Financial crimes

At least 17 individuals invested $13 million in the scheme, and many lost 'substantial portions' of their life savings, prosecutors say.

It is the latest example of how companies are facing pressure to discipline individuals who have abused their position to obtain sexual favors or committed acts of violence and bullying.

The funds allegedly paid for summer camp fees and a 1976 Corvette.

The dispute centered on the firm’s handling of Puerto Rican municipal bonds.

The broker forged client signatures on annuity withdrawal requests and misled clients into making what they thought were tax payments, the SEC claims.

Vitaly Korchevsky was convicted of pocketing at least $14 million by trading securities on information he gleaned from press releases stolen by Ukrainian hackers before they were released publicly.

Vitaly Korchevsky was actually among the victims in a plot involving Ukrainian hackers who allegedly stole thousands of press releases before they were released, his lawyer says.

Scott Wolas assumed other people’s names to pose as a real estate agent, bartender, retired paleontologist and a registered rep, investigators say.

The advisor defrauded some 60 victims by using their money to pay off earlier investors, fund his own speculative trading and pay his personal expenses, the SEC claims.

Company policies were not reasonably designed to detect and prevent misconduct, the SEC claims after one advisor allegedly misappropriated more than $5 million from client accounts.