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Corporate Fraud

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  • UBS, Liechtenstein Aided US Tax Cheats: Senate Thursday, 17 Jul 2008 | 4:42 AM ET

    A U.S. Senate subcommittee accused banks in Switzerland and Liechtenstein of helping wealthy Americans evade billions in taxes each year, and urged the establishment of tougher laws to combat offshore tax havens around the world.

  • Ex-Samsung Chief Handed 3-Year Suspended Jail Term Wednesday, 16 Jul 2008 | 1:24 AM ET

    Former Samsung Group chief Lee Kun-hee, one of South Korea's most powerful businessmen, was handed a suspended 3-year jail sentence on Wednesday for tax evasion but was cleared of other charges.

  • SEC Says Expanding Rumor Crackdown Monday, 14 Jul 2008 | 8:37 AM ET

    U.S. securities regulators are boosting efforts to stop the spread of false rumors that threaten financial institutions, after a week that saw steep slides in the shares of Fannie Mae, Freddie Mac and Lehman Brothers.

  • Massachusetts Regulator Charges UBS with Fraud Thursday, 26 Jun 2008 | 10:14 AM ET

    Massachusetts authorities sued two subsidiaries of Swiss bank UBS Thursday, charging they misled investors about how safe auction rate securities were.

  • Actress's Ex Is Charged With Fraud Wednesday, 25 Jun 2008 | 10:10 AM ET

    An Italian businessman who was accused last year by the entrepreneur Ron Burkle of misusing more than $1 million he had put up for investments was arrested on Tuesday and charged with fraud and money laundering, The New York Times reports.

  • Protect Yourself from Mortgage Fraud Thursday, 19 Jun 2008 | 3:38 PM ET

    During a press conference to announce the arrest of 60 people for mortgage fraud, the Department of Justice offered tips for consumers to protect themselves.

  • Former Nortel CEO Slapped with Criminal Charges Thursday, 19 Jun 2008 | 12:20 PM ET

    The Royal Canadian Mounted Police brought criminal charges against former Nortel Networks Chief Executive Frank Dunn and other onetime executives, accusing the men of fraudulently misstating the telecom equipment maker's results.

  • Bear Stearns Managers Indicted Over Funds' Collapse Thursday, 19 Jun 2008 | 11:44 AM ET

    Two former Bear Stearns managers have surrendered to face criminal charges linked to the collapse of a hedge fund that bet heavily into subprime mortgages before the market collapsed, federal authorities said.

  • Bear Stearns Fund Managers Likely to be Indicted Thursday, 19 Jun 2008 | 5:55 AM ET

    The indictment of two Bear Stearns hedge fund managers for securities fraud is expected to be announced later on Thursday in connection with a fund tied to the subprime lending market, CNBC has learned.

  • Morgan Stanley Hit by Suspected Rogue Trader: FT Thursday, 19 Jun 2008 | 4:20 AM ET

    Morgan Stanley will take a $120 million revenue hit after a suspected rogue trader incorrectly valued his positions in the credit derivatives market, the Financial Times reported on Thursday.

  • Manhunt Stepped Up for Hedge-Fund Con Man Wednesday, 11 Jun 2008 | 1:22 PM ET

    The manhunt for a hedge fund manager who skipped his prison date and may have killed himself dragged into a third day Wednesday as police look for a body and other agents search for a rich man who may be on the run.

  • Corrupt officials are raking off a sum equivalent to one third of Russia's annual budget, or $120 billion, a senior prosecutor was quoted as saying on Friday.

  • UBS Mulls Disclosing Rich Americans List Friday, 6 Jun 2008 | 4:04 AM ET

    Under pressure from the authorities, UBS is considering whether to divulge the names of up to 20,000 of its well-heeled American clients, the NYT reports.

  • Broadcom Co-Founder Faces Drug, Fraud Charges Thursday, 5 Jun 2008 | 6:01 PM ET
    Henry Nicholas III

    Broadcom co-founder Henry T. Nicholas III was indicted Thursday on fraud, conspiracy and drug charges—including allegations he spiked the drinks of technology executives and customer representatives with ecstasy and maintained a warehouse for ecstasy, cocaine and methamphetamine.

  • Ex-Credit Suisse Banker Gets 10 Years Jail Sentence Saturday, 31 May 2008 | 7:32 AM ET

    A former Credit Suisse investment banker convicted of leaking inside information about pending mergers was sentenced to 10 years in prison by a federal judge Friday.

  • John F. Marshall spent decades teaching at business schools and watching his students parlay his lessons into fortunes on Wall Street. But when he and another professor reached for some of those riches themselves, events took a startling turn, the authorities say.

  • Siemens Criminal Trial on Corruption Begins Monday, 26 May 2008 | 5:35 AM ET

    The first criminal trial in a mammoth bribery probe at German engineering giant Siemens began on Monday and the prosecutor warned that it should send a signal to corporations that corruption would not be tolerated.

  • SocGen Report: Management Failures Allowed Fraud Friday, 23 May 2008 | 7:03 AM ET

    Serious management failures by immediate superiors allowed a rogue trader at Societe Generaleto commit the biggest fraud in financial history, according to an internal report to be released Friday, the NYT reports.

  • Fund Manager Convicted, Faces Up to 710 Years Wednesday, 21 May 2008 | 6:08 PM ET

    A former hedge fund manager was convicted Wednesday of leading an investment scheme that caused clients, ranging from former NFL players to his mother, to lose millions of dollars while he spent the money on jewelry, real estate and a $500,000 wedding.

  • Bush Won't Veto Bill Halting Shipments to Oil Reserve Thursday, 15 May 2008 | 10:50 AM ET

    The White House said that President Bush would not veto a final bill from Congress that orders a halt to filling the Strategic Petroleum Reserve while oil prices are very high.