Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
U.S. drops charges in another high-profile Wall Street case
Source: Reuters
#BUSINESS NEWS AUGUST 8, 2017 / 4:42 PM / 13 HOURS AGO
U.S. drops charges in another high-profile Wall Street case
Jonathan Stempel
3 MIN READ
NEW YORK (Reuters) - U.S. prosecutors on Tuesday dropped their criminal case accusing Benjamin Wey of running a fraudulent stock manipulation scheme, after a federal judge threw out much of the evidence they hoped to use against the financier.
The dismissal was the government's second surrender in three weeks in a high-profile Wall Street case.
It followed prosecutors' July 21 decision to drop charges against two former JPMorgan Chase & Co (JPM.N) traders in the London Whale trading scandal.
The government had accused Wey in September 2015 of making tens of millions of dollars by secretly controlling large blocks of shares through "reverse mergers" between Chinese companies and U.S. shell companies, and selling his shares at artificially high levels.
But the case collapsed when U.S. District Judge Alison Nathan on June 13 ordered the "blanket suppression" of a huge cache of materials seized from Wey's home and offices, saying the broad search warrants violated the New York Global Group founder's constitutional rights.
-snip-
U.S. drops charges in another high-profile Wall Street case
Jonathan Stempel
3 MIN READ
NEW YORK (Reuters) - U.S. prosecutors on Tuesday dropped their criminal case accusing Benjamin Wey of running a fraudulent stock manipulation scheme, after a federal judge threw out much of the evidence they hoped to use against the financier.
The dismissal was the government's second surrender in three weeks in a high-profile Wall Street case.
It followed prosecutors' July 21 decision to drop charges against two former JPMorgan Chase & Co (JPM.N) traders in the London Whale trading scandal.
The government had accused Wey in September 2015 of making tens of millions of dollars by secretly controlling large blocks of shares through "reverse mergers" between Chinese companies and U.S. shell companies, and selling his shares at artificially high levels.
But the case collapsed when U.S. District Judge Alison Nathan on June 13 ordered the "blanket suppression" of a huge cache of materials seized from Wey's home and offices, saying the broad search warrants violated the New York Global Group founder's constitutional rights.
-snip-
Read more: http://www.reuters.com/article/us-usa-crime-wey-idUSKBN1AO2DO
3 replies
= new reply since forum marked as read
= new reply since forum marked as read
