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Corporate Fraud

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  • NEW YORK, July 1- A U.S. judge has refused to dismiss Allied Irish Banks Plc's lawsuit accusing Citigroup Inc of helping rogue currency trader John Rusnak rack up a $691 million loss. District Judge Deborah Batts in Manhattan said government-controlled AIB may pursue a variety of fraud claims against Citigroup in its lawsuit seeking $500 million of...

  • BRASILIA, July 1- Brazilian police on Wednesday raided the offices of the federal tax agency and national mint as part of an investigation in a fraud scheme that allegedly channeled 100 million reais in bribes to finance ministry officials. Public servants from both entities linked to the finance ministry were allegedly paid bribes to give the company SICPA a...

  • New Jersey resident gets prison for commodities fraud Wednesday, 1 Jul 2015 | 5:45 AM ET

    NEW YORK— A New Jersey resident will spend over seven years in prison for his role in a New York based commodities fraud scheme. Attorney Preet Bharara in Manhattan announced Tuesday that Alex V. Ekdeshman, of Holmdel, New Jersey, has been sentenced to 87 months. He was chief executive officer of Paramount Management, LLC.

  • June 25- American Apparel Inc said its ousted Chief Executive Dov Charney filed two more lawsuits against the company alleging defamation, representation in false light and claims for securities fraud. Later, on June 24, he filed a lawsuit in the same court against American Apparel, a former CFO, Standard General L.P and other current and former directors...

  • NEW YORK, June 25- Brazil's state-run oil company, Petroleo Brasileiro Petrobras SA, urged a U.S. judge on Thursday to throw out an investors' class action lawsuit over its multibillion-dollar bribery scandal. Speaking at a hearing in federal court in New York, Petrobras lawyer Roger Cooper blamed the fraud on a handful of individuals and said the company could...

  • JERSEY CITY, N.J.— A nonprofit organization that claimed it could turn gay men straight violated New Jersey's Consumer Fraud Act, a jury concluded Thursday in a civil trial that an attorney for the plaintiffs called "a momentous event" for LGBT rights. The jury said that Jews Offering New Alternatives for Healing, co-founder Arthur Goldberg and counselor Alan...

  • *Cynk market cap soared past $6 billion without explanation. NEW YORK, June 23- A dual U.S. and Canadian citizen has been criminally charged with running a stock manipulation fraud that generated $300 million of illegal profit, and included a pump-and-dump scheme that caused the market value of little-known Cynk Technology Corp to rocket past $6 billion.

  • U.S.-Canadian man charged with $300 million fraud Tuesday, 23 Jun 2015 | 5:15 PM ET

    NEW YORK, June 23- A dual U.S. and Canadian citizen was arrested on Tuesday and criminally charged with allegedly manipulating the stocks of numerous publicly traded U.S. companies, and laundering about $300 million of profit through at least five offshore law firms. Federal prosecutors in Brooklyn, New York, said Gregg Mulholland, 45, was arrested at Phoenix...

  • Ex-Cendant chairman fails to overturn fraud conviction Tuesday, 23 Jun 2015 | 11:55 AM ET

    NEW YORK, June 23- A federal appeals court on Tuesday refused to overturn the fraud conviction of former Cendant Corp Chairman Walter Forbes for his role in one of corporate America's largest accounting scandals. The 2nd U.S. Circuit Court of Appeals in New York rejected Forbes' argument that a new trial was warranted because newly discovered evidence from a...

  • NEW YORK, June 18- A decade-old lawsuit in which New York accused former American International Group Inc Chief Executive Maurice "Hank" Greenberg of accounting fraud will head to the state's highest court for a second time, likely delaying for several months a trial that had been set for June 25. The appellate division, a mid-level New York state court, on Thursday...

  • Richard Cunniffe, who worked at Chatsworth Securities LLC in Greenwich, Connecticut, secretly pleaded guilty on May 12 in Manhattan federal court to charges including securities fraud, records show. Prosecutors say he has been cooperating since March 12 in an investigation that led to charges last month against Sean Stewart, a former managing director at...

  • The IRS said in May that cyber criminals had illegally accessed tax return information for about 100,000 U.S. taxpayers since the start of the filing season in January. To fight this, the IRS said it would review transmissions of tax returns filed online by looking at the time it takes to complete the returns and observing forms sent repetitively from the same...

  • WASHINGTON, June 5- Computer Sciences Corp agreed to pay $190 million to settle civil accounting fraud charges alleging the company manipulated its financial results to hide problems with one of its high-profile contracts, U.S. regulators announced on Friday. "The company installed new leadership in 2012, made adjustments to prior period financial...

  • NEW YORK, June 4- A Kentucky businessman was sentenced on Thursday to 12 years in federal prison for a series of massive frauds, including a $53 million tax scheme, the bribing of bank officials and the defrauding of bank and insurance regulators. District Judge Naomi Reice Buchwald in New York said Huff had a "staggering" history of wrongdoing that began in the 1990...

  • NEW YORK, June 4- Abacus Federal Savings Bank, which caters to the Chinese-American community in New York, New Jersey and Pennsylvania, was found not guilty on Thursday of all charges related to the sale of allegedly fraudulent mortgages to Fannie Mae. A jury in New York state court in Manhattan acquitted the bank of mortgage fraud and falsifying business records...

  • NEW YORK, June 4- Abacus Federal Savings Bank, which caters to the Chinese-American community in New York, New Jersey and Pennsylvania, was found not guilty on Thursday of all charges related to the sale of allegedly fraudulent mortgages to Fannie Mae, prosecutors and defense counsel said. A jury in New York state court in Manhattan acquitted the bank of mortgage...

  • *Criminal, civil charges filed in New Jersey. Attorney Paul Fishman in New Jersey said Steven Fishoff, 58, the president of Featherwood Capital Inc in Westlake Village, California, was charged with four counts of securities fraud and one count of conspiracy. Also charged with securities fraud and conspiracy were Fishoff's brother-in-law Steven Costantin, 54,...

  • U.S. charges four men with insider trading Wednesday, 3 Jun 2015 | 11:16 AM ET

    Attorney Paul Fishman in New Jersey said on Wednesday. Steven Fishoff, the president of Featherwood Capital Inc, was charged with four counts of securities fraud and one count of conspiracy. Co-defendants Ronald Chernin, Steven Costantin and Paul Petrello were also charged with securities fraud and conspiracy counts.

  • *Citi failed to win $270 mln court order vs Mercuria. LONDON, June 3- U.S. bank Citigroup Inc said it currently has no metals financing clients in China after suspected fraud led to a web of lawsuits, and was reviewing the future of the business. Last month, Citigroup failed in a bid to win an order from a London court that would force trade house Mercuria to pay about $270...

  • *Citi failed to win $270 mln court order vs Mercuria. LONDON, June 3- U.S. bank Citigroup Inc said it has withdrawn from metals financing in China after suspected fraud that led to a web of lawsuits. Last month, Citigroup failed in a bid to win an order from a London court that would force trade house Mercuria to pay about $270 million in potential losses for metals...