Crime Corporate Fraud

  • New York attorney general Andrew Cuomo is preparing to file civil securities-fraud charges against UBS, possibly as early as this week, the Wall Street Journal said on Wednesday.

  • A U.S. Senate subcommittee accused banks in Switzerland and Liechtenstein of helping wealthy Americans evade billions in taxes each year, and urged the establishment of tougher laws to combat offshore tax havens around the world.

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    Former Samsung Group chief Lee Kun-hee, one of South Korea's most powerful businessmen, was handed a suspended 3-year jail sentence on Wednesday for tax evasion but was cleared of other charges.

  • U.S. securities regulators are boosting efforts to stop the spread of false rumors that threaten financial institutions, after a week that saw steep slides in the shares of Fannie Mae, Freddie Mac and Lehman Brothers.

  • Massachusetts authorities sued two subsidiaries of Swiss bank UBS Thursday, charging they misled investors about how safe auction rate securities were.

  • An Italian businessman who was accused last year by the entrepreneur Ron Burkle of misusing more than $1 million he had put up for investments was arrested on Tuesday and charged with fraud and money laundering, The New York Times reports.

  • During a press conference to announce the arrest of 60 people for mortgage fraud, the Department of Justice offered tips for consumers to protect themselves.

  • The Royal Canadian Mounted Police brought criminal charges against former Nortel Networks Chief Executive Frank Dunn and other onetime executives, accusing the men of fraudulently misstating the telecom equipment maker's results.

  • Two former Bear Stearns managers have surrendered to face criminal charges linked to the collapse of a hedge fund that bet heavily into subprime mortgages before the market collapsed, federal authorities said.

  • The indictment of two Bear Stearns hedge fund managers for securities fraud is expected to be announced later on Thursday in connection with a fund tied to the subprime lending market, CNBC has learned.

  • Morgan Stanley will take a $120 million revenue hit after a suspected rogue trader incorrectly valued his positions in the credit derivatives market, the Financial Times reported on Thursday.

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    The manhunt for a hedge fund manager who skipped his prison date and may have killed himself dragged into a third day Wednesday as police look for a body and other agents search for a rich man who may be on the run.

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    Corrupt officials are raking off a sum equivalent to one third of Russia's annual budget, or $120 billion, a senior prosecutor was quoted as saying on Friday.

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    Under pressure from the authorities, UBS is considering whether to divulge the names of up to 20,000 of its well-heeled American clients, the NYT reports.

  • Henry Nicholas III

    Broadcom co-founder Henry T. Nicholas III was indicted Thursday on fraud, conspiracy and drug charges—including allegations he spiked the drinks of technology executives and customer representatives with ecstasy and maintained a warehouse for ecstasy, cocaine and methamphetamine.

  • A former Credit Suisse investment banker convicted of leaking inside information about pending mergers was sentenced to 10 years in prison by a federal judge Friday.

  • John F. Marshall spent decades teaching at business schools and watching his students parlay his lessons into fortunes on Wall Street. But when he and another professor reached for some of those riches themselves, events took a startling turn, the authorities say.

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    The first criminal trial in a mammoth bribery probe at German engineering giant Siemens began on Monday and the prosecutor warned that it should send a signal to corporations that corruption would not be tolerated.

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    Serious management failures by immediate superiors allowed a rogue trader at Societe Generaleto commit the biggest fraud in financial history, according to an internal report to be released Friday, the NYT reports.

  • A former hedge fund manager was convicted Wednesday of leading an investment scheme that caused clients, ranging from former NFL players to his mother, to lose millions of dollars while he spent the money on jewelry, real estate and a $500,000 wedding.