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Crime Corporate Fraud

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    Regional securities firms are rallying against efforts by New York State Attorney General Andrew Cuomo to have brokerage firms repay investors who purchased auction rate securities.

  • Merrill Lynch will follow Citigroup in cobbling together a settlement for clients who bought auction rate securities.

  • Tone Grant, the former president of Refco, once the largest independent commodities broker, was sentenced to 10 years in prison for his role in a $2.4 billion fraud that involved hiding huge trading losses from clients.

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    Citigroup agreed to buy back more than $7 billion of illiquid auction-rate securities and pay a $100 million civil fine to settle charges it fraudulently misled investors about the debt's risk.

  • Citibank

    Citigroup is in talks with state and federal regulators to resolve allegations of wrongdoing in the auction-rate-securities market that could result in its buying back several billion dollars of the illiquid securities, Wall Street Journal said.

  • A lawsuit against UBS alleging that the Swiss bank engaged in fraud related to holdings of a fund in loss-making company Endwave was dismissed by a New York Supreme Court judge, court documents showed.

  • Senator Ted Stevens, the longest-serving Republican senator and a figure in Alaska politics since before statehood, has been indicted on seven counts of falsely reporting hundreds of thousands of dollars in services he received from a company that helped renovate his home.

  • 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.