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Corporate Fraud

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  • LONDON, Sept 9- The British subsidiary of French train and turbine maker Alstom paid around $8.5 million in bribes over a six-year period to win transport contracts in India, Poland and Tunisia, Britain's leading fraud prosecutor alleged on Tuesday.

  • NY judge sentences ex-trader to 9 years in prison Monday, 8 Sep 2014 | 11:24 AM ET

    NEW YORK— An Ivy League- educated ex-portfolio manager convicted of enabling his firm to earn more than a quarter-billion dollars through insider trading on a promising Alzheimer's drug trial was sentenced Monday to nine years in prison by a judge who said the "staggering" fraud deserved lengthy incarceration.

  • NEW YORK, Sept 5- An American International Group Inc unit sued a company headed by Philadelphia philanthropist Alan Buerger, accusing it of a $150 million fraud involving life insurance policies sold by elderly individuals in exchange for a quick payment. Coventry is the "leader and creator" of the life settlement industry, according to its website.

  • Soren Aandahl, Director of Research at Glaucus Research, discusses the report by Anonymous Analytics which accused Tianhe Chemicals of overstating its revenue and profits.

  • Ex-Mamtek CEO pleads guilty to theft, fraud Tuesday, 2 Sep 2014 | 3:49 PM ET

    ST. CHARLES, Mo.— A man who persuaded a rural Missouri town and the state to invest millions in bonds and incentives for an artificial sweetener plant that never materialized pleaded guilty Tuesday to three felony charges.

  • He backed up a short bet; China jailed him for it Friday, 29 Aug 2014 | 12:00 AM ET
    Kun Huang, a Chinese-born Canadian citizen, who is back in Vancouver after spending two years in a Chinese jail, at his lawyer’s office in Vancouver, Canada, Aug. 22, 2014.

    His crime was contributing to research that led his employer to recommend short sales of Silvercorp Metals, a silver producer that is based in Canada but does its mining in China.

  • NEW YORK, Aug 28- Bank of America Corp on Thursday asked a federal judge to throw out a jury verdict finding it liable for fraud over defective mortgages sold by its Countrywide unit that resulted in a $1.27 billion penalty.

  • The 2008 lawsuit against Philip Morris, an Altria Group Inc company, concerns cigarette sales to the Navy Exchange Service Command and the Army and Air Force Exchange Service, both of which operate facilities that sell products to military personnel and their families.

  • James Stewart of The New York Times, discusses his column about Hewlett-Packard's shadowy deal with Autonomy.

  • Aug 20- TV broadcaster Al Jazeera rejected allegations of fraud and breach of contract leveled by Al Gore and Joel Hyatt over their sale of Current TV to the Middle East- based company in 2013..

  • Al Jazeera rejects allegations over Current TV deal Tuesday, 19 Aug 2014 | 6:04 PM ET
    Former Vice President Al Gore addresses Climate Reality Leadership trainees, March 13, 2014, in Johannesburg, South Africa.

    Al Jazeera on Tuesday rejected allegations from Al Gore and Joel Hyatt, saying they were false and potentially misleading.

  • LONDON, Aug 14- Britain's fraud prosecutor could decide as soon as next month whether to charge former Barclays executives over undisclosed payments the bank made to Qatari investors in 2008, three sources familiar with the investigation said.

  • Attorney Melinda Haag announced that Alfred J. Villalobos, a former member of the board of the California Public Employee Retirement System who later worked as a placement agent, engaged in a conspiracy to commit corruption, defraud the United States, conceal materials, and conspire to commit mail and wire fraud.

  • NEW YORK,- A Manhattan federal judge on Thursday said the U.S. Department of Justice may pursue most of its lawsuit accusing Novartis AG of civil fraud for allegedly using kickbacks to boost sales of drugs covered by Medicare and Medicaid.

  • NEW YORK, Aug 7- A Manhattan federal judge on Thursday said the U.S. Department of Justice may pursue most of its lawsuit accusing Novartis AG of civil fraud for allegedly using kickbacks to boost sales of drugs covered by Medicare and Medicaid.

  • SHANGHAI, Aug 7- Chinese police are investigating the death from unnatural causes of the deputy commissioner of customs at Qingdao port which is under investigation for alleged commodity financing fraud, state news agency Xinhua said on Thursday. Qingdao police declined to comment, adding that investigations are ongoing.

  • Wylys' lawyer calls U.S. SEC $750 mln claim 'overblown' Wednesday, 6 Aug 2014 | 5:52 PM ET

    NEW YORK, Aug 6- A lawyer for Texas businessman Sam Wyly and his late brother Charles on Wednesday urged a U.S. judge to reject the Securities and Exchange Commission's request for as much as $750 million in damages for their role in a fraudulent offshore scheme.

  • NEW YORK, Aug 5- A U.S. judge on Tuesday reluctantly approved a $285 fraud settlement between Citigroup Inc and the U.S. Securities and Exchange Commission, two months after an appeals court voided his decision to reject it as inadequate. But he said he feared the 2nd U.S. Circuit Court of Appeals' decision would rob such settlements of any "meaningful oversight."

  • NEW YORK, Aug 4- Texas tycoon Sam Wyly and his late brother Charles' estate should pay about $750 million in damages for their role in a fraudulent offshore tax scheme, a lawyer for the U.S. Securities and Exchange Commission told a judge in New York on Monday.

  • Lawsuits over an estimated $900 million exposure to a suspected metal financing fraud in China are hindering a recovery in metal trade.