Report: Global Crossing Founder Winnick Won&#39;t Face Charges
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com. Global Crossing founder Gary Winnick, who sold hundreds of millions of dollars of the firm&#39;s stock as it headed towards bankruptcy, won&#39;t be charged with civil violations by the Securities and Exchange Commission, it was reported Monday.
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NEW YORK -- Global Crossing Ltd., once a bull-market darling, filed restated financial results by its Friday deadline and said it is scrambling to raise the financing it needs before the end of the year.
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The founder and former chairman of the world&#39;s second largest contract chip maker was found not guilty of investing in and transferring technology to a Chinese chip maker, a Taiwanese court said Friday.Taiwan&#39;s Hsinchu District Court said there wasn&#39;t enough evidence to prove wrongdoing in the government&#39;s case against Robert Tsao. A former vice-chairman of United Microelectronics Corp. (UMC), John Hsuan, and the head of a venture capital firm, Cheng Tun-chien, were also found not guilty in the case, the court said in a statement.The trio were&#160;indicted last year&#160;for allegedly investing in and transferring chip technology to Chinese chip maker He Jian Technology (Suzhou) Co. The executives and UMC repeatedly denied wrongdoing in the case. They have admitted to advising He Jian during its startup phase, but maintain that all help was within legal bounds. Prosecutors plan to appeal the verdict.Taiwan carefully controls chip investments to China, fearing it could lead to job losses on the island or that its technology could be used to bolster Chinese military might. The two separated in 1949 amid civil war, and Beijing has long threatened the use of force to take the island if it moves towards formal independence. Due to their strained relationship,&#160;Taiwan chip makers are required to receive government approval&#160;before investing in or transferring chip-related technology to China.The verdict is the second setback for the Taiwan government so far this year in its efforts to enforce regulations governing Taiwanese chip investments to China. In July, a Taipei court overturned an NT$5 million (US$154,000) fine against UMC, also citing a lack of evidence that it invested in He Jian.The court actions underline a rift among Taiwanese in their dealings with China. Some people on the island, which share linguistic and cultural ties to China, are working towards independence as a way to safeguard democratic reforms that have taken hold in Taiwan over the past two decades. Others view China as their homeland, and are working to ensure Taiwan unites with the mainland and takes part in its economic boom.Last year, UMC said a 15 percent stake in He Jian that the Chinese chip maker offered as payment for help establishing the company was put into a trust. The payment was part of UMC&#39;s efforts to make sure its shareholders benefitted from the growth of He Jian.UMC Chairman Jackson Hu has repeatedly referred to He Jian as UMC&#39;s partner in China, and said UMC will refer its customers to He Jian when they&#39;re looking for some chip work to be done in China.&#160;
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Grammy Award-winning singer and  actress Brandy will not face charges in a December 2006 car  crash that killed a 38-year-old woman, prosecutors said on  Friday, citing insufficient evidence.
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US Securities and Exchange Commission Chairman William Donaldson rejected a staff proposal to sanction Gary Winnick as part of a settlement with Global Crossing Ltd.
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Shares of Global Crossing Ltd. (GLBCE.O: Quote, Profile, Research) fell 25 percent on Monday amid concerns the company could face a second bankruptcy after it said it is cutting
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Doubts over charges against a US firm underscore concerns about the legal system and foreign investment.
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It was less than two years ago that Wall Street analysts Jack Grubman and Henry Blodget paid $19 million in fines and were banned from the securities industry for life to settle allegations that they'd promoted stocks like WorldCom and Global Crossing as the telecom companies swan-dived into an empty swimming pool. Shortly after that, in April 2003, 10 of ...
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Citigroup  was cleared of insider  trading charges on Thursday by an Australian court, which ruled  the U.S. bank&#39;s &quot;Chinese Walls&quot; were not breached when it  traded shares in a company it knew was a takeover target.
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NEW YORK - Bank of New York reportedly is negotiating with federal prosecutors to avert a potential criminal indictment. The Wall Street Journal reports that the bank is facing charges it failed to report suspicious activity at one of its branches.
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A bank in Belarus has denied US charges that it laundered money for former Iraqi leader Saddam Hussein. Infobank, in a statement, said it has strictly followed international agreements related to the fight against illegal transactions.
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SHELBY, Mont. - A criminal charge accusing a college student of intentionally clogging a toilet at a border crossing was dismissed after a prosecutor said there was no permanent damage or monetary loss...
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The world&#39;s largest insurer by market value is the target of a criminal investigation by the US Justice Department. American International (AIG) is accused of helping a banking client commit fraud and keep
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The Securities and Exchange Commission has rejected a staff recommendation to bring civil charges against former Global Crossing Ltd.
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By ANTONELLA ARTUSO, QUEEN&#39;S PARK BUREAU, SUN MEDIACHIEF. Windsor, Ontario, doctor Albert Schumacher believes it&#39;s his ethical and moral responsibility to tell patients they can cross the border for faster tests.
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That was industry reaction to the news that Grey will not let departing North American CEO Steve Blamer out of his contract, which expires on June 15, to join Foote Cone & Belding as planned this month.
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New York Attorney-General Eliot Spitzer has been conducting a probe of the insurance industry but now says he will not bring criminal charges against the world&#39;s biggest insurance broker, Marsh &amp; McLennan.