Corporate Fraud


  • In a decision late Wednesday, Chief Judge Janet Hall of the U.S. District Court in New Haven, Connecticut, ruled prosecutors sufficiently proved that Jesse Litvak, 39, had lied to customers about the prices of residential mortgage-backed securities, in an effort to make more money for Jefferies and for himself.

  • Ex-mob boss' son convicted in looting of company Thursday, 3 Jul 2014 | 11:13 AM ET

    CAMDEN, N.J.— The son of a former Philadelphia mob boss and another reputed mob associate were convicted Thursday of federal fraud charges for taking over a Texas- based mortgage company and then plundering its assets to buy homes, luxury cars, a plane and a yacht.

  • Cybercrime ring uncovered in Brazil Thursday, 3 Jul 2014 | 10:38 AM ET

    SAO PAULO— A massive cybercrime ring in Brazil may have stolen billions of dollars from a widely used online payment system, a technology security company said. The Federation of Brazilian Banks that represents Brazil's banking industry said the country's banks lost 1.4 billion reals to electronic fraud in 2012..

  • Fraud, sex, post-it art: Google cuts search links Thursday, 3 Jul 2014 | 9:38 AM ET

    BRUSSELS— Google's removal of search results in Europe is drawing accusations of press censorship, as stories from some of the continent's most prominent news outlets begin vanishing.

  • BEIJING, July 3- Chinese petrochemical imports have become the latest commodity financing tool to come under investigation for possible fraud, highlighting the risks from the widespread use of raw materials as collateral to raise loans and skirt credit restrictions.

  • NEW YORK, July 2- Prosecutors avoided the dismissal of the last remaining count against Rengan Rajaratnam on Wednesday, a day after a federal judge tossed the primary fraud charges against Galleon Group founder Raj Rajaratnam's younger brother.

  • NEW YORK, July 1- HSBC Holdings Plc agreed to pay $10 million to settle U.S. government charges that it defrauded taxpayers by submitting inflated bills to process residential foreclosures.

  • NEW YORK, July 1- HSBC Holdings Plc has agreed to pay $10 million to settle U.S. civil fraud claims over foreclosure-related charges it submitted to the government, federal prosecutors said on Tuesday.

  • June 30- U.S. prosecutors have recommended that Jesse Litvak, the former Jefferies Group Inc trader convicted of defrauding investors in mortgage bond trades after the financial crisis, be sentenced to nine years in prison and a $5 million fine.

  • June 30- Victims of the Ponzi schemes of Bernard Madoff and Allen Stanford, two of the largest in U.S. history, suffered setbacks on Monday as the U.S. Supreme Court refused to hear appeals in two cases seeking to recoup more money for them.

  • June 30- Victims of the Ponzi schemes of Bernard Madoff and Allen Stanford, two of the largest in U.S. history, suffered setbacks on Monday as the U.S. Supreme Court refused to hear appeals in two cases seeking to recoup more money for them.

  • SHANGHAI/ BEIJING, June 27- China's Shanxi Coal International Energy Group said it was suing the company at the center of the alleged metals financing fraud at Qingdao port and its parent for over $177 million in missed payments the two had guaranteed, a move that suggests the scandal is starting to affect other sectors in China.

  • June 26- Hewlett-Packard Co has won the dismissal of a lawsuit accusing the computer maker of securities fraud for misleading shareholders about its commitment to ethics while its chief executive was allegedly engaging in sexual harassment. Hurd, who is now president of Oracle Corp, had won wide credit at HP for improving the company's fortunes.

  • *U.S.-listed shares of Barclays down in premarket on fraud lawsuit. NEW YORK, June 26- Wall Street was set for a flat open on Thursday after snapping a two-day losing streak, with focus on financial stocks following a fraud lawsuit against British bank Barclays.

  • *U.S.-listed shares of Barclays down in premarket on fraud lawsuit. *GoPro to make Nasdaq debut. *Alcoa Inc has agreed to buy aircraft parts maker Firth Rixson from private equity firm Oak Hill Capital Partners for $2.85 billion in cash and stock.

  • *Barclays slides on new U.S. lawsuit. LONDON, June 26- British banks, builders and the pound dominated the action on Europe's financial markets on Thursday, after the U.S. sued Barclays for fraud and the Bank of England took less aggressive action than expected to cool a booming UK housing market.

  • NEW YORK, June 24- Bernard Madoff's former accountant pleaded guilty on Tuesday to helping the convicted swindler perpetrate his massive Ponzi scheme. Paul Konigsberg, 78, a former senior tax partner at Konigsberg Wolf& Co, pleaded guilty to one count of conspiracy and two counts of falsifying the records of a broker-dealer before U.S.

  • China's warehouse sector under scrutiny Sunday, 22 Jun 2014 | 7:22 PM ET
    A worker walks in front of a storage area in a logistics center at the Pudong free trade zone in Shanghai, China.

    After an investigation banks and trading houses are aware of the risks of storing commodities in China's warehouse sector.

  • *China's CITIC Resources says unable to secure some metal. SYDNEY/ SHANGHAI June 23- Shaken by a fraud investigation into metal financing in the world's seventh-busiest port, banks and trading houses have been made painfully aware of the risks they face storing commodities in China's sprawling warehouse sector.

  • June 19- A North Carolina judge ruled on Thursday that a Justice Department lawsuit against Bank of America Corp could move forward, allowing the complainant 30 days to file its amended petition. The Department of Justice's lawsuit accuses Bank of America of civil fraud in the sale of mortgage securities that soured during the global financial crisis.