GO
Loading...

Corporate Fraud

More

  • DOYLESTOWN, Pa.— A local GOP fundraiser charged in a $20 million insurance scheme after three mansion fires in five years cursed and discussed the Mafia while meeting with a jewelry appraiser about her claims, the appraiser testified Tuesday. Claire Risoldi's "salty language" was humorous until it became threatening, appraiser Don Palmieri testified at a...

  • 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.

  • SEC files fraud charges against Lynn Tilton, firms Monday, 30 Mar 2015 | 11:18 AM ET

    The SEC said Tilton and the firms have misled investors since 2003 and wrongly collected nearly $200 million in fees and other payments. The case will be heard before an administrative law judge at the SEC. The SEC action against Tilton represents an example of government regulators enforcing the fiduciary standard for investment advisers.

  • 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.

  • Attorney Melinda Haag said Thursday a federal jury in Oakland found 66- year-old Ebrahim Shabudin guilty of conspiring with others within the bank to falsify key bank records as part of a scheme to conceal millions of dollars in losses and falsely inflate the bank's financial statements. Shabudin was Chief Operating Officer for United Commercial Bank...

  • *Judge orders Wanxiang to cease court case in Shanghai. LONDON, March 26- Trading house Trafigura and China's Wanxiang Resources are expected to agree to arbitration in Hong Kong for a dispute linked to alleged metals financing fraud after sparring over jurisdiction, lawyers for the firms said. Justice Blair at England's High Court encouraged the two sides to...

  • March 26- Zynga Inc must face a lawsuit that accuses the gaming company known for its "FarmVille" game of defrauding shareholders about its prospects before and after its December 2011 initial public offering. District Judge Jeffrey White in San Francisco said on Wednesday that shareholders could pursue claims that Zynga concealed declining user activity,...

  • FINRA fines Oppenheimer $3.75M in employee fraud case Thursday, 26 Mar 2015 | 11:15 AM ET

    NEW YORK— The Financial Industry Regulatory Authority is ordering Oppenheimer& Co. to pay $3.75 million for failing to supervise an employee who defrauded clients and the producers of a canceled Broadway musical. FINRA ordered Oppenheimer to pay a $2.5 million fine and $1.25 million in restitution for failing to investigate Mark Hotton before hiring him,...

  • Zynga must face lawsuit alleging fraud tied to IPO Thursday, 26 Mar 2015 | 10:47 AM ET

    March 26- Zynga Inc must face a lawsuit accusing the online gaming company known for "FarmVille" of defrauding shareholders about its prospects before and after its December 2011 initial public offering. District Judge Jeffrey White in San Francisco on Wednesday said shareholders could pursue claims that Zynga concealed declining user activity, masked how...

  • SAN FRANCISCO, March 25- The former chief operating officer of a major Chinese-American bank in San Francisco was convicted on Wednesday of several criminal counts, including securities fraud, over allegations he concealed deteriorating loans at the height of the 2008 financial crisis. Prosecutors accused former United Commercial Bank executive Ebrahim...

  • U.S. jury convicts former bank exec of securities fraud Wednesday, 25 Mar 2015 | 6:20 PM ET

    SAN FRANCISCO, March 25- A U.S. jury on Wednesday convicted former United Commercial Bank chief operating officer Ebrahim Shabudin of several criminal counts, including securities fraud, according to a court filing. UCB received $298.7 million from the government's Troubled Asset Relief Program during the financial meltdown and was the ninth-largest bank...

  • Whitman, the founder of Whitman Capital LLC in Menlo Park, California, is serving a two-year prison term for his August 2012 conviction on securities fraud and conspiracy charges. Prosecutors said he profited in trading in shares of Google Inc and video-conferencing company Polycom Inc based on illegal tips from people like former Intel Corp employee Roomy...

  • Herbalife not exonerated by court: Pershing Square Friday, 20 Mar 2015 | 1:27 PM ET
    Bill Ackman appears on CNBC's "Squawk Box" in the debut of its new set in Manhattan.

    A court's dismissal of a lawsuit against Herbalife did not "exonerate" the company's business practices, Pershing Square said.

  • Prison sentences for egg theft scheme in Cuba Friday, 20 Mar 2015 | 12:03 PM ET

    HAVANA— More than a dozen people were sentenced to between five and 15 years in prison for conspiring to divert millions of eggs to the black market, Cuban official media reported Friday. Eighteen suspects were convicted and one was acquitted, Communist Party newspaper Granma said, in a case where prosecutors had sought terms of up to 20 years.

  • March 18- Herbalife Ltd won the dismissal of a lawsuit that claimed the maker of weight-loss and nutritional products fraudulently portrayed itself as a legitimate company, and that shareholders lost money because it was actually an illegal pyramid scheme. District Judge Dale Fischer in Los Angeles said on Monday that shareholders led by two pension funds...

  • UK bans first trader over Libor after US conviction Tuesday, 17 Mar 2015 | 7:27 AM ET
    The exterior of the headquarters of Dutch co-operative bank Rabobank in Utrecht.

    A former trader at Rabobank has become the first trader banned from the British financial services industry over Libor interest rate rigging.

  • LONDON, March 17- A former trader at Dutch lender Rabobank has become the first trader banned from the British financial services industry over Libor interest rate rigging after he was convicted of fraud in the United States. The Financial Conduct Authority said on Tuesday that Paul Robson, who last year pleaded guilty to being part of a conspiracy to...

  • LONDON, March 17- Britain's financial regulator has banned Paul Robson, a former trader at Dutch lender Rabobank from the UK financial services industry following a criminal conviction for Libor-related fraud in the United States. The Financial Conduct Authority said on Tuesday that Robson, who last year pleaded guilty for his role in a conspiracy to...

  • WASHINGTON, March 12- The U.S. Justice Department has come out broadly against a series of proposals from a federal panel that would cut prison time for white-collar criminals. Attorney for the Eastern District of California, said at the hearing. The Justice Department also objected to a proposal to shift the emphasis in calculating sentences for stock fraud...