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Crime Corporate Fraud

  • 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.

  • District Judge Kevin Castel in Manhattan to forfeit $19.04 million, after pleading guilty last summer to securities fraud and conspiracy charges. Both sentencings came after Jason Galanis, a former Los Angeles investment banker once dubbed "Porn's New King," was sentenced to 135 months in prison by Castel on Wednesday. David Touger, a lawyer for John Galanis,...

  • *Austria accuses Airbus of wilful deception, fraud. *Austria sees potential damages of up to 1.1 bln euros. VIENNA, Feb 16- Austria sued Airbus and the Eurofighter consortium on Thursday, alleging wilful deception and fraud linked to a near 2 billion euro jet order in 2003..

  • *Austria accuses Airbus of wilful deception, fraud. VIENNA, Feb 16- Austria filed a lawsuit on Thursday against Airbus and the Eurofighter consortium, alleging wilful deception and fraud linked to a 2 billion euro order for Eurofighter jets in 2003, the defence ministry said. The ministry said that following an investigation it believed Airbus and Eurofighter...

  • Feb 15- U.S. prosecutors have subpoenaed one of the women who claims she was sexually harassed by former Fox News chairman Roger Ailes, and compelled her to testify before a federal grand jury, her lawyer said on Wednesday. New York City lawyer Judd Burstein said his client had received the subpoena on Monday from the securities fraud unit of the U.S.

  • Feb 15- U.S. prosecutors have subpoenaed one of the women who claims she was sexually harassed by former Fox News chairman Roger Ailes, and compelled her to testify before a federal grand jury, her lawyer said on Wednesday. New York City lawyer Judd Burstein said his client had received the subpoena on Monday from the securities fraud unit of the U.S.

  • Feb 15- A former Los Angeles investment banker was sentenced to more than 11 years in prison by a federal judge on Wednesday for his role in a stock manipulation scheme, resolving one of two criminal cases facing the man once dubbed "Porn's New King." Jason Galanis, 46, admitted last year to securities fraud, investment adviser fraud and two conspiracy charges in...

  • NEW YORK— A Los Angeles man once dubbed "Porn's New King" was sentenced to over 11 years in prison Wednesday by a judge who said he lived the high life with luxury homes on both coasts as he defrauded dozens of investors of tens of millions of dollars. District Judge P. Kevin Castel imposed an 11- year, 3- month sentence, citing the loss of between $25 million and $65...

  • *Hong Kong stocks pumped and dumped by cyber hackers. HONG KONG, Feb 15- Hong Kong police are struggling to deal with digital pump-and-dump schemes targeting brokerages- a little-known type of computer-generated fraud that surged in the Chinese territory last year. At least seven brokers and eight banks have been targeted in Hong Kong, including HSBC Holdings...