Bloomberg reports that U.S. Magistrate Judge Lurana S. Snow Friday denied a bid by Bagios, 45, to modify his bail and visit his family in Switzerland and his ailing mother in Greece. Prosecutors charged him with helping 150 American clients hide as much as $500m from U.S. tax authorities when he worked at UBS, where he spent 15 years before joining Credit Suisse in 2009.
In the meantime, Reuters reports that U.S. Federal energy regulators have asked Deutsche Bank Energy Trading LLC to provide proof that it did not manipulate California energy markets or face a $1.5m fine, the regulator said in an order issued on Wednesday.
Investors in 17 securities offerings, led by the NECA-IBEW Health and Welfare Fund, sued Goldman Sachs over securities backed by pools of residential mortgages originated by National City Mortgage Co., Countrywide Home Loans, Washington Mutual Bank and others, according to an opinion by the court Thursday.
The newspaper says that 'at least two dozen brokers are now (thought to be) exploring legal options to determine whether they might be able to claim damages from the company over the technology, which is they say is essential to do business and retain their clients'.
Finally, Reuters reports that a federal appeals court will hear oral arguments on Oct. 25 in hedge fund founder Raj Rajaratnam's bid to overturn his insider trading conviction on grounds that the U.S. government improperly won permission to record his phone conversations.