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Crime Corporate Fraud

  • March 1- A federal judge in Houston has thrown out a lawsuit accusing UBS Group AG of hiding fraud by its client Enron Corp from retail customers, a decision that may end a 15- year legal battle stemming from the energy company's December 2001 bankruptcy. District Judge Melinda Harmon said UBS PaineWebber brokerage customers failed to show that the Swiss bank...

  • March 1- A federal judge in Houston has thrown out a lawsuit accusing UBS Group AG of hiding fraud by its client Enron Corp from retail customers, a decision that may end a 15- year legal battle stemming from the energy company's December 2001 bankruptcy. District Judge Melinda Harmon said UBS PaineWebber brokerage customers failed to show that the Swiss bank...

  • NEW YORK— Prosecutors say a former broker who pitched "worthless" stock to investors and television viewers faces prison for participating in a $131 million market manipulation scheme. Attorney Robert L. Capers in Brooklyn says Herschel "Tres" Knippa of Dallas pleaded guilty Monday to conspiracy to commit securities fraud. Authorities say the scheme, which ran...

  • NEW YORK, Feb 27- A trader who touted the stock of ForceField Energy Inc on television while being paid kickbacks to endorse the LED lighting provider pleaded guilty on Monday to a conspiracy charge, related to a fraud that cost investors $131 million, federal prosecutors said. Herschel Knippa, the owner and head trader at Kenai Capital Management LLC in Dallas,...

  • DETROIT, Feb 27- Japan's Takata Corp on Monday pleaded guilty to a felony charge as part of an expected $1 billion deal with the U.S. Justice Department that includes compensation funds for automakers and victims of its faulty airbag inflators. Lawyers for U.S. vehicle owners have sued Honda Motor Co, Nissan Motor Co, BMW AG, Ford Motor Co, Mazda Motor Corp, and other...

  • Japanese auto supplier Takata Corp. pleaded guilty to fraud Monday in U.S. federal court. The company agreed to pay $1 billion in fines and restitution for concealing a deadly defect in millions of air bags, which led to the largest product recall in U.S. history. 2000: Takata executives Shinichi Tanaka, Hideo Nakajima and Tsuneo Chikaraishi realize that the air...

  • DETROIT, Feb 27- Japan's Takata Corp on Monday pleaded guilty to a felony charge as part of an expected $1 billion deal with the U.S. Justice Department that includes compensation funds for automakers and victims of its faulty airbag inflators. After Takata's guilty plea, a federal judge in Detroit was hearing objections on Monday to the settlement raised by...

  • DETROIT— Japanese auto parts maker Takata Corp. pleaded guilty to fraud Monday and agreed to pay $1 billion in penalties for concealing an air bag defect blamed for at least 16 deaths, most of them in the U.S. Chief financial officer Yoichiro Nomura spoke on behalf of the Tokyo- based company, saying the conduct was "completely unacceptable." Penalties in the...

  • NEW YORK, Feb 24- Criminal charges against top executives of Platinum Partners for running the $1.4 billion hedge fund firm like a Ponzi scheme have revived an old question for investors: Where was the board? Donald Seymour and David Bree of Cayman-based DMS Governance Ltd were directors for Platinums troubled Value Arbitrage Fund. Spokesmen for the SEC and...

  • NEW YORK, Feb 24- Criminal charges against top executives of Platinum Partners for running the $1.4 billion hedge fund firm like a Ponzi scheme have revived an old question for investors: Where was the board? Donald Seymour and David Bree of Cayman-based DMS Governance Ltd were directors for Platinums troubled Value Arbitrage Fund. Spokesmen for the SEC and...

  • VIENNA, Feb 24- Austria said on Friday that Vienna prosecutors had initiated a formal criminal investigation against Airbus and the Eurofighter consortium over alleged fraud, widening the potential fallout from a $2 billion combat jet order more than a decade ago. Defense Minister Hans Peter Doskozil said he had been notified that the two companies had been...

  • AUGUSTA, Maine— The Maine attorney general's office and federal authorities have filed a complaint against three corporations and six individuals accused of falsely advertising, marketing, distributing and selling pills for joint pain and memory problems. The Portland Press Herald reports the consumer fraud lawsuit was filed on Wednesday in federal...

  • LUCKNOW, India— The director of an Indian company that claimed it was selling the world's cheapest smartphone was arrested Thursday on fraud charges, police said Friday. Police spokesman Rahul Srivastava said Friday that the arrest was made after the distribution company, Ayam Enterprises, filed a complaint that it had paid Goel 3 million rupees, but had...

  • NEW YORK, Feb 23- The former chief executive officer of Comverse Technology Inc, who returned to the United States last year after spending a decade in Namibia to avoid prosecution, was sentenced to 2-1/ 2 years in prison on Thursday for engaging in securities fraud. Jacob "Kobi" Alexander, the Woodbury, New York- based software developer's founder, was sentenced by...

  • NEW YORK, Feb 23- A former Valeant Pharmaceuticals International Inc executive and the former chief executive of mail order pharmacy Philidor Rx Services pleaded not guilty on Thursday to charges they orchestrated a multi-million dollar fraud and kickback scheme. Federal prosecutors accused Gary Tanner, who was a senior director at Canadian drugmaker...

  • NEW YORK, Feb 23- L3 Technologies Inc said on Thursday it reached a $34.5 million settlement of a lawsuit by shareholders who accused the defense contractor of accounting fraud in its aerospace systems business. Shareholders led by two Michigan pension plans accused L3 of hiding improprieties, including those raised by an internal management-level...

  • NEW YORK, Feb 23- The former chief executive officer of Comverse Technology Inc, who returned to the United States last year after spending a decade in Namibia to avoid prosecution, is scheduled to be sentenced on Thursday for engaging in securities fraud. Jacob "Kobi" Alexander, the Woodbury, New York- based software developer's founder, is expected to be sentenced...

  • NEW YORK— A wealthy former CEO who dodged securities fraud charges by spending a decade in Africa with a $50 million nest egg was sentenced Thursday to 30 months in prison by a judge in New York City who blasted him as "foolish" for hatching his scheme and fleeing justice for so long. District Judge Nicholas G. Garaufis said in federal court in Brooklyn.

  • South Korean treasurer went missing on Feb. 7. ZURICH, Feb 22- Swiss engineering group ABB on Wednesday said it fell victim to a "sophisticated criminal scheme" at its South Korean subsidiary, with the chief suspect an executive responsible for ethics training. The executive, named by a source in South Korea as Oh Myeong-se, was treasurer and one of two integrity...

  • Swiss engineering group ABB fell victim to a "sophisticated criminal scheme" at its South Korean subsidiary.