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Corporate Fraud

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  • A $425 million jackpot for Wall St whistleblowers Wednesday, 3 Dec 2014 | 1:29 PM ET

    There's a little known pot of cash the SEC has set aside for tipsters, says this former SEC lawyer, which could make whistleblowing quite lucrative.

  • The SEC on Wednesday filed civil fraud charges against former Assisted Living Concepts Inc chief executive Laurie Bebo, and chief financial officer, John Buono, who devised a scheme to fraudulently inflate occupancy rates at certain facilities it ran for seniors. Their misconduct included adding Bebo's parents and husband in the company's leasing figures...

  • Dec 2- Eric Bloom, a former Chicago- area money manager convicted of fraud, is an "unrepentant con man" who should spend at least 20 years in prison and repay $665.9 million to his victims, federal prosecutors said. The sentencing recommendation for Bloom, the former chief executive officer of Northbrook, Illinois- based Sentinel Management Group Inc, was disclosed...

  • HP made false representations: Autonomy founder Tuesday, 2 Dec 2014 | 12:46 PM ET
    Mike Lynch

    Autonomy founder Mike Lynch said he has a document that shows HP made false representations about its massive write-down.

  • Global air ticket fraud sweep nets 118 arrests Friday, 28 Nov 2014 | 8:05 AM ET

    AMSTERDAM, Nov 28- More than 100 people were arrested worldwide this week after an investigation spanning 45 countries into the use of stolen credit cards to buy plane tickets, European police agency Europol said on Friday. The probe, run from Europol's headquarters in The Hague as well as from Singapore and Bogota, Colombia, was aimed at curbing a type of crime...

  • NEW YORK, Nov 19- The owner of a New York debt settlement company was sentenced on Wednesday to nine years in prison for his guilty plea in a fraud scheme that authorities say victimized 1,200 people through false promises of relief from credit card companies and banks. Michael Levitis and his company, Mission Settlement Agency, committed crimes that resulted in...

  • Nov 19- U.S. Bank, sued by the government last year for allegedly aiding a massive fraud at brokerage Peregrine Financial, must face claims for nearly $36 million in restitution to Peregrine's victims, a federal judge in Iowa ruled. U.S. Bank, part of Minneapolis- based U.S. Bancorp, was sued last year by the U.S. Commodity Futures Trading Commission for allegedly...

  • NEW YORK, Nov 18- A former managing director at Jefferies Group Inc asked a federal appeals court on Tuesday to overturn his conviction for defrauding mortgage bond investors after the 2008 financial crisis. Lawyers for Jesse Litvak made the request to the 2nd U.S. Circuit Court of Appeals in New York nearly seven weeks after that court signaled the appeal had a...

  • Daryl Payton, who had been a trader at Connecticut- based Euro Pacific Capital Inc, pleaded guilty last week to one count of conspiracy to commit securities fraud in federal court in New York. Payton took part in an insider trading scheme centered on a technology company acquired by International Business Machines Corp in 2009.. Three other people have also...

  • Williams Scott& Associates LLC wrongly threatened people with arrest, used aliases such as "Investigator Ace Rogers" and tried other tricks to collect at least $4.1 million from consumers whose debt it bought for pennies on the dollar, prosecutors said. The company was owned by John Williams of Norcross, Georgia, who authorities said went on to operate a new debt...

  • NEW YORK, Nov 13- An information technology engineer at Wilson Sonsini Goodrich& Rosati pleaded guilty on Thursday to insider trading based on information he learned while working at the prominent Silicon Valley law firm. Dimitry Braverman, 41, pleaded guilty in New York federal court to one count of securities fraud, two years after another Wilson Sonsini...

  • NEW YORK/ SAO PAULO, Nov 13- A director of U.S. nutrition company Herbalife is among 12 people charged in a years-old Brazilian embezzlement case that has never been mentioned in Herbalife public disclosures, according to court documents and company filings. Herbalife has become one of America's most closely-watched companies after billionaire investors...

  • NEW YORK, Nov 12- A federal appeals court ruled in favor of Goldman Sachs Group Inc in a lawsuit accusing the Wall Street investment bank of negligence for arranging the $580 million sale of a married couple's speech-recognition company to Lernout& Hauspie, which soon collapsed in an accounting fraud. The 1st U.S. Circuit Court of Appeals in Boston on Wednesday...

  • Open vs. shut: The 2 headed coin of transparency Sunday, 9 Nov 2014 | 11:00 AM ET

    Two studies offer different conclusions about whether big companies offer too little disclosure about their operations, or perhaps too much.

  • COPENHAGEN, Nov 7- The world's largest ship fuel supplier OW Bunker said it had filed for bankruptcy after an alleged fraud cost it at least $125 million and banks refused to provide new credit lines for it to cover its bills. OW Bunker, the third-largest company in Denmark by revenue, owes 13 banks $750 million. It filed for bankruptcy at the probate court in Aalborg...

  • SINGAPORE/ COPENHAGEN, Nov 7- Traders and shipping companies scrambled to source fuel and take over supply contracts on Friday after Danish marine fuel supplier OW Bunker said a suspected fraud at its Singapore subsidiary had pushed it to the brink of bankruptcy. The alleged fraud at Singapore- based Dynamic Oil Trading is potentially one of the biggest...

  • SINGAPORE, Nov 7- Traders and shipping companies scrambled to source fuel and take over supply contracts on Friday after Danish marine fuel supplier OW Bunker said a suspected fraud at its Singapore subsidiary had pushed it to the brink of bankruptcy. The alleged fraud at Singapore- based Dynamic Oil Trading is potentially one of the biggest financial market...

  • SINGAPORE, Nov 7- Traders and shipping companies scrambled to source fuel and take over supply contracts on Friday after Danish marine fuel supplier OW Bunker said a suspected fraud at its Singapore subsidiary had pushed it to the brink of bankruptcy. The alleged fraud at Singapore- based Dynamic Oil Trading is potentially one of the biggest financial market...

  • Do you know what your company is doing? Wednesday, 5 Nov 2014 | 1:49 AM ET

    The 124 largest publicly traded companies are opaque, with few fully revealing their holdings or anti-corruption steps, Transparency International said.

  • The judge said the investors failed to present any false statements or actionable omissions by Paramount, and that its alleged misstatements were not material. The ruling came after the investors, including a unit of Allianz SE, finished submitting evidence of Paramount' s liability in the non-jury trial in the case, which had been pending since 2008..