Crime Corporate Fraud

  • NEW YORK, Sept 28- Maurice "Hank" Greenberg, the 91- year-old former chairman of former American International Group Inc, said at his fraud trial that he never would have considered doing a transaction that failed to pass muster with the insurer's lawyers and accountants. The trial finally got under way this month after more than 11 years of pursuit by three New...

  • Gary Hirst, 64, was found guilty by a federal jury in Manhattan on all four counts he faced, including conspiracy, securities fraud and wire fraud charges, according to court records. District Judge Kevin Castel increased Hirst's bond from $1 million to $3 million and ordered the Florida resident be placed in custody until he could meet the new bail conditions.

  • Gary Hirst, 64, was found guilty by a federal jury in Manhattan on all four counts he faced, including conspiracy, securities fraud and wire fraud charges, according to court records. Noam Biale, a lawyer for the Lake Mary, Florida- resident, said he was disappointed and planned to appeal. Galanis, a Los Angeles resident whose father and two brothers were also charged,...

  • Sen. Heitkamp on Wells Fargo scandal: 'Too little, too late'

    Sen. Heidi Heitkamp (D-N.D.) shares her take on the Wells Fargo clawbacks and 12-month sanctions, and further actions that need to be taken.

  • California treasurer holds news conference on WFC sanctions

    California treasurer John Chiang holds a news conference regarding his 12-month sanctions against Wells Fargo.

  • Bair: I don't think Stumpf should resign

    Sheila Bair, former FDIC Chair, shares her take on Wells Fargo clawbacks, CEO John Stumpf and banking regulation.

  • State treasurer sanctions Wells Fargo due to accounts scandal

    CNBC's Wilfred Frost reports the latest details surrounding Wells Fargo, including California treasurer John Chiang issuing 12-month sanctions against the company.

  • California treasurer sanctions Wells Fargo for 12 months

    California treasurer John Chiang issues 12-month sanctions against Wells Fargo. CNBC's Sue Herera reports the details.

  • PARIS— Volkswagen CEO Matthias Mueller says the company is cooperating with U.S. authorities and hopes to reach a settlement on a fine with the Justice Department for equipping diesel vehicles to cheat on emissions tests. Mueller said the company admits it "made a big mistake" and that "we have worked on a very cooperative basis with the authorities in Germany,...

  • Wells Fargo Stumpf's testimony takeaways

    CNBC's Wilfred Frost reports the latest details surrounding Wells Fargo CEO John Stumpf and his upcoming testimony tomorrow on Capitol Hill. The "Fast Money Halftime Report" traders and Karen Firestone, Aureus Asset Management CEO, weigh in on the company's stock.

  • Yellen: OCC, CFPB had authority over Wells Fargo

    Fed Chair Janet Yellen answers questions on Wells Fargo and banking regulation, while testifying to the House Financial Services Committee.

  • Stumpf apologizes in Congressional testimony

    CNBC's Wilfred Frost reports on prepared testimony from Wells Fargo CEO John Stumpf due to be given on Thursday to the House Finance Committee.

  • NEW YORK, Sept 27- More than a decade after he was sued over accounting fraud, former American International Group Inc Chairman Maurice "Hank" Greenberg on Tuesday took the witness stand to defend himself, repeatedly describing one claim against him as "only a small part" of the insurer's business. Greenberg, 91, is on trial on civil charges brought in 2005 by then- New...

  • Two former Weatherford senior accounting executives also agreed to settle charges that they were behind the scheme, which inflated the company's earnings more than $900 million over that period, the SEC said. Weatherford fraudulently lowered the year-end sum set aside for income taxes each year by $100 million to $154 million to "better align its earnings...

  • NEW YORK— A 91- year-old former chief executive of insurance company AIG seemed eager to defend himself Tuesday against civil fraud charges, insisting he had no reason to attempt to hide several hundred million dollars in losses from the auto warranty wing of a mammoth business operating in 137 countries. During testimony in state Supreme Court in Manhattan,...

  • Two Weatherford senior accounting executives at the time also agreed to settle charges that they were behind the scheme, which inflated the company's earnings by over $900 million between 2007 and 2012, the SEC said. Weatherford fraudulently lowered the year-end sum it set aside for income taxes each year by $100 million to $154 million so that it "could...

  • Two Weatherford senior accounting executives at the time also agreed to settle charges that they were behind the scheme, the SEC said. Weatherford fraudulently lowered the year-end sum it set aside for income taxes each year by $100 million to $154 million so that it "could better align its earnings results with its earlier-announced projections and...

  • Sept 27- Oil services company Weatherford International LLC has agreed to a $140 million penalty to settle charges it inflated its earnings by using deceptive income tax accounting, the U.S. Securities and Exchange Commission said on Tuesday. Two Weatherford senior accounting executives at the time also agreed to settle charges that they were behind the...

  • WASHINGTON, Sept 27- Oil services company Weatherford International Plc agreed to pay a $140 million penalty to settle charges that it inflated earnings by using deceptive income tax accounting, the U.S. Securities and Exchange Commission said on Tuesday.

  • NEWARK, N.J.— Federal prosecutors in New Jersey said Monday the part-owner of two information technology firms and an employee fraudulently used a visa program to reduce skilled labor costs. Prosecutors filed conspiracy charges against Sowrabh Sharma, of New York; his two firms, Jersey City- based SCM Data and MMC Systems, of Ashburn, Virginia; and Shikha Mohta, a...