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31
Bollywood promoter sentenced in bank
fraud scam
ALEXANDRIA, Va. (AP) — A well-known
Bollywood promoter and film producer
from northern Virginia was sentenced
to seven years in prison Friday for
one of the largest bank fraud scams
in the state's history.
No bond for Fla. money manager
accused of fraud
TAMPA, Fla. (AP) — Despite drawing
repeated comparisons to the house
arrest of Bernard Madoff, attorneys
for a Florida hedge fund manager
accused of losing millions of
dollars in client investments were
unable to persuade a judge Friday to
offer him similar confinement as he
awaits trial on federal securities
and wire fraud.
30
Ex-lawmaker Wester Cooley is accused
of investment fraud
A former U.S. congressman from
Oregon has been indicted on charges
related to an investment fraud
scheme that took more than $10
million from victims, federal
prosecutors said.
Ex-LA hospital exec arrested in
alleged med fraud
LOS ANGELES—The former co-owner of a
hospital was arrested Friday on
charges stemming from a scheme to
recruit homeless people for
unnecessary medical treatment to
collect millions of dollars from
government health programs.
SEC accuses Brentwood advisor of
fraud
A federal court has frozen the
assets of Brentwood financial
planner Gordon Grigg and his
company, ProTrust Management, after
the U.S. Securities and Exchange
Commission filed a complaint against
him for allegedly defrauding 27
investors out of at least $6.5
million.
Police again question Israel's
Olmert on corruption
JERUSALEM (Reuters) - Israeli police
investigators questioned Prime
Minister Ehud Olmert on Friday about
the corruption scandal that forced
his resignation for the first time
since Israel ended its offensive in
the Gaza Strip.
Flossmoor doctor accused of billing
fraud
A Flossmoor cardiologist was charged
this week with health care fraud,
accused of billing the government
and private insurers for $13.4
million for care he didn't provide,
federal authorities announced today.
29
Former Iowa slaughterhouse CEO
released on bail
IOWA CITY, Iowa (AP) — The former
manager of a kosher slaughterhouse
in Iowa has been released on bail.
Sholom Rubashkin was released
from the Dubuque County jail
Wednesday afternoon after posting
$500,000 bail. He must also wear an
electronic monitoring device.
Health board head expects minister
to give him sack
Otago District Health Board
chairman Richard Thomson expects to
be sacked after his refusal last
night to resign when asked to do so
by Health Minister Tony Ryall.
Mr Thomson said the minister had
listened to what he had told him a
week ago in a briefing on the
background to the $16.9 million
fraud by Michael Swann and Kerry
Harford involving the board, but
that Mr Ryall did not have
confidence in him and wanted him to
resign.
One in four people victim of card
fraud last year
Card fraud in Britain has jumped by a
quarter over the last year to reach
record levels, largely due to
internet crime, a survey has found.
28
Madoff Mess Haunts BBVA
Spanish bank will have to pay almost
$400M for losses related to the
Ponzi scheme.
UK court upholds asset freeze in
fraud case
A British Court of Appeal on Wednesday
upheld an order freezing the assets
of a hedge fund manager accused of
defrauding investors in Taiwan of
$34 million.
WASHINGTON (Reuters) - The U.S.
Congress will take another look at
how regulators missed Bernard Madoff
alleged $50 billion fraud at a
hearing set for next Wednesday.
Miss. mayor indicted on Katrina
fraud charges
JACKSON, Miss. (AP) — The mayor of
a Mississippi city devastated by
Hurricane Katrina pleaded not guilty
Wednesday to charges he lied to get
disaster assistance to repair his
damaged beachfront home.
Gulfport Mayor Brent Warr is the
highest-ranking public official so
far to be charged with fraud related
to the storm that slammed the Gulf
Coast on Aug. 29, 2005.
Ex-Ahold executives sentenced in
appeal over fraud
AMSTERDAM, Jan 28 (Reuters) - The
Amsterdam appeals court sentenced
three former executives of Dutch
supermarket group Ahold on Wednesday
to suspended sentences and fines
over an accountancy fraud revealed
by the company in 2003.
Nadel Surrenders After Two Weeks On
The Run
The 76-year-old fund manager turned
himself into federal authorities
after vanishing, to face fraud
allegations.
US SEC charges financial planner
with TARP fraud
WASHINGTON, Jan 28 (Reuters) - The
U.S. Securities and Exchange
Commission on Wednesday charged a
Tennessee financial planner with
fraud related to the U.S.
government's Troubled Asset Relief
Program (TARP).
The SEC said Gordon Grigg and his
firm ProTrust Management defrauded
clients out of at least $6.5 million
by telling them their money was
invested in the federal TARP bailout
program and other securities that do
not exist.
Spain Arrests Six Related to UK
Stockmarket Fraud
Spanish police have arrested six
people in connection with a $600
million fraud on the London Stock
Exchange, the Interior Ministry said
on Wednesday.
27
Dubai Raises Bail in Fraud Case
DUBAI -- Prosecutors here have
increased the bail for a developer
accused of defrauding investors of
more than $100 million, as more
investors lodged complaints in what
is the biggest case to grow out of
Dubai's efforts to regulate a
weakening property market.
Dubai: Dubai Police have urged banks
to issue credits cards with pin code
for all transactions as fraud cases
have more than doubled in the last
year.
COLUMBIA, S.C. The federal case
against eight co-defendants of a
state official charged with
embezzling millions in taxpayer
money will continue.
U.S. Magistrate Judge Paige Gossett
on Tuesday denied a request to drop
fraud charges against seven people
accused of cashing checks written by
former Department of Social Services
finance director Paul Timothy Moore.
AIG’s Milton Gets Four Years for
Fraud, Avoids Life
A former vice president at American
International Group Inc. was
sentenced to four years in prison
for defrauding shareholders,
avoiding a possible life term.
Former bank president pleads guilty
in $35 million fraud
In the following press release
Catherine L. Hanaway, U.S. Attorney
for the Eastern District of Missouri
announced that Mark Turkcan pled
guilty to the misapplication of
funds connected with his position at
First Bank Mortgage, causing a loss
of $35 million, United States
Attorney Catherine L. Hanaway
announced today.
Disbarred Lawyer in $20M+ Fraud Case
Turns Himself In
A 76-year-old disbarred lawyer who
disappeared earlier this month after
being accused of having grossly
overstated the value of the hedge
funds he offered to investors has
now turned himself in at an FBI
office in Florida.
26
Judge Delays Fraud Trials of
Ex-Broadcom Execs
A Santa Ana judge said Monday he’s
set to delay the trial of cofounder
and former Broadcom Corp. chief
executive Henry Nicholas until next
year.
US Arrests Financier in Purported
$400 Million Scam
Authorities on Monday arrested the
chief executive of a private New
York financing firm on suspicion of
running a purported Ponzi scheme
that attracted $400 million in
investments, U.S. law enforcement
officials said.
Halliburton nears $559 million
Nigeria settlement
NEW YORK (Reuters) - Oilfield services
company Halliburton Co said on
Monday that it was nearing a $559
million settlement with the United
States over a Nigerian kickback
scandal and posted
higher-than-expected quarterly
earnings.
Push to keep ex-Agriprocessors
manager jailed
Prosecutors on Monday detailed
bank-fraud charges in a push to keep
a former kosher slaughterhouse
manager jailed until his trial,
while his wife argued that he's not
a risk to flee.
25
Yisrael Beiteinu chairman dismisses
money laundering investigation
against him as 'routine police
activity before elections'; police
ask to remand three of his
associates.
Fewer auditors - and more fraud
State budget cuts have thinned the
ranks of auditors, leading to
financial abuses that have cost
taxpayers millions.
A recent string of high-profile
cases of fraud and theft is a direct
result of what a bipartisan group of
legislators and the state's
legislative auditor say has been a
penny-wise but dollar-foolish
decision to save money on auditors'
jobs.
Call for fraud investigation at RBS
THE Royal Bank of Scotland should be
investigated by the Serious Fraud
Office to find out whether
shareholders were misled over last
year's £12bn rights issue, according
to a senior Scottish politician.
24
Price Waterhouse Auditors Arrested
in Satyam Inquiry
PricewaterhouseCoopers LLP’s Indian
affiliate, the auditor of Satyam
Computer Services Ltd., said two
partners were arrested by police as
authorities extended the nation’s
largest fraud inquiry.
23
Homebuilder Levinson indicted for
bank fraud
Edward Levinson, president of
Levinson Homes, was indicted late
Thursday on bank fraud charges that
resulted in more than $10 million in
losses to banks and prospective
homeowners and subcontractors.
PwC to take refuge in 1986 high
court ruling
NEW DELHI: Price Waterhouse will
defend its role as an auditor of the
disgraced Satyam Computer Services,
citing the 1986 verdict of the
Bombay High Court that said an
auditor should not be held
responsible for tracking down
ingenious and carefully-laid schemes
of fraud in a company.
Sisters arrested over £160m fraud
allegations
TWO sisters have been arrested in
connection with a suspected £160
million VAT fraud, investigators
said today.
The women, one aged 40 and the
other in her mid 30s, have been
released on bail pending further
inquiries, a spokeswoman for HM
Revenue and Customs (HMRC) said.
Satyam salary fraud: A challenge for
investigators
Ramalinga Raju said he inflated
profits. The CID's public prosecutor
said in court on Thursday that he
inflated the number of his
employees. That Satyam
has no more than 40,000 employees.
And that the salaries of 13000
so-called employees or one in four
employees was probably being
diverted elsewhere. Raju's lawyer
Bharat Kumar says that is a lie.
22
TVA contractor pays $6.2 million
fraud settlement
A Tennessee Valley Authority
contractor, Stone & Webster
Construction Inc., has agreed to pay
the federal government $6.2 million
to end a contract fraud
investigation related to work at TVA
nuclear plants in East Tennessee and
Alabama.
US bill aims to boost FBI, SEC fraud
investigators
WASHINGTON, Jan 22 (Reuters) -
Legislation to target Wall Street
fraud and white-collar crime by
hiring hundreds more FBI agents,
federal prosecutors and securities
enforcement lawyers was introduced
by two senior senators on Thursday.
High Bail Is Set in Fraud Case
A federal judge refused on Thursday
to release Marc S. Dreier, a
prominent New York lawyer accused of
a $380 million Ponzi scheme, unless
he posted a $20 million bond
guaranteed by financially
responsible friends — a requirement
that Mr. Dreier’s lawyer said was
impossible to meet.
Miami woman sentenced in
multimillion-dollar mortgage fraud
A Miami woman was sentenced in
federal court on Thursday to more
than 10 years in prison and ordered
to pay more than $6 million in
restitution for her role in a
multimillion-dollar mortgage fraud
scheme.
The bankers dubbed the NatWest Three,
who were jailed in the US for a
multi-million pound Enron-related
fraud, have returned to Britain to
serve the rest of their sentences.
21
100 Million Credit Cards Stolen in
Largest Cyber Crime Ever
If you are a small company that
needs to process credit card
payments, you probably can’t afford
an expensive solution and high
processing fees. Most small
customers go with a tailored service
that understands small business
needs, and one of the best companies
working with small businesses is
Heartland Payment Systems. Chances
are, if you use your credit card at
such places as pay-at-the-pump gas
stations, parking lots, retail,
restaurant, school campuses,
hospitality and community banks,
then Heartland may be the backend
processor of your credit
transactions.
And that is what makes the latest
reported breach yesterday such a big
story. Some type of spyware or
malware program had been installed
on the internal network of Heartland
and they suspect that it may have
siphoned off the details of 100
Million credit card transactions.
The head of the Otago District
Health Board met Health Minister
The meeting has led to talk that
board chairman Richard Thomson may
be replaced, but a spokesperson for
the Minister's office says that's
not the case.
Former DHB IT manager Mike Swann and
Queenstown surveyor Kerry Harford
were convicted last year of
defrauding the board of $16.9
million between 2000 and 2006.
20
Philadelphia Fund Manager Forte
Charged With Fraud
Philadelphia-area fund manager
Joseph Forte was charged by U.S.
prosecutors with mail fraud over
allegations that he ran a $50
million Ponzi scheme that bilked
investors including a charity,
church and private school.
Idaho Investigates Alleged Hedge
Fund Fraud
The latest is in Idaho, where
securities regulators said last week
they are looking into claims that
one Daren Palmer ripped investors
off to the tune of $100
million. According to several of his
alleged victims, Palmer raised money
for his Trigon Group, based in Idaho
Falls, which according to at least
two investors Palmer marketed as a
hedge fund.
Enron’s Skilling asks full court to
review convictions
Former Enron Chief Executive Jeff
Skilling’s lawyers today asked the
full 5th U.S. Circuit Court of
Appeals to hear his appeal arguments
in light of a three-judge panel’s
decision earlier this month to
uphold all 19 of his convictions.
Independent auditors let us down in
corporate frauds: Kapil Sibal
New Delhi, Jan. 20 (ANI): Union
Science and Technology Minister
Kapil Sibal on Tuesday expressed
government's disappointment over the
Satyam Computers fraud by stating
that independent auditors in frauds
involving corporate houses let the
government feel down.
19
Five guilty in multi-million pound
buy-to-let fraud
Five former directors of a property
investment company have pleaded
guilty to running a multi-million
pound fraud that may have robbed
investors of around £65 million, the
Serious Fraud Office (SFO) has said.
Assets seized in Baninter US$2.5B
fraud case to be auctioned
SANTO DOMINGO. - The Seized Assets
Safeguard Office handed over
numerous properties seized in the
case of the failed bank Baninter, to
the Central Bank’s Liquidation
Commission, which said they’ll be
auctioned.
285 cases of publicly reported fraud
cost UK companies £1.19bn last year,
an increase of 14 per cent year on
year, according to BDO Stoy
Hayward’s annual FraudTrack report.
Judge orders fraud squad
investigation of pyramid scheme
A High Court judge has ordered that
the papers in the case against a
South Dublin businessman, who
allegedly operated a pyramid scheme
funded with investments from his
friends, be sent to the National
Bureau of Fraud Investigation.
Mr Justice Peter Kelly, in a
judgment this afternoon, ordered
Breifni O'Brien from Glenageary not
to reduce his assets below €14.5m
which accounts for the claims
against him and the legal costs.
India Extends Satyam Fraud Probe to
Maytas Companies
India ordered its fraud office to
probe two companies owned by the
founders of Satyam Computer Services
Ltd. as they may be linked to the $1
billion fraud at the software maker.
Merrill Lynch & Co. has agreed to pay
$475 million to settle a
class-action lawsuit by the Ohio
State Teachers Retirement System
alleging securities fraud on the
part of the financial services
company.
17
Rubashkin hit with 99-count
indictment
A former executive at Postville's
kosher meat plant faces money
laundering, bank fraud and other
federal charges that rose from his
alleged efforts to mislead a bank
and borrow more out of a $35 million
revolving loan.
Police probe Fla. fraud claim,
missing fund leader
MIAMI (AP) — A Florida hedge fund
manager accused of defrauding
investors out of millions is missing
and his family is worried because he
left a note indicating he was
"distraught," police said Saturday.
India police to grill Satyam founder
over fraud revelations
HYDERABAD, India (AFP) — An Indian
court on Saturday gave police the
right to question fraud-hit Satyam's
founder over his admission that he
inflated the outsourcing giant's
balance sheet by over a billion
dollars.
16
$5.5 million missing from DSS
The former finance director of the
Department of Social Services is
accused in a conspiracy to embezzle
more than $5.5 million from the
agency, federal prosecutors said.
Planner jailed for $1 million fraud
Australia: A FINANCIAL planner who
ripped off more than $1 million,
mostly from couples looking to set
themselves up for retirement, has
been jailed for eight years.
U.S. SEC nominee promises "laser"
focus on fraud
WASHINGTON (Reuters) -
President-elect Barack Obama's pick
to head the U.S. Securities and
Exchange Commission told lawmakers
she would reinvigorate an agency
beset by regulatory missteps and
blamed for missing one of the
biggest investment frauds in
history.
A former supervisor in the Minnesota
Department of Human Services
admitted in court Thursday to
stealing more than $1 million from
health care funds over about five
years.
4 sentenced in $15 million tax fraud
conspiracy
KANSAS CITY, Mo. (AP) -- Four
defendants have been sentenced for
their roles in a scheme to use the
stolen identities of hundreds of
people to file bogus tax returns,
U.S. Attorney John Wood announced
Thursday.
15
Two former Perini Corp. executives
face fraud charges
Two former top executives of Perini
Corp., the mammoth builder of
highways on Long Island and across
the nation, were indicted on fraud
charges yesterday for running a
scheme in which authorities say they
falsely claimed that minority
contractors were performing work on
more than $10 million in
highway-related contracts in the New
York area.
Missouri Gets $18 Million In
Medicaid Fraud Settlement
The state of Missouri is getting $18
million dollars as part of a
settlement with a giant drug maker.
The Attorney General's Office says
Eli Lilly settled a fraud suit with
Missouri along with several other
states and the Federal government
over its drug Zyprexa.
CRE Capital accused of fraud, Ponzi
scheme
The Securities and Exchange
Commission on Thursday got a
temporary restraining order and
asset freeze against Alpharetta, Ga.-based
CRE Capital Corp. and its President
and CEO James G. Ossie, alleging the
company and Ossie raised $25 million
through a fraudulent Ponzi scheme.
Ex-Home Depot employee admits fraud
A former employee of The Home Depot
Inc. has pleaded guilty to taking
bribes from foreign suppliers, the
third to admit guilt in the scheme.
UBS Exec Declared a Fugitive
Raoul Weil, the former head of Swiss
bank UBS's cross-border private
banking operations, was declared a
fugitive by a Fort Lauderdale judge
as U.S. prosecutors upped the ante
in their battle against Swiss bank
accounts used to shelter assets from
taxation.
Satyam executives sold $2m in shares
before fraud revelation
Senior executives of Satyam, the
Indian outsourcing group, sold an
unusually large number of shares in
the company before it was revealed
to be at the centre of India's
largest corporate fraud, it emerged
yesterday
World Bank bars seven firms
including four from China
WASHINGTON (Reuters) - The World
Bank said on Wednesday it had
uncovered a major cartel involving
local and international firms
bidding on a Philippines roads
project and it had barred seven
companies following an
investigation.
14
Cabrera is guilty on all 11 counts
of fraud
Samir Cabrera defrauded investors in
two failed Fiddlesticks Boulevard
land deals in 2006, a jury decided
late Wednesday.
The 32-year-old will remain free on
bond until his April 27 sentencing.
Lennar Adds Minkow and Fraud
Discovery to Libel Suit
Lennar Corp., the U.S. homebuilder
that lost 20 percent of its value
after being accused of fraud, added
Barry Minkow and Fraud Discovery
Inc. as additional defendants in an
ongoing lawsuit alleging libel and
extortion.
UnitedHealth Pays NYS Millions In
Fraud Case
Attorney General Cuomo: Insurance
Giant Underpaid Patients By As Much
As 28 Percent Over Last Decade.
They admit they defrauded customers
for over a decade. On Tuesday one of
the nation's leading health
insurance companies agreed to a
multi-million dollar settlement with
New York State
State alleges investment firm fraud
Massachusetts Secretary of State
William F. Galvin yesterday accused
a New York investment firm of fraud
for allegedly misleading investors
over the safety a $62 billion money
market mutual fund while company
officials worked desperately behind
the scenes to stem a tidal wave of
panic selling.
Company director charged with role
in £15m fraud
A COMPANY director from South Wales
was part of a gang of crooked
businessmen who used a banking flaw
to steal more than £15 million from
NatWest, a court heard today.
13
Fraud Office funding is defended
The Attorney General's office has
said additional £10m funding granted
to the Serious Fraud Office was
"anticipated".
The department had been accused of
letting its budgets slide "out of
control" after requesting an extra
£15m funding from the government.
Man investigated for fraud 'faked
death in plane crash'
A businessman being investigated for
fraud has been accused of attempting
to fake his own death after
parachuting from a small plane and
allowing it to crash into Florida
swampland.
Indian police search offices of
auditor
Indian police on Tuesday searched
the offices of
PricewaterhouseCoopers, the auditors
of the troubled outsourcing giant
Satyam Computers, whose founder last
week admitted to doctoring the
company's accounts for years, an
official said.
India Orders Fraud Office Probe Into
Satyam Computer Accounts
India ordered its fraud office to
inquire into financial
irregularities at Satyam Computer
Services Ltd. as the government
seeks to limit the damage on the
country’s reputation as an
investment destination.
12
Identity fraud: UAE explores DNA
signature option
The UAE is exploring the possibility
of using highly accurate DNA
“signature” -- in addition to iris
scans and fingerprints -- to combat
identity fraud, a senior official
said.
Dell settles fraud claims with 34
states
CHICAGO (Legal Newsline)- Dell Inc.,
one of the world's largest computer
companies, has agreed to pay $3.35
million to settle claims by 34 state
attorneys general that it used
deceptive financing and warranty
practices.
Is Weakened Economy Leading to More
Cases of Fraud?
HOUSTON -- Consumer watchdogs
worry the weakening economy could
lead to more cases of credit card
fraud and identity theft.
Mueller gets 8 years for $8.5
million ING fraud
Nathan John Mueller, the lone
architect of an $8.5 million
embezzlement fraud that lasted four
years, was sentenced Monday to just
over eight years in prison for a
crime that his attorney said was
driven by "helplessness [and]
hopelessnesss" over lack of
advancement at employer ING
Reinsurance Corp.
The Serious Fraud Office (SFO) has
appointed a leading criminal
barrister and fraud specialist to
the new post of general counsel.
Lennar again denies fraud
allegations
Lennar Corp. stock ticked down again
on Monday morning, as the nation’s
No. 2 homebuilder took a second day
to deny allegations, which first
surfaced Friday, that the company
engaged in financial mismanagement.
U.S. prosecutor to appeal judge's
ruling on Madoff
NEW YORK (Reuters) - Federal
prosecutors said on Monday they will
appeal a judge's decision that
allows accused swindler Bernard
Madoff to stay in his Manhattan
apartment under house arrest.
11
Probe into $100m Dubai fraud claim
Police are investigating fraud
allegations against the chairman of
a leading Dubai private property
company, as dozens of aggrieved
investors claim he defrauded them of
more than $100m (€74m, £66m).
10
US court asked to reverse Black's
fraud conviction
WASHINGTON - Conrad Black is asking
the U.S. Supreme Court to overturn
his convictions for fraud and
obstruction of justice.
Fraud charges dropped against
ex-Reagan aide David Stockman
U.S. prosecutors dropped charges
against David Stockman, a former
budget director in the Reagan
administration who later was accused
of overseeing a sweeping fraud at
Collins & Aikman Corp. when he
served as its chief executive.
3rd Satyam exec detained after fraud
scandal
NEW DELHI (AP) — Indian police
arrested the chief financial officer
of embattled outsourcing giant
Satyam Computer Services Ltd. on
Saturday, the third executive to be
charged in a massive fraud scandal
that threatens to roil India's
flourishing tech industry.
09
Pharmed co-founders get 9 years for
fraud
Once revered as charitable
businessmen, brothers Carlos and
Jorge de Céspedes will be going to
prison for defrauding a South
Florida hospital.
U.S. District Judge Patricia A.
Seitz said the brothers had been
''two-faced for too long'' in
bilking Kendall Regional Medical
Center out of $5 million in a fraud
that lasted 14 years.
Ground Zero construction official
faces fraud charges
A construction official falsely
billed US$1.2 million for supplies
not delivered to clean up a toxic
Ground Zero skyscraper in exchange
for cash, clothes and trips to the
Caribbean, prosecutors said Tuesday.
The world has seen much bigger
frauds
MUMBAI: While Satyam remains the
biggest accounting fraud in the
history of Corporate India, it has
had more than one international
precedent. In fact over the last few
years, the unenviable list seems to
have just gotten longer. In some
cases, the defaulting companies have
got away after paying a penalty.
Experts Say Fraud Likely to Rise
In recessionary times, the
incentives to cheat increase as
executives face more pressure to
meet revenue and earnings targets.
Deep feelings of shame rather than
material losses were probably behind
the suicide of German billionaire
Adolf Merckle and some other
prominent casualties of the global
financial crisis, say mental health
experts.
08
One World Capital Group execs
charged with fraud
Federal agents arrested two
principals of a Winnetka-based
foreign-exchange futures dealer on
fraud charges Wednesday, the Justice
Department said.
The two men operated One World
Capital Group, which was effectively
shut down in December 2007 when the
Commodity Futures Trading
Commission, responding to complaints
from customers unable to withdraw
funds from their accounts, obtained
a court order that froze the
company's assets.
Fired Fry's executive charged with
fraud, money-laundering
A now-fired executive at Fry's
Electronics was charged Thursday
with nine counts of wire fraud and
money laundering for allegedly
squeezing millions of dollars in
kickbacks from suppliers to pay off
massive gambling debts, according to
documents filed in San Jose federal
court.
Peregrine exec. pleads guilty to
bank fraud
SAN DIEGO—A former executive for a
San Diego-based software company who
failed to correct false and
misleading financial statements has
pleaded guilty to bank fraud.
Insurance agent pleads guilty in
mortgage fraud case
A self-employed insurance agent
admitted guilt for his role in a
$12.6 million mortgage fraud scheme
that encompassed 25 residential
properties in Lee’s Summit and
Raymore.
Miami clinic owner pleads guilty to
fraud
The owner and operator of two Miami
medical clinics has pleaded guilty
to defrauding the Medicare program
in connection with a $5.3 million
HIV infusion fraud scheme, according
to the U.S. attorney for the
Southern District of Florida.
Q+A - How did Satyam pull off
India's biggest corporate fraud?
India vowed to strengthen laws to
prevent corporate fraud after Satyam
Computer, the country's
fourth-largest software company,
shocked investors by revealing
profits had been falsely inflated
for years.
The following is an overview of how
the fraud escaped detection for so
long and what compelled a
soft-spoken man born into a family
of farmers to risk all.
Government charges 82-year-old man
with mail fraud:SEC
WASHINGTON (Reuters) - The U.S.
Securities and Exchange Commission
and the Justice Departmen says
82-year-old New York state man,
Richard Piccoli, was charged with
mail fraud linked to alleged Ponzi
scheme.
FBI looking for over 3000 additional
staff
Washington, Jan.8 : The Federal
Bureau of Investigation (FBI) is
seeking to fill thousands of posts
as it embarks on the biggest
recruitment drive in its 101-year
history.
Serious Fraud Office probes Madoff's
UK business
LONDON (Reuters) - The Serious Fraud
Office (SFO) opened an investigation
into the UK operations of disgraced
financier Bernard Madoff, focussing
on British victims and any offences
that may have been committed in the
country.
07
Ex-Enron exec to get new term
HOUSTON – A federal appeals court
Tuesday upheld former Enron Corp.
CEO Jeff Skilling’s convictions for
his role in the energy giant’s
collapse but threw out his 24-year
prison term and ordered that he be
resentenced.
CEO of India IT giant Satyam quits
over billion-dollar fraud scandal
The head of one of India's biggest
outsourcing firms, Satyam Computer,
resigned on Wednesday amid a scandal
over a billion dollar fraud that
sent company stocks tumbling 70
percent.
Ramaling Raju admits to Rs 5,040-cr
fraud
Hyderabad: Satyam Computer Services
founder chairman B. Ramalinga Raju
resigned from the IT major's board
after admitting a fraud to the tune
of Rs 5,040 crore in the balance
sheet of the company.
Final arguments in Broadway fraud
trial begin
Two former Broadway producers
flaunted lavish lifestyles to hide
their company's debts and deceive
investors, prosecutors said during
closing arguments Tuesday at a trial
in which the pair are accused of
bilking investors and banks out of
as much as $500 million.
06
Woman pleads guilty to $132M fraud
RICHMOND, Va. (AP) - The former head
of a Richmond-based company has
pleaded guilty to defrauding
investors of $132 million.
Lara Coleman, of Houston, pleaded
guilty Tuesday to one count of
conspiracy to commit mail and wire
fraud and one count of lying to
federal investigators. A plea
agreement with federal prosecutors
calls for a 10-year prison term.
U.S. District Judge Robert Payne set
sentencing for May 1.
Medicaid fraud cases in NC totaled
$52M in 2008
State officials say Medicaid fraud
cases in North Carolina totaled more
than $52 million in 2008.
Fed and other agencies to join U.S.
fraud task force
WASHINGTON (Reuters) - The U.S.
government is beefing up a task
force to fight mortgage crimes and
safeguard federal financial
bailouts, the U.S. Justice
Department said on Tuesday.
Bernard Madoff 'fraud': Prosecutors
told about mailed jewellery by
Madoff children
The sons of alleged $50bn (£33.4bn)
fraudster Bernard Madoff are
believed to have informed US
prosecutors that their father sent
them and other family members
approximately $1m of jewellery in
the post.
The US Attorney's office is now
seeking to have Mr Madoff jailed as
a result of the alleged breach of a
freeze on his assets, with Judge
Ronald Ellis expected to rule on the
plea by the end of this week.
7 hospitals in NY accused of $50M
Medicaid fraud
ALBANY, N.Y. (AP) — Four hospitals
in New York state paid kickbacks to
get more patients into their drug
treatment programs, which billed
Medicaid for services that weren't
standard or necessary and lacked
state certification, lawsuits
allege.
05
Atlanta man accused of $3M
investment fraud arraigned
An Atlanta investment adviser was
arraigned Monday in federal court on
charges that he defrauded clients
out of $3 million, including
allegations that he nearly wiped out
the life savings of an elderly
Alzheimer’s patient.
Four indicted in $1B viatical fraud
case
Five years after their company was
shut down, four officials of a
viatical and life settlement company
have been indicted.
Congress Demands SEC Speed Madoff
Inquiry to Improve Oversight
Jan. 5 (Bloomberg) -- U.S.
lawmakers, critical of the
Securities and Exchange Commission’s
failure to uncover Bernard Madoff’s
alleged $50 billion fraud, demanded
the agency speed up an internal
investigation of its missteps to
help in their overhaul of market
regulations.
SEC Must ‘Defend Existence’ as
Lawmakers Question Madoff Lapses
The U.S. Securities and Exchange
Commission may come under fire from
lawmakers today for failing to quash
Bernard Madoff’s alleged $50
billion Ponzi scheme after an
investor alerted the agency to the
suspected fraud.
04
Luxury boat costs Otago DHB
Health authorities conned out of $17
million have been forced to pay for
the $25,000 upkeep of a 50m launch
bought by a fraudster.
Michael Swann and Kerry Harford were
last month found guilty of
defrauding the Otago DHB of $16.9m
between 2000 and 2006.
03
Barclays settles €50m fraud claim
with sheikh
Barclays has settled an embarrassing
legal claim raised by a senior
member of the Qatari ruling family
over an alleged €50m (£48m) fraud.
The settlement, which has been
secretly thrashed out over the past
few weeks, related to claims from
Sheikh Abdul Aziz Al-Thani, brother
of the Emir of Qatar, that €50m had
been stolen from his account at
Barclays in Marbella between 2001
and 2003.
Madoff trustee seeks wide authority
WASHINGTON (Reuters) - The trustee
overseeing the bankruptcy of accused
fraudster Bernard Madoff has asked a
court for unusually broad authority
to subpoena witnesses and documents,
The New York Times reported.
02
Television company fraud worth 500m
euros
THE mystery surrounding the sudden
disappearance of broadcasts by
‘Telmicro Levante’ now appears to be
resolved following a Guardia Civil
statement on the reasons behind the
company’s dismantling. In the
statement, the Guardia Civil said
that Telmicro illegally pirated
British TV channels to re-broadcast
them to customers in Spain. Fourteen
people have been arrested, including
eight Spaniards and three British
citizens, identified only by the
initials, P.G.W, R.E.I.G and R.G.W,
as part of a police operation,
code-named ‘Scimitar’.
Boca attorney indicted in $41
million fraud scam
Two Boca Raton residents, including
an attorney, are among six people
charged in an elaborate scheme that
federal prosecutors say looted $41
million from restitution funds set
up to pay victims of securities
fraud.
Austria names supervisor for
fraud-hit Medici Bank
VIENNA, Austria (AP) — The Austrian
government appointed a supervisor
Friday to oversee Medici Bank, which
is reeling from more than $3 billion
in losses blamed on Wall Street
money manager Bernard Madoff.
01
Madoff’s Asset List Won’t Be Made
Public
The U.S. Securities and Exchange
Commission, which sued
Bernard Madoff last month for
allegedly directing a $50 billion
fraud, won’t make public a list of
his assets filed yesterday, the
regulator said.
Former Computer Associates chief
executive Sanjay Kumar has been
sentenced to 12 years in prison and
a US$8 million fine.
High
drama in Illinois
Chicago - Criticism rained down on
embattled Illinois Governor Rod
Blagojevich on Wednesday for his
defiance in appointing the state's
new US senator, but doubts persisted
that anyone could block the move.
Blagojevich, who was arrested on
December 9, ignored warnings from
within his own party on Tuesday by
appointing a successor to fill
President-elect Barack Obama's
vacant Senate seat - the seat the
governor has been charged by federal
prosecutors with trying to sell to
the highest bidder.
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