Corporate Fraud


  • Abraxas Discala, the chief executive officer of merchant banking firm OmniView Capital Advisors and former husband of Jamie-Lynn Sigler, who played Meadow Soprano on the hit HBO series, was charged in an indictment unsealed in Brooklyn, New York, with 10 criminal counts including securities fraud, wire fraud and conspiracy.

  • LONDON, July 17- A self-styled lord nicknamed Fast Eddie was ordered to pay 13.9 million pounds by a London court on Thursday after masterminding a sophisticated scam that charged advance fees for commercial loans it never provided.

  • Former NM governor Anaya settles SEC fraud charges Wednesday, 16 Jul 2014 | 5:03 PM ET

    The SEC announced Wednesday that Anaya was one of four people charged with concealing from investors that two lawbreakers ran the company, Natural Blue Resources Inc.. The SEC said Anaya has cooperated extensively with the investigation.

  • LONDON, July 16- Britain's leading fraud prosecutor is evaluating material alleging UK aid might have been channelled to companies linked to James Ibori, a jailed Nigerian former oil state governor, a top government lawyer said on Wednesday.

  • Colorado foreclosure law firms accused of fraud Tuesday, 15 Jul 2014 | 8:31 PM ET

    DENVER— Colorado's two largest foreclosure law firms were accused Tuesday of defrauding homeowners, banks and investors. The Castle Law Group and Aronowitz& Mecklenburg were sued Tuesday by the state attorney general's office, The Denver Post reported. Combined, the law firms handled more than 150,000 foreclosures in Colorado since 2006..

  • Lawsuit: Madoff sons knew of fraud, deleted emails Tuesday, 15 Jul 2014 | 6:32 PM ET

    NEW YORK— The trustee trying to recover money for victims of Bernard Madoff says in a new lawsuit that Madoff's two sons knew of the Ponzi scheme and sought to cover up the fraud by deleting emails during a Securities and Exchange Commission probe.

  • Three women avoid prison in NYC payroll fraud case Tuesday, 15 Jul 2014 | 2:18 PM ET

    NEW YORK, July 15- Three women avoided prison on Tuesday for crimes stemming from a massive fraud and kickback scheme involving a New York City payroll project that prosecutors say pushed its costs to $700 million.

  • MADRID, July 14- Spanish wireless networks provider Gowex filed for bankruptcy on Monday, a week after an accounting fraud at the firm was revealed, while the High Court said its founder could face a jail sentence of more than 10 years. Following his testimony before the High Court on Monday, Garcia Martin had his passport seized and was banned from leaving Spain.

  • NEW YORK, July 14- Federal prosecutors are developing a criminal fraud case hinged on whether General Motors made misleading statements about a deadly ignition switch flaw, and are examining activity dating back a decade, before GM's 2009 bankruptcy, according to multiple sources familiar with the investigation.

  • Fred Buenrostro admitted that he intentionally conspired with a former California Public Employees' Retirement System board member and others to accept bribes and devise a fraudulent scheme involving Calpers' investments.

  • US: Man posed as airline worker to get free travel Friday, 11 Jul 2014 | 4:18 PM ET

    The U.S. Attorney's Office in Los Angeles said that 37- year-old Gilbert Myers Jr. of Atlanta remained in custody Friday on $75,000 bond after pleading not guilty to mail-fraud charges. Officials said Myers was arrested earlier this week at a hotel in Beverly Hills, California, after agreeing to meet a ticket buyer who turned out to be an undercover FBI agent.

  • Ex-chief of huge pension fund guilty of bribery Friday, 11 Jul 2014 | 2:12 PM ET

    Fred Buenrostro Jr. pleaded guilty in San Francisco federal court to fraud and bribery charges stemming from his time as chief executive of the California Public Employees' Retirement System from 2002 to 2008..

  • July 9- Harbinger Capital Partners has sued Dish Network Corp and its chairman, Charles Ergen, for at least $1.5 billion, accusing them of trying to strip the hedge fund of its control of bankrupt wireless company LightSquared. The lawsuit, filed in a Colorado federal court on Tuesday, said Ergen had engaged in fraud and violated a federal anti-racketeering law.

  • July 9- British fraud investigators have questioned defence officials and former and current employees of an Airbus subsidiary in connection with allegations of corruption in Saudi Arabia, the aerospace and defence company said on Wednesday.

  • The insurers said the asbestos personal injury or PI trust set up during the 2008 bankruptcy of T H Agriculture& Nutrition LLC, a unit of Philips Electronics North America Corp, had been paying substantially more claims than originally forecast.

  • In a decision late Wednesday, Chief Judge Janet Hall of the U.S. District Court in New Haven, Connecticut, ruled prosecutors sufficiently proved that Jesse Litvak, 39, had lied to customers about the prices of residential mortgage-backed securities, in an effort to make more money for Jefferies and for himself.

  • BEIJING, July 3- Chinese petrochemical imports have become the latest commodity financing tool to come under investigation for possible fraud, highlighting the risks from the widespread use of raw materials as collateral to raise loans and skirt credit restrictions.

  • NEW YORK, July 2- Prosecutors avoided the dismissal of the last remaining count against Rengan Rajaratnam on Wednesday, a day after a federal judge tossed the primary fraud charges against Galleon Group founder Raj Rajaratnam's younger brother.

  • NEW YORK, July 1- HSBC Holdings Plc agreed to pay $10 million to settle U.S. government charges that it defrauded taxpayers by submitting inflated bills to process residential foreclosures.

  • NEW YORK, July 1- HSBC Holdings Plc has agreed to pay $10 million to settle U.S. civil fraud claims over foreclosure-related charges it submitted to the government, federal prosecutors said on Tuesday.