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Corporate Fraud

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  • SocGen Splits Chairman, CEO Jobs After Scandal Friday, 18 Apr 2008 | 12:40 PM ET
    Societe Generale CEO, Daniel Bouton

    The head of Societe Generale, the French bank that recently survived the world's biggest rogue trading scandal, is relinquishing his job as chief executive but will stay on as chairman.

  • Samsung Vows Reform After Indictment of Chief Thursday, 17 Apr 2008 | 11:32 PM ET

    Scandal-plagued Samsung Group vowed to reform the way it does business after its powerful chairman was indicted on criminal charges.

  • US Regulators to Settle with Ex-Fannie Executives Thursday, 17 Apr 2008 | 10:23 PM ET

    U.S. federal regulators will announce a settlement on Friday with former Fannie Mae  executives over their alleged roles in a 2004 multibillion-dollar accounting scandal, a person familiar with the settlement said on Thursday.

  • Societe Generale's Bouton Removed from CEO Job Thursday, 17 Apr 2008 | 3:45 PM ET
    Societe Generale CEO, Daniel Bouton

    Daniel Bouton will give up SocGen's chief executive role after 15 years but stay on as chairman. Finance Director Frederic Oudea will take the operational helm.

  • Samsung Chief Indicted Over Tax Evasion Thursday, 17 Apr 2008 | 1:40 AM ET

    A South Korean special prosecutor investigating alleged corruption at the Samsung Group on Thursday indicted Lee Kun-hee, the group's chief and one of the country's most powerful businessmen, for tax evasion and breach of trust.

  • Should Washington Stay Out of Warren's Boardroom? Tuesday, 15 Apr 2008 | 6:46 PM ET

    The resignation of General Re's CEO, apparently in response to pressure from Federal prosecutors, is generating some heated debate on whether Washington should stay out of Warren Buffett's boardroom.   See Closing Bell's heated discussion on the issue.

  • General Re Chairman and CEO Joseph Brandon, who had once been seen as a possible successor to Warren Buffett, has resigned.  He apparently fell victim to pressure from the Federal government to have him ousted.

  • Bogus Rescuers Cheat Distressed Homeowners Friday, 11 Apr 2008 | 9:34 AM ET
    Foreclosured Home

    Among the byproducts of the U.S. housing crisis is a surge in scams that cheat people out of their money, their homes, or both, under the guise of offering to rescue them from foreclosure.

  • Former Nymex Director Slapped with Prison Time Tuesday, 8 Apr 2008 | 2:32 PM ET

    A floor trader who served on the board of the New York Mercantile Exchange agreed to serve five months in prison Tuesday after pleading guilty to fraud and evidence tampering related to commodities trading.

  • The Federal government is trying to get Warren Buffett to fire one of his top executives on a question of integrity, according to The Wall Street Journal. Citing "people familiar with the situation," today's Journal says, "Federal prosecutors are pressuring Berkshire Hathaway to replace the chief executive of its reinsurance subsidiary, General Re."  General Re CEO Joseph Brandon has not been formally charged with any crime, but the Journal says, "Prosecutors identified Mr. Brandon as an unindicted alleged co-conspirator" in a series of bogus deals designed to artificially inflate AIG's earnings and its stock price.

  • A proposed ballot measure in Colorado seeks to create what supporters hope will be the nation’s toughest corporate fraud law.

  • Top European Videos of the First Quarter Tuesday, 1 Apr 2008 | 8:22 AM ET

    Investors hope the second quarter will be better than the first, when markets went on a rollercoaster of writedowns, trading scandals and record oil prices. Here are CNBC Europe's best videos of the first quarter.

  • Skilling to Appeal 'Egregious' Enron Prosecution Monday, 31 Mar 2008 | 12:33 PM ET
    Former Enron CEO Jeff Skilling (AP Photo/David J. Phillip)

    Attorneys for former Enron CEO Jeffrey Skilling will argue Wednesday that his 2006 conviction should be overturned because of “shocking” and “egregious” misconduct by prosecutors.

  • Lehman Sues Marubeni to Recover Fraud Losses Monday, 31 Mar 2008 | 5:17 AM ET

    US investment bank Lehman Brothers said it had filed a lawsuit on Monday to claw back $352 million from Japanese trading house Marubeni in the wake of a finance scam.

  • Biovail and Execs Slapped with Fraud Charges Monday, 24 Mar 2008 | 11:41 AM ET

    The U.S. Securities and Exchange Commission charged Canada's Biovail, two current senior executives and former Chief Executive Eugene Melnyk with engaging in a number of fraudulent accounting schemes, the agency said on Monday.

  • Attorney Weiss to Plead Guilty in Kickback Scheme Thursday, 20 Mar 2008 | 1:21 PM ET

    Prominent attorney Melvyn Weiss has agreed to plead guilty in a lucrative kickback scheme involving payments to plaintiffs in class-action lawsuits against some of the largest corporations in the nation.

  • Skilling Attorneys: Feds Withheld Key Evidence Saturday, 15 Mar 2008 | 10:13 AM ET

    Attorneys for jailed former Enron CEO Jeffrey Skilling say the government illegally withheld key evidence that would have proven he is innocent.

  • Fidelity anti-money laundering unit probed? Friday, 14 Mar 2008 | 9:56 AM ET

    A federal grand jury and the Securities and Exchange Commission have been investigating the anti-money laundering practices of Fidelity Investments, according to a report in the Boston Business Journal.

  • Legacy of a Crime Fighter Tuesday, 11 Mar 2008 | 4:49 PM ET

    Though Wall Street has been quick to judge the character failings of Gov. Eliot Spitzer following his alleged participation in a prostitution ring, the man’s record as a crime-fighter against Wall Street and Corporate America drew mixed reviews.

  • Rogue Trader Loses $141.5 Million at MF Global Thursday, 28 Feb 2008 | 9:13 AM ET

    MF Global says a rogue trader rang up $141.5 million in losses in the broker's own account. The New York-based company says a wheat trader was able to conduct unauthorized trades on Wednesday thanks to a failure in the entry-order system the broker uses to vet trades. MF Global fired the trader.