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Corporate Fraud

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  • NEW YORK, April 21- Charges against a high-frequency trader for helping to spark the 2010 "flash crash" present a test of U.S. prosecutors' ability to win a big market manipulation case and may make other traders nervous they may be next, lawyers said on Tuesday. Sarao was arrested in the United Kingdom, after being charged in U.S. District Court in Chicago with fraud...

  • NEW YORK, April 21- In a last-ditch effort to avoid trial, former American International Group Inc Chairman Maurice "Hank" Greenberg is seeking permission to ask New York's highest court to throw out the accounting fraud case against him. Greenberg made his request the day before closing arguments are expected in the federal Court of Claims in Washington, D.C., in a...

  • NEW YORK, April 21- In a last-ditch effort to avoid trial, former American International Group Inc Chairman Maurice "Hank" Greenberg is seeking permission to ask New York's highest court to throw out the state's accounting fraud case against him. On Tuesday, Greenberg's lawyers asked that court for permission to appeal its unanimous decision to the top state...

  • WASHINGTON, April 21- A high-frequency trader was arrested in the United Kingdom over charges he manipulated the futures market and played a role in sparking the May 2010 "flash crash," the U.S. Justice Department said on Tuesday. Navinder Singh Sarao, 37, of Hounslow, United Kingdom, was criminally charged on charges of wire fraud, commodities fraud and...

  • WASHINGTON, April 21- A high-frequency trader in the United Kingdom has been criminally charged with manipulating the futures market and helping spark the infamous May 2010 "flash crash," the Justice Department said. Navinder Singh Sarao, 37, of Hounslow, United Kingdom, was arrested on Tuesday in the United Kingdom on charges of wire fraud, commodities fraud and...

  • Trader charged with fraud related to 'flash crash' Tuesday, 21 Apr 2015 | 1:36 PM ET
    Trader charged with fraud related to 'flash crash'

    A futures trader was arrested in the UK for alleged manipulation tied to the 2010 flash crash. CNBC's Kate Kelly and Brian Sullivan discuss.

  • April 20- Chevron Corp urged a U.S. appeals court on Monday to uphold a ruling finding that an American lawyer used corrupt means to secure a $9.5 billion pollution judgment in Ecuador. A lawyer for Chevron told the 2nd U.S. Circuit Court of Appeals in New York that Steven Donziger, a U.S. lawyer who represented a group of Ecuadorians that sued the oil giant, pursued a...

  • Hack attacks ignite cyber insurance boom Friday, 17 Apr 2015 | 7:40 AM ET
    Hack attacks ignite cyber insurance boom

    Tracie Grella, AIG cyber insurance, and Jeremy Kroll, K2 Intelligence CEO, discuss the growing cyber insurance market as more and more corporations seek ways to protect their assets from security breaches.

  • NEW YORK, April 16- A New York state appeals court rejected former American International Group Inc Chairman Maurice "Hank" Greenberg's bid to dismiss a lawsuit accusing him of orchestrating an accounting fraud at the insurer he ran for nearly four decades. Greenberg and co-defendant Howard Smith, a former AIG chief financial officer, are accused of having...

  • LONDON, April 16- Britain's Serious Fraud Office charged a UK subsidiary of Paris- listed French engineering group Alstom with four further criminal offences of corruption and conspiracy to corrupt in a drawn-out investigation that has swung to Hungary. The SFO, which has already charged two UK- based Alstom units and four former employees with alleged...

  • Ex-AIG chief Greenberg's bid to toss N.Y. case rejected Thursday, 16 Apr 2015 | 12:20 PM ET

    NEW YORK, April 16- A New York state appeals court rejected former American International Group Inc Chairman Maurice "Hank" Greenberg's bid to dismiss a decade-old lawsuit accusing him of orchestrating an accounting fraud at the insurer. The defendants failed to show the lack of incentive compensation resulting from the sham transactions at AIG, the...

  • NEW YORK, April 15- A U.S. appeals court on Wednesday declined to hold Royal Bank of Scotland Group Plc liable for allegedly defrauding investors in its American depositary shares by downplaying its subprime asset exposure prior to the global financial crisis. The 2nd U.S. Circuit Court of Appeals in New York rejected claims by ADS investors seeking to recoup...

  • NEW YORK, April 14- Former Freddie Mac Chief Executive Officer Richard Syron and two other executives have agreed to settle a lawsuit by the U.S. Securities and Exchange Commission accusing them of misleading investors ahead of the 2008 financial crisis. Like other regulators, the SEC has been criticized for not holding enough top executives liable for...

  • Ex-Freddie Mac executives settle SEC fraud lawsuit Tuesday, 14 Apr 2015 | 1:30 PM ET

    NEW YORK, April 14- Former Freddie Mac Chief Executive Officer Richard Syron and two other one-time executives have reached a settlement in a lawsuit by the U.S. Securities and Exchange Commission accusing them of misleading investors about the company's exposure to risky mortgage loans. The settlement, disclosed in court papers filed in Manhattan federal...

  • NEW YORK, April 13- Billionaire investor William Ackman, who has long accused Herbalife Ltd of being a fraud, said on Monday that the top executives at the nutrition and supplements company are hiring their own lawyers as government investigations pick up pace. Ackman's $20 billion Pershing Square Capital Management made a $1 billion short bet against...

  • The changes approved by the U.S. Sentencing Commission will take effect on Nov. 1 unless Congress objects. "These amendments emphasize substantial financial harms to victims rather than simply the mere number of victims and recognize concerns regarding double-counting and over-emphasis on loss," said Chief Judge Patti Saris of the federal court in...

  • Serial scammer could spend rest of life behind bars Thursday, 9 Apr 2015 | 1:22 PM ET
    Serial scammer could spend rest of life behind bars

    Hundreds of victims were left begging for their money from William C. Lange, the founder of Harbor Funding Group, Inc., reports CNBC's Andrea Day.

  • MUMBAI, April 9- An Indian court on Thursday held the founder of Satyam Computer Services, which was once one of India's biggest IT outsourcing companies, guilty in the country's biggest corporate accounting fraud, local television channels reported. The court is yet to announce the quantum of punishment in the case, the TV channels reported.

  • NEW YORK, April 1- A New York lawyer was charged on Wednesday over his alleged role in a scheme by a former United Parcel Service Inc executive's son to fraudulently obtain millions of dollars to finance the purchase of Maxim magazine. Harvey Newkirk, a former lawyer at the law firm Bryan Cave LLP, was charged in a criminal complaint filed in Manhattan federal court...

  • NEW YORK, April 1- A New York lawyer was arrested on Wednesday for his alleged role in a scheme by the son of a former United Parcel Service Inc executive to fraudulently obtain millions of dollars to finance the purchase of Maxim magazine, the lawyer's counsel said. Harvey Newkirk, a former lawyer at the law firm Bryan Cave LLP, was charged in a criminal complaint...