Crime Corporate Fraud

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  • BEIJING, May 20- China's government has approved a plan to clean up the country's online financial sector, according to people with direct knowledge of the matter, including rules to limit the activities of P2P lending firms, the source of recent fraud scandals. The plan, drafted by China's central bank, follows a mid-April video-conference with 14 ministries...

  • May 19- U.S. prosecutors on Thursday accused a former chairman of Dean Foods Co and a Las Vegas gambler of insider trading in a years-long scheme that allegedly generated tens of millions of dollars of illegal profits. Thomas Davis, the former Dean Foods chairman, and William "Billy" Walters each face securities fraud, wire fraud and conspiracy charges.

  • NEW YORK, May 18- The overseer of a $4 billion U.S. Department of Justice fund for victims of Bernard Madoff's Ponzi scheme said he expected to recommend payouts for at least 25,280 claimants with nearly $4 billion in fraud losses. Richard Breeden, special master of the Madoff Victim Fund, said in an update on his website this week that his office was "substantially"...

  • NEW YORK, May 18- JPMorgan Chase& Co on Wednesday won dismissal of a lawsuit brought by former customers of Bernard Madoff who blamed the U.S. bank for playing an active role in his Ponzi scheme and ignoring red flags of his fraud. District Judge John Koeltl in Manhattan said the plaintiffs failed to show that JPMorgan had specific control over Madoff's fraud.

  • Ten defendants, including three hackers and seven traders, have been criminally charged by federal prosecutors in New Jersey and Brooklyn. More than 40 individuals and entities were also charged civilly by the U.S. Securities and Exchange Commission. Attorney Paul Fishman in New Jersey said.

  • District Judge Lewis Kaplan in Manhattan said shareholders could not pursue securities fraud claims based on alleged misleading assurances that the proliferation of free mobile apps were not a big threat to Weight Watchers' business, and that enrollment declines were likely to turn around.

  • U.S. authorities said Jason Galanis enlisted his father, John, and five others to defraud clients who invested more than $43 million in illiquid, sham bonds issued in 2014 and 2015 by the Wakpamni Lake Community Corp, an affiliate of the Oglala Sioux Nation in South Dakota. Rather than invest proceeds to provide capital for the tribe and make payments to...

  • District Judge William Young in Boston to pay a $1 million fine and forfeit $299,762 in illegal proceeds after a federal jury in January found him guilty of securities fraud. Prosecutors said Bray, the owner of real estate development company R&B Construction, was tipped about Eastern Bank Corp's planned acquisition of Wainwright Bank& Trust Co, by John...

  • NEW YORK, May 9- A microcap stock promoter pleaded guilty on Monday to engaging in a scheme to launder $250 million obtained by manipulating the shares of more than 40 companies, including the little-known Cynk Technology Corp whose value was driven past $6 billion. Gregg Mulholland, also known as "Stamps" and " Charlie Wolf," pleaded guilty in federal court in...

  • SAO PAULO, May 9- Former Brazilian finance minister Guido Mantega has been detained by police for questioning in an investigation into tax fraud and payment of bribes to influence legislation favorable to business sectors, a police source said on Monday.

  • Companies like Baltimore's Terbium Labs have professionalized crawling the Dark Web, where criminals trade or sell large quantities of stolen credit card data and most other imaginable categories of personal information. Austin- based AllClear ID, formerly known as Debix, is among the companies that go beyond credit monitoring and report additional...

  • NEW YORK, May 3- U.S. prosecutors on Tuesday charged nine people with defrauding investors into buying the now essentially worthless stock of LED lighting provider ForceField Energy Inc, causing $131 million of losses. They follow the April 2015 arrest of Richard St. Julien, a Canadian citizen who was ForceField's executive chairman, on charges he orchestrated...

  • NEW YORK, May 3- Former drug executive Martin Shkreli, who last year became a lightning rod for outrage over soaring prescription drug prices, may face additional U.S. charges of securities fraud, a federal prosecutor said on Tuesday. Attorney Winston Paes said at a hearing in federal court in Brooklyn, New York. Shkreli, 33, sparked outrage among patients, medical...

  • ATM cash machines outside a branch of the Royal Bank of Scotland in Edinburgh.

    Switzerland opened a probe of RBS related to alleged corruption at Malaysian state investment fund 1MDB, sources said. The Financial Times reports.

  • April 29- A U.S. federal jury found former Immunosyn Corp Chief Executive Stephen Ferrone guilty on Friday of fraudulently misleading investors, U.S. securities regulators said. "We are pleased with the jury's finding that Stephen Ferrone defrauded Immunosyn's investors with misleading statements in the company's filings and press releases and his own...

  • NEW YORK, April 26- An Estonian man who authorities said ran a cyber criminal enterprise that infected more than four million computers worldwide with malware to carry out a lucrative click fraud scheme was sentenced by a U.S. judge on Tuesday to 7-1/ 4 years in prison. District Judge Lewis Kaplan in Manhattan after pleading guilty in July to charges that he...

  • NEW YORK, April 22- Diagnostics company Alere Inc has been hit with a securities fraud lawsuit accusing it of artificially inflating its share prices ahead of the Feb. 1 announcement of its proposed $5.8 billion acquisition by Abbott Laboratories Inc.. The shareholder lawsuit, filed on Thursday in federal court in Boston, accused Alere of misleading investors...

  • WASHINGTON, April 19- The U.S. Supreme Court on Tuesday struggled with the question of when federal contractors can be sued for defrauding the government in a case involving a 19- year-old Massachusetts woman who suffered a fatal 2009 seizure at a mental health facility. Their lawsuit said King of Prussia, Pennsylvania- based Universal Health Services, one of...

  • NEW YORK/ WASHINGTON, April 14- An unidentified American company was defrauded last year out of nearly $100 million by individuals who created a fake email address in order to pose as one of its legitimate vendors, U.S. authorities said on Thursday. The details of the scheme came as the U.S. government filed a civil forfeiture lawsuit in federal court in Manhattan...

  • HOUSTON, April 14- Houston sued Internet banking company BofI Holding Inc. for securities fraud on Thursday, prompting its shares to sink on allegations it relied on unlawful lending practices and off- balance-sheet entities to boost profits. The suit filed by the Houston Municipal Employees Pension System in U.S. District Court Southern District of...