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Corporate Fraud

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  • *Judge orders Wanxiang to cease court case in Shanghai. LONDON, March 26- Trading house Trafigura and China's Wanxiang Resources are expected to agree to arbitration in Hong Kong for a dispute linked to alleged metals financing fraud after sparring over jurisdiction, lawyers for the firms said. Justice Blair at England's High Court encouraged the two sides to...

  • March 26- Zynga Inc must face a lawsuit that accuses the gaming company known for its "FarmVille" game of defrauding shareholders about its prospects before and after its December 2011 initial public offering. District Judge Jeffrey White in San Francisco said on Wednesday that shareholders could pursue claims that Zynga concealed declining user activity,...

  • Zynga must face lawsuit alleging fraud tied to IPO Thursday, 26 Mar 2015 | 10:47 AM ET

    March 26- Zynga Inc must face a lawsuit accusing the online gaming company known for "FarmVille" of defrauding shareholders about its prospects before and after its December 2011 initial public offering. District Judge Jeffrey White in San Francisco on Wednesday said shareholders could pursue claims that Zynga concealed declining user activity, masked how...

  • SAN FRANCISCO, March 25- The former chief operating officer of a major Chinese-American bank in San Francisco was convicted on Wednesday of several criminal counts, including securities fraud, over allegations he concealed deteriorating loans at the height of the 2008 financial crisis. Prosecutors accused former United Commercial Bank executive Ebrahim...

  • U.S. jury convicts former bank exec of securities fraud Wednesday, 25 Mar 2015 | 6:20 PM ET

    SAN FRANCISCO, March 25- A U.S. jury on Wednesday convicted former United Commercial Bank chief operating officer Ebrahim Shabudin of several criminal counts, including securities fraud, according to a court filing. UCB received $298.7 million from the government's Troubled Asset Relief Program during the financial meltdown and was the ninth-largest bank...

  • Whitman, the founder of Whitman Capital LLC in Menlo Park, California, is serving a two-year prison term for his August 2012 conviction on securities fraud and conspiracy charges. Prosecutors said he profited in trading in shares of Google Inc and video-conferencing company Polycom Inc based on illegal tips from people like former Intel Corp employee Roomy...

  • March 18- Herbalife Ltd won the dismissal of a lawsuit that claimed the maker of weight-loss and nutritional products fraudulently portrayed itself as a legitimate company, and that shareholders lost money because it was actually an illegal pyramid scheme. District Judge Dale Fischer in Los Angeles said on Monday that shareholders led by two pension funds...

  • UK bans first trader over Libor after US conviction Tuesday, 17 Mar 2015 | 7:27 AM ET
    The exterior of the headquarters of Dutch co-operative bank Rabobank in Utrecht.

    A former trader at Rabobank has become the first trader banned from the British financial services industry over Libor interest rate rigging.

  • LONDON, March 17- A former trader at Dutch lender Rabobank has become the first trader banned from the British financial services industry over Libor interest rate rigging after he was convicted of fraud in the United States. The Financial Conduct Authority said on Tuesday that Paul Robson, who last year pleaded guilty to being part of a conspiracy to...

  • LONDON, March 17- Britain's financial regulator has banned Paul Robson, a former trader at Dutch lender Rabobank from the UK financial services industry following a criminal conviction for Libor-related fraud in the United States. The Financial Conduct Authority said on Tuesday that Robson, who last year pleaded guilty for his role in a conspiracy to...

  • WASHINGTON, March 12- The U.S. Justice Department has come out broadly against a series of proposals from a federal panel that would cut prison time for white-collar criminals. Attorney for the Eastern District of California, said at the hearing. The Justice Department also objected to a proposal to shift the emphasis in calculating sentences for stock fraud...

  • March 11- A bond trader pleaded guilty on Wednesday to conspiring to defraud Royal Bank of Scotland Group Plc customers by lying about the prices of bond transactions he handled for them in an effort to boost the bank's profit. Matthew Katke, 34, of New York, pleaded guilty to one count of conspiracy to commit securities fraud and will cooperate with prosecutors,...

  • UPDATE 1-Investment adviser admits phony Winklevoss ties Wednesday, 11 Mar 2015 | 3:19 PM ET

    March 11- An investment adviser pleaded guilty to fraud in New York state court on Wednesday, admitting that he forged documents and sent emails in the name of Tyler Winklevoss and others associated with the founding of Facebook Inc, among other crimes. He duped Carl Kleidman, for instance, then managing director of Vision Capital Advisors, an SEC- registered...

  • March 6- BP Plc on Friday ended its bid to oust the administrator overseeing payouts to businesses and individuals claiming damages arising from the 2010 Gulf of Mexico oil spill, citing steps the administrator has taken to reduce the threat of fraud. "This marks the beginning of a new and more productive relationship between BP and the claims program," BP America...

  • Apple Pay hit by low-tech fraudsters: WSJ   Friday, 6 Mar 2015 | 6:06 AM ET
    Apple Pay hit by low-tech fraudsters: WSJ

    The "Squawk Box" news team discusses a story from the Wall Street Journal that reports Apple's mobile payment system has been hit by a surge of fraudulent transactions.

  • According to two sources with direct knowledge of the matter and another who had been briefed by police, the police last month froze one account at Industrial and Commercial Bank of China and another at Bank of China, both held in Shanghai by Trafigura Private Limited, a Singapore unit. Trafigura will be anxious to avoid any disruption to its business in Shanghai,...

  • NEW YORK, March 2- IBM Corp was sued on Monday by a shareholder that said it committed securities fraud by failing to write down a money-losing semiconductor unit before agreeing to pay another company $1.5 billion to take that unit off its hands. The lawsuit filed in Manhattan federal court arose from IBM's announcement last Oct. 20 that it would sell the unit to...

  • *Takes impairment, other charges of $438 mln for full-yr. SINGAPORE, Feb 26- Asian commodities trader Noble Group Ltd reported its first quarterly loss in three years and took impairment charges of over $400 million, days after it was hit by allegations of aggressive accounting from an obscure research firm. The Singapore- listed company said it had swung to a...

  • WASHINGTON, Feb 25- MetLife Home Loans LLC will pay $123.5 million to resolve alleged Federal Housing Administration mortgage lending violations, the U.S. Department of Justice said on Wednesday. The unit, a subsidiary of MetLife Inc, knowingly violated the False Claims Act between September 2008 and March 2012 by originating and underwriting mortgage loans...

  • NEW YORK, Feb 24- Local residents and businesses sued Puerto Rico's Electric Power Authority in federal court on Tuesday, alleging fraud in the fuel oil procurement process that plaintiffs said resulted in island residents being overcharged by more than $1 billion. The lawsuit in U.S. District Court in Puerto Rico accuses PREPA, one of the largest U.S. public...