GO
Loading...

Corporate Fraud

More

  • LOS ANGELES— Sisters who run two apparel subcontractors were arrested along with their accountant in a scheme that authorities said Thursday involved underreporting the number of people they employed and $78.5 million in payroll to insurers and California agencies. Sung Hyun Kim, 57, and her sister, Caroline Choi, 59, were arrested on suspicion of workers'...

  • LONDON, April 16- Britain's Serious Fraud Office charged a UK subsidiary of Paris- listed French engineering group Alstom with four further criminal offences of corruption and conspiracy to corrupt in a drawn-out investigation that has swung to Hungary. The SFO, which has already charged two UK- based Alstom units and four former employees with alleged...

  • Ex-AIG chief Greenberg's bid to toss N.Y. case rejected Thursday, 16 Apr 2015 | 12:20 PM ET

    NEW YORK, April 16- A New York state appeals court rejected former American International Group Inc Chairman Maurice "Hank" Greenberg's bid to dismiss a decade-old lawsuit accusing him of orchestrating an accounting fraud at the insurer. The defendants failed to show the lack of incentive compensation resulting from the sham transactions at AIG, the...

  • NEW YORK, April 15- A U.S. appeals court on Wednesday declined to hold Royal Bank of Scotland Group Plc liable for allegedly defrauding investors in its American depositary shares by downplaying its subprime asset exposure prior to the global financial crisis. The 2nd U.S. Circuit Court of Appeals in New York rejected claims by ADS investors seeking to recoup...

  • NEW YORK, April 14- Former Freddie Mac Chief Executive Officer Richard Syron and two other executives have agreed to settle a lawsuit by the U.S. Securities and Exchange Commission accusing them of misleading investors ahead of the 2008 financial crisis. Like other regulators, the SEC has been criticized for not holding enough top executives liable for...

  • Ex-Freddie Mac executives settle SEC fraud lawsuit Tuesday, 14 Apr 2015 | 1:30 PM ET

    NEW YORK, April 14- Former Freddie Mac Chief Executive Officer Richard Syron and two other one-time executives have reached a settlement in a lawsuit by the U.S. Securities and Exchange Commission accusing them of misleading investors about the company's exposure to risky mortgage loans. The settlement, disclosed in court papers filed in Manhattan federal...

  • NEW YORK, April 13- Billionaire investor William Ackman, who has long accused Herbalife Ltd of being a fraud, said on Monday that the top executives at the nutrition and supplements company are hiring their own lawyers as government investigations pick up pace. Ackman's $20 billion Pershing Square Capital Management made a $1 billion short bet against...

  • The changes approved by the U.S. Sentencing Commission will take effect on Nov. 1 unless Congress objects. "These amendments emphasize substantial financial harms to victims rather than simply the mere number of victims and recognize concerns regarding double-counting and over-emphasis on loss," said Chief Judge Patti Saris of the federal court in...

  • Serial scammer could spend rest of life behind bars

    Hundreds of victims were left begging for their money from William C. Lange, the founder of Harbor Funding Group, Inc., reports CNBC's Andrea Day.

  • HYDERABAD, India— An Indian court on Thursday sentenced the founder of an outsourcing giant and nine others to seven years in prison each after convicting them of stealing millions of dollars in one of the largest frauds in the country's corporate history. Judge B.V.L.N. Chakravarthy also found Rama Raju, his two brothers and seven other officials of Satyam...

  • MUMBAI, April 9- An Indian court on Thursday held the founder of Satyam Computer Services, which was once one of India's biggest IT outsourcing companies, guilty in the country's biggest corporate accounting fraud, local television channels reported. The court is yet to announce the quantum of punishment in the case, the TV channels reported.

  • Former Virginia tobacco executive faces tax charges Tuesday, 7 Apr 2015 | 11:17 AM ET

    ROANOKE, Va.— The former president of a South Boston tobacco company has been charged with evading taxes, lying on legally required paperwork and using corporate money for personal items. Records in U.S. District Court in Roanoke do not list an attorney for Farley. The wire fraud charges pertain to Farley's alleged misuse of company money, including nearly...

  • THE HAGUE, Netherlands— A Dutch court has sentenced a meat processor to 30 months imprisonment for a massive fraud operation in which he illicitly sold horse meat as more expensive beef. The district court in Den Bosch ruled Tuesday that Willy Selten's fraud misled food companies and consumers who unwittingly bought beef mixed with horse meat instead of pure...

  • NEW YORK, April 1- A New York lawyer was charged on Wednesday over his alleged role in a scheme by a former United Parcel Service Inc executive's son to fraudulently obtain millions of dollars to finance the purchase of Maxim magazine. Harvey Newkirk, a former lawyer at the law firm Bryan Cave LLP, was charged in a criminal complaint filed in Manhattan federal court...

  • NEW YORK, April 1- A New York lawyer was arrested on Wednesday for his alleged role in a scheme by the son of a former United Parcel Service Inc executive to fraudulently obtain millions of dollars to finance the purchase of Maxim magazine, the lawyer's counsel said. Harvey Newkirk, a former lawyer at the law firm Bryan Cave LLP, was charged in a criminal complaint...

  • In a complaint filed in Manhattan federal court, Tilton and her firm Patriarch Partners LLC said the SEC violated the U.S. Critics of administrative proceedings, which are handled by judges on the SEC payroll, say they can be unfair to defendants because discovery is limited, defense lawyers generally cannot take depositions, and there are no juries.

  • Ex-Autonomy management to file claim vs. HP   Tuesday, 31 Mar 2015 | 10:06 AM ET
    Ex-Autonomy management to file claim vs. HP

    Hewlett-Packard is suing Autonomy co-founder Michael Lynch in the U.K. for $5.1 billion, reports CNBC's David Faber.

  • Stanford's victims accused the SEC of negligence for having waited until 2009 to uncover the Ponzi scheme, despite having had evidence of it as early as 1997.. But the court said the SEC had discretion to decide how to enforce securities laws, and could not be liable for certain misrepresentations. Victims claimed that the SEC thought Stanford's business was a...

  • 2 Former federal agents charged with wire fraud   Monday, 30 Mar 2015 | 12:24 PM ET
    2 Former federal agents charged with wire fraud

    Two former federal agents have been charged with wire fraud, money laundering and stealing digital currency, reports CNBC's Sue Herera.

  • Fraud charges against Patriarch Partners CEO   Monday, 30 Mar 2015 | 10:11 AM ET
    Fraud charges against Patriarch Partners CEO

    CNBC's Robert Frank reports on fraud charges against Lynn Tilton, CEO of Patriarch Partners.