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Fraud*
According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

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Saturday, May 26, 2012

Another Lawsuit Against Goldman Sachs

Here's an instance of how Goldman Sachs makes money and pays the consequences (maybe!):
Hagens Berman Files Securities Class Action against Facebook, Zuckerberg and Underwriters:  Continues Insider Trading Investigation Against Selling Shareholders
By Hagens Berman Sobol Shapiro LLP - The Sacramento Bee

The complaint, filed May 24, 2012, in the United States District Court for the Northern District of California, as Chang et al. v. Facebook, Inc. et al.,  case number 12-cv-2680,  alleges that Facebook, Inc., Mark Zuckerberg, David A. Ebersman, David M.Spillane, Marc L. Andreesen, Erskine Bowles, James W. Breyer, Donald E Graham, Reed Hastings, Peter Thiel, Morgan Stanley & Co. LLC (NYSE: MS), J.P. Morgan Securities LLC (NYSE: JPM), Goldman, Sachs & Co. (NYSE: GS), Merrill Lynch (NYSE: BAC), Peirce, Fenner & Smith Incorporated and Barclays Capital Inc. (NYSE: BCS) violated Section 11, 12 and 15 of the Securities Act of 1933. The complaint can be accessed here.

Hagens Berman's investigation continues. "We anticipate the facts may warrant further claims also against several of these defendants, and additional selling shareholders for insider selling in violation of Section 20A of the Securities Exchange Act of 1934," said Hagens Berman partner Reed Kathrein. "While such claims are unusual, this is an extremely unusual situation to catch issuers and their bankers in what we have long suspected to be a hidden practice." The largest reported selling shareholders include Zuckerberg, Breyer, Accel Partners, DST Global Limited, Goldman Sachs, Tiger Global Management, Mail.ru Group Limited and Peter Thiel. 
Read the entire article here 
ore here: http://www.sacbee.com/2012/05/25/4516352/hagens-berman-files-securities.html#storylink=cpy

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