc. Some shareholders of Intercontinental Bank had filed the suit against the CBN and Sanusi, seeking N10bn as […]