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Crime Corporate Fraud

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  • *SEC says company hid information from investors, auditor. In a complaint filed in the federal court in Indianapolis, the SEC accused ITT, Chief Executive Kevin Modany and CFO Daniel Fitzpatrick of hiding how ITT expected to owe hundreds of millions of dollars because its underlying loans had performed "abysmally," with "extremely high" default rates.

  • May 8- A pension fund has sued U.S. currency broker FXCM Inc for allegedly misleading investors about its financial prospects and concealing weaknesses in its core business before its stock dropped 90 percent in January. The International Union of Operating Engineers Local No. 478 Pension Fund accused FXCM of fraud and artificially inflating its stock price...

  • May 6- A former managing partner at the failed Connecticut hedge fund firm New Stream Capital LLC was sentenced on Wednesday to 2 -1/ 2 years in prison after he admitted to being part of a scheme that prosecutors say defrauded investors out of $46 million. The sentence was announced by the U.S. Attorney's Office in Connecticut. Prosecutors said that in 2007, New...

  • First Libor jury trial delayed in London Wednesday, 6 May 2015 | 2:35 PM ET

    LONDON, May 6- The London trial of Tom Hayes, a former UBS and Citigroup trader who is the first person in the world to face a jury trial over allegations of a conspiracy to rig Libor interest rates, has been delayed by two weeks. The Serious Fraud Office said on Wednesday the high-profile trial at London's Southwark Crown Court, that had been due to begin on May 11, would...

  • May 5- A former top executive of the failed Connecticut hedge fund firm New Stream Capital LLC was sentenced on Tuesday to 2-3/ 4 years in prison, after pleading guilty to conspiring to defraud clients as the 2008 financial crisis approached. Former managing partner David Bryson had pleaded guilty last May to a charge of conspiracy to commit wire fraud.

  • May 5- The U.S. Securities and Exchange Commission on Tuesday sued three defendants it accused of running a fraud and Ponzi scheme in which they raised more than $62 million from investors eager to benefit from growth in the North Dakota oil industry. According to the SEC, North Dakota Developments LLC and its owners, Robert Gavin and Daniel Hogan, illegally...

  • Los Angeles sues Wells Fargo Tuesday, 5 May 2015 | 4:37 PM ET
    Los Angeles sues Wells Fargo

    The city of Los Angeles is suing Wells Fargo for what it deems "unlawful and fraudulent conduct." Shark tank investor Kevin O'Leary and the Closing Bell team, weigh in.

  • LONDON, May 5- British IT entrepreneur Mike Lynch said Hewlett-Packard Co had failed to produce a "smoking gun" to back its claim he masterminded a complex fraud that led it to overpay by more than $5 billion when HP bought Autonomy in 2011.. The U.S. company is suing Autonomy founder Lynch and former Autonomy finance director Sushovan Hussain for in excess of $5...

  • Autonomy's Lynch: No 'smoking gun' in HP $5B claim Tuesday, 5 May 2015 | 10:57 AM ET
    Mike Lynch

    Mike Lynch said Hewlett-Packard had failed to produce a "smoking gun" to back its claim that he masterminded a fraud to inflate the value of Autonomy before it was bought.

  • LONDON, May 5- British IT entrepreneur Mike Lynch said Hewlett-Packard Co had failed to produce a "smoking gun" to back its claim that he masterminded a complex fraud to inflate the value of Autonomy by as much as $5 billion before HP bought it in 2011.. The U.S. company is suing Autonomy founder Lynch and former Autonomy finance director Sushovan Hussain in London...

  • May 4- DaVita HealthCare Partners Inc, one of the largest U.S. kidney dialysis providers, said it agreed to pay $450 million to settle a whistleblower lawsuit accusing it of deliberately wasting medicines in order to receive higher Medicare payments. The lawsuit alleged that DaVita, whose largest shareholder is Warren Buffett's Berkshire Hathaway Inc, used...

  • When financial fraudsters go to prison Monday, 27 Apr 2015 | 7:25 AM ET
    When financial fraudsters go to prison

    "Squawk Box's" Andrew Ross Sorkin provides a preview of his new CNBC documentary on what it's like for white collar criminals on the inside.

  • NEW YORK, April 24- Barclays Plc failed to persuade a U.S. judge to dismiss a lawsuit accusing the British bank of defrauding shareholders about a private "dark pool" trading platform even as it was publicly pledging to clean up its corporate culture. The share price slid 7.4 percent last June 26 after New York Attorney General Eric Schneiderman accused Barclays...

  • NEW YORK, April 24- Barclays Plc failed to persuade a U.S. judge to dismiss a lawsuit accusing the British bank of defrauding shareholders about a private "dark pool" trading platform even as it was publicly pledging to clean up its corporate culture. The share price slid 7.4 percent last June 26 after New York Attorney General Eric Schneiderman accused Barclays...

  • I want HSBC chair to resign: Shareholder Friday, 24 Apr 2015 | 4:20 AM ET
    I want HSBC's chairman to resign: Shareholder

    Michael Mason-Mahon, HSBC shareholder, says the bank's biggest shareholders don't have the courage to remove directors.

  • Some shareholders, including Charney, who voted at an annual meeting on June 18 last year were not aware the CEO was under investigation for misconduct, which amounted to a proxy fraud as he was suspended later that day, complainants Jan Hubner and Eric Ribner alleged in the petition. Hubner and Ribner cited information they received from Charney and a former...

  • WASHINGTON/ SAN FRANCISCO, April 22- The five years it took regulators to bring high-profile charges against a UK trader underscore how hard it is to spot wrongdoing in fast-developing markets, and may herald problems in detecting future mishaps. Navinder Singh Sarao, 36, was arrested in London on Tuesday, charged with market manipulation and wire fraud.

  • NEW YORK, April 22- The market manipulation case against the British day trader U.S. authorities say helped spur the May 2010 "flash crash" may be the most high-profile to date, but the type of activity he is accused of is actually quite common, market participants say. Navinder Singh Sarao was charged on Tuesday with allegedly using a computer trading program to...

  • NEW YORK, April 22- Bank of America Corp on Wednesday asked a federal appeals court to toss a $1.27 billion penalty imposed in a mortgage fraud case, and in a rare move asked that the prominent Manhattan judge who oversaw its trial be replaced if the case were to continue. Bank of America spokesman Lawrence Grayson declined to comment. Rakoff imposed the civil...

  • *Lives with parents in modest house in west London. LONDON, April 22- The small suburban house in the flight path of London's Heathrow airport gave no clue to neighbours that it was headquarters of a man accused of earning millions through fraud, and helping cause a trillion dollar "flash crash" on U.S. stock markets. Navinder Singh Sarao is fighting extradition from...