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Crime Corporate Fraud

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  • 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...

  • NEW YORK, June 4- Abacus Federal Savings Bank, which caters to the Chinese-American community in New York, New Jersey and Pennsylvania, was found not guilty on Thursday of all charges related to the sale of allegedly fraudulent mortgages to Fannie Mae. A jury in New York state court in Manhattan acquitted the bank of mortgage fraud and falsifying business records...

  • NEW YORK, June 4- Abacus Federal Savings Bank, which caters to the Chinese-American community in New York, New Jersey and Pennsylvania, was found not guilty on Thursday of all charges related to the sale of allegedly fraudulent mortgages to Fannie Mae, prosecutors and defense counsel said. A jury in New York state court in Manhattan acquitted the bank of mortgage...

  • *Criminal, civil charges filed in New Jersey. Attorney Paul Fishman in New Jersey said Steven Fishoff, 58, the president of Featherwood Capital Inc in Westlake Village, California, was charged with four counts of securities fraud and one count of conspiracy. Also charged with securities fraud and conspiracy were Fishoff's brother-in-law Steven Costantin, 54,...

  • U.S. charges four men with insider trading Wednesday, 3 Jun 2015 | 11:16 AM ET

    Attorney Paul Fishman in New Jersey said on Wednesday. Steven Fishoff, the president of Featherwood Capital Inc, was charged with four counts of securities fraud and one count of conspiracy. Co-defendants Ronald Chernin, Steven Costantin and Paul Petrello were also charged with securities fraud and conspiracy counts.

  • *Citi failed to win $270 mln court order vs Mercuria. LONDON, June 3- U.S. bank Citigroup Inc said it currently has no metals financing clients in China after suspected fraud led to a web of lawsuits, and was reviewing the future of the business. Last month, Citigroup failed in a bid to win an order from a London court that would force trade house Mercuria to pay about $270...

  • *Citi failed to win $270 mln court order vs Mercuria. LONDON, June 3- U.S. bank Citigroup Inc said it has withdrawn from metals financing in China after suspected fraud that led to a web of lawsuits. Last month, Citigroup failed in a bid to win an order from a London court that would force trade house Mercuria to pay about $270 million in potential losses for metals...

  • U.S. charges 6 with text messaging consumer fraud Thursday, 28 May 2015 | 4:02 PM ET

    NEW YORK, May 28- Six men have been criminally charged over an alleged "mobile cramming" scheme in which they bilked hundreds of thousands of mobile phone users out of more than $50 million by providing unwanted text messaging services, U.S. authorities said on Thursday. Attorney Preet Bharara in Manhattan announced the charges nearly a year after the defendant...

  • China fraud fears Thursday, 28 May 2015 | 2:02 PM ET
    China fraud fears

    Peter Navarro, UC-Irvine Business professor and director of Netflix documentary "Death of China," discusses reports that one of China's biggest companies is being investigated for potential fraud.

  • May 26- A Connecticut venture capital executive accused of insider trading and of cheating his clients out of tens of millions of dollars has fled the country, the U.S. Securities and Exchange Commission said. Iftikar Ahmed, a former general partner at Oak Investment Partners, left the United States some time before May 18 in violation of a judge's order in the...

  • CHICAGO, May 21- A U.S. appeals court on Thursday reversed a $2.46 billion judgment against HSBC Holdings Plc in a long-running securities fraud class action stemming from a consumer finance business it bought more than a decade ago. The 7th U.S. Circuit Court of Appeals in Chicago said HSBC and three former Household International Inc executives were entitled...

  • FTC sues phony cancer charities Tuesday, 19 May 2015 | 12:09 PM ET
    FTC sues phony cancer charities

    CNBC's Hampton Pearson reports on a major consumer fraud case revealed by the Federal Trade Commission.

  • Connecticut fund executive faces new SEC fraud charges Wednesday, 13 May 2015 | 4:03 PM ET

    The SEC said Ahmed induced his Greenwich, Connecticut- based firm into overpaying for investments in two Asian e-commerce companies, and pocketing $20 million for himself. The SEC wants Ahmed to give up illegal gains and pay a civil fine. The SEC brought related civil charges.

  • NEW YORK, May 13- A federal appeals court on Wednesday signaled a willingness to overturn part or all of the conviction of a former Jefferies Group Inc trader accused of defrauding investors after the financial crisis by lying about mortgage bond prices. In weighing Jesse Litvak's appeal in the closely watched case, the 2nd U.S. Circuit Court of Appeals in New...

  • NEW YORK, May 13- A federal appeals court on Wednesday signaled a willingness to overturn part or all of the conviction of a former Jefferies Group Inc trader accused of defrauding investors after the financial crisis by lying about mortgage bond prices. In weighing Jesse Litvak's appeal in the closely watched case, the 2nd U.S. Circuit Court of Appeals in New...

  • May 13- A Massachusetts lawyer has admitted to trading on inside information about American Superconductor Corp that a fellow golfer was told in confidence by an executive, his attorney said on Wednesday. Douglas Parigian, 56, pleaded guilty on Tuesday to conspiracy and securities fraud charges after a federal judge in Boston refused to dismiss the case in...