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Crime Corporate Fraud

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  • July 16- Bank of Montreal agreed to pay $16 million to end a U.S. lawsuit claiming that a lender it bought caused two bankrupt Florida funds to lose money in imprisoned swindler Thomas Petters' $3.65 billion Ponzi scheme. Bank of Montreal denied liability in agreeing to settle. The lawsuit by the trustee Barry Mukamal stemmed from Petters' relationship with...

  • LONDON, July 15- Tom Hayes, a former trader on trial on Libor manipulation charges, told a London court on Wednesday he had made mistakes and "educated guesses" during interviews with investigators while he was cooperating with Britain's Serious Fraud Office in 2013.. The 35- year-old former yen derivatives trader told the court it was wrong to assume he had been...

  • NEW ORLEANS, July 14- Signal International will pay $20 million to settle lawsuits alleging fraud and labor trafficking by the Alabama oil rig repair company, which brought hundreds of Indian men to work on the Gulf Coast after Hurricane Katrina, attorneys for the plaintiffs said on Tuesday. "These workers have waited seven long years for justice," Jim Knoepp,...

  • NEW YORK, July 13- A son-in-law of indicted former New York Assembly Speaker Sheldon Silver pleaded guilty on Monday to operating a Ponzi scheme that defrauded investors out of nearly $6 million over seven years. Marcello Trebitsch, 37, pleaded guilty in Manhattan federal court to securities fraud, three months after authorities first accused him of using...

  • July 10- The developer of the unfinished $3.5 billion Baha Mar mega resort in the Bahamas has accused China Construction America of cutting power to the work site, inflating expenses and trying to steal documents stuffed in suitcases, U.S. court filings show. Baha Mar Ltd, the project's developer, detailed its allegations in court filings on Thursday as part of...

  • July 8- A Las Vegas executive and two associates from Tokyo were indicted by a federal grand jury on Wednesday for running an alleged $1.5 billion Ponzi scheme that bilked thousands of Japanese victims, the U.S. Department of Justice said. The indictment charged Edwin Fujinaga, 68, who once ran MRI International Inc in Las Vegas, with eight counts of mail fraud,...

  • KUALA LUMPUR, July 3- Malaysian Prime Minister Najib Razak on Friday denied taking money from state fund 1 MDB or any other entity for personal gain, after a media report said investigators traced nearly $700 million to bank accounts that were allegedly in his name. The Wall Street Journal's report, if true, would be the first time the beleaguered prime minister...

  • Probe finds 1MDB money in Malaysia PM's accounts: WSJ Thursday, 2 Jul 2015 | 10:36 PM ET
    Probe finds 1MBD money in Malaysia PM's accounts: WSJ

    Nearly $700 million of deposits were made into what are believed to be the personal bank accounts of Malaysian Prime Minister Najib Razak, the Wall Street Journal reported Friday citing documents from a government investigation.

  • NEW YORK, July 1- A U.S. judge has refused to dismiss Allied Irish Banks Plc's lawsuit accusing Citigroup Inc of helping rogue currency trader John Rusnak rack up a $691 million loss. District Judge Deborah Batts in Manhattan said government-controlled AIB may pursue a variety of fraud claims against Citigroup in its lawsuit seeking $500 million of...

  • BRASILIA, July 1- Brazilian police on Wednesday raided the offices of the federal tax agency and national mint as part of an investigation in a fraud scheme that allegedly channeled 100 million reais in bribes to finance ministry officials. Public servants from both entities linked to the finance ministry were allegedly paid bribes to give the company SICPA a...

  • June 25- American Apparel Inc said its ousted Chief Executive Dov Charney filed two more lawsuits against the company alleging defamation, representation in false light and claims for securities fraud. Later, on June 24, he filed a lawsuit in the same court against American Apparel, a former CFO, Standard General L.P and other current and former directors...

  • NEW YORK, June 25- Brazil's state-run oil company, Petroleo Brasileiro Petrobras SA, urged a U.S. judge on Thursday to throw out an investors' class action lawsuit over its multibillion-dollar bribery scandal. Speaking at a hearing in federal court in New York, Petrobras lawyer Roger Cooper blamed the fraud on a handful of individuals and said the company could...

  • *Cynk market cap soared past $6 billion without explanation. NEW YORK, June 23- A dual U.S. and Canadian citizen has been criminally charged with running a stock manipulation fraud that generated $300 million of illegal profit, and included a pump-and-dump scheme that caused the market value of little-known Cynk Technology Corp to rocket past $6 billion.

  • U.S.-Canadian man charged with $300 million fraud Tuesday, 23 Jun 2015 | 5:15 PM ET

    NEW YORK, June 23- A dual U.S. and Canadian citizen was arrested on Tuesday and criminally charged with allegedly manipulating the stocks of numerous publicly traded U.S. companies, and laundering about $300 million of profit through at least five offshore law firms. Federal prosecutors in Brooklyn, New York, said Gregg Mulholland, 45, was arrested at Phoenix...

  • Ex-Cendant chairman fails to overturn fraud conviction Tuesday, 23 Jun 2015 | 11:55 AM ET

    NEW YORK, June 23- A federal appeals court on Tuesday refused to overturn the fraud conviction of former Cendant Corp Chairman Walter Forbes for his role in one of corporate America's largest accounting scandals. The 2nd U.S. Circuit Court of Appeals in New York rejected Forbes' argument that a new trial was warranted because newly discovered evidence from a...

  • NEW YORK, June 18- A decade-old lawsuit in which New York accused former American International Group Inc Chief Executive Maurice "Hank" Greenberg of accounting fraud will head to the state's highest court for a second time, likely delaying for several months a trial that had been set for June 25. The appellate division, a mid-level New York state court, on Thursday...

  • Richard Cunniffe, who worked at Chatsworth Securities LLC in Greenwich, Connecticut, secretly pleaded guilty on May 12 in Manhattan federal court to charges including securities fraud, records show. Prosecutors say he has been cooperating since March 12 in an investigation that led to charges last month against Sean Stewart, a former managing director at...

  • The IRS said in May that cyber criminals had illegally accessed tax return information for about 100,000 U.S. taxpayers since the start of the filing season in January. To fight this, the IRS said it would review transmissions of tax returns filed online by looking at the time it takes to complete the returns and observing forms sent repetitively from the same...

  • WASHINGTON, June 5- Computer Sciences Corp agreed to pay $190 million to settle civil accounting fraud charges alleging the company manipulated its financial results to hide problems with one of its high-profile contracts, U.S. regulators announced on Friday. "The company installed new leadership in 2012, made adjustments to prior period financial...

  • NEW YORK, June 4- A Kentucky businessman was sentenced on Thursday to 12 years in federal prison for a series of massive frauds, including a $53 million tax scheme, the bribing of bank officials and the defrauding of bank and insurance regulators. District Judge Naomi Reice Buchwald in New York said Huff had a "staggering" history of wrongdoing that began in the 1990...