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Corporate Fraud

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  • NEW YORK, June 5- The former chief financial officer of Refco Inc avoided prison on Thursday in light of cooperation he provided prosecutors after admitting to his role in a $2.4 billion fraud that led to the 2005 collapse of the futures and commodities broker.

  • ATLANTA, June 5- The state of Michigan filed felony racketeering and fraud claims against Chesapeake Energy Corp on Thursday, in the latest legal fallout from Chesapeake's ambitious attempt to acquire drilling rights amid the U.S. fracking boom.

  • LONDON, June 5- Britain's anti-fraud agency is examining information from a global investigation into the possible manipulation of currency markets, in the first sign it might follow the United States in launching a criminal investigation.

  • NEW YORK/ WASHINGTON, June 4- A federal appeals court on Wednesday handed the U.S. Securities and Exchange Commission a big victory by voiding a judge's pathbreaking decision to reject the regulator's $285 million fraud settlement with Citigroup Inc..

  • NEW YORK/ WASHINGTON, June 4- A U.S. appeals court on Wednesday said a federal judge abused his discretion by rejecting a $285 million fraud settlement between Citigroup Inc and the U.S. Securities and Exchange Commission over securities sold before the financial crisis.

  • NEW YORK, June 4- A U.S. appeals court on Wednesday said a federal judge abused his discretion by rejecting a $285 million fraud settlement between Citigroup Inc and the U.S. Securities and Exchange Commission. District Judge Jed Rakoff was wrong to require the SEC to establish the "truth" of its allegations as a condition of approving the settlement.

  • Insurance firm cheated Medicare for $1B: Lawsuit Wednesday, 4 Jun 2014 | 7:19 AM ET

    Former Bush administration official Josh Valdez alleges his ex-employer cheated the government out of millions annually, charges the company denies.

  • News of the settlement talks comes just a few months after a Securities and Exchange Commission Administrative Law Judge handed down a harsh 112- page ruling that chastised the firms for failing to share audit work that SEC investigators believe could help them uncover accounting fraud.

  • NEW YORK, May 29- A federal judge on Thursday refused to dismiss a U.S. government lawsuit accusing Novartis AG of civil fraud for having conducted two illegal kickback schemes to boost sales of drugs covered by Medicare and Medicaid.

  • The Justice Department's investigation, known as " Operation Choke Point," is more than a year old and aims to crack down on fraud by going after firms that handle and move money for various suspect businesses.

  • The SEC and Goldman Sachs declined comment. The SEC accused Tourre, a vice president at Goldman, of concealing from investors that Paulson& Co, the hedge fund of billionaire John Paulson, was involved in putting Abacus together and was betting against it.

  • *Action follows bribery claims in China and other countries. LONDON, May 27- Britain's fraud office has launched a formal criminal investigation into GlaxoSmithKline, posing a new challenge to the drugmaker, which already faces claims of bribery in China and four other countries.

  • LONDON, May 27- Britain's Serious Fraud Office has launched a formal criminal investigation into GlaxoSmithKline Plc, posing a new challenge to the drugmaker, which already faces allegations of bribery in China and elsewhere.

  • WASHINGTON, May 22- The U.S. The Southern District Court in Florida said Hunter Wise Commodities LLC and three related companies, as well as two of their managers, defrauded thousands of retail customers, and ordered them to pay $52.6 million in restitution.

  • WASHINGTON, May 22- The U.S. Commodity Futures Trading Commission notched up a legal victory on Thursday, as a court ordered a group of precious metals firms and their owners to pay $108 million in fines and restitution for fraud.

  • NEW YORK, May 19- A federal appeals court said Bank of America Corp was not liable to shareholders for allegedly concealing a $10 billion fraud lawsuit by American International Group Inc, whose filing led to a 20- percent one-day plunge in the bank's stock price.

  • Treasury Secretary Timothy Geithner must hand over documents to Standard and Poor's relating to the ratings agency's claim that the United States sued it in retaliation for downgrading government debt.

  • U.S. judge tosses SEC case over alleged Ponzi scheme Tuesday, 13 May 2014 | 3:39 PM ET

    "This is a case in which the SEC- the agency whose principal mission is to' protect investors and the markets by investigating potential violations of the federal securities laws- failed to meet its serious duty to timely bring this enforcement action," King wrote.

  • NEW YORK, May 12- A jury on Monday found that Texas business brothers Samuel and Charles Wyly committed fraud by creating a secret scheme involving offshore trusts that netted them $550 million in illegal trading profits.

  • It also followed years of litigation and investigation by the SEC and other authorities of the Wylys, who acknowledged creating a maze of trusts in the Isle of Man in an effort to obtain tax benefits. They included Sterling Software Inc, Michaels Stores Inc, Sterling Commerce Inc, and Scottish Annuity& Life Holdings Ltd, now called Scottish Re Group Ltd..