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Corporate Fraud

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  • Facebook sues law firms, claims fraud Monday, 20 Oct 2014 | 2:46 PM ET

    Facebook Inc. and Zuckerberg filed a lawsuit Monday against DLA Piper and other law firms and lawyers, saying they conspired to file and prosecute a fraudulent lawsuit. DLA Piper is one of the world's largest business law firms. DLA Piper and the other named law firms knew the case was based on forged documents yet they pursued it anyway, and they should be held to...

  • Court rejects appeal from Duane Reade Ex-CEO, CFO Monday, 20 Oct 2014 | 9:38 AM ET

    WASHINGTON— The Supreme Court has rejected appeals from two former executives of New York City drugstore chain Duane Reade Inc. who were convicted of securities fraud. The men were convicted of scheming to falsely inflate the income and reduce the expenses Duane Reade reported to investors. Walgreen Co. purchased privately held Duane Reade in 2010..

  • NEW YORK, Oct 16- A former analyst at a San Francisco hedge fund who prosecutors say engaged in an "unparalleled" spree of tipping inside information he obtained from an executive at Foundry Networks Inc was sentenced on Thursday to five years in prison. District Judge Robert Patterson in Manhattan to pay $653,890 in fines and forfeitures for his role in a...

  • NEW YORK, Oct 16- Commerzbank AG's settlement with U.S. authorities over alleged sanctions violations has been postponed, possibly until the end of the year, as prosecutors seek to coordinate the resolution of a separate probe stemming from transactions at the German bank connected to the massive Olympus Corp accounting fraud, according to people familiar...

  • FORT LAUDERDALE, Fla., Oct 15- A former top UBS executive on trial in South Florida for tax fraud was on a committee in charge of managing U.S. demands that the Swiss bank disclose secret offshore accounts, UBS's former head of cross-border business testified on Wednesday. Raoul Weil, 54, who headed wealth management at Zurich- based UBS until his indictment, is...

  • Banks harvest callers' voiceprints to fight fraud Monday, 13 Oct 2014 | 3:45 AM ET

    LONDON— The caller said her home had burned down and her husband had been badly hurt in the blaze. The conversation, a partial transcript of which was provided to The Associated Press by the anti-fraud company Verint Systems Inc., reflects the growing use of voice biometric technology to screen calls for signs of fraud. Two major U.S. banks, JPMorgan Chase& Co. and...

  • NEW YORK, Oct 9- A U.S. appeals court ruling on Thursday revived a lawsuit against JPMorgan Chase& Co filed by a former vice president claiming the bank ignored red flags about a client's potential fraud, even after the massive Ponzi scheme operated by Bernard Madoff, another JPMorgan client, was exposed. JPMorgan has rejected Sharkey's allegations and a bank...

  • BOSTON, Oct 3- Two U.S. states are investigating the theft of 83 million customer records from JPMorgan Chase& Co in a massive cyberattack uncovered over the summer, and more may soon join, Reuters learned on Friday. Special Assistant Attorney General William Brauch, director of the Iowa Department of Justice's Consumer Protection Division, told Reuters that...

  • BOSTON, Oct 3- Two U.S. states are investigating the theft of 83 million customer records from JPMorgan Chase& Co in a massive cyberattack uncovered over the summer and more may soon join, Reuters learned on Friday. Special Assistant Attorney General William Brauch, director of the Iowa Department of Justice's Consumer Protection Division, told Reuters that...

  • BOSTON, Oct 3- The 83 million customer records that hackers stole from JPMorgan Chase& Co could fuel years of fraud, as criminals use the information to "phish" for customer passwords and ferret out other accounts that consumers may have, cybercrime researchers said on Friday. Their first step will likely be to use the information to send emails to customers...

  • NEW YORK, Oct 3- A federal appeals court signaled that former Jefferies Group Inc managing director Jesse Litvak has a good chance to overturn his conviction for defrauding mortgage bond investors after the 2008 financial crisis. The 2nd U.S. Circuit Court of Appeals on Friday granted Litvak's bid to stay out of prison while he appeals his March 7 conviction by a...

  • NEW YORK, Oct 2- A former executive of Foundry Networks Inc was found guilty on Thursday of leaking inside information about the data-equipment maker and enabling a San Francisco hedge fund to earn millions of dollars. David Riley, Foundry's former chief information officer, was found guilty by a Manhattan federal jury of two counts of securities fraud and one...

  • Avon wins dismissal of lawsuit over China bribery Monday, 29 Sep 2014 | 1:59 PM ET

    NEW YORK, Sept 29- Avon Products Inc on Monday won the dismissal of a securities fraud lawsuit accusing the cosmetics company of concealing its inability to stop workers from bribing officials in China to win business there.

  • NEW YORK, Sept 25- Texas tycoon Sam Wyly and his late brother Charles' estate must pay hundreds of millions of dollars to the U.S. Securities and Exchange Commission for a fraudulent offshore scheme, a U.S. judge said on Thursday, one of the largest awards ever imposed on individual defendants.

  • NEW YORK, Sept 25- A federal judge said former U.S. Treasury Secretary Timothy Geithner must give Standard& Poor's documents he used when writing his best-selling memoir, a ruling that could help S&P defend against the government's $5 billion fraud lawsuit over its credit ratings.

  • NEW YORK, Sept 25- Texas tycoon Sam Wyly and his late brother Charles' estate must pay $187.7 million to the U.S. Securities and Exchange Commission for a fraudulent offshore scheme, a U.S. judge said on Thursday.

  • Babak "Bobby" Yazdani, who founded Saba in 1997 and resigned as chief executive in March 2013, was not charged with misconduct over the scheme, which involved falsified time-sheets by consultants at an Indian subsidiary, the SEC said.

  • The SEC is announcing the largest ever whistleblower award of $30 million, reports CNBC's Eamon Javers.

  • Bank of Montreal is sued over Tom Petters' Ponzi scheme Thursday, 18 Sep 2014 | 6:58 PM ET

    Sept 18- Bank of Montreal was sued on Thursday by a trustee liquidating two Florida funds that claimed to have lost money in a Ponzi scheme operated by Minnesota businessman Thomas Petters.

  • WASHINGTON, Sept 17- Wall Street whistleblowers who provide U.S. prosecutors with evidence of financial fraud should get larger rewards for their efforts, U.S. Attorney General Eric Holder plans to say in a speech on Wednesday, according to a Justice Department official.