Now this is a lot of fraud.
Is there normally this much fraud reported?
Here's some clips of recent fraud.
BUSTER BLAB ARCHIVE
Financial execs face up to 140 years in jail for fraud
March 17th, 2008
Two top finance executives and three others, who a federal jury found guilty on all counts of conspiracy, fraud and money laundering at National Century Financial Enterprises (NCFE) face jail terms of up to 140 years.
Turning the tables
March 17th, 2008
Recent sabre-rattling by the ASX and ASIC has done little to stop market manipulation by traders and hedge fund managers who are spreading malicious rumours to drive share prices down.
Exec goes on trial in tampering case
March 17th, 2008
Before Lance Poulsen can fight charges that he was the mastermind behind a $1.9 billion fraud scheme, the former CEO of National Century Financial must first deal with allegations that he proposed paying a government witness $500,000 to lie on the stand.
Rail exec accused of $1m fraud
March 17th, 2008
A senior RailCorp manager has been accused of defrauding the NSW Government of more than $1.1 million in another contracting scam to rock the NSW railways.
CBK seeks to combat financial crimes
March 16th, 2008
Governor of the Central Bank of Kuwait (CBK) Sheikh Salem Abdulaziz Al-Sabah announced Saturday the bank alongside the US Treasury would hold a forum on March 31 - April 2, focusing on combat against financial crimes.
The proud legacy of deregulation
March 16th, 2008
By now we should all be able to connect the dots between the current sub-prime mortgage implosion and the S&L debacle of the '80s. The two crises are linked in a long chain of scandals and catastrophes, all of which can be laid directly to the deregulation craze that began in the Reagan / Thatcher era and reached its climax during the Dubya years.
Investment company founder pleads guilty to 2 felonies
March 16th, 2008
The founder of an investment company that ripped off hundreds of Colorado Springs investors, including churches, admitted his guilt Friday and pleaded guilty to two felonies.
The Anatomy of a Vishing Scam
March 16th, 2008
A series of well-orchestrated wireless phone-based phishing attacks against several financial institutions last week illustrates how scam artists are growing more adept at fleecing consumers by exploiting security holes in seemingly unrelated Internet technologies.
Man pleads guilty in hedge fund fraud
March 15th, 2008
Hamilton Alan Bird, a Colorado Springs man who persuaded hundreds of people, many of them churchgoers, to invest in a hedge fund aimed at helping the "little guy," pleaded guilty Friday to fraud and theft charges.
SEC sues penny stock traders, alleging manipulation
March 15th, 2008
Two Dallas men behind penny stock Connect-A-Jet Inc., whose shares were halted from trading last fall by regulators who suspected stock manipulation, are in trouble again.
UK father and daughter accused of £35m fraud
March 15th, 2008
A father and daughter accused of duping thousands of pensioners into buying £35 million of worthless shares are British, it emerged last night. Paul Gunter, 58, and Zibiah Joy Gunter, 25, were remanded in custody in Florida facing multiple counts of money laundering as well as mail, wire and securities fraud.
Investment company founder pleads guilty to 2 felonies
March 15th, 2008
The founder of an investment company that ripped off hundreds of Colorado Springs investors, including churches, admitted his guilt Friday and pleaded guilty to two felonies.
Five ex-National Century executives guilty in fraud
March 15th, 2008
A federal jury in Columbus, Ohio, yesterday convicted five former executives of a health-care company in a $1.9 billion scheme to defraud investors. The officials worked for National Century Financial Enterprises, described as the nation's largest health-care financing firm before its 2002 bankruptcy.
Countrywide Fights Federal Probe
March 15th, 2008
Countrywide Financial (CFC) is trying to block a federal inquiry into the way it treats bankrupt borrowers, according to the Wall Street Journal on Friday.
Insider trading rife in Australia
March 14th, 2008
Worrying research by Australian corporate governance advisors Regnan has found an alarming rise in the incidence of insider trading down under.
Dadante says Ferris failed to rein him
March 14th, 2008
David A. Dadante says he didn't set out to steal anybody's money, much less tarnish Ferris, Baker Watts Inc. - one of Baltimore's oldest and most respected brokerages.
SEC Charges ISE's Former Vice Chairman John Marshall With Insider Trading
March 14th, 2008
International Securities Exchange Holdings Inc.on Thursday said it accepted the resignation of its former Vice Chairman John Marshall, who was charged with violations of the securities laws relating to insider trading.
Powerchip Shares Fall as Prosecutors Probe Chairman
March 13th, 2008
Taiwan's biggest computer-memory chipmaker, fell to the lowest in almost four months in Taipei trading after prosecutors raided its offices and detained its chairman over alleged insider trading.
Insider-Trading Claims
March 13th, 2008
The past few days have brought back-and-forth charges, with Delphi accusing investors of illegal insider trading. Investors have resisted Delphi's wishes to wrap up its 29-month bankruptcy stay.
Main Parmalat trial opens Friday
March 13th, 2008
The main trial over the collapse of Italian food giant Parmalat opens in the northern city of Parma on Friday, with 55 defendants to face charges of bankruptcy fraud and criminal association.
SEC halts Beverage Creations trading in anti-spam initiative
March 13th, 2008
The Securities and Exchange Commission (SEC) temporarily suspended trading in the stock of Beverage Creations Inc. Wednesday, citing the possibility of manipulation in the stock's trading. The suspension, described as part of the agency's anti-spam initiative, was effective immediately and will last until March 25.
Australia Stock Probe Mounts
March 12th, 2008
Australia's corporate regulator confirmed it has launched an investigation following concerns that some companies have been hit by false rumors and predatory trading by hedge funds.
Feds might be studying your finances
March 12th, 2008
Each year, federal agents peek at the financial transactions of millions of Americans — without their knowledge.
Central banks' billions aim to ward off new credit crunch
March 12th, 2008
HUNDREDS of billions of dollars were injected into the world's money markets yesterday as leading central banks, including the Bank of England, the US Federal Reserve and the European Central Bank, teamed up to stave off another credit crunch.
FBI investigating Countrywide for securities fraud
March 11th, 2008
The Federal Bureau of Investigation is investigating Countrywide Financial Corp. for possible securities fraud, checking whether the company made misrepresentations about its financial state and the condition of its mortgages in its financial filings, according to news reports over the weekend.
Spitzer's fall: The prosecutor and the prostitutes
March 11th, 2008
Eliot Spitzer, the governor of New York who made his name as an aggressive prosecutor of corporate fraud and organized crime and now tells his staff that he personally has been involved in a prostitution ring.
Australian Regulator Probes Rumors, Manipulation After Slump
March 11th, 2008
Australia's corporate regulator said it is investigating whether market manipulation and the spreading of false information pushed stocks lower over recent weeks.
3 jailed for $32m securities fraud
March 11th, 2008
The District Court has jailed three men aged 35 to 55 for conspiring to defraud $32-million worth of client assets. Law Siu-kong, the sole proprietor of the now defunct Lawsons Securities Company, accountant Wu Chun-kit and clerk Choi Tsz-ming were sentenced to 55 months', 52 months' and 35 months' jail.
States Talk Tough. Wall Street Sweats.
March 11th, 2008
IN a warren of office cubicles in Salt Lake City, 2,000 miles from Wall Street, temporary workers are scanning e-mail messages that were written in confidence by employees of the Goldman Sachs Group but that could land Goldman on the growing pile of disgraced securities firms.
Reliance Energy's ill-advised share buyback news
March 10th, 2008
Reliance Energy's stock price slumped 13 per cent the day after the company finalised its share buy-back. It is time promoters stopped using such props to support stock prices; they don't always work and can be harmful.
Kurt Cobain's estate suffers £36 million fraud
March 10th, 2008
Kurt Cobain’s estate has been the victim of a mass defrauding. It’s believed that £36 million has been taken from the Nirvana songwriter’s account since 2003, including $3.2 million used to buy a mansion in New Jersey.
Guilty plea to $381m fraud
March 10th, 2008
A former boy band mogul has pleaded guilty to an audacious fraud that used fake accountants, fake bank accounts and a dead man's signature to swindle banks and investors out of more than US$300 million ($381 million).
FSA fraud crackdown breaks down barrier
March 10th, 2008
The Financial Services Authority (FSA) has banned an Essex-based introducer for making false applications, the first such action against a non-regulated individual.
Law Society acts on mortgage fraud
March 10th, 2008
The Law Society is the latest organisation to announce its intention to tackle mortgage fraud, and will be issuing new guidance to solicitors to raise awareness of fraudulent applications.
Seniors get paid to let investors buy insurance on their lives
March 9th, 2008
Robert Mannheim was stunned when he found out that strangers wanted to lend his mother in West Los Angeles money to buy her a $2-million life insurance policy and pay her premiums. The deal got better after two years: She would sign over her death benefits to investors and collect $200,000.
American spearheads fraud trial shake-up
March 9th, 2008
Fraud suspects will face fast-track prosecution under a shakeup later this year. US-style plea bargaining and an effort to get people in the dock quickly, rather than gathering evidence of all of their alleged offences, will form part of a revolution in fighting white-collar crime in Britain.
Short shrift for short sellers
March 9th, 2008
The ASX and Australian Securities and Investments Commission have responded to the furore over short-selling that has erupted in recent weeks. While there is a sense of "too little, too late" about their responses, it has taken a violent downturn in markets to reveal the potential destructiveness of uncontrolled short-selling.
Pastor convicted of securities fraud must pay back $1.4 million
March 9th, 2008
The former pastor of a defunct Colorado Springs church has been ordered to pay back $1.4 million after being convicted of securities fraud.The Gazette reported that Douglas Alan Scott, 48, also was put on 15 years probation Friday by El Paso District Court.
FBI Probes Countrywide in Possible Fraud
March 9th, 2008
Countrywide Financial Corp., the largest U.S. mortgage lender, is under investigation by the Federal Bureau of Investigation for possible securities fraud, said a person familiar with the probe.
U.S. tax-dodge loophole must be eliminated
March 8th, 2008
Stunning research by David L. Yermack, Ph.D., a finance professor at New York University’s Stern School of Business, has revealed a back door to using insider information for personal profit that should draw the attention of regulators and Congress. The results of his study, “Deduction Ad Absurdum: CEOs Donating Their Own Stock to Their Own Family Foundations,” were reported in The New York Times.
Greater scrutiny of OTC needed
March 8th, 2008
John Collias, a broker at Gateway Securities in Vancouver, is in a spot of trouble. The Investment Dealers Association has cited him for turning a blind eye to illicit trading in a Vancouver-based junior company whose shares trade on the horrible OTC Bulletin Board in the United States.
MF Global, Ltd. Investors May Now Request Lead Plaintiff Position in Securities Class Action Lawsuit
March 8th, 2008
Kahn Gauthier Swick, LLC announces that shareholders of MF Global, Ltd. who purchased shares of the Company in its Initial Public Offering on July 19, 2007 or in the open market from July 19, 2007 through February 28, 2008, have only until May 6, 2008 to move for appointment as Lead Plaintiff in a securities class action lawsuit currently pending in the United States District Court for the Southern District of New York.
Sebi bid to curb stock tips from insiders
March 8th, 2008
If the Securities and Exchange Board of India’s (Sebi’s) draft guidelines are cleared in its current form, people who receive stock tips from company insiders could be penalised. However, market participants say, it will be tough to implement such regulations.
Defendant says he didn't know of fraud
March 7th, 2008
Dierker is one of five executives on trial for fraud in what some have called the nation's largest private fraud case, but the only one to take the stand in his own defense. Investors in the company, which gave health-care providers money for expenses in exchange for their accounts receivable, lost more than $1.9 billion.
Pension funds gets heads up by SEC
March 7th, 2008
Public pension funds were warned by the Securities and Exchange Commission today that they run a greater risk of running afoul of anti-fraud provisions of the securities laws if they do not have adequate compliance policies and procedures in place to protect their money management operations.
Doral Financial Ex-Treasurer Charged with Fraud
March 7th, 2008
A former Doral Financial Corp treasurer, who was a member of the family that founded the Puerto Rican lender, was indicted on Thursday for allegedly scheming to defraud investors, U.S. prosecutors said.
Big Poppa to plead guilty to fraud
March 6th, 2008
Lou Pearlman, the manager behind boy bands N'Sync and the Backstreet Boys, is set to plead guilty to a $300m fraud scheme when the case goes to court today. If found guilty of the charges, ranging from money laundering to making false statements during a bankruptcy proceeding, Pearlman could be looking at a 25-year prison sentence and $1m worth of fines.
Financial firm charged with fraud
March 6th, 2008
The Securities and Exchange Commission filed a complaint this week, citing investment fraud, against a Utah-based investment adviser and three of its principals who managed a hedge fund that resulted in some San Luis Obispo County investors losing millions of dollars.
Britain Shortens Reins over Market
March 6th, 2008
The British Financial Services Authority has announced new requirements for participants on the financial market. The agency will monitor all electronic communications among companies concerning the buying and selling of financial instruments subject to its authority, even listening in on telephone conversations.
Govt looking at changes to share lending
March 6th, 2008
On Thursday, investors were put on notice by the Australian Stock Exchange (ASX) and Australian Securities and Investments Commission (ASIC) about their share lending and short selling obligations.
Seniors lose $200,000-plus to securities scam
March 5th, 2008
A Washington man arrested Monday on a string of theft and fraud charges apparently made off with more than $200,000 through sales of fake annuities to elderly clients in Southern Oregon, and investigators fear there might be other victims.
Dutch EU whistleblower strikes again
March 5th, 2008
Dutch Euro MP Paul Buitenen has once again published parts of a confidential report into suspected financial fraud involving other MEPs on his website, reports ANP news service.
RBC's Top Online Security Expert Available for Comment
March 5th, 2008
Canadians need to be vigilant in protecting themselves against fraud and according to one of RBC's top experts, the best way continues to be through education and knowledge.
Russian Mafia in bed with Wall Street, CEO says
March 5th, 2008
Patrick Byrne, the founder of Overstock.com, discusses the shady underpinnings of "naked short selling
Boy band mogul Lou Pearlman to plead guilty in fraud
March 5th, 2008
Lou Pearlman, the music mogul who launched the Backstreet Boys and 'N Sync, has agreed to plead guilty and make restitution to victims swindled out of an estimated $300 million in phony bank and investment schemes, U.S. prosecutors said on Tuesday.
Stock Gifts That Give Back
March 5th, 2008
Top executives often get plaudits -- and tax benefits -- for donating to charities. But a new academic study and several specific cases suggest that some may be getting an extra tax break because of uncannily well-timed gifts to their own family foundations.
SEC sues Enterprise Trust Co. for alleged fraud
March 4th, 2008
The Securities and Exchange Commission on Monday sued Enterprise Trust Co., its president, John Lohmeier, and its vice president, Rebecca Townsend, in federal court in Chicago.
SESC investigating insider trading allegations against certified public accountant
March 4th, 2008
A former employee of a leading auditing firm is suspected of using information obtained from work for insider trading, firm officials said Monday.
Investment company officials accused of fraud
March 4th, 2008
Fred William Howard's sales pitch at First Liberty Group was flawless, deft enough to make people write six-figure checks within an hour of meeting him.
Attorney pleads guilty to fraud
March 4th, 2008
A former Holmdel attorney has pleaded guilty to participating in a scheme that bilked $20 million from overseas investors.
Adelphia Communications founder, son lose final appeal on fraud convictions
March 4th, 2008
Adelphia Communications founder John Rigas and his son Timothy lost their final appeal Monday of their convictions for fraud that led to the collapse of the cable television company.
SEC Files Fraud Charges Against Bally
March 4th, 2008
The Securities and Exchange Commission has filed financial fraud charges against Bally Total Fitness Holding Corp., saying the health club chain's financial statements from at least 1997 to 2003 contained more than two dozen accounting improprieties.
Ex-E&Y employee in insider trading probe
March 3rd, 2008
A former Ernst & Young employee, based in its Japanese arm, is under investigation by the government Securities and Exchange Surveillance Commission for alleged insider stock trading.
Alabama County Is Center of Muni Turmoil as Debt Cut to Junk
March 3rd, 2008
Jefferson County, Alabama, had $3.2 billion of bonds slashed to below investment grade by Standard & Poor's, putting it at the center of turmoil in the U.S. municipal bond market that has driven up borrowing costs.
Hedge fund to sue SEC over advertising ban
March 3rd, 2008
Phil Goldstein, the hedge fund manager who derailed the US Securities and Exchange Commission's bid to require hedge fund registration, will sue the regulator to lift its ban on hedge fund marketing and advertising.
Indonesian fraud investigator arrested
March 3rd, 2008
A leading Indonesian prosecutor who investigated a billion dollar bank fraud has himself been arrested. Urip Tri Gunawan is suspected of accepting bribes.
New war on white-collar fraudsters
March 2nd, 2008
Controversial plans for special courts that would sit without juries and deal with all aspects of financial crime will be boosted next month with the launch of a nationwide anti-fraud body.
Inspectors plan further probes into scam-riddled corporation
March 2nd, 2008
Authorities promise a thorough probe of the financial dealings of COSEVCO, the state-run corporation at the center of a massive corruption bust, as more irregularities emerge in plant construction bidding processes.
2 plead guilty to insider trading
March 2nd, 2008
A former UBS executive and an ex-hedge fund trader both pleaded guilty to participating in an insider trading scheme that involved leaks of upcoming changes in stock ratings by the firm's analysts.
Pile-up as Peloton runs out of road
March 2nd, 2008
The mortgage meltdown has sent the hedge fund crashing to earth, leaving its founders ‘gobsmacked’ – and a lot poorer. THE sumptuous, Turkish-style low sofas in Peloton’s Soho office provided little comfort to the hedge fund’s founders, Ron Beller and Geoff Grant, last week.
Bill holds stiffer penalties for defrauding retirees
March 2nd, 2008
House Bill 1488, sponsored by Margaret Donnelly, D-St. Louis, would tack higher penalties to those convicted of committing securities fraud against the elderly or disabled.
Watertown woman convicted of stealing thousands in fraud scheme.
March 1st, 2008
Watertown woman convicted of stealing thousands in fraud scheme SIOUX FALLS, S.D. (AP) A federal jury in Aberdeen has convicted a Watertown woman of five counts for stealing from banks. Michele Estrada was found guilty of aiding and abetting, bank fraud, money laundering and uttering, passing or possessing counterfeit securities.
Judge Delays Decision on Enron Funds
March 1st, 2008
Enron Corp. shareholders and investors hoping to get their cut of more than $7.2 billion recovered as part of a lawsuit they filed in connection with the company's collapse are going to have to wait a little longer.
Shareholders sue Yahoo over its response to Microsoft purchase bid
February 29th, 2008
Yahoo Inc. was hit with seven shareholder lawsuits claiming that the internet company mishandled its response to a $44.6 billion takeover bid from Microsoft Corp.
Wachovia, Deutsche Bank Employees Targeted in Probe
February 29th, 2008
A senior Deutsche Bank AG banker and employees at two other firms were notified by the U.S. Justice Department that they are targets in a municipal bid-rigging probe.
Safety tips to protect investors
February 29th, 2008
Tomorrow marks the beginning of fraud prevention month, a good time to bone up on the finer points of protecting yourself, your identity and your money.
Regulators act on margin loans, trading halts
February 29th, 2008
Company directors that enter into margin loans or similar funding arrangements for a material number of securities may be required to disclose the key terms of the arrangements, including the number of securities involved, the trigger points and other material details, according to new guidelines issued by the Australian Securities and Investments Commission and the ASX.
Regulators off to a roaring start
February 29th, 2008
For years, Hong Kong's market regulator, the Securities and Futures Commission, was criticised for being like a dog that is all bark and no bite, especially when it came to insider trading offences. So it was that in 2003, the law was changed to allow the SFC to prosecute, criminally, insider traders. It took five years for the dog to take its first bite.
Record Loss For AIG
February 29th, 2008
On Thursday, American International Group was no longer able to claim its exposure to the U.S. residential housing market was “manageable.” After the bell, the world’s largest insurer posted the largest quarterly loss in company history, slammed by a $5.2 billion write-down to its credit default swap portfolio because of bad mortgage investments.
Stock Markets Feel Terror Tremors
February 28th, 2008
Last week, two big shots in India, one in business and the other in politics, demanded a thorough probe into the suspected manipulations in the Indian stock market.
Daimler bonus to LaSorda outlined
February 28th, 2008
Daimler AG paid Tom LaSorda a $15.7-million bonus for the successful sale of Chrysler to Cerberus Capital Management last August, filings with the federal government showed Wednesday.
Bids Fall for Morgan Stanley's CICC Stake -WSJ
February 28th, 2008
Three suitors vying for Morgan Stanley's stake in China International Capital Corp. have cut the value of their offers, The Wall Street Journal reported on Sunday.
Symbol Technologies Ex-Finance Chief Pleads in Backdating Fraud
February 28th, 2008
Symbol Technologies Inc.'s former Chief Financial Officer Kenneth Jaeggi pleaded guilty to a fraud related to stock-options backdating and was sentenced to three years of probation, federal prosecutors said.
Insider trading worse than ever
February 28th, 2008
REGULATORS had failed in their three-decade crusade to prosecute insider traders and insider trading was "getting worse", one of Australia's top investment bankers has told the Australian Securities and Investments Commission.
Ex-UBS Employee Plead Guilty To Fraud
February 28th, 2008
A former UBS AG (UBS) institutional client manager and a former trader pleaded guilty Wednesday to criminal charges in a scheme revolving around trades made based on inside information about upgrades or downgrades by UBS analysts.
US lawmaker asks SEC for subprime disclosure info
February 27th, 2008
A senior U.S. lawmaker on Tuesday asked the Securities and Exchange Commission what it is doing to improve disclosures from companies that engage in complex financial transactions, such as the off-balance sheet assets linked to subprime mortgages.
The practice of insider trading
February 27th, 2008
Insider trading, while frowned upon by the SEC when it comes to stock transactions, remains pretty much the only way Glen Sather does business. Two trades made with two former fellow Cablevision employees — Don Maloney and John Davidson. And both were of the “How can we help one another?” variety.
More Insurer Trials Likely
February 27th, 2008
The clubby and once-cloaked insurance industry is bound to face more criminal cases after a Hartford jury's conviction this week of five former insurance executives in a complex fraud scheme, some legal experts predict.
Boca firms cited in $200 million hedge fund fraud
February 26th, 2008
Two men who had financial interests in Boca Raton based “shell” companies have been indicted along with three others on charges of conspiracy and wire fraud. The US District attorney’s office say the five men defrauded hedge fund investors of more than $200 million dollars
Brazil, U.S. foil financial crime racket
February 26th, 2008
Brazil's Federal Police and the U.S. Federal Bureau of Investigation (FBI) on Monday arrested 30 people for their alleged involvement in financial crimes.
2 Sentenced To Prison For Hedge Fund Fraud Scheme
February 26th, 2008
The founder of an investment company and a former securities broker were each sentenced to federal prison terms Monday for a hedge fund fraud scheme that bilked investors out of at least $2.5 million.
Ex-bosses convicted of AIG fraud
February 26th, 2008
Five former insurance executives have been convicted of fraud for their part in an accounting scandal at American International Group (AIG).
Indicted Rep. Rick Renzi Will Not Resign From Congress
February 26th, 2008
Indicted Republican Rep. Rick Renzi will not resign from Congress and plans to fight the federal fraud charges brought against him by the U.S. Attorney's office in Arizona.
Do Banks Face Huge Legal Liabilities From Auction-Rate Bond Market?
February 25th, 2008
A number of large money center banks and brokers walked away from the role of using their capital to support the auction-rate markets. This market has been in place since 1984. Its size is now estimated at $324 billion.
How well do you know your financial adviser?
February 25th, 2008
It's RRSP season and as we scramble to make contributions in investments that will yield us the best returns, the critical question you must ask yourself is: how well do you know your financial adviser?
A profitable year in 2007 despite the financial crisis and exceptional fraud
February 25th, 2008
Société Générale reported a record fourth-quarter net loss of €3.3 billion (£2.5 billion) last week in the wake of the rogue trader scandal and net profit of €947 million last year, down from €5.2 billion in 2006 — a fall of 82 per cent.
Ex-NatWest Bankers Sentenced to 3 Years in Jail
February 25th, 2008
A U.S. judge sentenced three former British bankers, known as the "NatWest 3," to three years and one month each in prison on Friday for their role in an Enron-related fraud case.
Bidders for Morgan Stanley stake in Chinese bank cut their offers
February 25th, 2008
The bidders cut their offers after they discovered that Morgan Stanley's stake in CICC may be diluted to about 27 percent from 34.3 percent due to "phantom shares" granted to CICC management. Holders of phantom shares get dividends similar to those given ordinary shareholders but they have no voting power.
Fraud probe clears SKorea's incoming president
February 24th, 2008
A special prosecutor on Thursday cleared South Korea's incoming president Lee Myung-Bak of fraud allegations, bolstering his authority before he takes office next week.
SEC settles case vs. Charlotte investment adviser
February 23rd, 2008
The Securities and Exchange Commission has settled its civil case against Vincent Lenarcic Jr., a Charlottean accused of investment-adviser fraud. Lenarcic has been ordered to pay $808,274 in restitution, but that payment will be deemed satisfied if Lenarcic pays restitution in a parallel criminal case.
John Heath sentenced for fraud, theft from elderly
February 23rd, 2008
In an emotion-filled hearing, one of the three men convicted in a $190 million investment scam that bilked some 1,600 mostly elderly victims was ordered Friday to serve more than 28 years in prison.
Congressman accused of embezzlement, forcing land deal
February 23rd, 2008
A black cloud that hovered over U.S. Rep. Rick Renzi for more than a year finally collapsed on the Arizona congressman Friday when he was indicted on 35 counts of extortion, embezzlement, money-laundering and other crimes.
Owner of supplement firm found guilty of fraud
February 23rd, 2008
A federal court jury on Friday found the owner of a company that sells "male enhancement" tablets and other herbal supplements guilty of conspiracy to commit mail fraud, bank fraud and money laundering.
Miami: Five Individuals Indicted for $200 Million Hedge Fund Fraud
February 22nd, 2008
Michael Lauer, founder of Lancer Group Hedge Fund, and four others were indicted on conspiracy and wire fraud charges in a $200 million hedge fund fraud.
New York: "Boiler Room" Operator Sentenced
February 22nd, 2008
Boris Shuster, a.k.a. "Robert Shuster," was sentenced for running a fraudulent foreign currency exchange scheme through his company, Holston, Young, Parker & Associates.
Bankers await Enron sentence
February 22nd, 2008
THREE British bankers were to be sentenced today for their roles in fraud involving collapsed US energy firm Enron. Giles Darby, David Bermingham, and Gary Mulgrew face up to five years in prison and a fine of up to £127,000.
Hacker might get to keep insider-trading profits
February 22nd, 2008
The name Oleksandr Dorozhko might become famous for proving that crime can pay. Oleksandr Dorozhko is being charged by the Securities and Exchange Commission (S.E.C.) for fraud. Dorozhko, illegally obtained information on a company and traded on it. Thanks to an obscure law, he might get to keep is illegal earnings.
Founder of Japan's Livedoor fights fraud conviction
February 22nd, 2008
Disgraced Internet entrepreneur Takafumi Horie, who shook up corporate Japan with his flashy lifestyle and brash takeover attempts, appealed on Friday his conviction on securities fraud.
Lawyer jailed over $185m tax fraud
February 22nd, 2008
A FORMER lawyer who perpetrated a $185 million fraud by promoting bogus tax reduction schemes has been jailed for seven years.
Ex-Refco CFO pleads guilty to securities fraud
February 22nd, 2008
The former chief financial officer of Refco Inc. pleaded guilty to conspiracy to commit securities fraud Wednesday, admitting that he and others defrauded investors in one of the world's largest commodities brokerages.
Rankin to pay $250,000 in OSC deal
February 22nd, 2008
Andrew Rankin on Thursday confirmed for the first time that he is at fault for letting details of secret merger and takeover deals fall into the hands of a longtime friend, who used the information to make $4.5 million through insider trading.
Crooked civil servants pilfer R130m
February 22nd, 2008
Fraud, theft and other forms of financial misconduct by public servants cost taxpayers more than R130-million in the 2006/07 financial years — a shocking 186percent more than a year earlier.
Companies mum on bonus targets
February 21st, 2008
The Securities and Exchange Commission asked companies last year to explain what executives had to do to win bonuses. The idea was that companies would disclose hard numbers executives had to meet to be rewarded, not boilerplate.
Dutch authorities expect more arrests in real estate fraud inquiry
February 21st, 2008
The Dutch public prosecutor's office said yesterday it expects to arrest new suspects as investigations into alleged corruption and bribery at Philips pension fund and Bouwfonds Vastgoedontwikkeling continue, Het Financieele Dagblad reported.
Why did Reliance Power lose 17% on its debut at the exchanges?
February 21st, 2008
It’s well known that Anil Ambani’s Reliance Power lost 17% to close on Rs 372.50 against the issue price of Rs 450 on its debut on the stock exchanges. But what’s not known is that a handful of Mauritius-based foreign institutional investors (FIIs) and a domestic bank offloaded their entire or almost entire shareholding in the company within minutes of the opening bell.
Economic struggles producing more fraud: KPMG
February 21st, 2008
Experts from accounting giant KPMG say all areas of business can expect to be touched by rising levels of fraud as economic growth in Australia starts to slow.
ASIC investigating hedge funds market
February 21st, 2008
Australia's investment watchdog is investigating the stock market trading practice of short selling to see if it is adding to volatility in share prices, a Senate committee has heard.
Prosecutor Clears South Korean President-Elect
February 21st, 2008
A special prosecutor on Thursday cleared President-elect Lee Myung-bak of South Korea of financial fraud allegations that had clouded his rise to high office.
Ex-broker convicted in loan fraud case
February 20th, 2008
An Indianapolis man faces more than 25 years in prison after a Hendricks County jury found him guilty Tuesday of swindling clients out of more than $200,000.
New Chinese investors learn tough stock lessons
February 20th, 2008
China's main market, the Shanghai Stock Exchange, has tumbled about 25% since its peak on Oct. 16, according to the Shanghai Stock Exchange composite index. That's double the decline over the same period for the Standard & Poor's 500-stock index, which has lost 12%.
Ex-Refco Chief Faces Civil Fraud Charges
February 20th, 2008
The Securities and Exchange Commission filed civil fraud charges on Tuesday against Phillip R. Bennett, former chief executive of the commodities broker Refco Inc., days after he pleaded guilty to criminal charges in a scheme to mask the company’s financial health.
Former Lancer Group Hedge Fund Manager Michael Lauer and Four Others Indicted on Conspiracy and Wire Fraud Charges
February 20th, 2008
Five individuals who defrauded hedge fund investors of more than $200 million dollars have been indicted on charges of conspiracy and wire fraud, Assistant Attorney General Alice S. Fisher of the Criminal Division and U.S. Attorney R. Alexander Acosta of the Southern District of Florida announced today.
OSC panel to consider settlement with Rankin
February 20th, 2008
Andrew Rankin, a former investment banker facing his second criminal trial for allegedly tipping a friend to upcoming deals, has reached a tentative settlement on separate but related allegations before the Ontario Securities Commission.
ASIC to get tough on insider trading
February 20th, 2008
The Australian Securities and Investments Commission (ASIC) is planning to announce strategies to combat insider trading shortly, the watchdog's chairman Tony D'Aloisio says.
Judge Denies Motion in Overstock Suit
February 19th, 2008
A California judge denied a motion by brokerages involved in a lawsuit with Overstock.com Inc. to strike the online retailer's claims under the state's securities anti-fraud statute, Overstock said late Friday.
Insider trading 'part of the system'
February 19th, 2008
INSIDER trading is so rife in the Australian stock market it may be weakening the reputation of the local bourse, forcing the companies' watchdog to bulk up its resources in the wake of a poor track record in cracking down on the practice.
Criminal Prosecutor McMahon Gets U.S. Attorney's Office Post
February 19th, 2008
James "Jay" McMahon, a prosecutor in the Justice Department's criminal division in Washington, has been named chief of the business and securities fraud unit of the U.S. Attorney's Office in the Eastern District of New York, effective March 3.
SEC says Connect-A-Jet may have broken securities laws
February 19th, 2008
Dallas entrepreneur Jason Wynn's idea seemed genius in its simplicity: create the one-stop online shop for private jet charters. And when it took off last summer, Connect-A-Jet Inc. drew a lot of attention. The stock peaked at $2.74 a share in September after the company ran commercials touting its concept on cable business channel CNBC.
Euroshares outlook - a tick lower ahead of Wall St open; earnings still dominate
February 19th, 2008
Europe's leading bourses are expected to post modest losses in opening deals as investors lock in some of yesterday's profits as they wait for direction from Wall St which re-open today after a bank holiday.
South Korean President-elect queried on fraud
February 19th, 2008
A special prosecutor's team questioned South Korean President-elect Lee Myung-bak for three hours Sunday over allegations of financial fraud a week ahead of his inauguration. The unprecedented investigation was prompted by accusations — made by Lee's liberal rivals — that he was directly involved with an investment firm at the center of an alleged 2001 stock-manipulation case.
Refco chief Phillip Bennett pleads guilty to fraud
February 19th, 2008
The British former head of collapsed brokerage Refco faces life in prison with a potential maximum sentence of 315 years after admitting he was wrong to remain quiet about losses at the company.
North Alabama man charged with securities fraud
February 19th, 2008
A Dekalb County man was indicted for allegedly selling phony stock to several Alabama investors, according to a recent statement released Friday by the Alabama Securities Commission.
Financial Fraud Involving Seniors Arises From Country’s Mortgage Crisis
February 19th, 2008
Last week, U.S. Senate Special Committee on Aging Chairman Herb Kohl (D-Wis.) held a hearing on the rise of financial scams across the country, the result of a sharp increase in foreclosures.
Hackers cannot be done for insider trading
February 18th, 2008
HACKERS cannot be done for using information they find breaking into companies to play the stock market, a court has ruled. Oleksandr Dorozhko made a fortune trading in stock options last autumn after he hacked his way into a company called IMS Health.
Banker resigns from Hong Kong cabinet over insider trading case
February 18th, 2008
A prominent Asian banker and former Dow Jones board member, David Li, has resigned from the Hong Kong cabinet after settling civil charges of insider trading in the United States.
Anil offers free shares, cries rigging by rivals
February 18th, 2008
Anil Ambani is buying his peace with 4 million angry shareholders of Reliance Power: he has offered to issue bonus shares to offset the losses they suffered after the stock sank on listing last Monday.
NSE DG faults alleged share price manipulation
February 18th, 2008
The Director General of the Nigerian Stock Exchange (NSE), Professor Ndi Okereke Onyiuke has faulted the Security and Exchange Commission (SEC) on its alleged probe of six companies over price manipulation.
President-Elect of South Korea Is Questioned in Stock Scam
February 18th, 2008
President-elect Lee Myung-bak of South Korea was questioned Sunday by special prosecutors investigating accusations that he had engaged in financial fraud.
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