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Corporate Fraud

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  • BOSTON— A Massachusetts financier has been indicted on fraud and obstruction of justice charges for allegedly defrauding investors in a $40 million mutual fund. Daniel Thibeault, 40, of Framingham, has been charged with securities fraud, wire fraud, aggravated identity theft, and obstruction of justice, according to U.S. Thibeault, a 2004 graduate of Harvard...

  • WASHINGTON, Feb 25- MetLife Home Loans LLC will pay $123.5 million to resolve alleged Federal Housing Administration mortgage lending violations, the U.S. Department of Justice said on Wednesday. The unit, a subsidiary of MetLife Inc, knowingly violated the False Claims Act between September 2008 and March 2012 by originating and underwriting mortgage loans...

  • NEW YORK, Feb 24- Local residents and businesses sued Puerto Rico's Electric Power Authority in federal court on Tuesday, alleging fraud in the fuel oil procurement process that plaintiffs said resulted in island residents being overcharged by more than $1 billion. The lawsuit in U.S. District Court in Puerto Rico accuses PREPA, one of the largest U.S. public...

  • TRENTON, N.J.— New Jersey's U.S. senators want the state attorney general's office to investigate possible fraud by insurance companies following Superstorm Sandy. Robert Menendez and Cory Booker asked Acting Attorney General John Jay Hoffman to investigate any fraud by insurers looking to reduce flood damage payouts following the October 2012 storm.

  • NEW YORK— A former Merck& Co. senior finance analyst pleaded guilty Thursday to insider trading charges, admitting passing tips to a friend who prosecutors say used them to make $722,000 illegally in the stock market. Zachary Zwerko, 32, of Cambridge, Massachusetts, pleaded guilty in Manhattan federal court to conspiring to commit securities fraud and three...

  • Massachusetts man pleads guilty to uniform fraud scam Thursday, 19 Feb 2015 | 7:22 AM ET

    WORCESTER, Mass.— A Massachusetts man has pleaded guilty to his role in the creation of a fictitious uniform manufacturing company that did business in Afghanistan and defrauded the U.S. government of as much as $200,000. Dimitry Jean-Noel, of Worcester, pleaded guilty Wednesday in U.S. District Court to conspiracy to defraud the government.

  • In a Tuesday filing with the 2nd U.S. Circuit Court of Appeals, U.S. Attorney Deirdre Daly of Connecticut said jurors could have reasonably concluded that defendant Jesse Litvak intentionally lied to customers from 2009 to 2011 about trades he handled for them. Daly said the government also presented "overwhelming" evidence that Litvak's lies were material to...

  • Who’s behind this company’s share price drop? Wednesday, 18 Feb 2015 | 4:30 AM ET

    Iceberg Research, the anonymous commenter that caused shares in Singapore-listed Noble Group to tumble this week, may soon find itself unmasked.

  • This firm's shares get hit after Enron comparison Tuesday, 17 Feb 2015 | 6:16 AM ET

    Noble's shares dropped for a second day despite analysts' skeptical view of an anonymous, critical research report comparing the company to Enron.

  • LONDON, Feb 16- Rolls-Royce has not been approached by authorities in Brazil regarding bribery allegations reported in the Financial Times newspaper, the British engineering company said on Monday. The world's second-largest maker of aircraft engines is under investigation by Britain's Serious Fraud Office over concerns of possible bribery and...

  • Are short sellers gunning for Singapore again? Monday, 16 Feb 2015 | 3:37 AM ET
    Pedestrians exit an escalator that runs past an electronic screen and ticker board that indicates stock figures at the Singapore Exchange Ltd. (SGX) headquarters.

    Noble Group has become the latest target of a critical research report, sending its shares sliding, but this time, it's spurred questions about the report's writer.

  • STOCKHOLM/ REYKJAVIK, Feb 12- Iceland's Supreme Court has upheld convictions of market manipulation for four former executives of the failed Kaupthing bank in a landmark case that the country's special prosecutor said showed it was possible to crack down on fraudulent bankers. The verdict is the heaviest for financial fraud in Iceland's history, local media...

  • LONDON, Feb 12- Britain's Serious Fraud Office has secured a key corporate conviction for foreign bribery after a London court sentenced the chairman and marketing director of a UK printing company for bribing public officials in Kenya and Mauritania. Judge David Higgins on Thursday sentenced Christopher Smith, the 72- year-old chairman of Smith and Ouzman,...

  • Saba Software to be taken private by Vector Capital Tuesday, 10 Feb 2015 | 6:23 PM ET

    Feb 10- Enterprise software provider Saba Software Inc, whose chief executive and other executives recently settled charges of accounting fraud, said private equity firm Vector Capital would take it private for about $268 million in cash. The Securities and Exchange Commission said earlier on Tuesday that two former Saba chief financial officers agreed to...

  • Payout to Madoff victims tops $7.2 bln Monday, 9 Feb 2015 | 11:59 AM ET

    NEW YORK, Feb 9- The trustee liquidating Bernard Madoff's firm on Monday said he is distributing another $355.8 million to the swindler's victims, bringing the total payout to more than $7.2 billion. Irving Picard, the trustee, said the payout began on Feb. 6, and covers claims by fraud victims with 1,077 accounts at the former Bernard L. Madoff Investment...

  • Scoular hit with $17.2 mln fraud- newspaper Wednesday, 4 Feb 2015 | 4:30 PM ET

    According to the paper, Scoular sent a total of $17.2 million through three wire transfers in June to a bank in China, acting on emails sent to a Scoular executive. The emails appeared to be from Scoular Chief Executive Officer Chuck Elsea and the Omaha, Nebraska- based company's auditing firm. Court documents said the emails were generated by impostors using...

  • NEW YORK/ WASHINGTON, Feb 4- U.S. Bancorp agreed to pay $18 million to former customers of Peregrine Financial Group Inc to resolve claims that the large U.S. bank aided a massive fraud by the failed futures brokerage's now-imprisoned founder, Russell Wasendorf Sr.. A consent order approved on Wednesday resolves claims by the U.S. Commodity Futures Trading...

  • NEW YORK, Feb 3- A federal judge on Tuesday rejected Bank of America Corp's bid to throw out a jury verdict finding it liable for the sale of questionable loans to Fannie Mae and Freddie Mac before the financial crisis, which led to a $1.27 billion civil penalty. He also rejected Bank of America's alternative request for a new trial. The U.S. Department of Justice had...

  • Jan 30- The former chief executive of Sentinel Management Group Inc in suburban Chicago was sentenced on Friday to 14 years in prison, after being convicted of running what federal prosecutors called a $666 million fraud. District Judge Ronald Guzmán in Chicago, according to U.S. Attorney Zachary Fardon in the Northern District of Illinois.

  • Jan 30- The former chief executive of Sentinel Management Group Inc in suburban Chicago was sentenced on Friday to 14 years in prison, after been convicted of running what federal prosecutors called a roughly $666 million fraud. District Judge Ronald Guzmán in Chicago, according to a spokesman for U.S. Attorney Zachary Fardon in the Northern District of...