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Corporate Fraud

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  • SEC May Have Missed Chance to Contain Crisis: WSJ Monday, 10 Dec 2007 | 4:36 AM ET

    U.S. authorities at the Securities and Exchange Commission and the New York Attorney General's office probed mortgage securities pricing as early as 2005, perhaps missing a chance to contain the credit crisis, the Wall Street Journal reported on Monday.

  • Buffett May Be Defense Witness In AIG Fraud Case Thursday, 6 Dec 2007 | 5:12 PM ET

    Billionaire investor Warren Buffett, slated to be called as a prosecution witness in the criminal fraud trial against five executives for allegedly helping American International Group inflate its reserves, may also be called as a defense witness by at least one of the defendants, CNBC has learned.

  • Buffett to Testify in AIG Fraud Case Tuesday, 4 Dec 2007 | 7:12 AM ET

    Federal prosecutors intend to call billionaire investor Warren Buffett to testify against five former senior insurance executives charged with helping the American International Group to manipulate its financial statements through $500 million in phony transactions, according to court documents.

  • Samsung Securities Raided by Prosecutors in Probe Thursday, 29 Nov 2007 | 10:45 PM ET

    South Korean prosecutors probing corruption at the Samsung Group raided its brokerage unit Samsung Securities on Friday and did not rule out further search and seizures at Samsung offices, an official said.

  • Jury Finds No Insider Trading by Former JDSU Execs Wednesday, 28 Nov 2007 | 3:39 AM ET

    Four former executives of JDS Uniphase did not commit securities fraud or engage in insider trading when they sold more than $350 million in JDSU stock before its price plunged in 2001, a U.S. jury said Tuesday.

  • Samsung Chief 'Spent Slush Funds Like His Own Money' Monday, 26 Nov 2007 | 9:43 PM ET

    Samsung chairman Lee Kun-hee spent the conglomerate’s slush funds as if they were his own money, a former senior legal advisor to the conglomerate said. Kim Yong-chul said Lee on one occasion spent $64.5 million on artworks for his wife.

  • Cisco Removes Latam VP Over Brazil Fraud Case Friday, 23 Nov 2007 | 4:33 AM ET

    U.S. network-equipment maker Cisco Systems said Thursday it suspended one of its Latin American executives due to criminal accusations against him regarding the company's ongoing tax evasion case in Brazil.

  • Kozlowski Conviction Upheld on Appeal Thursday, 15 Nov 2007 | 2:37 PM ET

    A New York appeals court has upheld the convictions of former Tyco International  senior executives Dennis Kozlowski and Mark Swartz, the court clerk's office said Thursday.

  • Kozlowski in Jail: Washing Clothes, Teaching Math Tuesday, 13 Nov 2007 | 4:19 PM ET

    Dennis Kozlowski has gone from the pinnacle of corporate power to the prison laundry, where he is washing other inmates' clothes when he's not helping them get their high school diplomas, the disgraced Tyco CEO says in an exclusive interview with CNBC.

  • Ex-CEO at Army's Body Armor Maker Arrested Thursday, 25 Oct 2007 | 5:10 PM ET

    Two former officers at a company that supplies body armor to the U.S. Army face charges they inflated the company's stock price and made nearly $200 million in the process.

  • US to Seek Indictments of Ex-BP Traders: WSJ Thursday, 25 Oct 2007 | 12:44 AM ET

    The U.S. Justice Department is expected to seek indictments of up to four former BP traders as early as Thursday, the Wall Street Journal reported in its online edition.

  • BP to Pay $303 Million to Settle Propane Charges Wednesday, 24 Oct 2007 | 6:37 AM ET

    Oil major BP faces fines in excess of $300 million to settle civil and criminal probes related to market manipulation charges and a Texas refinery explosion that killed 15 workers in 2005.

  • Investors Warned Over Energy Stock Scams Tuesday, 23 Oct 2007 | 2:06 PM ET

    A U.S. securities regulator Tuesday warned investors to be wary of scams touting huge potential profits from energy-related stocks, when the onlypeople likely to make money are those running the schemes.

  • Unibet CEO Petter Nylander is Arrested in Netherlands Tuesday, 23 Oct 2007 | 5:49 AM ET

    The chief executive of online gaming company Unibet Group has been arrested in the Netherlands on a French warrant, the company said Tuesday.

  • Singapore's SembCorp Marine Removes Finance Director Monday, 22 Oct 2007 | 10:16 PM ET

    Singapore's SembCorp Marine removed its finance director, alleging he entered into unauthorized foreign-exchange transactions that could lead to an estimated US$248 million in losses. 

  • EADS Executives Defend Themselves at Board Meeting Monday, 22 Oct 2007 | 9:17 AM ET

    The head of French media group Lagardere survived a challenge to his seat on a new board at Airbus parent EADS on Monday despite calls from minority shareholders that he should step down.

  • Conagra Says It's Not Being Investigated in Iraq Probe Wednesday, 17 Oct 2007 | 2:18 PM ET

    Conagra Foods on Wednesday said it is not the target of a federal investigation into possible fraud and corruption in supplying the U.S. military in Iraq, denying information in a newspaper report.

  • Bank of Cyprus, Lloyds TSB Deny US Laundering Charge Tuesday, 16 Oct 2007 | 7:24 AM ET

    Bank of Cyprus denied on Tuesday civil money laundering charges filed against it by US prosecutors, saying the case was legally and factually without merit.

  • Gasparino: Prince In Monday, 15 Oct 2007 | 9:50 AM ET

    Citigroup CEO Charles Prince will get more time to help turn around the company's fortunes, according to CNBC On Air Editor Charles Gasparino.

  • SEC Probes Orthopedic Device Makers Friday, 12 Oct 2007 | 2:28 PM ET

    Orthopedic device makers Zimmer Holdings, Stryker, Medtronic and Biomet have been notified that U.S. securities regulators intend to investigate possible violations of the Foreign Corrupt Practices Act.