Crime Corporate Fraud

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  • Attorney Preet Bharara's office, was among a series of cases against banks following the financial crisis stemming from mortgages insured through a program by the Federal Housing Administration. Wells Fargo said the settlement was reached on Feb. 1 and would also resolve claims by the U.S. Attorney's Office in San Francisco and the U.S. Department of Housing...

  • NEW YORK, Feb 3- Retrophin Inc has agreed to pay $3 million to resolve a lawsuit by investors accusing the pharmaceutical company of failing to disclose transactions that benefited former Chief Executive Officer Martin Shkreli, who has since been indicted for securities fraud. The $3 million settlement equals 7 percent to 10 percent of the $26 million to $41...

  • Ex-drug exec Shkreli has $40 million trading loss - U.S. Wednesday, 3 Feb 2016 | 12:15 PM ET

    NEW YORK, Feb 3- Former pharmaceutical executive Martin Shkreli suffered a roughly $40 million drop in the value of a trading account used to secure his bail following his arrest on securities fraud charges, a U.S. prosecutor said on Wednesday. That caused the value of Shkreli's E* Trade brokerage account to drop to $4 million to $5 million, from the $45 million...

  • NEW YORK, Feb 3- Retrophin Inc has agreed to pay $3 million to resolve a lawsuit by investors accusing the pharmaceutical company of failing to disclose various transactions that benefited former Chief Executive Officer Martin Shkreli, who has since been indicted for securities fraud. The $3 million settlement equals 7 percent to 10 percent of the $26 million...

  • NEW YORK, Feb 3- Retrophin Inc has agreed to pay $3 million to resolve a lawsuit by investors accusing the pharmaceutical company of failing to disclose various transactions that benefited former Chief Executive Officer Martin Shkreli, who has since been indicted for securities fraud. The $3 million settlement equals 7 percent to 10 percent of the $26 million...

  • BEIJING— Police arrested the maverick founder of China's largest online finance business on suspicion of fleecing 900,000 investors of $7.6 billion, in what could be the biggest financial fraud in Chinese history. State broadcaster CCTV aired purported confessions from two former employees at Ezubao, an Anhui Province outfit that rose from obscurity to...

  • BEIJING, Jan 29- Chinese police have detained suspects as part of a fraud investigation over bill financing business at CITIC Bank Corp, Xinhua news agency said on Friday. The bank confirmed on Thursday that it had discovered fraud involving 969 million yuan in funds illicitly drawn from its bill financing business. CITIC Bank's spokeswoman declined to...

  • Jan 28- A Boston- area real estate developer was found guilty on Thursday of engaging in insider trading based on a tip about a merger a bank executive passed him on cocktail napkin over drinks at a country club. Robert Bray, 78, was convicted by a federal jury in Boston on one count of securities fraud for illegally trading on a tip in 2010 that Eastern Bank Corp would...

  • NEW YORK, Jan 27- A U.S. judge on Wednesday dismissed a federal racketeering lawsuit claiming FedEx Corp overcharged customers by inflating package weights, and wrongly collecting customs duties on products sent to Canada from shippers instead of recipients. District Judge Katherine Forrest in Manhattan said the FedEx Ground unit that imposed the charges...

  • Ex-Fannie Mae CEO urges U.S. judge to toss SEC fraud case Wednesday, 27 Jan 2016 | 3:59 PM ET

    The SEC sued Mudd, who ran Fannie Mae from 2005 until the seizure, and two colleagues in December 2011, on the same day it filed a similar lawsuit against former Freddie Mac Chief Executive Richard Syron and two of his colleagues. Richard Hong, an SEC lawyer, urged Crotty to let Mudd's case go to trial, saying Mudd knew Fannie Mae was using an overly narrow definition of...

  • District Judge Paul Crotty to dismiss civil fraud charges brought four years ago against ex- Fannie Mae CEO Daniel Mudd. He said no evidence supported charges that Mudd understated the level of high-risk subprime mortgages that Fannie Mae held. The SEC accused Mudd of misleading Congress and investors in reports, speeches and testimony.

  • NEW YORK, Jan 27- Days before Martin Shkreli's arrest for securities fraud, U.S. prosecutors obtained a secret court order ruling that communications between the former pharmaceutical executive and a corporate lawyer also under investigation were not protected by attorney-client privilege. Shkreli, who until recently was Turing Pharmaceuticals' chief...

  • NEW YORK, Jan 27- A U.S. judge on Wednesday dismissed a U.S. racketeering lawsuit claiming FedEx Corp overcharged customers by inflating package weights, and wrongly collecting customs duties on products sent to Canada from shippers instead of recipients. District Judge Katherine Forrest in Manhattan said the FedEx Ground unit that imposed the charges was...

  • SAO PAULO, Jan 27- Beach-side apartments in Brazil may have been used as bribes and to launder money for members of the ruling Workers' Party, police and prosecutors said on Wednesday after ordering six arrests and 15 search warrants. The apartments were held in the name of front companies, such as Murray Holdings LLC that was registered by Panama- based Mossack...

  • Jan 25- A U.S. federal appeals court on Monday overturned the convictions of the former chief executive officer and chief financial officer of surgical device maker ArthroCare Corp for engineering what federal prosecutors called a $750 million securities fraud. The 5th U.S. Circuit Court of Appeals in New Orleans agreed with former CEO Michael Baker and...

  • NEW YORK, Jan 25- A federal judge on Monday gave Martin Shkreli, a former pharmaceuticals executive facing securities fraud charges, permission to appear at a Congressional hearing on drug pricing. District Judge Kiyo Matsumoto in Brooklyn, New York modified Shkreli's bail conditions so that he may appear by subpoena before the House Committee on Oversight...

  • ABUJA, Jan 19- True to his election promises, Nigerian President Muhammadu Buhari has gone all out on corruption, alleging mind-boggling sums plundered from state coffers and giving investigators license to pull in big hitters once thought untouchable. The first test comes on Wednesday with the opening of the trial of former National Security Advisor Sambo...

  • STOCKHOLM, Jan 12- A Swedish prosecutor said on Tuesday he had opened a preliminary fraud investigation into Volkswagen over the German carmaker's emissions test cheating scandal which has affected up to 11 million vehicles worldwide. Volkswagen, having admitted to using software to conceal the level of toxic emissions from some of its diesel vehicles in...

  • How to avoid getting crushed by stock fraud Saturday, 9 Jan 2016 | 9:00 AM ET
    Stock fraud handcuffs

    Over the years, blindsided investors have lost big money from company's committing nefarious acts. The lesson: Do your research.

  • Jan 8- A federal appeals court on Friday set back Bank of New York Mellon Corp's effort to recoup $312 million it lent to Sentinel Management Group Inc, a money manager that collapsed in 2007 and whose former chief is now in prison for fraud. The 7th U.S. Circuit Court of Appeals in Chicago said a lower court judge reviewing bankruptcy trustee Frederick Grede's...