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Corporate Fraud

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  • Merrill Will Be Next to Reach Securities Settlement Thursday, 7 Aug 2008 | 5:40 PM ET

    Merrill Lynch will follow Citigroup in cobbling together a settlement for clients who bought auction rate securities.

  • Ex-Refco President Sentenced to 10 Years in Prison Thursday, 7 Aug 2008 | 1:44 PM ET

    Tone Grant, the former president of Refco, once the largest independent commodities broker, was sentenced to 10 years in prison for his role in a $2.4 billion fraud that involved hiding huge trading losses from clients.

  • Citigroup Debt Accord May Spur Other Banks to Settle Thursday, 7 Aug 2008 | 12:42 PM ET
    Citibank

    Citigroup agreed to buy back more than $7 billion of illiquid auction-rate securities and pay a $100 million civil fine to settle charges it fraudulently misled investors about the debt's risk.

  • Citi Talks With Regulators May Lead to Buybacks: WSJ Wednesday, 6 Aug 2008 | 8:34 AM ET
    Citibank

    Citigroup is in talks with state and federal regulators to resolve allegations of wrongdoing in the auction-rate-securities market that could result in its buying back several billion dollars of the illiquid securities, Wall Street Journal said.

  • US Fraud Lawsuit Against UBS Dismissed Wednesday, 30 Jul 2008 | 4:17 AM ET

    A lawsuit against UBS alleging that the Swiss bank engaged in fraud related to holdings of a fund in loss-making company Endwave was dismissed by a New York Supreme Court judge, court documents showed.

  • GOP Senator Stevens Indicted on Seven Counts Tuesday, 29 Jul 2008 | 1:51 PM ET

    Senator Ted Stevens, the longest-serving Republican senator and a figure in Alaska politics since before statehood, has been indicted on seven counts of falsely reporting hundreds of thousands of dollars in services he received from a company that helped renovate his home.

  • NY Attorney General Could File Suit Against UBS: WSJ Wednesday, 23 Jul 2008 | 6:16 AM ET

    New York attorney general Andrew Cuomo is preparing to file civil securities-fraud charges against UBS, possibly as early as this week, the Wall Street Journal said on Wednesday.

  • 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.