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Corporate Fraud

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  • Dec 17- Dow Chemical Co's ex-fraud investigator can pursue claims of being unlawfully fired after disclosing alleged financial misconduct related to the company, including heavy spending by Chief Executive Andrew Liveris, a U.S. judge has ruled. Kimberly Wood worked at Dow for 25 years before she was fired in October. Wood alleges in the lawsuit that she was...

  • Dec 17- Dow Chemical Co's ex-fraud investigator can pursue claims of being unlawfully fired after disclosing alleged financial misconduct related to the company, including heavy spending by Chief Executive Officer Andrew Liveris, a U.S. judge has ruled. Kimberly Wood worked at Dow for 25 years before she was fired in October. The Dow Chemical Co., 14- cv-13049,...

  • Dec 17- A former executive of Countrywide Financial, who led a jury to find parent company Bank of America Corp liable for fraud over shoddy mortgages the company sold, will receive a $57 million award for another whistleblower case against his former employer, according to federal court documents. Bank of America acquired Countrywide for $4 billion in 2008,...

  • RIO DE JANEIRO, Dec 16- Prosecutors in Rio de Janeiro said on Tuesday that they were seeking to indict the former chief executive officer of Brazilian state-run oil company Petroleo Brasileiro SA and a leading local construction and engineering firm for fraud. This list includes Jose Sergio Gabrielli, CEO from July 2005 to January 2012 and Renato Duque, the...

  • Dec 15- Florida lender BankAtlantic Bancorp Inc and its chief executive defrauded investors in 2007, early in the U.S. financial crisis, a federal jury found on Monday. BBX Capital Corp, as BankAtlantic is known today, and Alan Levan, who remains as CEO, were found liable by a federal jury in Miami following a six-week trial in a lawsuit filed by the U.S. Securities and...

  • NEW YORK, Dec 15- A former manager at Bernard Madoff's firm was sentenced to six years in prison on Monday for helping her now imprisoned boss carry out his multibillion dollar Ponzi scheme. JoAnn Crupi, 53, was the last of five former Madoff employees to be sentenced after a Manhattan federal jury found them guilty in March in the first criminal trial over...

  • NEW YORK, Dec 10- A former computer programmer for Bernard Madoff was sentenced to 2-1/ 2 years in prison on Wednesday for helping the imprisoned fraudster carry out his multibillion dollar Ponzi scheme. The sentencing of George Perez, who worked at Madoff's firm from 1991 until its collapse in 2008, came nine months after a Manhattan federal jury found him...

  • Annette Bongiorno, who worked for Madoff from the 1960 s until the firm's collapse in 2008, was the second of five former employees to be sentenced after being convicted in March of securities fraud, conspiracy and other charges in a Manhattan federal court. District Judge Laura Taylor Swain also ordered Bongiorno, 66, to forfeit $155 billion, a symbolic amount...

  • NEW YORK, Dec 9- Almost one-fourth of video ads and 11 percent of display ads are viewed by fake consumers created by cyber crime networks seeking to take a chunk of the billions of dollars spent on digital advertising, according to a new research report released on Tuesday. The study, by digital security firm White Ops and the Association of National Advertisers,...

  • NEW YORK, Dec 4- The billionaire Ronald Perelman's lawsuit accusing New York City art gallery owner Larry Gagosian of defrauding him into overpaying for a Cy Twombly painting has been thrown out by a unanimous state appeals court. Despite being a "sophisticated" plaintiff, Perelman "conducted no due diligence" to determine the value of Twombly's "Leaving Paphos...

  • NEW YORK, Dec 4- The billionaire Ronald Perelman's lawsuit accusing New York City art gallery owner Larry Gagosian of defrauding him into overpaying for a Cy Twombly painting has been thrown out by a unanimous state appeals court. Despite being a "sophisticated" plaintiff, Perelman "conducted no due diligence" to determine what Twombly's "Leaving Paphos Ringed...

  • BEIJING, Dec 4- Chinese police have arrested an employee of commodity trader Trafigura as part of an investigation into an alleged $32 million gasoline trade fraud, according to an official arrest warrant seen by Reuters. Commodity financing deals in China are already under the spotlight after a billion-dollar scandal at Qingdao Port, where a private Chinese...

  • SYDNEY, Dec 4- Copper futures strengthened in early Asian trade on Thursday, underpinned by data showing the services sector in China grew marginally faster in November. *Suspected metals fraud in China sparked claims of betrayal by both U.S. bank Citigroup Inc and trade house Mercuria over who would absorb about $270 million in exposure to financing deals, a...

  • His fraud cases against Javier Martin-Artajo and Julien Grout, two former London- based JPMorgan employees who allegedly tried to cover up trading positions that eventually cost the bank $6.2 billion, have both been slowed by extradition proceedings against Martin-Artajo, who is in Spain. His departure follows moves to the private sector by Antonia Apps, who...

  • SAO PAULO, Dec 3- Brazil's comptroller general opened cases on Wednesday against eight engineering firms suspected of bribery and fraud in deals with Petrobras, holding them accountable for their role in a widening corruption scandal at the state-run oil company. If found responsible for the alleged graft scheme, some of Brazil's biggest industrial...

  • 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...