Crime Corporate Fraud

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  • Andrew Caspersen, who had worked at PJT's Park Hill Group since 2013, was named in a criminal complaint filed in federal court in Manhattan, charging him with securities fraud and wire fraud. The U.S. Securities and Exchange Commission filed a parallel civil lawsuit, accusing Caspersen of engaging in the fraud using a shell company he controlled whose name was...

  • Dennis Hamilton, a former vice president of tax at the maker of car audio systems, pleaded guilty to one count of securities fraud in the federal court in New Haven, Connecticut, U.S. He also faces related U.S. Securities and Exchange Commission civil charges. Harman shares rose 12.5 percent on Oct. 31, 2013, after the Stamford, Connecticut- based company made its...

  • NEW YORK, March 24- A New York hedge fund founder who before turning age 30 lost nearly all of the roughly $57 million he oversaw in less than three weeks is expected to be sentenced to five years in prison after pleading guilty to fraud, a federal judge wrote. Owen Li, the founder of Canarsie Capital LLC, is also expected to be required to pay $56.8 million of...

  • March 23- The former chief executive of TierOne Bank, a publicly traded Nebraska lender that failed in June 2010, was sentenced on Wednesday to 11 years in prison for fraudulently concealing loan and real estate losses during and after the financial crisis. District Judge John Gerrard in Lincoln, Nebraska to pay a $1.2 million fine, the U.S. Department of Justice...

  • NEW YORK, March 23- A U.S. appeals court on Wednesday ruled that a federal judge was justified in increasing the prison sentence of money manager and arts patron Alberto Vilar to 10 years in prison from nine for securities fraud. But the 2nd U.S. Circuit Court of Appeals in New York vacated the $10 million in fines imposed on Vilar and Gary Tanaka, his business partner...

  • By Tom Bergin and Stephen Grey. LONDON, March 18- British government efforts to crack down on money laundering and fraud through UK businesses are failing to tackle a key area- the role of company formation agents- a Reuters study of the sector shows. A Reuters analysis of bank transaction data gives a unique insight into how newly-formed UK businesses were used to...

  • LONDON, March 16- Tom Hayes, the former trader serving an 11- year jail sentence for conspiracy to rig Libor interest rates, told a London court on Wednesday that he had paid for about half of his seven-bedroom country house with cash earned privately from spread-betting. Britain's Serious Fraud Office, which is seeking to recover alleged proceeds of crime,...

  • Presidential aides said the charismatic Lula, Brazil's first working class president, had decided to accept a ministerial position in Rousseff's Cabinet, a move that would offer him protection in the short-term from prosecutors who have charged him with money laundering and fraud. Rousseff's popularity has been pummelled by Brazil's worst economic...

  • LONDON, March 15- Britain's Serious Fraud Office is seeking about 2.5 million pounds in alleged proceeds of crime from Tom Hayes, a former trader serving an 11- year sentence for conspiracy to rig Libor interest rates, a court heard on Tuesday. Michael Parroy, a lawyer for the SFO, told London's Old Bailey criminal court the former UBS and Citigroup trader's assets...

  • NEW YORK, March 15- The former chief financial officer of Kit Digital Inc pleaded guilty on Tuesday to engaging in a scheme to deceive investors about the now-bankrupt online video management company's financial health. Robin Smyth, 62, pleaded guilty in federal court in Manhattan to five counts including securities fraud, six months after U.S. prosecutors...

  • FRANKFURT/ MUNICH/ LONDON, March 15- German payment processor Wirecard is the victim of "baseless" allegations by a previously unknown research firm that has dredged up long-discredited claims of financial fraud, its chief executive said in his first media interview on the subject. Zatarra Research, which popped up on the web only shortly before launching...

  • NEW YORK, March 10- A former chief executive of bankrupt food company Synergy Brands Inc was sentenced to 5-1/ 4 years in prison on Thursday for running a check fraud scheme through U.S. and Canadian banks that caused one institution to lose $26 million. District Judge Eric Vitaliano in Brooklyn, New York, after being found guilty in 2014 on charges including bank...

  • March 10- Two big New York law firms that represented the now-imprisoned financier Allen Stanford persuaded a federal appeals court on Thursday to throw out a lawsuit claiming that they helped conceal his $7.2 billion Ponzi scheme. Reversing a lower court ruling, the 5th U.S. Circuit Court of Appeals in New Orleans said Chadbourne& Parke and Proskauer Rose were...

  • The U.S. Justice Department sent German automaker Volkswagen AG a subpoena under a bank fraud law in its diesel emissions probe.

  • WASHINGTON, March 8- The U.S. Justice Department sent German automaker Volkswagen AG a subpoena under a bank fraud law in its diesel emissions probe, a person briefed on the matter said Tuesday. The Wall Street Journal reported the subpoena earlier Tuesday. The U.S. Justice Department in January sued Europe's Volkswagen for up to $46 billion for violating U.S....

  • *France opens investigation into "aggravated fraud". "Should the future viability of Volkswagen be endangered by an unprecedented financial penalty, this will have dramatic social consequences," works council chairman Bernd Osterloh told more than 20,000 workers at company headquarters in Wolfsburg. According to Thomson Reuters data, Allianz Global...

  • CHICAGO, March 4- A former Watergate prosecutor is due to release a report on a court-ordered fraud investigation into a series of corporate deals involving Caesars Entertainment Corp that could break a deadlock in one of the biggest fights on Wall Street over the bankruptcy of Caesars' casino operating unit, Caesars Entertainment Operating Co Inc..

  • DOJ charges McClendon with conspiring to rig bids

    Greg Zuckerman, The Wall Street Journal, discusses the Justice Department's charges against former Chesapeake Energy CEO Aubrey McClendon with conspiring to rig bids to buy oil and gas leases in Oklahoma.

  • Samir Barai, the founder of Barai Capital Management, was sentenced by U.S. District Judge Deborah Batts in Manhattan to two years of supervised release and ordered to forfeit $216,603. Barai pleaded guilty in 2011 to securities fraud and other charges over a scheme that also involved Noah Freeman and Donald Longueuil, two former portfolio managers at...

  • Crotty said the SEC had also put forward evidence from which a jury could conclude Mudd knew or should have known that public statements he made about Fannie Mae's exposure to risky loans, as well as the company's disclosures, were false or misleading. An SEC spokeswoman declined to comment on Tuesday. The SEC sued Mudd, who ran Fannie Mae from 2005 until the...