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Corporate Fraud

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  • WASHINGTON, April 10- Three men have been indicted on charges that they bilked $32 million from a federal program that subsidizes cell phones for poor Americans, the first such criminal fraud prosecution in the Lifeline program, the Justice Department said on Thursday.

  • AP Top Financial News At 7:39 p.m. EDT Thursday, 10 Apr 2014 | 12:56 PM ET

    Investors flee tech stocks again, pummeling Nasdaq NY judge sentences SAC Capital in $1.8 B fraud deal US budget deficit falls in March to $37 billion GM puts 2 engineers on paid leave in recall case GM making a new repair in recalled cars US Internet ad revenue surpasses broadcast Putin: Ukraine debt threatens Europe gas supplies Bezos offers update on groceries, drones Applications for US jobless aid dip 32 K to 300,000 Shorter red snapper season ahead for Gulf Coast

  • AP Top Extended Financial Headlines At 7:39 p.m. EDT Thursday, 10 Apr 2014 | 12:56 PM ET

    Stocks drop as investors dump biotech, other former favorites; Nasdaq has worst day since 2011 NY judge sentences SAC Capital according to terms of government's record $1.8 B fraud deal US budget deficit falls in March from same month last year as revenue rises, spending dips GM puts 2 engineers on paid leave in ignition switch case, adds second part to huge recall GM says another part needs repair in recalled small cars, as recall costs climb to $1.3 B Report: US Internet ad revenue surpasses broadcast TV for the first time Putin warns European leaders: Gas dispute with Ukraine can threaten their own energy supplies Amazon CEO Jeff Bezos gives update on online retailer's drone, grocery programs Lowest number of Americans seeking jobless benefits in almost 7 years, declines 32 K to 300,000 11- day red snapper season for recreation, charter boats in the Gulf of Mexico

  • To resolve criminal and civil probes into insider trading, SAC Capital has agreed to pay more than $1.8 billion in total. SAC Capital also agreed to be placed on probation for five years, and employ a compliance consultant, former federal prosecutor Bart Schwartz.

  • At a glance: How to avoid tax refund fraud Thursday, 10 Apr 2014 | 12:34 PM ET

    As the April 15 tax filing deadline approaches, tax refund fraud is a growing problem. —Don't carry your Social Security card or documents that show your Social Security number or Individual Taxpayer Identification Number. —Don't give a business your Social Security number just because someone asks.

  • AP Top Financial News At 12:47 p.m. EDT Thursday, 10 Apr 2014 | 8:21 AM ET

    Stocks take another tumble; eBay heads lower GM puts 2 engineers on paid leave in recall case Putin warns Europe about Ukraine gas debt Applications for US jobless aid dip 32 K to 300,000 NY judge sentences SAC Capital in $1.8 B fraud deal Dieters move past calories, food makers follow Average US 30- year mortgage rate down to 4.34 pct. Family Dollar to cut jobs, close about 370 stores Ally shares slide in first-day trading EBay, Icahn settle proxy fight

  • AP Top Extended Financial Headlines At 12:47 p.m. EDT Thursday, 10 Apr 2014 | 8:21 AM ET

    Stocks slide on Wall Street; Volatile biotechnology sector takes another plunge; eBay down General Motors puts 2 engineers on paid leave in ignition switch recall case Putin warns European leaders: Gas dispute with Ukraine can threaten their own energy supplies Lowest number of Americans seeking jobless benefits in almost 7 years, declines 32 K to 300,000 NY judge sentences SAC Capital according to terms of government's record $1.8 B fraud deal Americans look past calories as approach to dieting evolves; major brands feel sales slide Average US rate on 30- year mortgage falls to 4.34 pct.; 15- year loan eases to 3.38 pct. Family Dollar to cut jobs, close about 370 stores as it tries to improve financial performance Banker and auto lender Ally holds largest IPO of the year but shares drop in midday trading EBay, Icahn settle proxy fight; Icahn withdraws proposal that PayPal be spun off from eBay

  • Dozens arrested in credit card fraud crackdown Thursday, 10 Apr 2014 | 7:49 AM ET

    THE HAGUE, Netherlands— Law enforcement authorities have arrested 70 people at airports around the world in a meticulously coordinated crackdown targeting criminals using fake or stolen credit cards to buy airline tickets.

  • US judge sentences SAC Capital in $1.8B fraud deal Thursday, 10 Apr 2014 | 3:03 AM ET

    NEW YORK— The once high-flying hedge fund SAC Capital was sentenced on criminal fraud charges Thursday under a $1.8 billion deal that prosecutors say included the largest criminal fine ever imposed in an insider trading case.

  • Eye doctor billed over $20 million to Medicare     Wednesday, 9 Apr 2014 | 11:51 AM ET

    CNBC's Scott Cohn reports on new data released from Medicare on fraud. One eye doctor in West Palm Beach billed more than $20 million to Medicare in 2012. The doctor, Salomon Melgen, says he didn't do anything wrong.

  • Ex-Anglo Irish bankers have some charges dropped Wednesday, 9 Apr 2014 | 8:58 AM ET

    DUBLIN— A judge has dismissed 13 fraud charges against two former executives of Anglo Irish Bank, the reckless lender that drove Ireland to the brink of national bankruptcy, as authorities continue to seek criminal convictions against directors of the ruined company.

  • ALBANY, N.Y., April 8- New York's highest state court has ruled that a lawsuit by the Algosaibi family conglomerate, claiming that a Saudi billionaire who married into the family committed a $150 million fraud, should be heard in Saudi Arabia.

  • The SEC, which announced the settlement on Tuesday, said CVS failed while marketing a $1.5 billion bond offering in September 2009 to disclose having recently lost significant Medicare and contract revenue streams in its pharmacy benefits manager business, including from the former Caremark Rx Inc that it bought in March 2007.

  • U.S. wants one trial in $5 bln fraud case vs S&P Tuesday, 8 Apr 2014 | 11:10 AM ET

    Last month, S&P proposed holding two trials, with the first focused on just 17 securities out of the roughly 160 at issue, where Citigroup Inc was alleged to have suffered losses.

  • US Feds open Banamex investigation: Report     Thursday, 3 Apr 2014 | 10:25 AM ET

    CNBC's Michelle Caruso-Cabrera reports Federal authorities have opened a criminal investigation into a recent $400 million fraud involving Citi's Banamex.

  • April 3- Federal authorities have opened an investigation into a $400 million fraud involving Citigroup's Mexican unit, the New York Times reported, citing people briefed on the matter.

  • U.S. Supreme Court could limit bank fraud law Tuesday, 1 Apr 2014 | 2:22 PM ET

    WASHINGTON, April 1- The U.S. Supreme Court on Tuesday appeared poised to limit the scope of a federal criminal law that targets people who defraud banks.

  • NEW YORK, April 1- News Corp and several top officials have won the dismissal of a U.S. lawsuit by shareholders who accused them of fraud for concealing illegal phone hacking at two of its British newspapers, according to a court decision made public on Tuesday.

  • NEW YORK, March 31- A New York judge has allowed Chevron Corp to sue Patton Boggs over claims that the Washington law and lobbying firm engaged in fraud while trying to enforce a multibillion-dollar environmental judgment for a group of Ecuadorean villagers.

  • NEW YORK, March 31- JPMorgan Chase& Co must face a lawsuit from shareholders accusing it of securities fraud by misleading them about its ability to manage risk, which surfaced when it lost $6.2 billion in the "London Whale" scandal.

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