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Stock impact report

Investor behind scandal that tarnished B. Riley is criminally charged [Yahoo! Finance]

B. Riley Financial, Inc. (RILY) 
NASDAQ:AMEX Investor Relations: ir.brileyfin.com/investor-relations
Company Research Source: Yahoo! Finance
Riley Financial has been charged with criminal fraud as the West L.A. company continues efforts to dig out from under the debacle. Brian Kahn, 52, who led a disastrous management buyout of a retail holding company partly financed with $600 million in B. Riley debt, has been charged with conspiracy to commit securities fraud in a related case, according to a recent court filing. Read more: How one bad deal derailed this prominent L.A. financial services firm Kahn was an investor advisor for hedge fund Prophecy Asset Management, which collapsed in 2020. He was accused by the Securities and Exchange Commission in September in a civil action of participating in a fraud that lost investors more than $350 million while earning millions in management fees. The criminal indictment handed down in August but was not disclosed until a filing last week in federal court in New Jersey. Details about the indictment were not available in the court file, except that prosecutors said it was lin Show less Read more
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