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Crime Corporate Fraud

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  • 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...

  • April 22- The arrest of a British trader for his alleged role in the 2010 "flash crash" showed how important it was to protect the integrity of markets, the head of the U.S. Commodity Futures Trading Commission said on Wednesday. "We will do everything in our power to pursue those who attempt to engage in fraud or manipulation in our markets," Chairman Tim Massad said in...

  • 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.