The 2003 mutual fund scandal was the result of the discovery of illegal late trading and market timing practices on the part of certain hedge fund and mutual fund companies.
Charles Schwab Corporation is an American multinational financial services company. It offers banking, commercial banking, investing and related services including consulting, and wealth management advisory services to both retail and institutional clients. It has over 400 branches, primarily in financial centers in the United States and the United Kingdom. It ranks tenth on the list of largest banks in the United States by assets. As of December 31, 2022, it had $7.05 trillion in client assets, 33.8 million active brokerage accounts, 2.4 million corporate retirement plan participants, and 1.7 million banking accounts. It also offers a donor advised fund for clients seeking to donate securities. It was founded in San Francisco, California, and is headquartered in Westlake, Texas.
Reed Eliot Slatkin was an initial investor and co-founder of EarthLink and the perpetrator of one of the largest Ponzi schemes in the United States since that conducted by Charles Ponzi himself.
Raymond James Financial, Inc. is an American multinational independent investment bank and financial services company providing financial services to individuals, corporations, and municipalities through its subsidiary companies that engage primarily in investment and financial planning, in addition to investment banking and asset management. Headquartered in St. Petersburg, Florida, Raymond James is one of the largest banking institutions in the United States.
Alberto Vilar, a.k.a. Albert Vilar was an American investment manager who became particularly known as a patron of opera companies, performing arts organizations, and educational institutions. Following the collapse of his investment firm, Amerindo Investment Advisors, he was tried and convicted in November 2008 on charges of money laundering, investment advisor fraud, securities fraud, mail and wire fraud. He was sentenced in February 2010 to nine years in prison and released in 2018.
National Association of Personal Financial Advisors (NAPFA) is an American financial planning trade organization created in 1983 to expand the use of fee-only financial advisors by individual consumers. NAPFA established the first set of professional standards for fee-only financial advisors and has updated them to reflect changes in industry practices.
Gary A. Tanaka is an American businessman, convicted securities fraudster, sportsman and philanthropist who co-founded the investment company Amerindo Investment Advisors in 1979 along with Alberto Vilar.
Ameriprise Financial, Inc. is a diversified financial services company and bank holding company incorporated in Delaware and headquartered in Minneapolis, Minnesota. It provides financial planning products and services, including wealth management, asset management, insurance, annuities, and estate planning.
A financial adviser or financial advisor is a professional who provides financial services to clients based on their financial situation. In many countries, financial advisors must complete specific training and be registered with a regulatory body in order to provide advice.
Louis G. Navellier is Chairman and Founder of Navellier & Associates in Reno, Nevada, which manages approximately $1.0 billion in assets. Navellier also writes five investment newsletters focused on growth investing: Growth Investor, Breakthrough Stocks, Accelerated Profits, Power Options and Platinum Growth Club, and can frequently be seen giving his market outlook and analysis on Bloomberg, Fox News, and CNBC.
Marc Stuart Dreier is an American former lawyer who was sentenced to 20 years in federal prison in 2009 for committing investment fraud using a Ponzi scheme. He is scheduled to be released from FCI Sandstone on June 30, 2025. On May 11, 2009, he pleaded guilty in the United States District Court for the Southern District of New York to eight charges of fraud, which included one count of conspiracy to commit securities fraud and wire fraud, one count of money laundering, one count of securities fraud, and five counts of wire fraud in a scheme to sell more than $950 million in fictitious promissory notes. Civil charges, filed in December 2008 by the U.S. Securities and Exchange Commission, are pending. The 2011 documentary Unraveled states that "Drier stole over $740 million from 4 clients, 4 individuals, and 13 hedge funds".
Arthur Geoffrey Nadel was an American hedge fund manager, disbarred lawyer, piano player, and philanthropist. In 2009, Nadel was indicted on fifteen federal counts of securities fraud, wire fraud, and mail fraud. If found guilty, he could have been sentenced to 280 years in prison and would have been required to forfeit all assets connected to the fraud.
Frank DiPascali Jr. was an American fraudster and financier who was a key lieutenant of Bernie Madoff for three decades. He referred to himself as the company's "director of options trading" and as "chief financial officer". For a number of years, he played a key part in the daily operation of the Madoff investment scandal, later recounting how he helped manipulate billions of dollars in account statements so clients would believe that they were creating wealth for them.
The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. In December of that year, Bernie Madoff, the former Nasdaq chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme.
Frank Elroy Vennes Jr. is an American multimillionaire and convicted felon.
International Investment Group (IIG) is an American financial institution that specializes in short-term trade finance and commercial finance with a focus on emerging markets. Through its affiliate IIG Capital it provides financing to small and medium-sized merchants, traders and processors with a need for supply chain financing.
SAC Capital Advisors was a group of hedge funds founded by Steven A. Cohen in 1992. The firm employed approximately 800 people in 2010 across its offices located in Stamford, Connecticut and New York City, and various offices. It reportedly lost many of its traders in the wake of various investigations by the Securities and Exchange Commission (SEC). In 2010, the SEC opened an insider trading investigation of SAC and in 2013 several former employees were indicted by the U.S. Department of Justice. In November 2013, the firm itself pleaded guilty to insider trading charges and paid $1.2 billion in penalties. The firm shrank after returning the vast majority of its outside investor capital. Point72 Asset Management was established as a separate family office in 2014. SAC ceased to exist as a separate entity in 2016.
Woodbridge Securities was a $1.2 billion Ponzi scheme run by CEO Robert H. Shapiro.
David Peter Bloom is a twice convicted American fraudster who defrauded investors of almost $15 million in the 1980s.
