FBN Video: Charlie Gasparino reports on the status of SEC investigations into fraud at Lehman Brothers -- August 20, 2010
Story background:
Gasparino reports that he case could focus on lies related to Lehman's 2008 capital raise, and that SEC charges could be filed within a matter of weeks. For the record, SEC Wells Notices related to civil, not criminal charges. Still no leaks from federal prosecutors on any ongoing criminal investigations that may be underway. So the wait for handcuffs, orange jumpsuits and prison numbers continues.
Gasparino:
- “This is coming from Dick Fuld, who told someone we spoke to, that September is when the rubber meets the road on this.”
- “There is a lot of speculation as to who will be charged in the SEC’s investigation of Lehman Brothers. As of right now at least, it will not be the former CFO Erin Callan.”
- “Attorney for Callan Robert Cleary tells FBN she has not received a Wells Notice. As of right now she is not going to get charged. It could still come.”
- “This is an interesting development because the end game on this is clearly happening. And it’s the two year anniversary of Lehman’s bankruptcy. Callan was one of the people putting out the positive image of the firm as it was imploding. That’s what they are investigating.”
- “90% to 95% of the time from what I understand, a wells notice results in an official charge. Right now they are basically trying to talk the SEC out of filing the official charges.”
- “We put a call into Dick Fuld and he has not gotten back to us.”
More video:
Video: Funny bonus clip -- Gasparino hassles Lehman execs for a story -- Sep. 2008
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