fraud

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Jury Convicts Ex-Insurance Execs in Fraud

Five General Re and AIG officials face jail over scheme to deceive investors

(Newser) - A federal jury yesterday convicted five former insurance executives of fraud, conspiracy, and making false statements to the Securities and Exchange Commission as part of a scheme to deceive investors, Bloomberg reports. The convictions stem from a sham transaction in 2000 between General Reinsurance Corp. and American International Group that...

System Vulnerable to 'Genius' Rogue Traders

Criminal financial wizards can run amok, experts warn

(Newser) - Banks hoping to weed out potential rogue traders need to realize that they can strike anywhere, any time—and that their best traders could be the likeliest suspects, Reuters warns. "All of the things that make a great trader make a great fraudster, too," noted a consultant. Experts...

Bank Was Warned About Rogue Trader
Bank Was Warned About Rogue Trader
Jan 29, 2008 3:19 AM CST

Bank Was Warned About Rogue Trader

Prosecutor says Kerviel was after a big bonus with mammoth trades

(Newser) - The Eurex stock exchange alerted Société Générale to positions held by Jérôme Kerviel months before the bank discovered his staggering $7 billion fraud, the Independent reports. Kerviel produced fake documents to justify his actions to the bank and was motivated by a drive to impress...

SocGen Trader Charged, Faces 7 Years

Kerviel didn't siphon off a cent, wanted to be 'a stand-out trader'

(Newser) - Jérôme Kerviel, the rogue trader who cost France's third-largest bank over $7 billion, was charged with attempted fraud by French authorities today, Bloomberg reports. Abuse of trust, the most serious of four charges, carries a potential 7-year sentence and $1.5-million fine. Police want him kept in custody,...

Feds Raid Calif. Museums, Gallery in Stolen Art Case

Illegal artifacts donated for inflated tax deductions

(Newser) - Federal agents raided four California museums and a private gallery in a smuggling investigation into stolen foreign antiquities, reports the New York Times. The gallery allegedly imported looted goods from Thailand, Myanmar, and China, and individuals got inflated tax write-offs for donating them to museums. No charges have yet been...

Ex-Brocade CEO Gets 21 Months for Backdating

Gregory Reyes was the first exec convicted of the stock options offense

(Newser) - The first executive ever convicted of backdating stock options was sentenced today to 21 month in prison and ordered to pay a $15 million fine, the Wall Street Journal reports. Former Brocade CEO Gregory Reyes was found guilty in August of 10 fraud and conspiracy charges. He said today he...

Dem Donor Gets 3 Years for Grand Theft

Former fugitive will face Ponzi scheme charges in NY

(Newser) - More than 15 years after pleading no-contest to grand theft charges, Democratic fundraiser Norman Hsu was sentenced in California to 3 years in prison today, the San Francisco Chronicle reports. A judge dismissed Hsu's argument that he was denied the right to speedy justice because authorities made little effort to...

Fraud Trial May Put Buffett on Stand

Defense says billionaire knew about phony insurance deal

(Newser) - A criminal trial involving four ex-employees of billionaire Warren Buffett is likely to offer a rare—and unwelcome—glimpse into the inner workings of the “Oracle of Omaha,” the Wall Street Journal reports. Buffett isn’t charged in the case—to begin Monday—involving Berkshire Hathaway reinsurance unit...

Cell Tower Company Sues Impostor CEO
Cell Tower Company Sues Impostor CEO
Dec 29, 2007 11:49 PM CST

Cell Tower Company Sues Impostor CEO

Rival founder accused of impersonating executive online

(Newser) - Cellular infrastructure company American Tower Corp has sued Jide Zeitlin, the founder of one of its direct competitors, accusing him of impersonating its chief executive through an email sent to investors. Zeitlin allegedly provided Money magazine with negative reports regarding American Tower, later forwarding the published article online with the...

South African Leader Indicted for Corruption

Lawyer calls charges 'politically motivated'; party crisis intensifies

(Newser) - South African prosecutors hit a new ruling party leader with corruption charges today, threatening his shot at the presidency and risking a prolonged legal and political crisis, the Guardian reports. ANC leader Jacob Zuma was ordered to stand trial next year on charges including racketeering and fraud linked to a...

Iraq Watchdog Gets His Own Probe
Iraq Watchdog
Gets His
Own Probe
Dec 14, 2007 6:42 AM CST

Iraq Watchdog Gets His Own Probe

Charges of inflated OT, email snooping and hexes by wiccan deputy

(Newser) - The tables have turned on the federal watchdog who has spent the past four years investigating waste and fraud in Iraq—he's now the target of an FBI probe of his own alleged overspending and mismanagement. Former employees claim that Inspector General Stuart Brown paid some employees inflated six-figure overtime,...

Wife of 'Dead' Canoeist Behind Bars
Wife of 'Dead' Canoeist Behind Bars
Dec 12, 2007 4:37 AM CST

Wife of 'Dead' Canoeist Behind Bars

Awaiting trial for insurance fraud, mom pleads for reconciliation with her sons

(Newser) - The wife of back-from-the-dead canoeist John Darwin was sent to prison yesterday shortly after she issued a plea through her attorney for a reconciliation with her sons, who publicly disowned their parents after the scandal broke. Anne Darwin is charged with dishonestly obtaining life insurance benefits and a mortgage policy....

'Dead' Canoeist Reappears Again—in Court

Seeking help, police release photo from fraudulent passport

(Newser) - The British man who faked his own death in a canoeing accident only to resurface 5 years later appeared in court today to face formal charges of fraudulently obtaining a life insurance policy and lying to procure a passport, the Telegraph reports. A hearing date of February 4 was set...

UK Arrests Canoeist's Wife
UK Arrests Canoeist's Wife
Dec 9, 2007 1:29 PM CST

UK Arrests Canoeist's Wife

Canoeist's spouse apprehended at UK airport

(Newser) - John Darwin's wife was charged with fraud today upon her arrival at the UK's Manchester Airport, the BBC reports. Anne Darwin, the wife of the missing canoeist who turned up after being declared dead in 2002, was flying in from Atlanta, where she had sought refuge when her not-dead-after-all husband's...

UK Cops Charge Boater With Fraud
UK Cops
Charge Boater With Fraud
Dec 8, 2007 4:53 PM CST

UK Cops Charge Boater With Fraud

Back-from-dead Darwin hid in family home, using secret passage

(Newser) - UK cops today charged John Darwin, the 57-year-old former teacher who allegedly faked his death in a 2002 canoeing incident, with two counts of fraud—acquiring a money transfer by fraud and lying to get a passport—the  BBC reports. Darwin will remain in custody until a court appearance Monday;...

Darwins Were Planning Panama Canoe Resort

'Dead' boater and wife were working on a Panama paradise

(Newser) - The British man who faked his own death in a boating accident had been planning with his wife to open an eco-tourism resort offering idyllic canoeing holidays, the Times of London has discovered. John and Anne Darwin spent almost half a million dollars on property in Panama, including $390,000...

ID Theft Funded Philly Couple's Jaunts to Paris, Hawaii

Pair reaped $100K from condo neighbors

(Newser) - The Philadelphia couple dubbed the Bonnie and Clyde of identity theft left jail yesterday after their parents posted a hefty bail. Jocelyn Kirsch, 22, and Edward Anderton, 25, went on a shopping, dining, and vacationing spree—documented in countless photographs—with more than $100,000 they netted by stealing their...

Wife in on 'Dead' Boater's Insurance Plot

Woman admits she banked benefits on 'missing' hubby

(Newser) - The wife of a British canoeist declared dead after missing for five years admitted yesterday that she knew her husband was alive before he walked into a police station last weekend claiming to be an amnesiac. Anne Darwin confessed when she was confronted with a photo of herself with her...

Black Sentence Could Be Just 5 Years

Report doesn't back the 24-30 years feds want in media baron fraud

(Newser) - A confidential report prepared for the judge in the Conrad Black trial suggests that the disgraced media baron might receive a jail sentence far shorter than the 24-30 years prosecutors are seeking. The pre-sentencing report gives a much lower estimate for the scale of Black's fraud—$6.1 million, not...

Cops Raid Gov't Offices in Olmert Fraud Inquiry

Israelis probe PM's perks, appointments

(Newser) - Israeli police confiscated documents from 20 sites today as part of a probe into fraud allegations against PM Ehud Olmert, reports Reuters. Some 100 department of fraud officers stormed the trade and industry ministry, the Jewish National Fund, and private law offices, among others. Olmert is accused of securing an...

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