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Corporate Fraud

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  • 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.

  • China, Korea Probe Complaints Over Factory Closures Wednesday, 27 Feb 2008 | 10:11 PM ET

    China and South Korea are investigating complaints that hundreds of Korean-invested factories have closed down, leaving workers without pay. 

  • General Re, AIG Former Execs Convicted of Fraud Monday, 25 Feb 2008 | 3:53 PM ET

    A federal jury has found five former insurance company executives guilty of a scheme to manipulate the financial statements of the world's largest insurance company.

  • Warren Buffett, right, chairman of Berkshire Hathawy Inc., speaks to the media while Ron Ferguson, chairman and chief executive officer of General Re, listens in New York on Friday, June 19, 1998. Berkshire Hathaway Inc. is buying General Re for $22 billion worth of stock, adding one of the world's leading insurers of insurance companies to its portfolio. Berkshire announced Friday after the stock market closed that it would let General Re operate independently of its other insurance operations,

    Four former executives of Berkshire Hathaway's General Re have just been found guilty in a closely watched criminal fraud trial that could have brought Warren Buffett to the witness stand.  A former executive of American International Group was also convicted by the jury, following a one-month federal court trial in Hartford, Connecticut. 

  • German Bank to Sue UBS over CDOs Monday, 25 Feb 2008 | 12:24 PM ET

    German bank HSH Nordbank will sue Swiss UBS to recover “significant” losses on a $500 million portfolio of collateralized debt obligations (CDOs) linked to the U.S. mortgage market, the bank said in a statement on Monday.

  • Britain Investigates Liechtenstein Bank Accounts Monday, 25 Feb 2008 | 3:11 AM ET

    Britain's tax authority is investigating up to 100 British citizens with bank accounts in secretive Liechtenstein after buying data from an informant in a similar move to Germany, a newspaper reported on Sunday.

  • South Korea's President-Elect Cleared in Probe Wednesday, 20 Feb 2008 | 9:57 PM ET

    South Korean investigators looking into allegations the president-elect was involved in securities fraud said on Thursday they found no wrongdoing, defusing a scandal that analysts said could have undermined his authority.

  • Tax Fraud Probe Rising to International Incident? Tuesday, 19 Feb 2008 | 6:55 AM ET

    Liechtenstein's Crown Prince Alois on Tuesday accused Germany of launching an attack on the principality's sovereignty by paying an informer for bank details in a massive tax fraud investigation.

  • D. Post New CEO Pledges to Focus on U.S., Postbank Monday, 18 Feb 2008 | 1:52 PM ET

    Deutsche Post logistics and international mail head Frank Appel took over as chief executive and pledged to focus on its loss-making U.S. business and retail bank Deutsche Postbank.

  • The Week in Europe: Banks and Tax Scandals Saturday, 16 Feb 2008 | 10:51 AM ET

    The Societe Generale trading scandal is in full swing, as the lawyer of jailed trader Jerome Kerviel said this week that his client should be released to be able to defned himself. Another scandal, this time involving investigations into whether rich German businessmen have been dodging taxes, has started to unfold. Read the week's European stories.

  • Deutsche Post Head to Quit after Tax Probe Friday, 15 Feb 2008 | 10:17 AM ET

    Klaus Zumwinkel will resign as chief executive of German mail and logistics group Deutsche Post, the company said on Friday as a tax-dodging probe threatened to ensnare more rich Germans.

  • Societe Generale Seeks Cash to Shore Up Finances Monday, 11 Feb 2008 | 11:58 AM ET

    Societe Generale launched a deeply discounted 5.5 billion euros ($8 billion) capital increase on Monday to prop up its finances and heal scars from the world's biggest rogue trading scandal.

  • Warren Buffett Won't Get Grilled in Hartford Friday, 8 Feb 2008 | 11:37 AM ET
    Warren Buffett, right, chairman of Berkshire Hathawy Inc., speaks to the media while Ron Ferguson, chairman and chief executive officer of General Re, listens in New York on Friday, June 19, 1998. Berkshire Hathaway Inc. is buying General Re for $22 billion worth of stock, adding one of the world's leading insurers of insurance companies to its portfolio. Berkshire announced Friday after the stock market closed that it would let General Re operate independently of its other insurance operations,

    Warren Buffett won't be going to Hartford, Connecticut to testify in a criminal corporate fraud trial involving former executives of Berkshire Hathaway subsidiary General Re.  Jurors are now expected to begin their deliberations next week. The defense rested its case yesterday (Thursday) after calling five witnesses over two days.   None of them were named Buffett.

  • Second Broker Questioned in SocGen Case Friday, 8 Feb 2008 | 7:03 AM ET

    A French inquiry into a record 4.9 billion euros ($7.17 billion) trading loss at Societe Generale widened to a second broker on Friday as investigators sought to establish whether rogue trader Jerome Kerviel acted alone.

  • SocGen Thwarts Fraud Attempt in Romania Thursday, 7 Feb 2008 | 4:27 AM ET

    The Romanian unit of France's Societe Generale, BRD, said it thwarted an attempt by a clerk to steal 8 million lei ($3.19 million) this week, managing to block a large part of the transfer.

  • U.S. Probes Stock Sales By SocGen Board Member Monday, 4 Feb 2008 | 2:13 PM ET

    The U.S.  is looking into stock sales by a member of French bank Societe Generale's board shortly before the bank announced billions of dollars in losses by a single trader.

  • SocGen Shares Jump on BNP Paribas Interest Thursday, 31 Jan 2008 | 12:35 PM ET

    Paribas confirmed on Thursday that it was studying a possible bid for Societe Generale, as its fellow French bank reeled from rogue trading losses and France warned off would-be foreign bidders.

  • Bank Hit by Rogue Trader Opens Its Own Inquiry Wednesday, 30 Jan 2008 | 1:08 PM ET

    Scandal-hit French bank Societe Generale opened its own inquiry on Wednesday into how it suffered history's biggest rogue trader loss, but resisted heavy pressure to sack its chairman and CEO.

  • French Trader: Bosses Knew About Risky Trades Tuesday, 29 Jan 2008 | 3:01 PM ET

    The trader accused of causing about $7 billion in losses at Societe Generale told investigators that he believes his bosses were aware of his massive risk-taking on markets but turned a blind eye as long as he earned money, a judicial official said.

  • Hands Off Societe Generale, France Tells Rivals Tuesday, 29 Jan 2008 | 1:04 PM ET

    France warned rival banks on Tuesday not to try to grab control of Societe Generale as it reels from losses blamed on a rogue trader, but piled pressure on its chairman to resign.