Crime Corporate Fraud

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  • NEW YORK, Feb 3- Retrophin Inc has agreed to pay $3 million to resolve a lawsuit by investors accusing the pharmaceutical company of failing to disclose various transactions that benefited former Chief Executive Officer Martin Shkreli, who has since been indicted for securities fraud. The $3 million settlement equals 7 percent to 10 percent of the $26 million...

  • NEW YORK, Feb 3- Retrophin Inc has agreed to pay $3 million to resolve a lawsuit by investors accusing the pharmaceutical company of failing to disclose various transactions that benefited former Chief Executive Officer Martin Shkreli, who has since been indicted for securities fraud. The $3 million settlement equals 7 percent to 10 percent of the $26 million...

  • BEIJING, Jan 29- Chinese police have detained suspects as part of a fraud investigation over bill financing business at CITIC Bank Corp, Xinhua news agency said on Friday. The bank confirmed on Thursday that it had discovered fraud involving 969 million yuan in funds illicitly drawn from its bill financing business. CITIC Bank's spokeswoman declined to...

  • Jan 28- A Boston- area real estate developer was found guilty on Thursday of engaging in insider trading based on a tip about a merger a bank executive passed him on cocktail napkin over drinks at a country club. Robert Bray, 78, was convicted by a federal jury in Boston on one count of securities fraud for illegally trading on a tip in 2010 that Eastern Bank Corp would...

  • NEW YORK, Jan 27- A U.S. judge on Wednesday dismissed a federal racketeering lawsuit claiming FedEx Corp overcharged customers by inflating package weights, and wrongly collecting customs duties on products sent to Canada from shippers instead of recipients. District Judge Katherine Forrest in Manhattan said the FedEx Ground unit that imposed the charges...

  • The SEC sued Mudd, who ran Fannie Mae from 2005 until the seizure, and two colleagues in December 2011, on the same day it filed a similar lawsuit against former Freddie Mac Chief Executive Richard Syron and two of his colleagues. Richard Hong, an SEC lawyer, urged Crotty to let Mudd's case go to trial, saying Mudd knew Fannie Mae was using an overly narrow definition of...

  • NEW YORK, Jan 27- Days before Martin Shkreli's arrest for securities fraud, U.S. prosecutors obtained a secret court order ruling that communications between the former pharmaceutical executive and a corporate lawyer also under investigation were not protected by attorney-client privilege. Shkreli, who until recently was Turing Pharmaceuticals' chief...

  • NEW YORK, Jan 27- A U.S. judge on Wednesday dismissed a U.S. racketeering lawsuit claiming FedEx Corp overcharged customers by inflating package weights, and wrongly collecting customs duties on products sent to Canada from shippers instead of recipients. District Judge Katherine Forrest in Manhattan said the FedEx Ground unit that imposed the charges was...

  • SAO PAULO, Jan 27- Beach-side apartments in Brazil may have been used as bribes and to launder money for members of the ruling Workers' Party, police and prosecutors said on Wednesday after ordering six arrests and 15 search warrants. The apartments were held in the name of front companies, such as Murray Holdings LLC that was registered by Panama- based Mossack...

  • Jan 25- A U.S. federal appeals court on Monday overturned the convictions of the former chief executive officer and chief financial officer of surgical device maker ArthroCare Corp for engineering what federal prosecutors called a $750 million securities fraud. The 5th U.S. Circuit Court of Appeals in New Orleans agreed with former CEO Michael Baker and...

  • NEW YORK, Jan 25- A federal judge on Monday gave Martin Shkreli, a former pharmaceuticals executive facing securities fraud charges, permission to appear at a Congressional hearing on drug pricing. District Judge Kiyo Matsumoto in Brooklyn, New York modified Shkreli's bail conditions so that he may appear by subpoena before the House Committee on Oversight...

  • ABUJA, Jan 19- True to his election promises, Nigerian President Muhammadu Buhari has gone all out on corruption, alleging mind-boggling sums plundered from state coffers and giving investigators license to pull in big hitters once thought untouchable. The first test comes on Wednesday with the opening of the trial of former National Security Advisor Sambo...

  • STOCKHOLM, Jan 12- A Swedish prosecutor said on Tuesday he had opened a preliminary fraud investigation into Volkswagen over the German carmaker's emissions test cheating scandal which has affected up to 11 million vehicles worldwide. Volkswagen, having admitted to using software to conceal the level of toxic emissions from some of its diesel vehicles in...

  • Stock fraud handcuffs

    Over the years, blindsided investors have lost big money from company's committing nefarious acts. The lesson: Do your research.

  • Jan 8- A federal appeals court on Friday set back Bank of New York Mellon Corp's effort to recoup $312 million it lent to Sentinel Management Group Inc, a money manager that collapsed in 2007 and whose former chief is now in prison for fraud. The 7th U.S. Circuit Court of Appeals in Chicago said a lower court judge reviewing bankruptcy trustee Frederick Grede's...

  • NEW YORK, Jan 6- JPMorgan Chase& Co shareholders cannot pursue a lawsuit to force Chief Executive Jamie Dimon and other officials to pay damages to the largest U.S. bank for their alleged ignorance of red flags signaling Bernard Madoff's Ponzi scheme, a federal appeals court ruled on Wednesday. The Steamfitters Local 449 Pension Fund in Pittsburgh and the...

  • Dec 30- KaloBios Pharmaceuticals Inc, a biotechnology company that fired Chief Executive Martin Shkreli earlier this month after his arrest on charges of securities fraud, filed for Chapter 11 bankruptcy on Tuesday. Shkreli gained notoriety when, as the chief executive of Turing Pharmaceuticals, he raised the price of a drug used to treat a dangerous...

  • NEW YORK, Dec 28- KaloBios Pharmaceuticals Inc said on Monday that two directors had resigned in the wake of the arrest of former CEO Martin Shkreli on securities fraud charges earlier this month. Tom Fernandez and Marek Biestek resigned from the KaloBios board on Sunday, the company said a regulatory filing. The departures came more than a week after the company...

  • SAN FRANCISCO, Dec 23- Palantir Technologies, a data analytics and security company that helps government agencies track down terrorists and uncover financial fraud, said on Wednesday it has raised $880 million in its latest financing round. The Palo Alto, California- based company raised another $200 million on top of the $679.8 million since the round began...

  • Dec 23- Kalobios Pharmaceuticals Inc said on Wednesday it had been notified by Nasdaq that it will delist the stock using its "discretionary" authority. The drugmaker last week said it had fired Martin Shkreli as its chief executive on Dec. 17, the day he was arrested on charges of a securities fraud. Shkreli, who has become the poster child for the issue of soaring...