Corporate Fraud
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CHEYENNE, Wyo.-- The last of five defendants charged with defrauding investors of more than $4 million by promoting non-existent wind farm projects in Wyoming and South Dakota pleaded guilty Tuesday to felony charges.
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SAN FRANCISCO, April 3- A U.S. judge has rejected efforts by Chevron Corp to secure documents from a California environmental advocacy group in a fraud case related to a $19 billion award for rainforest pollution in Ecuador.
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NEW YORK, April 3- Ex-Goldman Sachs Group Inc trader Matthew M. Taylor pleaded guilty on Wednesday to defrauding the Wall Street bank with an unauthorized $8.3 billion futures trade in 2007, saying he exceeded internal risk limits and lied to supervisors to cover up his activities.
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NEW YORK, April 2- A New York state appeals court on Tuesday cleared the way for bond insurer MBIA Inc to pursue a fraud lawsuit against Bank of America Corp over toxic mortgage securities. A panel of New York's Appellate Division said MBIA did not need to wait for loans to go into default before it could force Bank of America to buy them back.
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NEW YORK, March 27- Deutsche Bank AG lost a bid Wednesday to end a shareholder lawsuit accusing it of misrepresenting the risk of packaging home loans into complex financial products. "Plaintiffs have certainly set forth sufficient plausible allegations to support a claim for a fraudulent scheme against Deutsche Bank," Forrest wrote.
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March 26- SinoTech Energy Ltd and three banks that underwrote its initial public offering have agreed to pay $20 million to settle a shareholder lawsuit accusing the Chinese oilfield services company of defrauding investors.
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*Rengan Rajaratnam charged with fraud, conspiracy. NEW YORK, March 25- Rengan Rajaratnam, the younger brother of imprisoned hedge fund manager Raj Rajaratnam, on Monday pleaded not guilty to insider trading charges.
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March 25- Pitney Bowes Inc has won the dismissal of a securities fraud lawsuit accusing it of misleading investors by not disclosing problems in its businesses that in 2007 caused it to miss financial projections for the first time in seven years.
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March 22- Cisco Systems Inc must pay $70 million in damages to patent licenser XpertUniverse Inc for fraudulently obtaining technology developed by the New York company, a jury found on Friday, according to court filings. The jury also found that Cisco violated two XpertUniverse patents, and awarded an additional $34,000 in damages on those claims.
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*Rengan Rajaratnam charged with fraud, conspiracy. Prosecutors said Rengan Rajaratnam, 42, conspired with his older brother to trade on non-public information concerning Clearwire Corp and Advanced Micro Devices Inc in 2008..
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March 20- Florian Homm, a flamboyant hedge fund manager who was arrested in Italy this month after five years on the run, has been indicted by a federal grand jury in Los Angeles for running what prosecutors called a fraud that caused investors to lose $200 million.
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SAN FRANCISCO, March 18- A former chief executive of Calpers, the largest U.S. public pension fund, was indicted on federal conspiracy charges in connection with a scheme to commit fraud, the U.S. Department of Justice said on Monday.
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This is by far the largest insider trading penalty ever, reports CNBC's Scott Cohn.
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CR Intrinsic Investors is paying more than $600 million to settle an insider trading case, reports CNBC's Scott Cohn.
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*Arizona, AllianceBernstein, Lloyds, MetLife, Pimco settle. ZURICH/ NEW YORK, March 14- Credit Suisse Group AG has agreed to pay at least $400 million to settle lawsuits by investors over the Swiss bank's role in raising money for a healthcare financier that collapsed in a $2.9 billion fraud more than a decade ago.
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*Banks accused of failing to withdraw Herbalife financing. March 13- A short seller in Herbalife Ltd's stock has sued officials at three major U.S. banks as well as activist investor Carl Icahn, saying they are helping perpetuate a fraudulent pyramid scheme at the nutritional products company.
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President Obama is sitting down with corporate leaders in the White House today to discuss efforts to improve cybersecurity in private industries, reports CNBC's Eamon Javers.
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The "Squawk Box" team and Henry Blodget, Business Insider CEO & editor-in-chief; and Curtis Arledge, BNY Mellon Investment Management CEO, discuss the rising concerns among corporations about hacking attacks.
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CNBC's Eamon Javers has breaking news that the Secret Service is investigating a website that claims to have posted personal information about Michelle Obama and other well-known people, including Social Security numbers. (1:10)
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FRANKFURT/ ZURICH, March 12- UBS has settled a long-running fraud case pursued by Germany's HSH Nordbank AG over a $500 million mortgage investment that turned sour, the Swiss bank said on Tuesday. "We have settled this litigation, but we aren't making the terms public," a UBS spokesman told Reuters after both parties asked a New York court to end the case.
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The Obama administration is taking more assertive action to combat cyber espionage with a new program known as "DECS," reports CNBC's Eamon Javers.