FraudBaron.com

Continue reading "SEC accuses 4 of inflating bank's portfolio" »

Posted by at 8:46 PM | Permalink

boston.com | 11/14/08 | suspect:  David McQuillin | victim:  Aspen Technologies, Inc.

David McQuillin, former chief executive of Aspen Technology Inc., of Burlington, was sentenced to three years' probation and a $12,000 fine in a federal court in New York after he pleaded guilty to conspiracy and securities fraud.

Continue reading "Former Aspen CEO gets probation in fraud case" »

Posted by at 11:27 AM | Permalink

news.google.com | 11/14/08 | $9.7 million | suspect:  Charles E. "Junior" Johnson | victim:  PurchasePro, Inc.

lashy Las Vegas entrepreneur who became a billionaire at the height of the dot-com bubble was sentenced Friday to nine years in prison for stock fraud, capping a seven-year investigation that led to seven convictions.

Continue reading "Ex-Tech billionaire gets 9 years for stock fraud" »

Posted by at 11:15 AM | Permalink

mlive.com | 11/6/08 | $27,000,00 | suspect:  Michael Vorce | victim:  various banks

West Michigan boat broker Michael Vorce was indicted by a federal grand jury this afternoon on 15 counts ranging from bank fraud to using a false identity to open bank accounts. The indictment alleges Vorce fraudulently obtained more than $27 million from 10 lenders, most in the Grand Rapids area.

Continue reading "West Michigan boat broker Michael Vorce indicted on bank fraud" »

Posted by at 5:05 PM | Permalink

reuters.com | 11/2/08 | $500 million | suspects: Former Executives | victim:  American International Group

A financial manipulation scheme cost American International Group Inc investors at least $544 million, a judge has estimated, a finding that could mean the five former executives convicted in the fraud will face lengthy prison terms when sentenced.

Continue reading "AIG reserves fraud caused big investor loss" »

Posted by at 9:36 PM | Permalink

ap.google.com | 10/31/08 | $1.9 Billion | suspect:  Lance Poulsen | victim:  National Century Financial

 A federal jury on Friday convicted the former CEO of a failed health-care financing company in a $1.9 billion fraud case that prosecutors likened to the Enron or WorldCom scandals.

Continue reading "Ex-health care CEO convicted in $1.9B fraud case" »

Posted by at 8:33 PM | Permalink

chron.com | 10/28/08 | $107,000,000 | suspect:  Andrew Maxwell Parker | victim:  Export-Import Bank

A businessman has been sentenced to nine years and nine months after pleading guilty to charges related to bilking $107 million from a taxpayer-funded bank.

Continue reading "Businessman sentenced in $107M bank fraud" »

Posted by at 9:44 AM | Permalink

reuters.com | 10/23/08 | $100,000,000 | suspect:  UBS | victim:  Healthsouth

HealthSouth Corp said UBS AG would pay the provider of rehabilitative services $100 million in cash to settle investor claims that the investment bank knew about HealthSouth's multibillion dollar accounting fraud.

Continue reading "HealthSouth settles with UBS" »

Posted by at 9:26 AM | Permalink

reuters.com | 10/22/08 | $364,200,000 | suspect: Parmalat | victim:  Citigroup

Shares of Parmalat hit an all time low after a jury ruled that it could not receive damages from Citigroup relating to its 2003 collapse.

Continue reading "Jury finds Parmalat defrauded Citigroup" »

Posted by at 9:25 AM | Permalink

news.yahoo.com | 10/14/08 | Associated Press

Rather than face a second trial, the former chief executive of Enron Broadband Services pleaded guilty Tuesday to one count of wire fraud.

Continue reading "Former Enron broadband executive pleads guilty" »

Posted by at 7:22 AM | Permalink

smartbriefs.com | 10/10/08 | Press Release

 A jury today awarded $31.8 million against Big Four firm KPMG in an accounting fraud lawsuit. Cast Art Industries, LLP v. KPMG, LLP, Superior Court of New Jersey Law Division – Middlesex County (Docket No. MID L-3295-03). With interest, the verdict is over $41 million, an amount believed to be the largest ever awarded against KPMG.

Continue reading "Jury Awards $31.8 Million in Damages Against KPMG" »

Posted by at 11:57 AM | Permalink

reuters.com | 10/13/08 | Edith Honan

A former chief executive of the Duane Reade Holdings Inc drugstore chain pleaded not guilty on Friday to securities fraud, conspiracy and charges of making false statements to securities regulators.

Continue reading "Ex-Duane Reade CEO pleads not guilty to fraud" »

Posted by at 11:54 AM | Permalink

ap.google.com | 10/9/08 | Gene Johnson

Two former software executives grossly overstated their company's revenue to attract more than $50 million in private investment, prosecutors said Wednesday, adding that the fraud was uncovered late last month when a worker found a set of cooked financial books as she was cleaning out a desk.

Continue reading "40 laid off at software company as execs arrested" »

Posted by at 11:48 AM | Permalink

bizjournals.com | 10/6/08 | Kevin Kemper

Worried about the exposure of those in her department to criminal charges, a National Century Financial Enterprises Inc. finance executive kept copies of company documents in her basement to share with investigators if they ever came calling. Jessica Bily, the former associate vice president of funding at National Century, told jurors who will decide the fate of her former boss Lance Poulsen that she decided to copy documents that detailed allegedly illegal payments to clients so she and her employees would be protected in case a criminal probe was ever launched.

Continue reading "National Century exec kept documents detailing alleged fraud" »

Posted by at 3:18 PM | Permalink

dispatch.com | 10/1/08 | Jodi Andes

The former CEO accused of turning the nation's largest buyer of health-care receivables into the nation's largest case of private fraud is about to take center stage.

Continue reading "Trial starts today for National Century CEO" »

Posted by at 7:42 AM | Permalink

lawfuel.com | 9/30/08 | Staff Writer

The Securities and Exchange Commission today charged East Coast supermarket operator and wholesale food distributor The Penn Traffic Company with fraud  for orchestrating multi-million dollar accounting schemes that inflated its operating income and overstated its after tax net income.

Continue reading "SEC Charges East Coast Supermarket Operator Penn Traffic with Accounting Fraud" »

Posted by at 7:22 AM | Permalink

Twin Cities businessman Tom Petters, thrust into the spotlight earlier this week when his business and home were swarmed by federal agents, is the central figure in what authorities suspect is a multi-billion dollar fraud scheme that lured investors with empty promises, according to documents unsealed Friday in federal court.

Posted by at 10:39 PM | Permalink

cfo.com | 9/25/08 | Stephen Taub

Penny stock company Video Without Boundaries, its auditor, and two executives are charged by the SEC of inflating revenues.

Continue reading "Video Without Proper Accounting" »

Posted by at 10:59 AM | Permalink

cfo.com | 9/25/08 | Stephen Taub

Bally Technologies said it has settled with the Securities and Exchange Commission over an investigation of its historical revenue accounting. However, the SEC filed a civil injunctive action against two former accounting executives of the gaming machine maker.

Continue reading "Gaming Firm Gets Off Lightly; No Dice for Ex-Execs" »

Posted by at 8:59 AM | Permalink

reuters.com | 9/24/08 | Svea Herbst-Bayliss

Former hedge fund manager Michael Lauer, who stole money from Morgan Stanley and other investors to buy a plane and race car, was convicted of having committed fraud in a U.S. court, regulators said on Wednesday.

Continue reading "Former hedge fund manager commited fraud-court" »

Posted by at 8:49 AM | Permalink

sfgate.com | 9/16/08 | Associated Press

A hedge-fund swindler accused of faking his own death is not yet competent to enter his long expected guilty plea for skipping out on a 20-year prison term, his attorney said Tuesday.

Continue reading "Attorney: NY swindler who fled still not competent" »

Posted by at 11:49 AM | Permalink

cfo.com | 9/16/08 | Stephen Taub

Two former top executives of the American Italian Pasta Company plead guilty to criminal charges for conspiracy to fraudulently overstate earnings and deceive investors. AIPC, the largest producer of dry pasta in North America, also agreed to resolve the investigation by paying a $7.5 million penalty, according to the U.S. Attorney's Office for the Western District of Missouri.

Continue reading "Cooked Books: Pasta Company Execs Plead Guilty" »

Posted by at 10:20 AM | Permalink

Lawyers representing investors in collapsed energy firm Enron Corp (ECSPQ.PK) will get about $688 million in fees for recovering $7.2 billion from its lenders, auditors and directors, court documents revealed.

Continue reading "Lawyers for Enron investors to get $688 million in fees" »

Posted by at 2:27 PM | Permalink

businesswire.com |9/4/08 | Press Release

Jury selection will begin September 8, 2008 in an accounting fraud lawsuit involving Big Four auditing firm KPMG, LLP., Cast Art Industries, LLP v. KPMG, LLP. Cast Art sued KPMG in 2003 for professional malpractice and negligence for allegedly failing to detect a pervasive financial fraud at Papel Giftware, Inc. prior to Cast Art acquiring Papel in December 2000 for nearly $50 million.

Continue reading "Jury Selection Set to Begin in KPMG Accounting Fraud Trial" »

Posted by at 12:56 PM | Permalink

bloomberg.com | 9/4/08 | Patricia Hurtado

CA Inc. founder Charles Wang ``personally directed and implemented'' a $2.2 billion accounting fraud, said former Chief Executive Officer Sanjay Kumar, who is serving a 12-year prison term for the scheme.

Continue reading "CA Founder Wang `Personally Directed' Fraud, Ex-Chief Says" »

Posted by at 12:45 PM | Permalink

reuters.com | 9/3/08 | Grant McCool

NEW YORK (Reuters) - The brother of the former CFO of the collapsed Bayou hedge fund pleaded guilty on Wednesday to concealing fraud of investors, the U.S. Attorney's office said.

Continue reading "Brother in Bayou fraud case pleads guilty" »

Posted by at 10:45 AM | Permalink

signonsandiego.com | 9/3/08 | Sherry Saavedra

At least 13 percent of emergency loans granted through a special program for UC San Diego employees were based in part on fraudulent documents, according to a campus audit that looked at lending over a one-year period.

Continue reading "Fraud seen in loan program at UCSD" »

Posted by at 9:16 AM | Permalink

cfo.com | 8/29/08 | Roy Harris

Hayes Lemmerz trial suggests that when the two top executives face SEC accounting-abuse charges, the CFO's expertise can hurt.

Continue reading "Blame Game: A Jury Tackles CFO-CEO Fraud" »

Posted by at 8:51 AM | Permalink

cfo.com | 9/2/08 | Stephen Taub

Dennis Kozlowski and Mark Swartz, the erstwhile chief executive officer and CFO, respectively, of Tyco International, are still trying to end their prison terms.  Arguing that they were wrongly convicted at a flawed trial, the imprisoned former executives of the conglomerate went before New York's highest court on Tuesday seeking to overturn their convictions, according to the Associated Press.

Continue reading "Kozlowski, Swartz Seek End to Jail Terms" »

Posted by at 3:15 PM | Permalink

labusinessjournal.com | 8/22/08 | Deborah Crowe

Herbalife Ltd. appears to have convinced former fraudster-turned-consumer advocate Barry Minkow into retracting his accusations about the safety of Los Angeles nutritional supplement maker’s products.

Continue reading "Minkow Drops Campaign Against Herbalife" »

Posted by at 11:16 AM | Permalink

bizjournals.com | 8/20/'08 | Staff Wrtier

The owner of Captain Jack's Marine in St. Charles County was sentenced Wednesday to two years in prison on bank fraud charges involving false loan applications to St. Louis banks.

Continue reading "St. Charles marina owner gets 2 years for fraud" »

Posted by at 8:35 AM | Permalink

bloomberg.com | 8/7/08 | David Glovin

Former Refco Group Ltd. President Tone Grant, a decorated U.S. Marine Corps veteran, was sentenced to 10 years in prison for defrauding investors of $2.4 billion in an eight-year accounting scheme.

Continue reading "Refco's Grant Gets 10 Years for $2.4 Billion Fraud" »

Posted by at 7:19 AM | Permalink

clevland.com | 08/05/08 | Andrew Welsh-Huggins

COLUMBUS, Ohio (AP) — The government wants a federal judge to sentence four co-defendants convicted in a $1.9 billion corporate fraud case to prison terms that could mean life behind bars.

Continue reading "Sentencing set for $1.9 billion Ex-National Century Execs" »

Posted by at 10:56 AM | Permalink

news.yahoo.com | 7/31/08 | Chelsea Emery

Phillip Bennett, the former head of Refco Inc who was accused of orchestrating a fraud that led to the demise of the commodities broker, has reached a settlement with the U.S. Securities and Exchange Commission, according to court documents.

Continue reading "Refco's ex-chief Bennett reaches settlement with SEC" »

Posted by at 7:38 AM | Permalink

chron.com | 7/29/08 | Kristen Hays

The amount Lou Pai, 60, agreed to pay is the highest Enron-related settlement reached between an individual and the Securities and Exchange Commission, and the agency said it is one of the highest individual settlements in its history.

Continue reading "Ex-Enron exec will pay $31.5M to settle SEC charges" »

Posted by at 9:55 AM | Permalink

cfo.com | 7/23/08 | Stephen Taub

The former CFO of a company that produces electronic databases of archived information from publishers settled charges made by the Securities and Exchange Commission that, with the use of spreadsheet aids, he made fraudulent monthly and quarterly and accounting entries for more than five years.

Continue reading "SEC: Ex-CFO Used Spreadsheets for Fraud" »

Posted by at 11:49 AM | Permalink

ap.google.com | 7/12/08 | Staff Writer

WILLIAMSPORT, Pa. (AP) — A federal judge has refused to dismiss charges of conspiracy and tax evasion against the imprisoned founder of Adelphia Communications Corp. and his son, ruling the charges don't amount to double jeopardy.

Continue reading "Judge won't dismiss other Adelphia charges" »

Posted by at 10:16 AM | Permalink

herald-dispatch.com | 7/10/08 | Ben Fields

HUNTINGTON — A former Huntington car dealer will spend the next two years and two months in prison and pay nearly $4.3 million in restitution for defrauding a bank through his credit line.

Continue reading "Former car dealer sentenced to 26 months, $4.3 million restitution" »

Posted by at 10:04 AM | Permalink

bizjournals.com | 7/10/08 | Kelsey Volkmann

Mark Turkcan, former president and CEO of First Bank Mortgage, was charged in an 11- count indictment alleging fraudulent activities that caused a loss of $35 million, the U.S. Attorney and FBI said Thursday.

Continue reading "Former First Bank Mortgage CEO indicted" »

Posted by at 1:20 PM | Permalink

bizjournals.com | 7/08/08  | Business First of Columbus

A Pittsburgh hedge fund manager convicted of defrauding the Ohio workers' compensation system has been sentenced to 12 years in prison and must pay back more than $213 million.

Continue reading "Finance exec gets 12 years in BWC fraud case" »

Posted by at 1:16 PM | Permalink

news.yahoo.com | 7/5/08 | William J. Kole

Nine people, including a prominent executive who fled to France in an attempt to elude justice, were convicted Friday of criminal charges in a major Austrian bank fraud case linked to the 2005 collapse of New York-based commodities brokerage Refco Inc.

Continue reading "9 convicted in Austria fraud case" »

Posted by at 11:29 AM | Permalink

chicagotribune.com | 7/4/08 | Becky Yerak

It's not every day that the worlds of Chicago banking and boy bands collide.

Continue reading "Banks, boy bands and fraud" »

Posted by at 2:36 PM | Permalink

bizjournals.com | 7/3/08 | Staff Writer

Former Westar Energy Inc. Chairman David Wittig is appealing a June 18 appellate court finding that two years in prison was a suitable sentence for his bank fraud conviction.

Continue reading "Wittig appeals ruling on bank fraud sentence" »

Posted by at 2:05 PM | Permalink

news.yahoo.com | 7/1/08 | Bill Berkrot and Martha Graybow

Former New York Stock Exchange chief Richard Grasso won a knockout victory on Tuesday in his four-year fight to keep every last penny of his $187.5 million pay package, as an appeals court threw out the state's remaining claims against him.

Continue reading "Grasso case "over" as court dismisses claims" »

Posted by at 2:32 PM | Permalink

ap.google.com | 6/26/08 | Staff Writer

NEW YORK (AP) — A father and son who built Adelphia Communications into a cable television powerhouse before they were accused of ruining it have been resentenced to lesser prison terms.

Continue reading "Judge cuts sentences for ex-cable exec Rigas, Son" »

Posted by at 3:57 PM | Permalink

iht.com | 6/20/08 | Associated Press

Refco Inc.'s former chief executive is pleading with a judge not to impose the maximum 25-year sentence that prosecutors are seeking, saying the 59-year-old would effectively be behind bars for life.

Continue reading "Lawyers ask for leniency for former Refco CEO due to be sentenced in July" »

Posted by at 5:44 PM | Permalink

portfolio.com 6/18/08 | Staff Writer

A man at the center of a $683 million fraud of nearly two dozen banks, including J.P. Morgan Chase, to obtain loans for a fake metals trading scheme, won't face additional prison time because of his cooperation with the government, federal prosecutors say.

Continue reading "The End of a $600 Million Scam" »

Posted by at 8:32 AM | Permalink

ap.google.com | 6/10/08 | Jim Fitzgerald

WHITE PLAINS, N.Y. (AP) — A hedge-fund swindler who was supposed to be driving himself to prison abandoned his car on a bridge with the phrase "Suicide is Painless" scrawled on its hood, but no body has been found in the river below — and the victims of his fraud say they doubt he killed himself.

Continue reading "Search for hedge-fund crook despite suicide note" »

Posted by at 6:54 AM | Permalink

reuters.com | 6/9/08 | Aarthi Sivaraman

NEW YORK (Reuters) - Herbalife Ltd said on Sunday that independent lab tests have confirmed its products do not contain lead levels that would require labeling under a California law, disputing a prior complaint by a critic of the dietary supplement company.

Continue reading "Herbalife rebuts lead claims, says no safety issues" »

Posted by at 9:47 AM | Permalink

6/9/09 | Janet McFarland

TORONTO — Maria Messina turned down four job offers at Livent Inc. before finally agreeing to join the company's accounting group in 1996 to bolster her career.  The former audit partner at Deloitte & Touche told a Toronto court yesterday she decided she lacked hands-on experience working at a corporation. Besides, she added, Livent was an exciting live theatre company that was growing rapidly.

Continue reading "Former Livent CFO ‘numb' over extent of fraud" »

Posted by at 9:35 AM | Permalink

theaustralian.news.com.au | 6/7/08 | Adam Fresco

Continue reading "Press of a button ends career of the $700m bank scammer" »

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latimes.com | 6/6/08 | Jesus Sanchez

You may remember Barry Minkow as the young San Fernando Valley entrepreneur who was convicted of defrauding investors of millions of dollars in his ZZZZ Best carpetcleaning company. That was twenty years ago. Minkow is now a bornagain fraud fighter (and pastor) who lives in San Diego. The most recent target of his Fraud Discovery Institute is nutritional supplements company Herbalife.

Continue reading "It's Barry Minkow vs. Herbalife" »

Posted by at 9:50 AM | Permalink

reuters.com | 6/4/08 |Domique Vidalon

PARIS, June 4 (Reuters) - The boss of Societe Generale rogue trader Jerome Kerviel said on Wednesday he did not have the proper experience to suspect a possible fraud.

Continue reading "Kerviel's boss had no experience to spot fraud-paper" »

Posted by at 9:27 AM | Permalink

bizjournals.com | 6/4/08 | Jeff Blumenthal
Andrew Yao, who led Student Finance Corp., a repackager of trade school student loans, pleaded guilty to 10 counts of fraud and money laundering in U.S. District Court in Philadelphia Wednesday.

Continue reading "Former Student Finance CEO Yao pleads guilty in fraud case" »

Posted by at 9:24 AM | Permalink

bizjournals.com | 5/30/08 | Jan Buchholz

A high-profile developer has filed suit against a Valley lender alleging fraud in a $120 million loan deal.

Continue reading "Developer sues lender for fraud in connection with $120 million loan" »

Posted by at 1:11 PM | Permalink

ap.google.com | 5/27/08 | Travis Reed

ORLANDO, Fla. (AP) — Lou Pearlman, the man made famous for creating the Backstreet Boys and 'N Sync, was sentenced Wednesday to 25 years in federal prison for engineering a decades-long scam that bilked thousands of investors out of their life savings.

Continue reading "Boy band creator Pearlman sentenced to 25 years' prison" »

Posted by at 2:36 PM | Permalink

chicagotribune.com |  5/27/08 | Associated Press

An Iowa farmer has been sentenced to more than five years in prison for defrauding a bank and the federal government.

Continue reading "Albert City farmer sentenced on federal fraud charges" »

Posted by at 2:29 PM | Permalink

smartpros.com | 5/20/08 | Marcy Gordon

May 20, 2008 (Associated Press) — WASHINGTON - Federal regulators on Monday said eight former Time Warner Inc. executives fraudulently inflated the company's online advertising revenues by more than $1 billion between 2000 and 2002.

Continue reading "8 Ex-AOL Time Warner Executives Charged" »

Posted by at 12:26 PM | Permalink

ap.google.com | 5/17/08 | Staff Writer

ALEXANDRIA, Va. (AP) — A one-time dot-com billionaire was convicted Thursday of stock fraud and obstruction of justice after a court finding that he deceived investors in his Las Vegas software company.

Continue reading "PurchasePro founder convicted in stock fraud scheme" »

Posted by at 12:41 PM | Permalink

bizjournals.com | 5/13/08 | Staff Writer

John Giovanetti, former owner of Big Oaks Buick Pontiac GMC Inc. in Bartow, was sentenced to 135 months imprisonment after he was found guilty of bank fraud.

Continue reading "Giovanetti, previously of Big Oaks auto, gets 11 years for fraud" »

Posted by at 8:39 PM | Permalink

mlive.com | 5/6/08 | Nate Reens

GRAND RAPIDS -- Three accountants who allegedly helped former U.S. Signal executives cover up a kickback scheme face charges for concealing the mail fraud conspiracy.

Continue reading "Accountants indicted on claims they failed to report fraud at U.S. Signal" »

Posted by at 9:00 AM | Permalink

bizjournals.com | 5/2/08 | Staff Writer

A Philadelphia-area man pleaded guilty Friday to defrauding Wachovia Bank and its predecessor, First Union, of more than $1.45 million from August 2001 to January 2005, U.S. Attorney Patrick Meehan said.

Continue reading "Former CEO admits bank fraud" »

Posted by at 4:48 PM | Permalink

philly.com | 5/1/08 | Joseph N. DiStefano

New Jersey will collect $73 million from Tyco International Ltd. and two other companies to settle a fraud lawsuit filed on behalf of the state workers' pension fund after the industrial conglomerate's stock price collapsed in 2002.

Continue reading "New Jersey to collect from, pay Tyco" »

Posted by at 6:15 PM | Permalink

reuters.com  | 4/29/08 | Kim Dixon

WASHINGTON, April 29 (Reuters) - A U.S. judge on Tuesday ordered lawyers representing a former chief financial officer of HealthSouth Corp to turn over documents to investment bank UBS AG. 

Continue reading "Ex-HealthSouth CFO's lawyers told to produce docs" »

Posted by at 1:20 PM | Permalink

cfo.com | 4/25/08 | Staff Writer

A former financial executive has admitted her role in a fraud that resulted in the bankruptcy of a now-defunct bottled drinks maker.  Tammy Andreycak, who was director of accounting for Le-Nature's Inc., pleaded guilty in federal court in Pittsburgh to charges of bank fraud, wire fraud, conspiracy, and preparating false income tax returns, all between 2003 and the company’s bankruptcy in late 2006. She is the first to be prosecuted in the scheme.

Continue reading "Accountant Guilty of Helping CEO Commit Fraud" »

Posted by at 8:06 PM | Permalink

businessweek.com | 4/22/08 | Moon Ilhwan

It was one of the most stunning scenes in the history of South Korean business. Standing in front of reporters packing a basement conference room at Samsung's Seoul headquarters on the morning of Apr. 22, Lee Kun Hee, for decades the most powerful businessman in the country, announced his resignation as chairman of Korea's largest conglomerate, the Samsung Group, and chairman and co-CEO of Samsung Electronics, the world's largest maker of memory chips, liquid-crystal-display panels and TVs, and the second-largest cell-phone maker only after Nokia (NOK). Bowing deeply, Lee apologized to the nation for corporate governance problems that have been the focus of investigators for more than three months. "I'll take responsibility for all the flaws of the past," said the disgraced chairman, who was charged last week (BusinessWeek.com, 4/17/08) by a special prosecutor with tax evasion and breach of fiduciary trust.

Continue reading "Scandal-Plagued Samsung Chairman Quits" »

Posted by at 7:43 PM | Permalink

bloomberg.com | 4/21/08 | Sarah Gay Forden

April 21 (Bloomberg) -- Parmalat SpA Chief Executive Officer Enrico Bondi said he would ask for as much as 14 billion euros ($22 billion) from Citigroup Inc. after a court said his company could seek civil damages in a criminal trial against the U.S. bank in connection with the foodmaker's 2003 bankruptcy.

Continue reading "Parmalat to Seek EU14 Bln in Damages From Citigroup" »

Posted by at 1:02 PM | Permalink

palmbeachpost.com | 4/20/08 | William Cooper Jr.

Colleen Janette Christopher got a break Friday when County Judge Paul Moyle placed her on house arrest rather than make her pay $581,000 bail after a tearful plea from her mother.  But Moyle's generosity came with a stern warning: "Don't let me down and make me regret my decision." 

Continue reading "Woman accused of scamming employer gets break" »

Posted by at 12:50 PM | Permalink

Two former Arthur Andersen auditors have settled charges with the Securities and Exchange Commission accusing them of failing to exercise due professional care and skepticism in their 2001 audits of bankrupt telecommunications giant WorldCom.

Continue reading "SEC Disciplines WorldCom Auditors" »

Posted by at 8:34 PM | Permalink

latimes.com | 4/10/08 | Staff Writer

The U.S. Securities and Exchange Commission said it had stopped a $29.5-million severance package from being paid to Gemstar-TV Guide International Inc.'s former chief executive, who was charged with securities fraud. The agency said Wednesday that it stopped the payment from the Los Angeles company to Henry Yuen through a provision in the Sarbanes-Oxley corporate reform law.

Continue reading "SEC blocks Gemstar ex-CEO's severance pay" »

Posted by at 10:11 AM | Permalink

nj.com | 4/8/08 | Greg Saitz

 Steve Venechanos didn't lead an ostentatious lifestyle. He didn't live in a big house or drive a fancy car. He spent time with his kids and helped his neighbors. He was, in his own words, "an ordinary guy."  But Venechanos also was chief financial officer of Suprema Specialties, a cheese company infested with fraud that cost investors and lenders at least $115 million. And for his part in that deception, he will spend the next eight years in federal prison.

Continue reading "Suprema CFO gets 8 years" »

Posted by at 1:07 PM | Permalink

chron.com | 4/3/08 | Kristen Hays

NEW ORLEANS — Jeff Skilling went to prison more than a year ago, but he has kept a sharp focus on his appeal in hopes that it will free him, his lawyer said today.

Continue reading "Lawyer to appeals court: Clear Skilling of Enron charges" »

Posted by at 12:34 PM | Permalink

bizjournals.com | 4/3/08 | Kevin Kemper

Four convicted National Century Financial Enterprises Inc. executives were arrested Wednesday, following fears that they planned to flee to Aruba.

Continue reading "Convicted National Century execs arrested following alleged plot to flee country" »

Posted by at 12:30 PM | Permalink

bloomberg.com | 3/30/08| Oliver Biggadike

March 29 (Bloomberg) -- Lehman Brothers Holdings Inc. said it plans to sue Marubeni Corp., Japan's fifth-biggest trading company, to recover ``fraudulently misappropriated'' funds that newspaper reports say may amount to more than $250 million.

Continue reading "Lehman to Sue Japan's Marubeni, Claiming Loan Fraud" »

Posted by at 6:07 PM | Permalink

forbes.com | 3/27/08 | Associated Press

Prison time for the founder of a now-defunct cheese maker that went bankrupt following a stock fraud.

Continue reading "Executive Gets 15 Years for Stock Fraud" »

Posted by at 5:54 PM | Permalink

reuters.com | 3/27/08 | Karey Wutkowski

WASHINGTON (Reuters) - JPMorgan Chase & Co (JPM.N: Quote, Profile, Research) has agreed to pay $2 million to settle charges its subsidiaries helped now-bankrupt National Century Financial Enterprises carry out a fraud that resulted in $2.6 billion of investor losses, the U.S. Securities and Exchange Commission said on Thursday.

Continue reading "JPMorgan to pay $2 mln to settle SEC fraud case" »

Posted by at 5:46 PM | Permalink