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Corporate Fraud

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  • NEW YORK, Jan 29- With a scheduled trial just four weeks away, the former chairman of American International Group Inc said New York's attorney general should abandon his nearly decade-old fraud case against him, calling it a waste of taxpayer dollars in pursuit of a hollow "trophy" victory. The non-jury trial, scheduled for Feb. 24 in Manhattan before State Supreme...

  • District Judge James Mahan in Las Vegas granted an SEC request that MRI International Inc and its owner, Edwin Fujinaga, be ordered to give up $544.4 million of illegal profit and interest, and to each pay a $20 million civil fine. But the SEC said the defendants ran an "extensive and egregious Ponzi scheme" in which they used new money to repay older investors, and...

  • LONDON, Jan 28- British prosecutors are investigating whether subsidiaries of Alstom, the French power and transport company at the centre of an international corruption inquiry, committed offences in Hungary, a London court heard on Wednesday. The Serious Fraud Office has already charged two UK- based Alstom subsidiaries and four former employees with...

  • Garlock, a unit of EnPro Industries, filed for bankruptcy in 2010 in Charlotte, North Carolina, in the face of the mounting cost of asbestos lawsuits. Golini allegedly told Philadelphia- based Shein he was exposed to 14 asbestos products made by bankrupt companies including Owens Corning and Armstrong World Industries. After Garlock settled with Golini, Shein...

  • Jan 20- A former Toronto stockbroker failed to persuade a U.S. appeals court in Philadelphia to overturn his fraud conviction and 25- year prison sentence for causing more than $55 million of losses in an international stocks scam. A federal jury in February 2010 convicted Georgiou, now 45, of securities fraud, wire fraud and conspiracy over trades in Avicena...

  • LONDON, Jan 19- Britain's Serious Fraud Office said it had closed its investigation into the ill-fated sale of British IT firm Autonomy to Hewlett-Packard in 2011, saying there was insufficient evidence for a realistic prospect of conviction. Fallout from the purchase included the departure of two Hewlett-Packard directors, and prompted Chairman Ray Lane...

  • NEW YORK, Jan 14- New York's top law enforcement official said he plans to help bring more fraud cases against the world's biggest banks for selling shoddy mortgage-backed securities before the 2008 financial crisis. Eric Schneiderman, the state's attorney general, said some of these banks were involved in the same kind of wrongdoing that has led him since 2012...

  • Mutual fund billionaire accused of fraud in suit Thursday, 15 Jan 2015 | 2:51 PM ET
    Franklin Templeton headquarters in San Mateo, California.

    Charles Johnson is accused of helping defraud the heir of one of the earliest investors in Franklin Resources out of $150 million. The NYT reports.

  • WASHINGTON/ NEW YORK, Jan 13- Standard and Poor's is expected to pay just over $1 billion to settle lawsuits from the U.S. government and several states that had accused the McGraw Hill Financial Inc unit of inflating credit ratings on toxic assets before the 2008 financial crisis, according to a person familiar with the matter. The Justice Department case, filed...

  • NEW YORK, Jan 13- U.S. authorities opened a new chapter in policing high-speed stock trading on Tuesday when they charged a Canadian man with fraud for manipulating stock prices through a process called "layering," according to prosecutors. Federal criminal prosecutors in New Jersey charged Aleksandr Milrud, 50, who they said was from Ontario, with one count of...

  • Wing Chau and his firm Harding Advisory LLC were found liable by Securities and Exchange Commission Administrative Law Judge Cameron Elliot. The SEC had accused Chau and his firm of allowing a hedge fund to control which assets backed a $1.5 billion structured collateralized debt obligation known as " Octans I CDO Ltd" without disclosing that critical...

  • NEW YORK, Jan 12- Two federal prosecutors who have led several high-profile fraud cases, including the government's criminal investigation of Bernard Madoff, are leaving the U.S. Justice Department to join prominent law firm Boies, Schiller& Flexner, according to an announcement Reuters reviewed before its public release. Matthew Schwartz and John Zach, who...

  • NEW YORK, Jan 12- Two federal prosecutors who have led several high-profile fraud cases, including the government's criminal investigation of Bernard Madoff, are leaving the U.S. Justice Department to join prominent law firm Boies, Schiller& Flexner, according to an announcement Reuters reviewed before its public release. Matthew Schwartz and John Zach, who...

  • Monster sues Beats over alleged ‘fraud and deceit’ Wednesday, 7 Jan 2015 | 6:46 AM ET
    Beats headphones and iPod Touch.

    Monster sued Beats Electronics over alleged "fraud and deceit" in the way it acquired control of the rights to the "Beats by Dr. Dre" headphones.

  • Jan 6- Audio equipment maker Monster LLC has sued Beats Electronics LLC, owned by Apple Inc, over alleged "fraud and deceit" in the way that Beats acquired control of the rights to the popular "Beats by Dr. Dre, "a line of colorful, high-end headphones that vie with the likes of Skullcandy Inc and Bose Corp.. According to the suit filed in San Mateo County Superior Court on...

  • NEW YORK, Dec 31- Ambac Assurance Corp sued Bank of America Corp to recoup hundreds of millions of dollars of losses from insuring roughly $1.68 billion of securities backed at least in part by risky mortgages from the bank's Countrywide Home Loans unit. "Countrywide's fraud is borne out by the transactions' dismal performance," said Ambac, which in September 2010...

  • DENVER, Dec 22- Colorado's Attorney General John Suthers has sued two more law firms in the state for fraud, accusing them of inflating foreclosure costs charged to homeowners, his office said. As part of an ongoing investigation, Suthers has filed eight civil law enforcement actions against Colorado foreclosure law firms in 2014, five of which resulted in...

  • LONDON/ PARIS, Dec 22- Britain's Serious Fraud Office has charged a British subsidiary of French energy equipment firm Alstom with bribing officials to secure a power contract, making it the second Alstom unit to face UK charges this year. Monday's charges are the latest in a series of international bribery investigations into Alstom, which has suffered a drop...

  • NEW YORK, Dec 19- A man U.S. prosecutors say bilked investors out of $5 million by telling them he would invest it in commodities and currencies allegedly used some of the money to have his wife cryogenically frozen after she died, according to a court filing on Friday. A federal grand jury in Manhattan indicted Whileon Chay, 38, with three counts of fraud for...

  • Depleted oil field highlights China corruption Thursday, 18 Dec 2014 | 8:57 PM ET

    China oil major CNPC is probing a 2013 oil deal as part of the mainland's sweeping corruption crackdown, taking down one of Premier Xi's political rivals.