fraud

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SEC Charges Ex-AOL Execs With Fraud
SEC Charges Ex-AOL Execs With Fraud
May 20, 2008 9:42 AM CDT

SEC Charges Ex-AOL Execs With Fraud

Alleges they inflated revenue during merger with Time Warner

(Newser) - The Securities & Exchange Commission has filed civil fraud charges against eight former AOL executives for allegedly inflating AOL's advertising revenues before its merger with Time Warner, the Wall Street Journal reports. The men are accused of giving firms money to buy ads on AOL that they didn't want or...

Woman Indicted in MySpace Suicide Case

Under fake persona, she teased girl who then killed herself

(Newser) - A Missouri woman has been indicted in the case of a teenage girl who killed herself after receiving cruel messages on MySpace, the AP reports. The woman, Lori Drew, is charged with pretending to be a teenage boy on the site and having a helper taunt the 13-year-old victim. Drew...

Man Tries to Cash $360B Check
 Man Tries to Cash $360B Check 
May 1, 2008 2:39 PM CDT

Man Tries to Cash $360B Check

21-year-old says girlfriend's mother gave him the money

(Newser) - A 21-year-old Texas man has been busted for attempting to deposit a $360 billion check, the Fort Worth Star-Telegram reports, stolen from his girlfriend's mother for, he claimed, the purpose of starting his own record label. Suspicious of the sum, the bank called the check’s owner. Arriving police found...

Schultz Sues to Keep Sonics in Seattle

Starbucks CEO offers email proof of new owner's duplicity

(Newser) - Howard Schultz filed a suit yesterday seeking to reverse the sale of the SuperSonics to Oklahoma-based investor Clay Bennett. The Starbucks CEO and former Sonics owner cites email evidence that Bennett's ultimate goal was always to bring a basketball team to his hometown. The lawsuit asks the court to void...

Navy Busts Marriage Fraud Ring
Navy Busts
Marriage
Fraud Ring
Apr 18, 2008 9:25 AM CDT

Navy Busts Marriage Fraud Ring

Dozens of sailors charged with wedding foreigners for profit

(Newser) - Dozens of US sailors and Eastern European women have been arrested for their part in a purported mass-marriage fraud ring, CNN reports. Sailors allegedly tied the knot with women they barely knew, netting the wives green cards and the sailors marriage benefits totaling roughly $500,000. “What we see...

Former Newark Mayor Guilty of Fraud
Former Newark Mayor Guilty
of Fraud
Apr 16, 2008 11:30 AM CDT

Former Newark Mayor Guilty of Fraud

Sharpe James sold cheap city land to his mistress

(Newser) - Sharpe James, who was the mayor of Newark, NJ, for two decades, has been convicted of fraud by a federal jury. James conspired to sell city lots on the cheap to his mistress, who then sold them for hundreds of thousands in profit, reports the Star-Ledger. James and the former...

Hedge Fund Fraud Gets 20 Years

Samuel Israel denied leniency in $400M investor 'ponzi scheme'

(Newser) - The founder of defunct hedge fund Bayou Group was given a 20-year prison term today for bilking investors out of more than $400 million, Bloomberg reports. Samuel Israel must also pay $300 million in restitution for masterminding a “ponzi scheme” in which investment returns were paid with new investors’...

Justice Makes Corporate Deals, Avoids Trials

'Deferred prosecutions' cheaper, but may tempt companies to cheat

(Newser) - Instead of indicting major corporations for fraud and other forms of malfeasance, the Bush administration is relying more and more on deferred prosecutions, allowing companies to pay a fine and accept monitoring instead of going to trial. The name of the monitor and the details of the agreement are often...

Massive Data Theft Breached 'Secure' Network
Massive Data Theft Breached 'Secure' Network
UPDATED
Mar 31, 2008 11:23 AM CDT

Massive Data Theft Breached 'Secure' Network

Hacked supermarket chain sent data over cable, not wireless

(Newser) - High-tech thieves were able to penetrate what experts called an especially secure computer network when they stole 4.2 million credit and debit card numbers from the Hannaford and Sweetbay grocery chains. Unlike stores that send data over wireless networks, the supermarkets used a theoretically less porous fiber-optic cable.

Japanese Swindle Could Cost Lehman $250M

Forged docs from Japanese firm secured big loans

(Newser) - Possible fraud involving forged documents from a Japanese trading firm may have cost Lehman Brothers $250 million, the Wall Street Journal reports. The investment bank loaned funds to a Japanese biotech firm last year; the transaction was secured by top trading company Marubeni Corp. But the biotech firm filed for...

LA Times Apologizes for Diddy-Tupac Story

Paper admits it was based on fake FBI documents from con man

(Newser) - The Los Angeles Times today admitted the paper was duped in its story alleging that Sean "Diddy" Combs was connected to the 1994 murder of fellow rapper Tupac Shakur. The reporter and editor responsible for the story apologized and said parts of it were based on FBI records that...

Story Linking Diddy to Tupac Shooting a Hoax

'FBI reports' lead back to longtime con man, says Smoking Gun

(Newser) - The Los Angeles Times was duped into reporting that associates of Sean “Diddy” Combs were involved in the 1994 shooting of rapper Tupac Shakur, the Smoking Gun reports. The paper based last week's story on FBI reports fabricated by a long-time con man who has long sought to insinuate...

Supermarket Breach Exposes 4M Credit Cards

Hannaford grocery stores report 1,800 related fraud cases

(Newser) - A data security breach at Hannaford, an East Coast supermarket chain, has exposed the credit card information of 4.2 million customers and resulted in 1,800 cases of fraud so far, the Boston Globe reports. The breach, which went undetected for three months, is one of the largest ever,...

$1M Embezzled From GOP
 $1M Embezzled From GOP 
Mar 14, 2008 7:07 AM CDT

$1M Embezzled From GOP

Former committee treasurer under scrutiny

(Newser) - One of the Republican Party's former top bureaucrats is suspected of embezzling up to $1 million from the party's campaign coffers, reports the Washington Post. The former National Republican Congressional Committee treasurer allegedly diverted money into his personal accounts for four years. The news is a tough hit for congressional...

Coming Soon to Your Cell: Spam
Coming Soon
to Your
Cell: Spam
Mar 10, 2008 2:25 PM CDT

Coming Soon to Your Cell: Spam

Users pay for unwanted text messages; 'smishers' fish for info

(Newser) - To the dismay of customers and cellphone providers, spammers and even phishers have gone mobile. Researchers predict US consumers will get a record 1.5 billion spam text messages this year, while “smishing” texts try to con recipients into giving up sensitive financial information, reports the Washington Post. Most...

Swindler Black Ordered to Jail
Swindler Black Ordered to Jail
Feb 29, 2008 4:00 AM CST

Swindler Black Ordered to Jail

Court rules tycoon must spend appeal process in prison

(Newser) - Former media tycoon Conrad Black, convicted of swindling millions from his newspaper empire, will be behind bars by Monday night, reports the Chicago Sun-Tribune. A Chicago court ruled that he couldn't remain free on bail while awaiting a decision on his appeal. Black has been sentenced to six-and-a-half years in...

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,...

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