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Corporate Fraud

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  • 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..

  • District Judge Katherine Forrest in Manhattan ruled that the evidence failed to support the investors' claims and dismissed the case, a Paramount spokesman said. "We are gratified by the decision," said Robert Lawson, a Paramount spokesman. The investors had been seeking $16 million to $24 million in damages from Paramount, which is owned by Viacom Inc, said James...

  • Oct 30- A Southern California law firm has sued Kimberly-Clark Corp for more than $500 million, alleging that the Kleenex tissue maker committed fraud by marketing and selling some of its surgical gowns as protection against Ebola. Law firm Eagan Avenatti said it filed a class-action lawsuit in a Los Angeles court on Wednesday, stating that Kimberly-Clark had...

  • Oct 30- A Southern California- based law firm has sued Kimberly-Clark Corp for more than $500 million, alleging that the Kleenex tissue maker committed fraud by marketing and selling some of its surgical gowns as protection against Ebola. Law firm Eagan Avenatti said it filed a class-action lawsuit in a Los Angeles court on Wednesday, stating that...

  • NEW YORK, Oct 28- The U.S. and Securities Exchange Commission on Tuesday added more than a dozen relatives of Texas businessmen Sam and Charles Wyly to a long-running securities fraud lawsuit against the brothers to bolster its efforts to collect some $300 million. The filing was expected, as the SEC and the relatives continue to dispute whether hundreds of...

  • LONDON, Oct 28- Britain's Serious Fraud Office has filed criminal charges against Noel Cryan, a former employee of UK brokerage Tullett Prebon, as part of a sprawling and drawn-out global investigation into the manipulation of benchmark interest rates. U.S and UK prosecutors have now charged 18 as part of the investigation into the manipulation of Libor,...

  • NEW YORK, Oct 27- The United States on Monday joined a lawsuit accusing New York City and Computer Sciences Corp of defrauding Medicaid into making millions of dollars of improper reimbursements by exploiting a computerized billing system that the company designed. The U.S. attorney for Manhattan, Preet Bharara, said some of these services might have been...