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Corporate Fraud

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  • NEW YORK, April 24- Barclays Plc failed to persuade a U.S. judge to dismiss a lawsuit accusing the British bank of defrauding shareholders about a private "dark pool" trading platform even as it was publicly pledging to clean up its corporate culture. The share price slid 7.4 percent last June 26 after New York Attorney General Eric Schneiderman accused Barclays...

  • I want HSBC chair to resign: Shareholder   Friday, 24 Apr 2015 | 4:20 AM ET
    I want HSBC's chairman to resign: Shareholder

    Michael Mason-Mahon, HSBC shareholder, says the bank's biggest shareholders don't have the courage to remove directors.

  • Some shareholders, including Charney, who voted at an annual meeting on June 18 last year were not aware the CEO was under investigation for misconduct, which amounted to a proxy fraud as he was suspended later that day, complainants Jan Hubner and Eric Ribner alleged in the petition. Hubner and Ribner cited information they received from Charney and a former...

  • WASHINGTON/ SAN FRANCISCO, April 22- The five years it took regulators to bring high-profile charges against a UK trader underscore how hard it is to spot wrongdoing in fast-developing markets, and may herald problems in detecting future mishaps. Navinder Singh Sarao, 36, was arrested in London on Tuesday, charged with market manipulation and wire fraud.

  • NEW YORK, April 22- The market manipulation case against the British day trader U.S. authorities say helped spur the May 2010 "flash crash" may be the most high-profile to date, but the type of activity he is accused of is actually quite common, market participants say. Navinder Singh Sarao was charged on Tuesday with allegedly using a computer trading program to...

  • NEW YORK, April 22- Bank of America Corp on Wednesday asked a federal appeals court to toss a $1.27 billion penalty imposed in a mortgage fraud case, and in a rare move asked that the prominent Manhattan judge who oversaw its trial be replaced if the case were to continue. Bank of America spokesman Lawrence Grayson declined to comment. Rakoff imposed the civil...

  • *Lives with parents in modest house in west London. LONDON, April 22- The small suburban house in the flight path of London's Heathrow airport gave no clue to neighbours that it was headquarters of a man accused of earning millions through fraud, and helping cause a trillion dollar "flash crash" on U.S. stock markets. Navinder Singh Sarao is fighting extradition from...

  • April 22- The arrest of a British trader for his alleged role in the 2010 "flash crash" showed how important it was to protect the integrity of markets, the head of the U.S. Commodity Futures Trading Commission said on Wednesday. "We will do everything in our power to pursue those who attempt to engage in fraud or manipulation in our markets," Chairman Tim Massad said in...

  • NEW YORK, April 21- Charges against a high-frequency trader for helping to spark the 2010 "flash crash" present a test of U.S. prosecutors' ability to win a big market manipulation case and may make other traders nervous they may be next, lawyers said on Tuesday. Sarao was arrested in the United Kingdom, after being charged in U.S. District Court in Chicago with fraud...

  • NEW YORK, April 21- In a last-ditch effort to avoid trial, former American International Group Inc Chairman Maurice "Hank" Greenberg is seeking permission to ask New York's highest court to throw out the accounting fraud case against him. Greenberg made his request the day before closing arguments are expected in the federal Court of Claims in Washington, D.C., in a...

  • NEW YORK, April 21- In a last-ditch effort to avoid trial, former American International Group Inc Chairman Maurice "Hank" Greenberg is seeking permission to ask New York's highest court to throw out the state's accounting fraud case against him. On Tuesday, Greenberg's lawyers asked that court for permission to appeal its unanimous decision to the top state...

  • WASHINGTON, April 21- A high-frequency trader was arrested in the United Kingdom over charges he manipulated the futures market and played a role in sparking the May 2010 "flash crash," the U.S. Justice Department said on Tuesday. Navinder Singh Sarao, 37, of Hounslow, United Kingdom, was criminally charged on charges of wire fraud, commodities fraud and...

  • WASHINGTON, April 21- A high-frequency trader in the United Kingdom has been criminally charged with manipulating the futures market and helping spark the infamous May 2010 "flash crash," the Justice Department said. Navinder Singh Sarao, 37, of Hounslow, United Kingdom, was arrested on Tuesday in the United Kingdom on charges of wire fraud, commodities fraud and...

  • Trader charged with fraud related to 'flash crash'   Tuesday, 21 Apr 2015 | 1:36 PM ET
    Trader charged with fraud related to 'flash crash'

    A futures trader was arrested in the UK for alleged manipulation tied to the 2010 flash crash. CNBC's Kate Kelly and Brian Sullivan discuss.

  • April 20- Chevron Corp urged a U.S. appeals court on Monday to uphold a ruling finding that an American lawyer used corrupt means to secure a $9.5 billion pollution judgment in Ecuador. A lawyer for Chevron told the 2nd U.S. Circuit Court of Appeals in New York that Steven Donziger, a U.S. lawyer who represented a group of Ecuadorians that sued the oil giant, pursued a...

  • Hack attacks ignite cyber insurance boom   Friday, 17 Apr 2015 | 7:40 AM ET
    Hack attacks ignite cyber insurance boom

    Tracie Grella, AIG cyber insurance, and Jeremy Kroll, K2 Intelligence CEO, discuss the growing cyber insurance market as more and more corporations seek ways to protect their assets from security breaches.

  • NEW YORK, April 16- A New York state appeals court rejected former American International Group Inc Chairman Maurice "Hank" Greenberg's bid to dismiss a lawsuit accusing him of orchestrating an accounting fraud at the insurer he ran for nearly four decades. Greenberg and co-defendant Howard Smith, a former AIG chief financial officer, are accused of having...

  • LONDON, April 16- Britain's Serious Fraud Office charged a UK subsidiary of Paris- listed French engineering group Alstom with four further criminal offences of corruption and conspiracy to corrupt in a drawn-out investigation that has swung to Hungary. The SFO, which has already charged two UK- based Alstom units and four former employees with alleged...

  • Ex-AIG chief Greenberg's bid to toss N.Y. case rejected Thursday, 16 Apr 2015 | 12:20 PM ET

    NEW YORK, April 16- A New York state appeals court rejected former American International Group Inc Chairman Maurice "Hank" Greenberg's bid to dismiss a decade-old lawsuit accusing him of orchestrating an accounting fraud at the insurer. The defendants failed to show the lack of incentive compensation resulting from the sham transactions at AIG, the...

  • NEW YORK, April 15- A U.S. appeals court on Wednesday declined to hold Royal Bank of Scotland Group Plc liable for allegedly defrauding investors in its American depositary shares by downplaying its subprime asset exposure prior to the global financial crisis. The 2nd U.S. Circuit Court of Appeals in New York rejected claims by ADS investors seeking to recoup...