Investments

Miami Man Arrested On Fraud Charges For Stealing $40 Million From Investors With His InnoVida Firm

Submitted by News Desk 2 on Mon, 12/10/2012 - 13:52

Miami, Fla. -

Police in Mimi have arrested the chief of InnoVida 54-year-old Venezuelan born Claudio Osorio on 21 counts of fraud and money laundering charges, along with 64-year-old Craig Toll, who was the company's CFO.

The Securities and Exchange Commission has accused Osorio of stealing $40 million from investors, many of which are NBA players, between 2007-2011 in an effort to support his lavish lifestyle.

Richard Klugh, Toll's attorney said in a statement that Toll was "an honorable employee of the company and should not have been charged with anything."

Bank of America Suffers Another Blow; Credit Rating Downgraded by Moody's

Submitted by News Desk 2 on Wed, 09/21/2011 - 13:30

 

As if the massive buyback of toxic mortgages it has been forced to buy, having to close hundreds of bank branches, laying off 30,000 - 40,000 employees, and having its stock prices slide into the gutter are not enough, Moody's lowered BofA's credit rating to "Baa1" from "A2" and gave the nation's largest bank a negative outlook.