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29
Kerik Pleads Not Guilty to a Revised
Indictment
WHITE PLAINS — Bernard B. Kerik, the
former New York City police
commissioner who was once President
Bush’s top choice to lead the
Department of Homeland Security,
pleaded not guilty on Monday in
federal court to new tax fraud
charges that were added to his
public-corruption case.
27
SFO investigates failed finance
firms
The Serious Fraud Office is
investigating more than a quarter of
the 25 finance companies that have
failed in the past year and is
advising that more cases could loom
as the economy falters.
24
David Friehling, the auditor at the
tiny accounting firm that handled
Bernard Madoff's books, has been
subpoenaed by investigators.
23
Fry's Official Faces Fraud Charges
A top executive at Fry's Electronics
Inc. has been arrested on federal
charges that he defrauded the
retailer of $65 million in a
kickback scheme, using much of the
money to repay huge gambling debts
at Las Vegas casinos.
Ex-NY broker charged in Dreier fraud
case
NEW YORK (Reuters) - A former broker
has been arrested and charged with
helping prominent New York lawyer
Marc Dreier defraud hedge funds by
selling them false promissory notes,
U.S. prosecutors said on Tuesday.
Parole denied for Utah man sentenced
for fraud
The Utah Board of Pardons and Parole
has denied the parole request of an
Ogden man sentenced to prison in a
$140 million fraud scheme.
Sydney man charged with $6.8 million
bank fraud
New South Wales police say they have
arrested and charged a 39-year-old
Sydney man with defrauding a foreign
exchange bank of millions of
dollars.
Fiat pays $10.6m in Iraq settlement
Fiat, Italy's car and truck maker,
yesterday admitted to "regrettable
incidents" in its trade with the
former Iraqi regime under the United
Nations' oil-for-food programme and
agreed to pay $10.6m to settle
accusations of kickbacks
investigated by the US Securities
and Exchange Commission.
22
UBS and Citigroup to Pay Nearly $30
Billion to Tens of Thousands of ARS
Investors
UBS Financial Services, Inc., UBS
Securities, LLC, and Citigroup have
reached finalized settlements with
the Securities and Exchange
Commission to pay tens of thousands
of ARS investors almost $30 billion.
The settlements will resolve SEC
charges that the companies misled
investors about the risks involved
with auction rate securities.
Key Fry's executive arrested in
alleged $65 million fraud scheme to
pay off Vegas gambling debts
A one-time computer salesman who
rose through the ranks to help build
Fry's Electronics into a robust
retailer is facing allegations that
he defrauded the San Jose-based
company out of $65 million, much of
which he used to pay off enormous
gambling debts in Las Vegas.
19
Ex-Willbros executive in U.S.
bribery charge
A former executive and a former
consultant for a subsidiary of
energy-services firm Willbros Group
Inc were indicted for paying $6
million in bribes to government
officials in Nigeria and Ecuador,
the Justice Department said on
Friday.
Siemens probed for alleged bribes
Brazilian prosecutors have opened
an investigation against German
engineering group Siemens on
suspicion it paid bribes to secure
multi-million-dollar subway
contracts.
Parmalat founder gets 10 years over
'Europe's Enron'
ROME (AFP) — Parmalat founder Calisto
Tanzi was sentenced to 10 years in
prison over a 14-billion-euro fraud
scandal in 2003 that caused Europe's
largest corporate bankruptcy to
date.
Polaroid files for bankruptcy,
citing fraud investigation
MINNEAPOLIS — Polaroid Corp. and its
subsidiaries filed for Chapter 11
bankruptcy protection on Thursday,
saying that allegations of fraud at
its parent company are to blame.
AICPA Investigates Madoff Auditor
The American
Institute of CPAs has begun
investigating the accounting firm
listed as the auditor of Bernard
Madoff's investment management
business after the firm told the
institute for 15 years that it did
not perform any audit work.
Three Defendants Convicted in KPMG
Tax Case
Three of the
remaining four defendants in the
KPMG tax shelter case were convicted
of tax evasion charges.
17
Huge fines for French price-fixing
PARIS: French competition regulators
yesterday slapped a record fine of
€575 million (R7.9 billion) on giant
ArcelorMittal and 10 other steel
firms found guilty of price-fixing.
16
Judge: Ex-Broadcom CFO, CEO Must
Face Charges
Former CFO Ruehle and former CEO
Nicholas lose argument that an
increase in the stock price after a
restatement made their alleged false
statements immaterial.
A judge ruled that Broadcom's
former chief financial officer and
chief executive officer both must
face charges in the company's stock
option backdating scandal.
15
Top banks in Europe and Asia revealed
on Monday they could lose billions
of dollars in a massive alleged
pyramid investment fraud scam run by
Wall Street figurehead Bernard
Madoff.
National Lampoon executives charged
with securities fraud
The Associated Press
reports that the federal
prosecutors in Philadelphia have
charged the CEO of
National Lampoon (AMEX:
NLN) along with six other
executives with securities fraud.
Prosecutors say that the executives
paid kickbacks to investors to buy
and hold the stock, thus creating
the illusion of interest and
artificially inflating the share
price.
13
Siemens says nearing end of US
corruption probes
FRANKFURT (Reuters) - Investigations
by U.S. regulators into a corruption
case at German engineering
conglomerate Siemens are expected to
end soon, Siemens said on Friday.
11
Zurich Financial settles SEC
charges, fined $25M
NEW YORK (Associated Press) - Zurich
Financial Services Group on Thursday
agreed to pay a $25 million penalty
to settle federal regulators'
charges of civil securities fraud in
connection with insurance
transactions.
The former chief executive of software
maker Peregrine Systems Inc. has
been sentenced in San Diego to more
than eight years in federal prison
for participating in a scheme to
defraud investors from 1999 to 2002.
Price fixing: Qantas fined $13m
Sydney - Australia's national airline
Qantas was on Thursday fined A$20m
($13.1m) after admitting it engaged
in price fixing linked to
international cargo fuel surcharges.
A stunning fraud that appears to be
of epic proportions
The Securities and Exchange
Commission today charged Bernard L.
Madoff and his investment firm,
Bernard L. Madoff Investment
Securities LLC, with securities
fraud for a multi-billion dollar
Ponzi scheme that he perpetrated on
advisory clients of his firm. The
SEC is seeking emergency relief for
investors, including an asset freeze
and the appointment of a receiver
for the firm.
Wachovia Sends $150 Million To
Victims Of Telemarketing Fraud
Wachovia Corp.
(WB) has begun to reimburse victims
of a telemarketing fraud as part of
its April settlement with U.S.
banking regulators, mailing nearly
750, 000 checks totaling more than
$150 million to the victims.
NEW YORK -- A U.S. prosecutor now
estimates losses of $380 million in
an alleged hedge fund fraud linked
to a prominent New York attorney.
10
U.S. governor tried to sell Senate
seat
CHICAGO (Reuters) - The governor of
Illinois, Rod Blagojevich, was
arrested on Tuesday on "staggering"
corruption charges that alleged he
tried to sell the U.S. Senate seat
vacated by fellow Democrat,
President-elect Barack Obama.
09
Cox: Accounting Is Not a Fiscal
Policy Tool
Bankers and other financial industry
players who hoped the financial
crisis might prompt a suspension of
fair-value accounting found their
hopes disappointed today. Although
improvements in guidance and
auditing practices are needed,
investors still consider fair-value
accounting useful and meaningful,
said Securities and Exchange
Commission chairman Christopher Cox
at a conference of the American
Institute of Certified Public
Accountants.
Bank Sues Employee for Diverting
$4.5 Million
National Penn Bank has sued a former
employee and eight relatives for the
$4.5 million that the bank claims
was "wrongfully taken."
Hong Kong anti-graft watchdogs snare
50 bosses for scams
Hong Kong - Anti-corruption
investigators have successfully
prosecuted 50 chairmen and top
managers for scams totalling 3
billion Hong Kong dollars (385
million US dollars) over the last
five years, a media report said
Tuesday. The Independent Commission
Against Corruption said 18 cases
involving 2.5 billion Hong Kong
dollars concerned fraud or scams on
letters of credit, the South China
Morning Post said.
08
Man Sentenced to 210 Months for $60M
Tax Fraud
The fourth of six defendants in a
$60 million tax fraud conspiracy
case has been sentenced to more than
17 years in prison for his role.
Dreier Charged With $113 Million
Financial Fraud
Prosecutors accuse prominent New
York attorney of selling fake
investments.
Mix allegations of financial fraud
with sophisticated investors, add in
the arrest of a high-profile lawyer
and you've got a good old-fashioned
Wall Street scandal.
06
‘£8m fraud’ charges
YORK trading standards officers are
prosecuting four people over an
alleged £8 million fraud involving
fake jewellery.
The four were charged as part of an
investigation into sales of
trademarked jewellery in the city.
05
Microsemi probes CEO's academic
credentials
SAN JOSE, Calif. -- Chip maker
Microsemi Corp. is reviewing the
status of the academic credentials
of James Peterson, its president and
chief executive.
Microsemi (Irvine, Calif.) intends
to work to resolve the matter, after
the so-called Fraud Discovery
Institute questioned Peterson's
credentials. The Fraud Discovery
Institute also recently made a
similar charge against an executive
from Broadcom Corp., who eventually
fired the employee.
Columbia businessman found guilty in
multi-million dollar fraud case
COLUMBIA — Columbia businessman
Daryl Miles Brown, 31, has been
convicted by a federal jury for his
part in a multi-million-dollar
investment and money-laundering
conspiracy.
FBI searches stores owned by
Blagojevich fundraiser
FBI agents on Thursday searched two
Joliet drugstores owned by a major
fundraiser for Gov.
Rod Blagojevich who was the focus
of a state investigation into whether
campaign donations were made in
exchange for regulatory
favours.
Both the Crown and Defence wrapped up
their cases at a multi-million dollar
fraud trial in Dunedin and the jury
has retired to consider its verdict.
The
Otago District Health Board's
former chief information officer
Michael Swann and his friend Kerry
Harford
are accused of using invoices
to defraud the board of nearly $17
million.
State closes probe against PM in
Leumi
case
State Prosecutor Moshe
Lador told
Prime Minister
Ehud
Olmert's
attorneys yesterday that the state
would close the investigation into
the 2005 privatization of Bank
Leumi, in which
Olmert was suspected of wrongdoing
while serving as finance minister.
04
Indiana Man Sentenced to 210 Months
for His Part In Aegis Company $60
Million Tax Fraud Conspiracy
Timothy Shawn Dunn, a Chesterton,
Ind.,
resident, was sentenced to 210 months
in prison by U.S. District Judge
Charles R.
Norgle, the Justice
Department and Internal Revenue
Service (IRS) announced today.
Ex-WorldCom Chief
Ebbers Asks
President for Clemency
Bernard
Ebbers, the former WorldCom
Inc. chairman imprisoned for
accounting fraud, joined the growing
ranks of disgraced executives and
government officials asking President
George W. Bush for clemency before he
leaves office.
Predators’ ‘Boots’ Del
Biaggio Settles
SEC Fraud Suit
Silicon Valley venture capitalist
William “Boots” Del
Biaggio settled
U.S. regulatory claims he defrauded
investors and lenders out of $65
million, spending proceeds on a stake
in the Nashville Predators hockey
club.
SAS Fraud Management’ wins ‘Frost &
Sullivan Technology Innovation of the
Year’ award
SAS, the leader in business
intelligence and analytics, has been
awarded the ‘Frost & Sullivan
Technology Innovation of the Year’
award in the field of Enterprise Fraud
Detection and Prevention for its fraud
management solution - ‘SAS Fraud
Management’.
02
Report finds fraud at Port of Seattle
Staff at the Port of Seattle steered
contracts to preferred bidders and
committed several other instances of
fraud, a former federal prosecutor
found in a report released Wednesday.
Former U.S. Attorney Mike McKay was
hired by the port early this year to
look into its contracting practices,
following an state audit that found
them lax and vulnerable to fraud.
Thai PM steps down, airport blockade
over
The now-former Thai prime minister
Somchai
Wongsawat
has accepted the
judgment of the country's
Constitutional Court, which has
ordered him and other ruling party
leaders barred from politics for five
years over electoral fraud in polls
last year.
Mortgage fraud incidents up 45 pct in
2Q
MIAMI (AP) — Reported incidents of
mortgage fraud grew by 45 percent in
the second quarter compared to the
year-ago period, as borrowers
misstated their financial information
to
maneuver around tighter lending
standards, industry data released
Tuesday showed.
01
Petar Drashkov charged with fraud:
prosecutor
Petar
Drashkov, brother of former
deputy director of State Agency for
National Security Ivan
Drashkov, has
been charged with fraud of extremely
large scale, supervisory prosecutor
Ivan
Petrov told journalists.
Swiss court imprisons ex-manager of
Israeli bank
ZURICH, Switzerland (AP) - A Swiss
court has sentenced a former branch
manager of Israel's Bank
Leumi to
eight years in prison for a string of
fraud-related offences.
Danish cycling sponsor goes bankrupt,
CEO suspected of fraud
COPENHAGEN, Denmark (AP) -- Danish
media are reporting that one of the
main sponsors of Danish cycling team
Saxo Bank-IT Factory has declared
bankruptcy and its chief executive is
suspected of fraud.
Condell to pay $36M fine to settle
fraud allegations
Condell Medical
Center in Libertyville
will pay a $36 million settlement to
government health programs after the
hospital said it accepted improper
payments from federal health insurance
programs for more than five years, the
U.S. Attorney's Office in Chicago said
Monday.
Tom Petters is indicted on 20 counts
Tom Petters, the charismatic
Minnetonka businessman swept up in a
high-profile fraud investigation, was
indicted Monday by a federal grand
jury for his role in an alleged $3.5
billion Ponzi scheme that jilted
investors around the globe.
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