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Corporate Fraud

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  • 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,...

  • Arms dealer associate in NY gets 5 years in prison Thursday, 4 Dec 2014 | 5:48 PM ET

    NEW YORK— A Syrian associate of international arms dealer Viktor Bout who served in the U.S. Army was sentenced Thursday to five years in prison on conspiracy and wire fraud charges. Chichakli was also ordered to forfeit $1.7 million and pay $70,000 in restitution. Chichakli had been extradited to the United States from Australia, where he was arrested in...

  • 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...

  • SAO PAULO, Dec 3- Brazil's comptroller general opened cases on Wednesday against eight engineering firms suspected of bribery and fraud in deals with Petrobras, holding them accountable for their role in a widening corruption scandal at the state-run oil company. If found responsible for the alleged graft scheme, some of Brazil's biggest industrial...

  • A $425 million jackpot for Wall St whistleblowers Wednesday, 3 Dec 2014 | 1:29 PM ET

    There's a little known pot of cash the SEC has set aside for tipsters, says this former SEC lawyer, which could make whistleblowing quite lucrative.

  • The SEC on Wednesday filed civil fraud charges against former Assisted Living Concepts Inc chief executive Laurie Bebo, and chief financial officer, John Buono, who devised a scheme to fraudulently inflate occupancy rates at certain facilities it ran for seniors. Their misconduct included adding Bebo's parents and husband in the company's leasing figures...

  • Dec 2- Eric Bloom, a former Chicago- area money manager convicted of fraud, is an "unrepentant con man" who should spend at least 20 years in prison and repay $665.9 million to his victims, federal prosecutors said. The sentencing recommendation for Bloom, the former chief executive officer of Northbrook, Illinois- based Sentinel Management Group Inc, was disclosed...

  • HP made false representations: Autonomy founder Tuesday, 2 Dec 2014 | 12:46 PM ET
    Mike Lynch

    Autonomy founder Mike Lynch said he has a document that shows HP made false representations about its massive write-down.

  • Global air ticket fraud sweep nets 118 arrests Friday, 28 Nov 2014 | 8:05 AM ET

    AMSTERDAM, Nov 28- More than 100 people were arrested worldwide this week after an investigation spanning 45 countries into the use of stolen credit cards to buy plane tickets, European police agency Europol said on Friday. The probe, run from Europol's headquarters in The Hague as well as from Singapore and Bogota, Colombia, was aimed at curbing a type of crime...