Crime Corporate Fraud

  • 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...

  • Sept 24- Two former Wells Fargo& Co employees have filed a class action in California seeking $2.6 billion or more for workers who tried to meet aggressive sales quotas without engaging in fraud and were later demoted, forced to resign or fired. "Wells Fargo fired or demoted employees who failed to meet unrealistic quotas while at the same time providing...

  • Sept 24- Two former Wells Fargo& Co employees have filed a class action in California seeking $2.6 billion or more for workers who tried to meet aggressive sales quotas without engaging in fraud and were later demoted, forced to resign or fired. "Wells Fargo fired or demoted employees who failed to meet unrealistic quotas while at the same time providing...

  • Sept 24- Two former Wells Fargo& Co employees have filed a class action in California seeking $2.6 billion or more for workers who tried to meet aggressive sales quotas without engaging in fraud and were later demoted, forced to resign or fired. "Wells Fargo fired or demoted employees who failed to meet unrealistic quotas while at the same time providing...

  • The SEC separately charged a third director, former New York Republican Party Finance Committee Chairman Matthew T. Mellon II, for failing to file timely reports on his stock trades. "We are disappointed that the SEC would pursue such a ridiculous claim." The SEC said the three directors were not participants in the alleged fraud at Moon River Studios.

  • Wells Fargo hires law firm to advise on exec comp -DJ

    According to Dow Jones, Wells Fargo hires a law firm to advise on executive compensation and potential clawbacks. CNBC's Sue Herera reports.

  • Former Governor of New York, David Patterson.

    The SEC charged former New York Governor David Paterson and Charles Koppelman on Friday for not reporting stock trades in a startup movie company in a timely manner.

  • NYT's Stewart: Wells Fargo could face criminal charges

    James Stewart, The New York Times, discusses the latest on Wells Fargo and why it may be the perfect test case.

  • NEW YORK, Sept 22- Federal and state prosecutors on Thursday announced charges against 10 men, including two onetime senior advisers to New York Governor Andrew Cuomo, in corruption and fraud cases involving state contracts worth hundreds of millions of dollars. Joseph Percoco, a former executive deputy secretary to the governor; Alain Kaloyeros, president of...

  • Wells Fargo CEO resigns from Fed's Advisory Council

    According to Dow Jones, Wells Fargo CEO resigns from Fed's Advisory Council. The "Fast Money" traders weigh in on the company's stock.

  • Mylan vs. Wells Fargo hearings in D.C.

    Discussing Wells Fargo and Mylan Congressional hearings and potential impact, with Jeffrey Sonnenfeld, Yale School of Management, and Bradley Agle, Brigham Young University.

  • NYC Comptroller urges WFC clawback

    Scott Stringer, New York City Comptroller, is urging Wells Fargo to clawback substantial incentive pay from senior executives responsible for misconduct. He tells CNBC why.

  • ATLANTIC CITY, N.J.— A former City Councilman from Atlantic City pleaded guilty Thursday to conspiring to defraud the IRS of nearly $120,000 in taxes from a Boardwalk rolling chair business he owned with two other people. The 74- year-old admitted that he and two partners hid cash receipts from the operation of the business and did not report this revenue to the...

  • House hearing on Wells Fargo

    Jeb Hensarling, House Financial Services chairman (R-Texas), weighs in on what to expect from the house hearing on Wells Fargo next week.

  • Andrew Cuomo once likened to a brother was among eight men arrested Thursday in a bribery and fraud case that threatens to tarnish Cuomo's efforts to spur the upstate economy and darken a reputation that until now has been spared from a federal prosecutor's anti-corruption crusade. Some of the most serious allegations in a Manhattan federal court criminal...

  • RIO DE JANEIRO— The ex-finance minister under Brazilian presidents Dilma Rousseff and Luiz Inacio Lula da Silva was arrested Thursday in the corruption scandal at state-run oil giant Petrobras, but a judge allowed him to be freed while his wife had cancer surgery. Mantega has been accused of asking tycoon Eike Batista for bribes on behalf of the Workers' Party...

  • Call of the day: Wells Fargo

    The "Fast Money Halftime" traders discuss the trade on Wells Fargo following yesterday's hearing with CEO John Stumpf and JPMorgan's downgrade to neutral.

  • Wells Fargo

    CLSA's Mike Mayo says the Wells Fargo scandal has definitely hurt the bank's credibility but the actual financial harm is relatively immaterial.

  • Wells Fargo

    Expect the vast majority of retail banking incentive structures to focus mainly on customer satisfaction, says Robert W. Baird's David George.

  • Wells Fargo

    Wells Fargo's conduct was deplorable, but it might be a good time to buy into the company, says The Motley Fool's John Maxfield.