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Corporate Fraud

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  • CEO of bankrupt oil company sentenced in scheme Tuesday, 19 Aug 2014 | 4:01 AM ET

    LOUISVILLE, Ky.— The CEO of a bankrupt southern Kentucky oil company was sentenced Tuesday to nearly three years in prison for scamming investors into giving him money for three oil partnerships in Kentucky and Tennessee. Young Oil executive Anthony L. Young of Knob Lick did not speak during the 30- minute hearing in U.S. District Court in Louisville.

  • LONDON, Aug 14- Britain's fraud prosecutor could decide as soon as next month whether to charge former Barclays executives over undisclosed payments the bank made to Qatari investors in 2008, three sources familiar with the investigation said.

  • Florida man gets 5 years in Pa. loan scam case Thursday, 14 Aug 2014 | 9:41 AM ET

    PITTSBURGH— A Florida man was sentenced Thursday to five years in federal prison for his role in an overseas loan scam that cost 47 investors on four continents more than $3.9 million. Attorney Leo Dillon told the sentencing judge the case involved "an enormous worldwide fraud," with victims in the United States, Germany, Switzerland, Hong Kong, Japan and Australia.

  • Ex-MIT professor agrees to plead guilty to fraud Wednesday, 13 Aug 2014 | 8:29 AM ET

    BOSTON— A former Massachusetts Institute of Technology professor and his son have agreed to pay $4.8 million to settle allegations that they misled investors in their hedge fund companies.

  • Feds charge 5 with bank fraud in Iowa home sales Monday, 11 Aug 2014 | 11:37 AM ET

    IOWA CITY, Iowa— A Des Moines attorney and four area businessmen deceived banks into selling homes to them at below market rates, then immediately resold the properties for profit without the lenders' knowledge, federal prosecutors say.

  • Attorney Melinda Haag announced that Alfred J. Villalobos, a former member of the board of the California Public Employee Retirement System who later worked as a placement agent, engaged in a conspiracy to commit corruption, defraud the United States, conceal materials, and conspire to commit mail and wire fraud.

  • NEW YORK,- A Manhattan federal judge on Thursday said the U.S. Department of Justice may pursue most of its lawsuit accusing Novartis AG of civil fraud for allegedly using kickbacks to boost sales of drugs covered by Medicare and Medicaid.

  • NEW YORK, Aug 7- A Manhattan federal judge on Thursday said the U.S. Department of Justice may pursue most of its lawsuit accusing Novartis AG of civil fraud for allegedly using kickbacks to boost sales of drugs covered by Medicare and Medicaid.

  • SHANGHAI, Aug 7- Chinese police are investigating the death from unnatural causes of the deputy commissioner of customs at Qingdao port which is under investigation for alleged commodity financing fraud, state news agency Xinhua said on Thursday. Qingdao police declined to comment, adding that investigations are ongoing.

  • Wylys' lawyer calls U.S. SEC $750 mln claim 'overblown' Wednesday, 6 Aug 2014 | 5:52 PM ET

    NEW YORK, Aug 6- A lawyer for Texas businessman Sam Wyly and his late brother Charles on Wednesday urged a U.S. judge to reject the Securities and Exchange Commission's request for as much as $750 million in damages for their role in a fraudulent offshore scheme.

  • NEW YORK, Aug 5- A U.S. judge on Tuesday reluctantly approved a $285 fraud settlement between Citigroup Inc and the U.S. Securities and Exchange Commission, two months after an appeals court voided his decision to reject it as inadequate. But he said he feared the 2nd U.S. Circuit Court of Appeals' decision would rob such settlements of any "meaningful oversight."

  • NEW YORK, Aug 4- Texas tycoon Sam Wyly and his late brother Charles' estate should pay about $750 million in damages for their role in a fraudulent offshore tax scheme, a lawyer for the U.S. Securities and Exchange Commission told a judge in New York on Monday.

  • Lawsuits over an estimated $900 million exposure to a suspected metal financing fraud in China are hindering a recovery in metal trade.

  • HONG KONG/ SHANGHAI, Aug 4- As global banks and trading houses fire off lawsuits over their estimated $900 million exposure to a suspected metal financing fraud in China, the tangled legal battle to recoup losses is set to drag on for years and hinder a swift recovery in metal trade.

  • LONDON, July 31- Britain's Serious Fraud Office has averted a 300 million-pound damages claim over its botched investigation into the Tchenguiz brothers, securing a second out-of-court settlement and closing an embarrassing chapter in its history.

  • LONDON, July 31- Britain's Serious Fraud Office on Thursday drew a line under one of its most embarrassing and damaging episodes by reaching a second out-of-court settlement over a botched investigation that led to the arrests of two property moguls.

  • LONDON, July 31- Robert Tchenguiz, one of London's best-known property moguls, has reached a 1.5 million pound out-of-court settlement with Britain's Serious Fraud Office over his arrest and searches of his home and business premises in 2011..

  • NEW YORK, July 30- A federal judge on Wednesday ordered Bank of America Corp to pay a $1.27 billion penalty for fraud over shoddy mortgages sold by the former Countrywide Financial Corp..

  • NEW YORK, July 30- A federal judge on Wednesday ordered Bank of America Corp to pay $1.27 billion of damages after a federal jury found the second-largest U.S. bank liable for fraud over defective mortgages sold by its Countrywide unit.

  • NEW YORK, July 30- Two principals of now-defunct SK Madison Commodities LLC have been criminally charged with fraudulently soliciting more than $1.3 million from investors for their Manhattan- based commodities pool, and pocketing $700,000 for themselves.