Muslim World$type=three$h=250$c=3$author=hide$comment=hide$rm=hide$date=hide$snippet=hide$show=home





Saudi Arabia$type=two$count=2$h=250$space=1$icon=1$m=0$sn=0$rm=0$show=/search/label/Muslim%20World




Popular Posts All time_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts Last 7 days_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts Last 30 days_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts Last year_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

U.S. drops charges in another high-profile Wall Street case


NEW YORK  - 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 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.

Nathan said the seizure of items such as children's school records, family photos and X-rays at minimum reflected "grossly negligent or reckless disregard" of the Fourth Amendment.

The judge agreed on Tuesday to let prosecutors drop the Wey case, after they said it had been "based in significant part" on the seized materials and that "the government can no longer rely on that evidence at trial."

A spokesman for Acting U.S. Attorney Joon Kim in Manhattan, whose office handled the Wey and London Whale cases, declined to comment.

Wey has long maintained his innocence, including on his website, where he says "[t]he American spirit is about fighting back against tyranny. Never give in!"

He said in a statement provided by his law firm, Haynes and Boone, that "fabricated allegations and false statements" underlay the government's case, and the ordeal "devastated" employees and families.

"We are thankful that this judgment will help clear my name and hopeful that it protects other innocent citizens from the intrusion that we have endured," Wey said.

Wey was also in the news in June 2015, when a federal jury ordered him to pay $18 million to a former employee in a sexual harassment case. A judge reduced it to $5.65 million. Wey has appealed, and denied wrongdoing.

In the JPMorgan case, prosecutors dropped charges against Javier Martin-Artajo and Julien Grout because testimony from Bruno Iksil, a cooperating witness dubbed the London Whale, was no longer considered reliable.

The charges had stemmed from JPMorgan's $6.2 billion trading loss in 2012.

The case is U.S. v. Wey, U.S. District Court, Southern District of New York, No. 15-cr-00611.



Ads,5,Afghanistan,79,Africa,28,Americas,5,Animals,37,Argentina,1,Asia,277,Australia,11,Austria,5,Bahrain,3,Bangladesh,18,Barcelona,1,Belgium,3,Brunei,1,Business,1322,Canada,5,Catalan,80,China,129,Cuba,3,Czech Republic,3,DR Congo,1,Egypt,22,Ethiopia,1,Europe,261,Fitness,14,France,28,Germany,41,Haiti,1,Headlines,11,Health,171,Hillary Clinton,199,Hong Kong,2,Hungary,1,Iceland,1,India,111,Indonesia,11,International,75,Iran,84,Iraq,78,Ireland,2,Islamophobia,19,Israel,12,Italy,4,Japan,41,Jordan,1,Kenya,7,Kosovo,1,Kuwait,3,Lebanon,2,Libya,2,Lifestyle,303,Lithuania,1,Malawi,1,Malaysia,16,Malta,1,Maxico,4,Middle East,138,Muslim World,626,Myanmar,35,Nawaz Sharif,5,Nepal,3,Netherlands,2,New Zealand,10,Niger,1,Nigeria,2,Nobel Prize,81,North Korea,58,Norway,1,Opinion,26,Pakistan,1061,Palestine,38,Philippine,17,Pics,66,Poland,3,Popular,1,Qatar,93,Rohingya,118,Russia,49,Rwanda,1,Saudi Arabia,85,Science,144,Serbia,2,Showbiz,351,Somalia,4,South Africa,2,South Korea,8,Spain,62,Sports,1328,Sudan,1,Sweden,1,Switzerland,2,Syria,113,Taiwan,3,Technology,455,Thailand,12,Today IN History,24,Top News,1033,Tunisia,1,Turkey,81,U.S.,344,UAE,22,UK,59,Ukrain,2,Venezuela,4,Videos,76,Vietnam,2,World,4893,Yemen,21,Zimbabwe,2,
Muslim Global: U.S. drops charges in another high-profile Wall Street case
U.S. drops charges in another high-profile Wall Street case
Muslim Global
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy