A California film producer was accused of defrauding hedge fund investors out of $26 million and allegedly using some of the stolen money to fund his lavish lifestyle. The indictment was filed in Manhattan federal court. David Bergstein and co-defendant Keith Wellner were arrested in California and New York respectively, according to the FBI. Bergstein…

A Manhattan judge sentenced a hedge fund manager to probation rather than prison for securities fraud, saying that the defendant had taken responsibility for his crimes quickly. U.S. District Judge Robert Sweet sentenced Owen Li, the founder of Canarsie Capital LLC, to probation. The judge earlier indicated that he was likely to give Li a…

A father and son are facing criminal and securities charges over allegedly fraudulent investments in Native American tribal bonds. The U.S. Attorney’s office announced criminal charges against Jason and John Galanis and five other individuals. In a parallel action, the U.S. Securities and Exchange Commission (SEC) charged the same individuals with fraud, alleging that they…