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Corporate Fraud

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  • Depleted oil field highlights China corruption Thursday, 18 Dec 2014 | 8:57 PM ET

    China oil major CNPC is probing a 2013 oil deal as part of the mainland's sweeping corruption crackdown, taking down one of Premier Xi's political rivals.

  • Dec 17- Dow Chemical Co's ex-fraud investigator can pursue claims of being unlawfully fired after disclosing alleged financial misconduct related to the company, including heavy spending by Chief Executive Andrew Liveris, a U.S. judge has ruled. Kimberly Wood worked at Dow for 25 years before she was fired in October. Wood alleges in the lawsuit that she was...

  • Dec 17- Dow Chemical Co's ex-fraud investigator can pursue claims of being unlawfully fired after disclosing alleged financial misconduct related to the company, including heavy spending by Chief Executive Officer Andrew Liveris, a U.S. judge has ruled. Kimberly Wood worked at Dow for 25 years before she was fired in October. The Dow Chemical Co., 14- cv-13049,...

  • Dec 17- A former executive of Countrywide Financial, who led a jury to find parent company Bank of America Corp liable for fraud over shoddy mortgages the company sold, will receive a $57 million award for another whistleblower case against his former employer, according to federal court documents. Bank of America acquired Countrywide for $4 billion in 2008,...

  • RIO DE JANEIRO, Dec 16- Prosecutors in Rio de Janeiro said on Tuesday that they were seeking to indict the former chief executive officer of Brazilian state-run oil company Petroleo Brasileiro SA and a leading local construction and engineering firm for fraud. This list includes Jose Sergio Gabrielli, CEO from July 2005 to January 2012 and Renato Duque, the...

  • Dec 15- Florida lender BankAtlantic Bancorp Inc and its chief executive defrauded investors in 2007, early in the U.S. financial crisis, a federal jury found on Monday. BBX Capital Corp, as BankAtlantic is known today, and Alan Levan, who remains as CEO, were found liable by a federal jury in Miami following a six-week trial in a lawsuit filed by the U.S. Securities and...

  • NEW YORK, Dec 15- A former manager at Bernard Madoff's firm was sentenced to six years in prison on Monday for helping her now imprisoned boss carry out his multibillion dollar Ponzi scheme. JoAnn Crupi, 53, was the last of five former Madoff employees to be sentenced after a Manhattan federal jury found them guilty in March in the first criminal trial over...

  • Halal beef supplier vows to contest fraud charges Monday, 15 Dec 2014 | 2:00 PM ET

    Midamar Corp., based in Cedar Rapids, Iowa, denies the allegations that it sold at least $4.9 million in beef to customers in Malaysia, Kuwait, United Arab Emirates and elsewhere that did not follow the halal practices promised in its labeling and advertising. Also indicted is another company the brothers operate, Islamic Services of America— one of the few...

  • Bankers at war: Portugal probe exposes crisis feud Monday, 15 Dec 2014 | 2:26 AM ET

    An investigation by Portugal's Parliament into last summer's collapse— and 4.9 billion euro bailout— of the country's largest listed bank has turned into gripping television as members of the wealthy Espirito Santo banking dynasty wash their dirty laundry in public. Regulators have already accused Banco Espirito Santo's leadership of fraud, forgery and...

  • Identity theft victims face months of hassle Sunday, 14 Dec 2014 | 10:35 AM ET

    SAN FRANCISCO— As soon as Mark Kim found out his personal information was compromised in a data breach at Target last year, the 36- year-old tech worker signed up for the retailer's free credit monitoring offer so he would be notified if someone used his identity to commit fraud. The latest high-profile hack, at Sony Pictures Entertainment, resulted in Social...

  • Ex-MIT professor, son plead guilty in scam Wednesday, 10 Dec 2014 | 4:55 PM ET

    BOSTON— A former Massachusetts Institute of Technology professor and his son who ran hedge funds have pleaded guilty to securities fraud charges that federal prosecutors say cost their investors $140 million. Federal prosecutors said 69- year-old Gabriel Bitran and 39- year-old Marco Bitran pleaded guilty Wednesday to conspiracy to commit securities...

  • NEW YORK, Dec 10- A former computer programmer for Bernard Madoff was sentenced to 2-1/ 2 years in prison on Wednesday for helping the imprisoned fraudster carry out his multibillion dollar Ponzi scheme. The sentencing of George Perez, who worked at Madoff's firm from 1991 until its collapse in 2008, came nine months after a Manhattan federal jury found him...

  • Annette Bongiorno, who worked for Madoff from the 1960 s until the firm's collapse in 2008, was the second of five former employees to be sentenced after being convicted in March of securities fraud, conspiracy and other charges in a Manhattan federal court. District Judge Laura Taylor Swain also ordered Bongiorno, 66, to forfeit $155 billion, a symbolic amount...

  • Fraud trial urged for husband of Spanish princess Tuesday, 9 Dec 2014 | 7:51 AM ET

    MADRID— Princess Cristina's husband should be tried for fraud and embezzlement, but there's no basis for charges against her, a prosecutor said Tuesday in a corruption probe that has weighed heavily on Spain's royal family. The 4- year-old probe centers on allegations that Urdangarin used his Duke of Palma title to embezzle about 6 million euros in public...

  • NEW YORK, Dec 9- Almost one-fourth of video ads and 11 percent of display ads are viewed by fake consumers created by cyber crime networks seeking to take a chunk of the billions of dollars spent on digital advertising, according to a new research report released on Tuesday. The study, by digital security firm White Ops and the Association of National Advertisers,...

  • NEW YORK, Dec 4- The billionaire Ronald Perelman's lawsuit accusing New York City art gallery owner Larry Gagosian of defrauding him into overpaying for a Cy Twombly painting has been thrown out by a unanimous state appeals court. Despite being a "sophisticated" plaintiff, Perelman "conducted no due diligence" to determine the value of Twombly's "Leaving Paphos...

  • NEW YORK, Dec 4- The billionaire Ronald Perelman's lawsuit accusing New York City art gallery owner Larry Gagosian of defrauding him into overpaying for a Cy Twombly painting has been thrown out by a unanimous state appeals court. Despite being a "sophisticated" plaintiff, Perelman "conducted no due diligence" to determine what Twombly's "Leaving Paphos Ringed...

  • BEIJING, Dec 4- Chinese police have arrested an employee of commodity trader Trafigura as part of an investigation into an alleged $32 million gasoline trade fraud, according to an official arrest warrant seen by Reuters. Commodity financing deals in China are already under the spotlight after a billion-dollar scandal at Qingdao Port, where a private Chinese...

  • SYDNEY, Dec 4- Copper futures strengthened in early Asian trade on Thursday, underpinned by data showing the services sector in China grew marginally faster in November. *Suspected metals fraud in China sparked claims of betrayal by both U.S. bank Citigroup Inc and trade house Mercuria over who would absorb about $270 million in exposure to financing deals, a...

  • His fraud cases against Javier Martin-Artajo and Julien Grout, two former London- based JPMorgan employees who allegedly tried to cover up trading positions that eventually cost the bank $6.2 billion, have both been slowed by extradition proceedings against Martin-Artajo, who is in Spain. His departure follows moves to the private sector by Antonia Apps, who...