fraud

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Criminal Probes Launched Into Iraqi Arms Deals

One of scores of investigations focus on aide to Gen. Petraeus

(Newser) - Scores of investigations are under way into fraud, bribery and other criminal activity relating to billions of dollars worth of arms and other war materiel supplied to forces in Iraq, Afghanistan and Kuwait, the New York Times reports. The focus of the investigations range from the misappropriation of a few...

Brocade CEO Guilty of Fraud in Backdated Options

First conviction in backdating crackdown

(Newser) - The former head of a data-storage company today became the first chief executive convicted in the crackdown on backdated executive stock options. Gregory Reyes, CEO of Brocade communications, was found guilty in federal court in San Francisco of 10 counts of conspiracy and fraud.

Fake Cloner Stumbled Onto Major Stem Cell Find

Scandal overshadowed self-fertilizing eggs

(Newser) - The South Korean stem cell researcher who faked cloning a human egg and forged research results actually made a huge discovery without realizing it. Scientists reviewing his work have discovered that his team's embryonic stem cells were the product of unfertilized eggs that underwent parthenogenesis, or divided on their...

Black Holds $60M Offshore, Court Hears

Convicted media baron accused of hiding money in Gibraltar

(Newser) - Disgraced media mogul Conrad Black has shuffled $60 million to an offshore account into Gibraltar, an affidavit filed at his Chicago bail hearing alleged yesterday. Canada's Globe and Mail reports that Juval Aviv, a private investigator with a checkered past, told the court that he had uncovered a complex network...

Corruption Shadows Iraq Rebuilding
Corruption Shadows
Iraq Rebuilding
Jul 30, 2007 2:48 PM CDT

Corruption Shadows Iraq Rebuilding

US investigates dozens of fraud cases as pricey projects disintegrate

(Newser) - US auditors monitoring the rebuilding process in Iraq are battling forces they compare to "a second insurgency"—corruption and economic mismanagement. The Iraqi government is refusing to handle reconstruction projects worth billions of dollars, and US officials are now investigating more than 50 fraud cases, the BBC reports.

Scams Target Delinquent Homeowners
Scams Target Delinquent Homeowners
Jul 3, 2007 5:45 PM CDT

Scams Target Delinquent Homeowners

'Equity strippers' deceive borrowers behind on their mortgage payments

(Newser) - A new form of fraud is thriving in the declining housing market, targeting desperate homeowners who are late on their mortgage payments. Known as equity strippers, companies cold-call burdened borrowers, promising a reprieve from their financial woes. In the end, they profit, and the owners end up losing their  home...

HealthSouth Boss Gets 7 Years for Bribery

Same stretch for Alabama governor

(Newser) - Richard Scrushy, the former CEO of HealthSouth, was sentenced to almost 7 years in prison for giving the governor of Alabama $500,000 in exchange for a seat on the state hospital regulatory board, the Wall Street Journal reports. Former governor Don Siegelman was sentenced to over 7 years, and...

Fraud Case Against Mogul Goes to Jury

Federal panel to weigh 15 weeks' worth of testimony in Black trial

(Newser) - The Conrad Black fraud case went to the jury today in Chicago, and the onetime press baron now awaits word on whether he'll walk free or face a decades-long prison sentence. The federal government contends that the ex-Hollinger chairman and three associates raided the company under the guise of complicated...

Black's Blind Eye Could Convict
Black's Blind Eye Could Convict
Jun 15, 2007 6:18 AM CDT

Black's Blind Eye Could Convict

(Newser) - The standard of proof at former media mogul Conrad Black's fraud trial in Chicago will be set low.  In issuing the so-called "ostrich instruction," the judge allowed the jury to convict if Black and his co-defendants deliberately avoided knowing about wrong-doing.

International Banks Face Trial in Italian Court

Morgan Stanley, others indicted in wake of Parmalat bankruptcy

(Newser) - Four gold-plated investment banks have been ordered to stand trial for alleged market manipulation for their roles in advising Italian dairy giant Parmalat, which declared bankruptcy in 2003. Italian prosecutors say Morgan Stanley, Deutsche Bank, UBS, and Citigroup allowed Parmalat to manipulate its finances, helping it to defraud investors even...

Saudi Prince Pocketed $2B in Arms Deal

British arms giant BAE said to have paid 'fees' to Bandar for 10 years

(Newser) - Prince Bandar of Saudi Arabia, the former Saudi ambassador to the US and a close friend of President Bush, allegedly accepted nearly $2 billion from the British arms giant BAE  in connection with an $86-billion arms deal. The Guardian claims the payments, made in $60-million increments over 10 years, through...

Italy Acquits Five in "God's Banker" Murder

Judge cites insufficient evidence in 25-year-old mafia hanging

(Newser) - A judge in Rome exonerated five suspects on trial for the 1982 murder of Roberto Calvi, citing a lack of evidence. Calvi—known as "God's banker" for his closeness to the Vatican— was found hanged under Blackfriars Bridge in London in a presumed suicide. Newly discovered forensic evidence led...

Feds Nab Top Spammer, Predict Junk Mail Drop

One of world's "top 10" spammers jailed; used "zombie" computers to send out millions of junk emails

(Newser) - The feds arrested one of the world's worst spammers yesterday—a guy so prolific they claimed net-users worldwide would notice a drop in junkmail as a result of his detention. Robert Alan Soloway used infected "zombie" computers to send out millions of messages, and continued to do so even...

Violence Mars Philippine Vote
Violence Mars Philippine Vote
May 15, 2007 6:21 AM CDT

Violence Mars Philippine Vote

(Newser) - Violence, feuds and corruption charges have marred midterm elections in the Philippines. Three people were killed on election day yesterday, bringing the death toll  for the three-month campaign to 110, the BBC reports. Opponents of President Gloria Macapagal Arroyo are trying to win enough seats in parliament to impeach her...

Credit Cards Take a Swipe at Identity Theft

The secret agent take on fraud: passwords that self-destruct

(Newser) - Hello, Mission Impossible: Credit cards may soon feature tiny LCD screens that display a temporary password at the push of a button. The password, valid for only 30 seconds, is meant to deter online fraud and identity theft.

Baiters Turn Tables On Scammers
Baiters Turn Tables On
Scammers
May 2, 2007 10:39 AM CDT

Baiters Turn Tables On Scammers

Ron Rosenbaum reports on vigilantes patrolling the "scamosphere"

(Newser) - Revenge is a dish best served electronically, Ron Rosenbaum reports in an Atlantic expose on scam-baiting. A community of e-vigilantes has developed elaborate schemes to thwart the ruses of fake Nigerian princes with equally creative faux dupes. Scammers are punished by coaxing them into laborious and embarrassing tasks, like holding...

Feds Sue Tax Preparers for Fraud
Feds Sue Tax
Preparers for Fraud
Apr 4, 2007 11:45 AM CDT

Feds Sue Tax Preparers for Fraud

(Newser) - Tax preparers Jackson Hewitt have bilked the government out of more than $70 million, alleges a suit filed yesterday by the Justice Department. The suit claims that over 125 of the company's franchises, all owned at least in part by the same Atlanta businessman, engaged in massive tax fraud.

Insurers Fighting Claims of Elderly
Insurers Fighting Claims of Elderly
Mar 26, 2007 10:36 AM CDT

Insurers Fighting Claims of Elderly

“They’ll do anything to avoid paying, because if they wait long enough, they know the policyholders will die."

(Newser) - Elderly patients who bought long-term care policies are finding their claims denied by companies calculating that they don’t have the resources or the energy to fight and are likely to die before their cases are settled. An investigation by Charles Duhigg identifies insurance companies that reject coverage for the...

Ant Farm Con Man Gets Death
Ant Farm
Con Man
Gets Death
Mar 21, 2007 3:13 PM CDT

Ant Farm Con Man Gets Death

Fraudulent sales of "medicinal ants" earned him $400 million

(Newser) - A pyramid scheme built on an ant farm earned a Chinese entrepreneur over $400 million—and a death sentence. The sentence meted out to Wang Zhendong by a Chinese court last month is part of a nationwide crackdown on fraud. Wang swindled thousands of people by misrepresenting his wares as...

Newmark Brains Scammers
Newmark Brains Scammers
Mar 5, 2007 6:20 PM CST

Newmark Brains Scammers

Craig's List founder tracks online swindlers the old-fashioned way— brainpower

(Newser) - “We are not really that high-tech of a company,” the man who brought classifieds into the Internet age, Craig’s List founder Newmark, tells the New York Observer, explaining why he uses a combo of customer feedback and his own memory—instead of techie solutions like IP-address blockers...

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