GO
Loading...

Corporate Fraud

More

  • Music producer convicted of investment fraud in NY Friday, 10 Oct 2014 | 6:17 PM ET

    Charles Huggins, 68, of Edgewater, New Jersey, was convicted of wire fraud and conspiracy to commit wire fraud by a jury that deliberated less than a day. District Judge Sidney Stein ordered Huggins held at least until his sentencing, saying his risk to flee is higher because he has foreign bank accounts and knows high-level government officials in Africa.

  • NEW YORK, Oct 9- A U.S. appeals court ruling on Thursday revived a lawsuit against JPMorgan Chase& Co filed by a former vice president claiming the bank ignored red flags about a client's potential fraud, even after the massive Ponzi scheme operated by Bernard Madoff, another JPMorgan client, was exposed. JPMorgan has rejected Sharkey's allegations and a bank...

  • BOSTON, Oct 3- Two U.S. states are investigating the theft of 83 million customer records from JPMorgan Chase& Co in a massive cyberattack uncovered over the summer, and more may soon join, Reuters learned on Friday. Special Assistant Attorney General William Brauch, director of the Iowa Department of Justice's Consumer Protection Division, told Reuters that...

  • BOSTON, Oct 3- Two U.S. states are investigating the theft of 83 million customer records from JPMorgan Chase& Co in a massive cyberattack uncovered over the summer and more may soon join, Reuters learned on Friday. Special Assistant Attorney General William Brauch, director of the Iowa Department of Justice's Consumer Protection Division, told Reuters that...

  • BOSTON, Oct 3- The 83 million customer records that hackers stole from JPMorgan Chase& Co could fuel years of fraud, as criminals use the information to "phish" for customer passwords and ferret out other accounts that consumers may have, cybercrime researchers said on Friday. Their first step will likely be to use the information to send emails to customers...

  • NEW YORK, Oct 3- A federal appeals court signaled that former Jefferies Group Inc managing director Jesse Litvak has a good chance to overturn his conviction for defrauding mortgage bond investors after the 2008 financial crisis. The 2nd U.S. Circuit Court of Appeals on Friday granted Litvak's bid to stay out of prison while he appeals his March 7 conviction by a...

  • NEW YORK, Oct 2- A former executive of Foundry Networks Inc was found guilty on Thursday of leaking inside information about the data-equipment maker and enabling a San Francisco hedge fund to earn millions of dollars. David Riley, Foundry's former chief information officer, was found guilty by a Manhattan federal jury of two counts of securities fraud and one...

  • Avon wins dismissal of lawsuit over China bribery Monday, 29 Sep 2014 | 1:59 PM ET

    NEW YORK, Sept 29- Avon Products Inc on Monday won the dismissal of a securities fraud lawsuit accusing the cosmetics company of concealing its inability to stop workers from bribing officials in China to win business there.

  • NEW YORK, Sept 25- Texas tycoon Sam Wyly and his late brother Charles' estate must pay hundreds of millions of dollars to the U.S. Securities and Exchange Commission for a fraudulent offshore scheme, a U.S. judge said on Thursday, one of the largest awards ever imposed on individual defendants.

  • NEW YORK, Sept 25- A federal judge said former U.S. Treasury Secretary Timothy Geithner must give Standard& Poor's documents he used when writing his best-selling memoir, a ruling that could help S&P defend against the government's $5 billion fraud lawsuit over its credit ratings.

  • NEW YORK, Sept 25- Texas tycoon Sam Wyly and his late brother Charles' estate must pay $187.7 million to the U.S. Securities and Exchange Commission for a fraudulent offshore scheme, a U.S. judge said on Thursday.

  • Babak "Bobby" Yazdani, who founded Saba in 1997 and resigned as chief executive in March 2013, was not charged with misconduct over the scheme, which involved falsified time-sheets by consultants at an Indian subsidiary, the SEC said.

  • The SEC is announcing the largest ever whistleblower award of $30 million, reports CNBC's Eamon Javers.

  • Bank of Montreal is sued over Tom Petters' Ponzi scheme Thursday, 18 Sep 2014 | 6:58 PM ET

    Sept 18- Bank of Montreal was sued on Thursday by a trustee liquidating two Florida funds that claimed to have lost money in a Ponzi scheme operated by Minnesota businessman Thomas Petters.

  • WASHINGTON, Sept 17- Wall Street whistleblowers who provide U.S. prosecutors with evidence of financial fraud should get larger rewards for their efforts, U.S. Attorney General Eric Holder plans to say in a speech on Wednesday, according to a Justice Department official.

  • According to the SEC, AgFeed's Chinese management kept two sets of books- a real one and a fake one to present to investors. The case has garnered some attention because the SEC also charged the company's former U.S.-based independent audit committee chairman, a rare move by the agency.

  • Andrew Madoff's $16M fortune riles father's victims Friday, 12 Sep 2014 | 2:28 PM ET
    Andrew Madoff in 2011

    Andrew Madoff, the son of convicted financier Bernie Madoff, was worth $16 million prior to his death from lymphoma on Sept. 4.

  • NEW YORK, Sept 10- Accounting firms PricewaterhouseCoopers and Crowe Horwath must face a lawsuit accusing them of professional malpractice and breach of contract for not catching a fraud that led to the 2009 collapse of Colonial Bank, a federal judge has ruled.

  • LONDON, Sept 9- The British subsidiary of French train and turbine maker Alstom paid around $8.5 million in bribes over a six-year period to win transport contracts in India, Poland and Tunisia, Britain's leading fraud prosecutor alleged on Tuesday.

  • NEW YORK, Sept 5- An American International Group Inc unit sued a company headed by Philadelphia philanthropist Alan Buerger, accusing it of a $150 million fraud involving life insurance policies sold by elderly individuals in exchange for a quick payment. Coventry is the "leader and creator" of the life settlement industry, according to its website.