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Corporate Fraud

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  • Judge orders trial over US Bank's role in fraud Wednesday, 19 Nov 2014 | 1:12 PM ET

    IOWA CITY, Iowa— Jurors will decide whether U.S. Bank mishandled customer funds, enabling the founder of a collapsed Iowa- based brokerage to embezzle $215 million, a judge ruled Wednesday. He carried out the fraud by repeatedly falsifying U.S. Bank records to fool regulators into believing that Peregrine's customer account had more money than it did.

  • NEW YORK, Nov 18- A former managing director at Jefferies Group Inc asked a federal appeals court on Tuesday to overturn his conviction for defrauding mortgage bond investors after the 2008 financial crisis. Lawyers for Jesse Litvak made the request to the 2nd U.S. Circuit Court of Appeals in New York nearly seven weeks after that court signaled the appeal had a...

  • Daryl Payton, who had been a trader at Connecticut- based Euro Pacific Capital Inc, pleaded guilty last week to one count of conspiracy to commit securities fraud in federal court in New York. Payton took part in an insider trading scheme centered on a technology company acquired by International Business Machines Corp in 2009.. Three other people have also...

  • Williams Scott& Associates LLC wrongly threatened people with arrest, used aliases such as "Investigator Ace Rogers" and tried other tricks to collect at least $4.1 million from consumers whose debt it bought for pennies on the dollar, prosecutors said. The company was owned by John Williams of Norcross, Georgia, who authorities said went on to operate a new debt...

  • Belgian judge charges HSBC branch with fraud Monday, 17 Nov 2014 | 8:44 AM ET

    BRUSSELS— A Belgian investigating judge has charged a Swiss private banking branch of HSBC with massive organized fiscal fraud, money laundering and forming a criminal organization to the benefit of over 1,000 wealthy clients that cost the Belgian authorities "hundreds of millions of euros." In August, HSBC Holdings PLC said it knew inquiries were ongoing and...

  • Prosecutors troubled by extent of military fraud Monday, 17 Nov 2014 | 4:11 AM ET

    WASHINGTON— Fabian Barrera found a way to make fast cash in the Texas National Guard, earning roughly $181,000 for claiming to have steered 119 potential recruits to join the military. Barrera's case, which ended last month with a prison sentence of at least three years, is part of what Justice Department lawyers describe as a recurring pattern of corruption...

  • Attorney for indicted lawmaker: No plea change Sunday, 16 Nov 2014 | 10:41 AM ET

    CINCINNATI— A state lawmaker accused of misleading investors about a company's financial status and using their money for personal gain is not changing his plea, his attorney said. Pete Beck has pleaded not guilty to more than 60 charges including felony theft and securities fraud. It was delayed to allow both sides more time to review the large amount of...

  • Companies accuse Haslam of directing Pilot fraud Saturday, 15 Nov 2014 | 6:00 PM ET

    KNOXVILLE, Tenn.— Two trucking companies are accusing Cleveland Browns owner Jimmy Haslam of directly orchestrating a scheme to cheat customers out of promised rebates and discounts, according to recent court filings. The accusations against him came in a bill of particulars filed Friday in federal court by National Retail Transportation Inc. and Keystone...

  • Canadian CEO pays $22 million in Alabama case Friday, 14 Nov 2014 | 5:32 PM ET

    TUSCUMBIA, Ala.— Alabama officials dropped securities fraud charges against the chief executive of National Steel Car on Friday in return for the Canadian businessman paying a $22 million settlement. State officials and Gregory Aziz completed the agreement Friday in Tuscumbia and Aziz was allowed to return to his home in Hamilton, Ontario, after spending...

  • NEW YORK, Nov 13- An information technology engineer at Wilson Sonsini Goodrich& Rosati pleaded guilty on Thursday to insider trading based on information he learned while working at the prominent Silicon Valley law firm. Dimitry Braverman, 41, pleaded guilty in New York federal court to one count of securities fraud, two years after another Wilson Sonsini...

  • NEW YORK/ SAO PAULO, Nov 13- A director of U.S. nutrition company Herbalife is among 12 people charged in a years-old Brazilian embezzlement case that has never been mentioned in Herbalife public disclosures, according to court documents and company filings. Herbalife has become one of America's most closely-watched companies after billionaire investors...

  • NY family accused of $20 million mortgage fraud Thursday, 13 Nov 2014 | 11:00 AM ET

    WHITE PLAINS, N.Y.— Twelve members of a single Brooklyn- based family were charged Thursday with lying about being wealthy to obtain mortgages or lying about being poor to get food stamps and other benefits. He said one indicted couple claimed monthly income of $25,000 when taking out a mortgage and $180 when applying for food stamps and Medicaid.

  • NEW YORK, Nov 12- A federal appeals court ruled in favor of Goldman Sachs Group Inc in a lawsuit accusing the Wall Street investment bank of negligence for arranging the $580 million sale of a married couple's speech-recognition company to Lernout& Hauspie, which soon collapsed in an accounting fraud. The 1st U.S. Circuit Court of Appeals in Boston on Wednesday...

  • Senior officials of collapsed Afghan bank jailed Tuesday, 11 Nov 2014 | 7:26 AM ET

    KABUL, Afghanistan— Two senior officials of an Afghan bank that collapsed beneath almost $1 billion in debt were sentenced in a Kabul court on Tuesday to 15 years prison each for embezzlement and fraud. The scandal struck at the heart of the Kabul political establishment, involving relatives of the former president Hamid Karzai and one of his deputies, Marshall...

  • Former Mamtek CEO gets 7 years for theft, fraud Monday, 10 Nov 2014 | 5:52 PM ET

    ST. CHARLES, Mo.— A California man who talked a small Missouri community into issuing $39 million in bonds for an artificial sweetener plant was sentenced Monday to seven years in prison for stealing more than $700,000 from the project, which never got off the ground. In 2010 he persuaded Moberly, a northeast Missouri town of about 14,000, to issue bonds for a plant...

  • Court lets stand conviction of hedge fund founder Monday, 10 Nov 2014 | 9:38 AM ET

    WASHINGTON— The Supreme Court has declined to disturb the conviction of San Francisco hedge fund founder Doug Whitman on insider trading charges. The justices on Monday rejected Whitman's appeal of his 2012 conviction for securities fraud and conspiracy. Prosecutors said Whitman made nearly $1 million between 2006 and 2009 by receiving inside tips about...

  • Open vs. shut: The 2 headed coin of transparency Sunday, 9 Nov 2014 | 11:00 AM ET

    Two studies offer different conclusions about whether big companies offer too little disclosure about their operations, or perhaps too much.

  • World's largest ship fuel supplier goes bankrupt Saturday, 8 Nov 2014 | 8:37 AM ET

    COPENHAGEN, Denmark— Danish company OW Bunker, the world's largest ship fuel supplier, has declared bankruptcy and reported two employees at its Singapore subsidiary to the police following fraud allegations. The company, based in Aalborg, northern Denmark, said Wednesday it had lost around $275 million through a combination of poor risk management and fraud...

  • COPENHAGEN, Nov 7- The world's largest ship fuel supplier OW Bunker said it had filed for bankruptcy after an alleged fraud cost it at least $125 million and banks refused to provide new credit lines for it to cover its bills. OW Bunker, the third-largest company in Denmark by revenue, owes 13 banks $750 million. It filed for bankruptcy at the probate court in Aalborg...

  • SINGAPORE/ COPENHAGEN, Nov 7- Traders and shipping companies scrambled to source fuel and take over supply contracts on Friday after Danish marine fuel supplier OW Bunker said a suspected fraud at its Singapore subsidiary had pushed it to the brink of bankruptcy. The alleged fraud at Singapore- based Dynamic Oil Trading is potentially one of the biggest...