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25
Fraud investigators raid Anglo Irish
Bank
Fraud investigators raided the
headquarters of Anglo Irish Bank in
Dublin yesterday morning,
compounding the economic woes of the
Irish Republic and helping to send
its stock market to a 14-year low.
23
Minister To Launch Fraud Awareness
Week
Wellington, Feb 24 NZPA - Fraudsters
are on the loose and you can find
out about them on the Government's
scamwatch website.
Consumer Affairs Minister Heather
Roy will launch Fraud Awareness Week
on Monday and says the economic
downturn means this is the worst
time to lose money to crooks.
22
PwC auditors aware of Satyam fraud
PricewaterhouseCoopers (PwC)
auditors manipulated Satyam
Computers accounts for money.
According to Crime Investigation
Department (CID) sources.
Satyam founder B Ramalinga Raju and
former chief financial officer (CFO)
Vadlamani Srinivas confessed that
the auditors of PwC were aware of
the fraud and very much involved in
executing it.
Birmingham businessman made
£82million in two-week VAT fraud
THE ex-boss of a Midland company
employed by Wembley Stadium to sell
tickets for England internationals
made £82 MILLION in just two weeks
in a massive VAT fraud, it has
emerged.
21
Nigerian man accused in $27 million
scheme
NEW YORK (AP) — Prosecutors have
accused a Nigerian man of trying to
swindle nearly $27 million from an
account in New York held by
Ethiopia's central bank.
Frozen fund may be victim of fraud
A frozen mortgage investment fund
that investors were told had to be
closed because of market conditions
may in fact have been the victim of
mortgage fraud.
The Serious Fraud Office is
investigating a group of 16 loans
worth $33 million in the $242
million Tower MortgagePlus Fund,
after they all defaulted on payments
at the same time in late 2007.
Another group of 12 loans worth $18
million is not in default but is
understood to be connected to the
same group of borrowers.
Stanford investors barred from
access to cash
DALLAS (AP) — The receiver in charge
of recovering assets from Allen
Stanford's financial empire said
Friday that investors could not
access their cash or transfer funds
out of their accounts "for the
foreseeable future."
20
Auditors uncover 20 fraud cases
The National Audit Office (NAO)
discovered 20 fraud cases involving
6 billion yuan ($878 million) while
reviewing financial institutions in
2008, NAO head Liu Jiayi said at an
Information Office of the State
Council press conference yesterday.
Liu said about half of the cases
involved China's top three
State-controlled banks - Industrial
and Commercial Bank of China (ICBC),
Bank of China (BOC) and China
Construction Bank (CCB).
Swiss feel the heat on banking
secrecy
Switzerland was feeling the heat on
banking secrecy on Friday after the
United States stepped up its
high-stakes tax probe against the
biggest Swiss bank, UBS.
18
US military probed over $190b Iraq
fraud
Following years of rumour, senior US
military officers are being
investigated over the disappearance
of up to $US125 billion ($195
billion) that should have been used
for the reconstruction of Iraq after
the fall of Saddam Hussein.
17
Oregon man gets 10 years in fraud
case
PORTLAND, Ore. -- West Linn resident
Charles W. Rhodes has been sentenced
to 10 years in federal prison after
pleading guilty to mail fraud and
money laundering in a scheme that
bilked Portland-area investors out
of millions of dollars.
SEC Charges Stanford Financial in $8
Billion Fraud
Federal authorities today charged a
prominent Texas businessman and
three of his companies with carrying
out a "massive, ongoing fraud"
involving the sale of $8 billion in
certificates of deposit, one of the
largest alleged financial frauds in
U.S. history.
16
United States-Multi Million dollar
cattle fraud
North Dakota cattle buyer who drove
bankers around Eastern Montana
showing them cattle he falsely
claimed were his was convicted
Thursday in a $7.8 million scheme to
defraud banks.
The alleged “brains” behind a
suspected £360 million fraud in
Langbar International, an AIM-listed
cash shell, has insisted that he was
the victim of a “great fraud”.
A 'fraud' bigger than Madoff
In what could turn out to be the
greatest fraud in US history,
American authorities have started to
investigate the alleged role of
senior military officers in the
misuse of $125bn (£88bn) in a US
-directed effort to reconstruct Iraq
after the fall of Saddam Hussein.
The exact sum missing may never be
clear, but a report by the US
Special Inspector General for Iraq
Reconstruction (SIGIR) suggests it
may exceed $50bn, making it an even
bigger theft than Bernard Madoff's
notorious Ponzi scheme.
Interim report on Satyam fraud
ready, officials say
A 12-member team of the Serious
Frauds Investigation Office (SFIO)
has prepared an interim report on
its probe into the Rs7,136 crore
accounting fraud by the promoters of
Satyam Computer Services Ltd, said
persons assisting the SFIO in its
probe.
15
A Belgian court is seeking evidence
to a multi-billion Euro diamond tax
evasion scheme, a local newspaper
reports. A complex scheme of about
two dozen firms were allegedly used
to evade tax payments and launder
billions of undeclared income from
diamond trading, naming Omega
Diamonds.
Casinos competed to lure the
high-stakes San Francisco Bay Area
gambler to their tables. They flew
him on private jets. They put him up
free in opulent suites. And they
extended him millions of dollars in
credit on his signature alone. He
was good for business
Why ex-auditor isn't behind bars
More than a year has passed since
then-Butler County Auditor Kay
Rogers pleaded guilty to bank fraud
in federal court. She has yet to
serve a moment in jail or a pay a
cent in penalties.
But those clamoring for closure may
have to wait a little longer, say
legal experts. The FBI investigation
that netted Rogers isn't finished,
and a sentencing date likely will
not be set until Rogers has
exhausted her usefulness.
'Police have evidence of money
laundering against Lieberman'
Police have amassed sufficient
evidence to link Israel Beiteinu
chairman Avigdor Lieberman with
money laundering charges, a
former National Fraud Unit
investigator told
The Jerusalem Post Thursday,
citing a senior police source.
IRS warns about tax preparer fraud
The Internal Revenue Service is
warning people that they — not the
tax preparer — are responsible if a
fraudulent return is submitted under
their name, even if they were
unaware of the fraud. And with that
responsibility comes the cost of
penalties and interest on any
additional taxes that may be due.
14
Suspect sought in frauds
Toronto police are asking for public
help in locating a man who is
alleged to have committed frauds
worth more than $2 million in the
past two years.
Police held a news conference Friday
to release the name and photograph
of their suspect, Shaun David
Rootenberg, 41, a Canadian citizen
originally from South Africa.
Ex-privacy boss found not guilty of
fraud
OTTAWA — Lavish dining
on the taxpayer’s dime — once a
given in Ottawa — has fallen from
favour, but that doesn’t make it a
criminal offence.
Speaker changed story in fraud case
DECATUR -- Alabama House Speaker
Seth Hammett admitted in court that
he told a grand jury two different
versions of how he helped state Rep.
Sue Schmitz get a job with the
state's two-year college system.
FBI turns to fraud after focus on
terror
Washington - With the economic crisis
unrelenting, the United States is
stepping up its fight against white
collar crime, which has been trumped
by the fight on terror.
U.S. claims $21 million fraud by
Clive tax preparer
A Clive tax preparation firm that
deducted hot tubs, a vacation to
Sweden and a wedding as write-offs
for business clients cheated the
federal government out of more than
$21 million, U.S. justice department
lawyers alleged Friday.
13
Texas man charged in adult diaper
fraud
HOUSTON (Reuters) - The owner of a
Texas medical supply company is
charged with fraudulently billing
the U.S. government for $1 million
(696,475 pounds) in adult diapers
that customers never received,
federal prosecutors said on Friday.
12
The police have
confirmed that a major fraud
case has been uncovered at
the Accountant General's
Department in downtown
Kingston.
Florida Securities Fraud Prevention
Two state lawmakers say they don’t
want another alleged con man like
Bernie Madoff ripping off Florida
residents, so they have come up with
a plan to prevent similar scandals
in the future.
FBI probes over 500 corporate fraud
claims
Federal investigators examine 530
corporate fraud cases amid financial
crisis. JusticeNewsFlash.com legal
new for West Palm Beach business
litigation lawyers.
Inquiries have been launched in five
or six cases following information
supplied by whistleblowers,
employees concerned about some of
the activities of colleagues and
from other sources.
Calif. fraud suspect caught with
$70,000 in boots
SACRAMENTO, Calif. (AP) — A suspect in
a nationwide mortgage fraud scheme
who fled the country was caught at
the Canadian border with $70,000
stuffed in his cowboy boots and
nearly $6,000 worth of platinum,
authorities said Wednesday.
Jail sentence sought for
Mitterrand's son
Paris - French prosecutors on
Wednesday called for a one-year jail
sentence against late president
Francois Mitterrand's son and six
years for two businessmen in the
arms-to-Angola scandal in the 1990s.
Madoff's wife pulled out $15m before
his arrest
The wife of
Bernard Madoff withdrew more
than $15 million from an account
linked to the accused swindler in
the days before his arrest,
Massachusetts authorities said on
Wednesday, adding a new layer of
intrigue to the probe of the
purported $50 billion scam.
UK authorities launch probe into AIG
unit
London - Britain's Serious Fraud
Office said on Thursday that it had
launched an investigation into
operations at a British subsidiary
of US insurance giant American
International Group (AIG).
10
Feds raid Palo Alto Utilities
Department in fraud probe
Federal
agents raided a Palo Alto Utilities
Department building Friday morning
as part of a criminal investigation
into the qualifications and
certification of city pipeline
workers.
Calif. fugitive caught in $100M
mortgage fraud
Authorities say one of three
suspects in a $100 million
mortgage-fraud scheme has been
arrested in Spain.
Federal
prosecutors in Sacramento say Garret
Griffith Gililland III is fighting
extradition.
5 charged in $41 million stock fraud
case
TULSA, Okla. — An indictment unsealed
Tuesday in federal court charged
five men from Oklahoma, Texas,
Kentucky and the Bahamas in
connection with what prosecutors
said was a $41 million stock fraud
scheme.
Court to decide on Fraud
Investigation Office petition Feb 13
Hyderabad, Feb 10 (IANS) A city court
will take a decision Feb 13 on a
petition by the Serious Fraud
Investigation Office (SFIO), seeking
permission to interrogate founder of
Satyam Computer Services B.
Ramalinga Raju and four other
accused in the Satyam fraud case.
'I am sorry for wiring the money
abroad'
Taipei - Taiwan's former first lady Wu
Shu-chen pleaded guilty to
money-laundering and forgery but
denied embezzlement charges at a
hearing into her high-profile
corruption case on Tuesday.
$10m fraud scheme dates back to 1995
Twelve people have appeared in court
accused of laundering at least $5.2
million in an alleged offshore tax
evasion scheme led by Sydney
accountant Lynette Kathleen Liles.
09
Satyam probe: CID begins
scrutinizing data
Hyderabad: The CID has started the
pain-staking process of scrutinizing
electronic data that runs into
terabytes that has been recovered
from personal laptops of Satyam
founder B Ramalinga Raju his brother
Rama Raju and former chief financial
officer V Srinivas, and several
computers of Satyam Computer
Services.
Plan to create specialist police
unit to fight Scottish fraud
Senior police are planning to create
a national fraud office in Scotland
to tackle the most complex and
expensive cases.
SEC to Get Tougher on Corporate
Wrongdoers
In a direct rebuke to her
predecessor, newly appointed SEC
chairman Mary Schapiro reverses
policies that made it harder to
investigate corporations or levy
fines against them.
Madoff agrees to permanent asset
freeze: SEC
NEW YORK (Reuters) - Accused Wall
Street swindler
Bernard Madoff has agreed to a
permanent freeze on his assets
without admitting or denying fraud
charges in a civil case against him,
a U.S. regulator said on Monday.
06
Jamaican investor arrested on
fraud charges
Police in the Turks and Caicos
Islands have invested a Jamaican
banker suspected of defrauding
clients of his investment company.
American Eagle Outfitters sues
Citigroup for fraud
PITTSBURGH (AP) — American Eagle
Outfitters Inc. sued Citigroup
Global Markets Inc. and accused it
of fraudulently inducing it to buy
$258 million worth of auction rate
securities that it now can sell only
at a significant loss, if at all.
Calif. fugitive charged in $100M
mortgage fraud
Federal prosecutors said Friday that
they charged a suspect in a $100
million mortgage fraud and
investment scheme that spanned five
states after he fled the country in
a private jet this week.
A flamboyant businessman was
arrested in Tokyo yesterday for
allegedly tricking tens of thousands
of people into investing £1 billion
in a pyramid scheme in one of
Japan’s biggest financial scams.
Charity manager jailed for fraud
A charity finance boss has been
jailed for paying £500,000 into her
own bank account in a systematic
fraud carried out over a period of
10 years.
05
£250m VAT fraud suspect arrested in
Hungary
A man wanted for a £250 million VAT
fraud has been arrested three months
after being included on a list of
the UK's 10 most wanted criminals.
House arrest for NY lawyer in $400m
fraud case
NEW YORK (AP) — Over the objections
of prosecutors, a federal judge
ruled Thursday that a prominent New
York lawyer accused in a $400
million fraud case can be freed
under house arrest, noting in his
opinion how "glorious" it is to be
an American citizen.
UK fraud office halts Kenya probe
The United Kingdom's Serious Fraud
Office (SFO) has terminated its
probe into the "Anglo Leasing
affair", one of Kenya's biggest
corruption cases.
Prosecutors want Ohio fraud suspect
sentenced
COLUMBUS, Ohio - Government
prosecutors want a federal judge to
sentence a fugitive defendant
convicted in a $1.9 billion
corporate fraud case.
The U.S. Attorney's Office says
Rebecca Parrett should be sentenced
even though she has been missing for
several months.
04
Del Biaggio pleads guilty to
securities fraud
William "Boots" Del Biaggio III
lived like a king in a house
decorated like the Versailles
palace, with velvet and tassels and
a canopied bed. Wednesday, he stood
humbled before a federal judge in
San Francisco, his voice cracking as
he pleaded guilty to one count of
securities fraud and admitted
misusing millions he raised from
investors — many of them old San
Jose friends — to help pay for that
gilded lifestyle.
03
Madoff tipster faults SEC, says
feared for safety
WASHINGTON (AP) — The man who waged
a decade-long campaign to alert
regulators to problems in the
operations of now-disgraced
financier Bernard Madoff is
assailing the Securities and
Exchange Commission for ignoring his
warnings and saying he feared for
his physical safety.
Judge sends Fla. hedge fund manager
to NY
TAMPA, Fla. (AP) — A federal judge
has signed a warrant to send Florida
hedge fund manager Arthur Nadel to
New York, where he will face federal
securities and wire fraud charges.
Accused NY lawyer Dreier stays in
jail for now
NEW YORK, Feb 2 (Reuters) - An
indicted high-profile New York
lawyer will remain in jail until at
least the end of the week on charges
of running a $400 million investment
scheme selling fake promissory
notes.
02
Iraq Auditor Warns of Waste, Fraud
In Afghanistan
After five years of investigations
and 250,000 pages of audits, Stuart
W. Bowen Jr. wishes he could say
that the $50 billion cost of the
U.S. reconstruction effort in Iraq
was money accounted for and well
spent.
"But that's just not happened,"
Bowen said.
Rousseau to head national
health-fraud study
Ways of reducing possible fraud in
the health sector are being examined
nationally with the assistance of
Otago District Health Board chief
executive Brian Rousseau.
He has been appointed the lead
chief executive for district health
boards on a Ministry of Health-HealthPAC
project looking at fraud
countermeasures.
01
Australians arrested in Dubai fraud
probe
A MELBOURNE man is one of three
Australians arrested in Dubai as
part of an investigation by local
authorities into corruption
allegations in the wealthy Persian
Gulf state.
Fraud in Britain at near-record
levels-KPMG
LONDON, Feb 2 (Reuters) - Fraud in
the UK hit near-record levels last
year, accounting firm KPMG [KPMG.UL]
said on Monday, and with the bulk of
offences committed since the credit
crunch began in August 2007 not yet
heard in court, the worst is yet to
come.
Pyramid swindlers unmasked
On its website, Agape World claims:
“We provide the bridge to your
future.” The New York lender
specialising in short-term loans
also claims to have been in business
since 1999. The date must be wrong.
At the end of the millennium founder
Nicholas Cosmo of Long Island, New
York, was serving 21 months in jail
for mis-appropriating funds. Sadly
it wasn’t the only number Cosmo had
wrong.
India needs 6,000 forensic
accountants to fight corp frauds
NEW DELHI: Forensic accountants are
now in a position to turn the Satyam
scandal into an opportunity during
tough times for getting jobs, as the
country needs more than 6,000 such
professionals to check corporate
frauds in India, a latest report
suggests.
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