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Fraud (definition)

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Hong Kong Regulator Clears All Banks, Except UBS, in Rate-Rigging Investigation

The Hong Kong Monetary Authority (HKMA), announcing the results of its Hong Kong Interbank Offered Rate (HIBOR) rate-fixing investigation into the actions of nine banks, said that it has found evidence of misconduct in the submission of HIBOR rates by only one bank, and no evidence of collusion between...

17 Large Banks Manipulated LIBOR, FDIC Claims

The Federal Deposit Insurance Corporation, as receiver for dozens of failed banks including Washington Mutual and IndyMac Bancorp, has sued 17 large banks, alleging that they manipulated LIBOR – the London interbank offered rate – over approximately a four-year period. The suit contends...

Jury Convicts CEO in $1 Billion Check Kiting Scheme

Mair Faibish, the former chief executive officer of Synergy Brands, Inc., has been convicted by a federal jury in Brooklyn on all three counts of the indictment for defrauding Signature Bank out of $26 million through a massive check kiting scheme, for making false statements to the U.S. Securities and...

Madoff Employees’ Fate Now with the Jury

A jury of nine women and three men have begun to deliberate the fate of five former employees of Bernard Madoff’s company after receiving their instructions from U.S. District Court Judge Laura Taylor Swain in Manhattan. The trial involving a 31 count indictment against Jerome O’Hara,...

Whistleblower Nets $1.1 Million in False Claims Act Case against Bristol-Myers Squibb

New York has reached a $6.2 million settlement of a whistleblower case alleging that a medical imaging company that made millions of dollars’ worth of sales in New York knowingly evaded New York State and New York City taxes. The whistleblower in the action will receive $1,137,814.80 from the...

Who’s Your Anti-Corruption Hero?

The global anti-corruption organization Transparency International now is accepting nominations for its 2014 Integrity Awards. Launched in 2000, the awards recognize the courage and determination of individuals and groups taking remarkable steps to combat corruption, often at great personal risk, TI...

Singapore Executive is Second to Plead Guilty in International Navy Corruption Scandal

Alex Wisidagama, a former executive with Glenn Defense Marine Asia (GDMA), has pleaded guilty to participating in a scheme to defraud the United States, admitting that he and others duped the U.S. Navy into overpaying by at least $20 million for supplies and services to American ships in Asian ports...

Law Clerk and Stockbroker Charged with Trading on Inside Information Stolen from Prominent New York Law Firm

The managing clerk of the New York office of Simpson Thacher & Bartlett LLP – a prominent, international law firm – and a professional stockbroker who worked at Oppenheimer & Co. and Morgan Stanley have been arrested and charged with participating in a multi-year insider trading scheme...

Attorney Heading to Prison for Helping Clients Keep Secret Swiss Bank Accounts

California attorney Christopher M. Rusch has been sentenced to serve 10 months in prison for helping his clients Stephen M. Kerr and Michael Quiel, both businessmen from Phoenix, hide millions of dollars in secret offshore bank accounts at UBS AG and Pictet & Cie in Switzerland. U.S. District...

Fighting Financial Fraud with Big Data? That’s IBM’s Goal

Can the fight against financial fraud be waged with computers and software? That’s what IBM seems to believe. IBM said that it has introduced new software and services to help organizations use ”Big Data and Analytics” to address the $3.5 trillion lost each year to fraud and financial...

‘Largest Scam of Its Kind’ Is Targeting Thousands

The Internal Revenue Service is warning consumers about a sophisticated phone scam targeting taxpayers, including recent immigrants, throughout the country. Treasury Inspector General for Tax Administration Russell George said that “thousands of victims” already have lost more than $1...

Biloxi Breach: Attorney Pleads Guilty to Trust Account Fraud

An attorney in Biloxi, Mississippi, Stephen Richard Colson, has pleaded guilty in federal court to falsifying, concealing, and covering up material facts in connection with a scheme to defraud two banks and the bankruptcy court in violation of federal law. The government indicated at the guilty plea...

Jury Convicts Former Madoff Employees Of All Charges

In the first trial to take place since Bernard Madoff's massive Ponzi scheme shocked the world more than five years ago, five former employees at Madoff's investment firm were convicted by a New York federal jury for their participation in Madoff's scheme. After nearly 3 days of deliberations...

Florida Cop Gets 5-Year Sentence For Rothstein Ties, Including Illegal Arrest

"Mr. Benjamin, while wearing the cloak of BSO authority, engineered the arrest and incarceration of an innocent citizen. This was done purely for financial gain. This conduct is deplorable — it is unconscionable." - U.S. District Judge James Cohn A former Broward County Sheriff's...

Rothstein Ponzi Scheme: A Settlement, Finally

The intersection of bankruptcy and forfeiture proceedings can lead to considerable fighting over the assets that were once in the possession and control of the perpetrator. The recent filing of a motion to approve a settlement in the hard fought battle over forfeited assets in connection with the Scott...

TelexFree Founders Indicted on Fraud Charges

A Massachusetts grand jury indicted TelexFree co-founders James Merrill and Carlos Wanzeler on multiple fraud charges in what authorities have alleged was a massive Pyramid/Ponzi scheme that may have defrauded victims out of hundreds of millions of dollars. Merrill and Wanzeler were charged with one...

Lloyds to Pay $370M to Settle Libor Manipulation Claims in U.S., U.K.

WASHINGTON, D.C. — (Mealey’s) Lloyds Banking Group plc has agreed to pay a total of $370 million to settle claims with U.S. and British agencies alleging that Lloyds violated various laws by manipulating the London Interbank Offered Rate (Libor), according a press release issued by the Department...

SEC Files Financial Fraud Action

Financial fraud is an enforcement priority of the SEC. A financial fraud task force was formed in July 2013. Its purpose is to focus on this traditional staple of enforcement. A data analysis group was formed at the same time to give the task force a new big data type approach under which computers would...

CEO, CFO Charged In SEC Financial Fraud Action

Since the formation of the financial task force, and its related data group, there has been speculation regarding the focus of the new program and the impact of big data techniques. One indication of how the program could unfold may be in the approach used in the financial fraud action against Lynn Blodget...

Government Seeks to Stay Discovery in TelexFree SEC Case Pending Criminal Resolution

The U.S. Department of Justice ("DOJ") has sought to intervene in the civil enforcement action brought against TelexFree by the Securities and Exchange Commission on the basis that a stay of civil discovery is appropriate pending resolution of parallel criminal proceedings against certain former...

The SEC’s Carter’s, Inc. Investigation Yields Another Insider Trading Case

Carter’s, Inc. is the investigation that just keeps on generating cases. The investigation has yielded seven SEC actions charging insider trading and financial fraud. Hedge fund manager Stephen Slawson became the eight person charged in the investigation. SEC v. Slawson, Civil Action No. 1:14-cv...

SEC Inspection Staff Uncovers a Possible Fraud

The SEC claims that an individual that controlled several entities including an investment fund created phony consumer loans to funnel investor cash to his faltering financial operations rather than investing the money in actual loans in accord with the representations made to investors. The complaint...

SEC Settles Financial Fraud Action

Financial fraud is an enforcement priority of the SEC. A financial fraud task force was formed in July 2013 to focus on this traditional staple of enforcement. A data analysis group was formed at the same time to give the task force a new big data type approach under which computers would aid with prospecting...