11

Hitachi Exec Guilty of $6M Health Care Fraud

Financial Fraud Is Focus of Attack by Prosecutors

Spurred by rising public anger, federal and state investigators are preparing for a surge of prosecutions of financial fraud.

Billionaire Stanford to take the 5th in fraud case

DALLAS (AP) — Texas billionaire R. Allen Stanford and one of his top officials have asserted their Fifth Amendment right against self-incrimination in the federal government's fraud case against them and Stanford's companies, according to court documents filed Wednesday.

U.S.: Madoff to plead guilty to pyramid fraud

NEW YORK — Fallen Wall Street baron Bernard Madoff confirmed on Tuesday he is set to plead guilty to a massive multi-billion dollar fraud as prosecutors said he should spend the rest of his life in prison.

Convicted influence peddler Stuart Levine's partner pleads guilty to tax fraud

The longtime business partner of convicted influence peddler Stuart Levine pleaded guilty Tuesday to failing to disclose on his tax return some $3 million he stole from a charity.

Pair jailed for $17m fraud

Two men who defrauded Otago District Health Board of almost $17 million were today handed jail terms totalling nearly 14 years between them.

10

Dubai 'Fraud': Where Are The Locals?

Dubai's anti-corruption probe seemed in full swing Tuesday, after seven expatriate businessmen were reportedly accused by prosecutors of taking part in a $500.0 million fraud at Dubai Islamic Bank.

Ex-judge sentenced to nearly 4 years for insurance fraud

A former state Superior Court judge was sentenced this afternoon to nearly four years in prison.

07

Stanford Financial lays off 85% of employees

The court-appointed receiver charged with salvaging as much value as possible for Stanford Financial investors has taken draconian steps to cut the firm's costs: 1,000 workers -- equal to about 85% of Stanford's total headcount -- have been fired, effective immediately.

06

CIO Out After Pension Fund Invested in Alleged Fraud
 

A San Diego pension fund’s chief investment officer resigned Friday after the fund lost money in a broker dealer that has been accused of a $668 million fraud.

NCAA punishes FSU for academic fraud

The NCAA Division I Committee on Infractions has penalized Florida State University for major violations in its athletics program.

The case involved academic fraud affecting more than 60 student-athletes across 10 sports, as well as impermissible benefits, unethical conduct by three former academic support services staff members, and a failure to monitor by the university.

Eight-year sentence for 'Lord of fraud' after botched £229m heist

A "serial conman" who tried to extract £229m from a Japanese bank in the City was yesterday jailed for eight years. Hugh Rodley, who claimed to be an aristocrat, almost pulled off the world's largest theft along with his team of hired Belgian hackers and international money launderers.

SEC charges L.A. businessman Bruce Friedman with securities fraud

A federal judge in Los Angeles froze the assets Thursday of two Sherman Oaks companies owned by a convicted felon accused of stealing $17 million from investors and spending it on personal luxuries and high-profile charitable donations.

05

Scandal at Treasury: Official Quits Amidst Fraud Scandal

The man at the center of a fraud scandal at the Treasury Department has been allowed to quietly quit and retire from his job as a government regulator, despite allegations that he allowed a bank to falsify financial records and amidst outcries from investigators who say the case shows how cozy government regulators have become with the banks and savings and loans they are supposed to be checking on.

U.S. Senate panel approves finance fraud bill

WASHINGTON, March 5 (Reuters) - A U.S. Senate committee on Thursday voted to tighten laws against financial fraud, sending legislation to the full Senate for consideration.

Massachusetts man charged with $57 million fraud

A Massachusetts man has been accused of stealing $57 million from the descendants of a 19th century industrialist and using the money on personal extravagances, including three private jets.

04

In Madoff asset search, wife's wealth adds intrigue

NEW YORK (Reuters) - Her husband is the one accused of the biggest fraud in Wall Street history, but Ruth Madoff's name also keeps coming up in investigators' pursuit of assets linked to Bernard Madoff.

Former CEO accuses AIG of securities fraud

NEW YORK — Former American International Group (AIG) CEO Maurice “Hank” Greenberg has accused the insurer in a lawsuit of securities fraud after it reported the biggest loss by a publicly traded US firm.

03

$138M in ND investments frozen by fraud case

Federal authorities have frozen $138 million in North Dakota's state pension and workers compensation funds, records show. They were invested in a management company whose majority owners have been charged with fraud.

New trial for jailed Russian tycoon Khodorkovsky

Jailed Russian tycoon Mikhail Khodorkovsky goes on trial Tuesday facing a new set of charges of financial wrongdoing that could see him staying in jail into old age.

02

COLUMBIA, S.C. (AP) — The owner of a defunct South Carolina company was sentenced Monday to 6 1/2 years in prison for bilking the Pentagon out of $21 million she obtained by inflating military equipment shipping costs.

Pension funds may be lost to fraud

San Diego County pension officials are scrambling to retrieve millions they invested in a hedge fund for the second time in less than three years.

The San Diego County Employees Retirement Association had $78 million invested with WG Trading Co., but pension officials aren't sure how much they'll get back after two of the fund's principals were arrested Wednesday.

SEC files fraud complaint against nursing home company

PORTLAND, Ore. -- The Securities and Exchange Commission has filed a fraud complaint against Sunwest Management Inc., which runs one of the largest chains of retirement homes in the country.

In documents filed Monday in U.S. District Court in Eugene, the commission claims that Sunwest lied to investors about its operations, concealed risks from them and exposed them to massive losses when the recession triggered Sunwest's collapse.

Man who owned Richmond company on trial in fraud case

Two years ago, Bonnie Schloss of Silver Spring, Md., sold her house and avoided paying capital-gains taxes by depositing $335,000 in proceeds with a so-called "1031" company.

Problem was, the owner of the company, Edward Hugh Okun, allegedly stole the money in a $132 million fraud that victimized 577 clients.

Outgoing Israeli PM to face indictment in fraud case

JERUSALEM (Xinhua) -- Israeli Prime Minister Ehud Olmert would face the indictment by Attorney General on criminal charges of fraud and breach of trust in the case of US businessman Morris Talansky, local media reported yesterday.

01

Lawyers: Madoff must have had help

A bankruptcy trustee's finding that Bernard Madoff didn't trade any securities for more than a decade may show that the money manager couldn't have acted alone in what the United States alleged was the largest Ponzi scheme in history.