Selecting an attorney for legal cases is a very important decision. Please enter your information below to receive a Free Consultation from an attorney in your area:
Securities
News
MBC Managers Sentenced To Five Years For Role In $826 Million Securities Fraud
R. Alexander Acosta, United States Attorney for the Southern District of Florida, and Jonathan I. Solomon, Special Agent in Charge, Federal Bureau of Investigation (“FBI”), announced that defendants Carol Traina and Bari Wiggins were sentenced today to five (5) years’ imprisonment, followed by three (3) years probation by United States District Judge Paul C. Huck in Miami. The defendants were also ordered to pay approximately $826 million in restitution to MBC investors. Traina and Wiggins were employee-managers at Mutual Benefits Corp. (“MBC”), a viatical and life settlement company that was closed by federal regulators in May 2004. On February 27, 2007, Traina and Wiggins each pled guilty to an Information charging one count of conspiracy to commit securities fraud, in violation of 18 U.S.C. §371 in connection with MBC’s billion dollar securities offering.
According to the Information, Traina, as MBC’s Office Manager, assisted MBC’s principals with the management of an international network of sales agents and marketing directors. Under her supervision, MBC’s sales agents misrepresented the safety and security of the investments that MBC offered and sold. Traina also admitted to a role in the creation and distribution of false and misleading life expectancy letters that misrepresented the health condition of insureds underlying MBC’s life insurance policies.
Under the supervision of MBC’s principals, Wiggins managed MBC’s Policy Services Department. In this position, Wiggins oversaw the acquisition of insurance policies. Wiggins admitted that she acquired MBC’s insurance policies, knowing that sales agents were misleading investors about the safety and security of MBC’s investments. Wiggins further admitted that she helped MBC fraudulently obtain certain group insurance policies, which also placed investors at risk of losing their money. Read more at fbi.gov.
Definition:
The principle under which all futures positions owned or controlled by one trader (or group of traders acting in concert) are combined to determine reporting status and compliance with speculative position limits. See CFTC Backgrounder: Speculative Limits, Hedging, and Aggregation.
Arbitrage
Definition:
A strategy involving the simultaneous purchase and sale of identical or equivalent commodity futures contracts or other instruments across two or more markets in order to benefit from a discrepancy in their price relationship. In a theoretical efficient market, there is a lack of opportunity for profitable arbitrage. See Spread.
Bear Spread
Definition:
(1) A strategy involving the simultaneous purchase and sale of options of the same class and expiration date, but different strike prices. In a bear spread, the option that is purchased has a lower delta than the option that is bought. For example, in a call bear spread, the purchased option has a higher exercise price than the option that is sold. Also called Bear Vertical Spread. (2) The simultaneous purchase and sale of two futures contracts in the same or related commodities with the intention of profiting from a decline in prices but at the same time limiting the potential loss if this expectation does not materialize.
If you live in the following cities and need an securities attorney you should contact
our Securities Attorney as soon as possible:
Alexandria
Annandale
Arlington
Ashburn
Blacksburg
Burke
Centreville
Charlottesville
Chesapeake
Chester
Chesterfield
Christiansburg
Colonial Heights
Culpeper
Danville
Dumfries
Fairfax
Falls Church
Fredericksburg
Front Royal
Glen Allen
Hampton
Harrisonburg
Herndon
Hopewell
Leesburg
Lorton
Lynchburg
Manassas
Martinsville
Mc Lean
Mechanicsville
Midlothian
Newport News
Norfolk
Petersburg
Portsmouth
Powhatan
Radford
Reston
Richmond
Roanoke
Salem
Spotsylvania
Springfield
Stafford
Staunton
Sterling
Suffolk
Vienna
Virginia Beach
Waynesboro
Williamsburg
Winchester
Woodbridge
Yorktown
Legal Disclaimers All attorney listings are a paid attorney advertisement, and do not in any way constitute a referral or endorsement by an approved or authorized lawyer referral service. The information provided on Virginia Securities Lawyers.com is not intended to be legal advice, but merely conveys
general information related to legal issues commonly encountered. Your access
to and use of this website is subject to additional Terms
and Conditions.
Local Professional? Generate new business today
Call 866-227-9356 or contact a sales rep
Did You Know?