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Thousands of scammers impersonate finance watchdog
The Financial Conduct Authority says reports of scammers impersonating it have doubled. More »
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#FRAUD
30 posts
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U.S. charges Ex-Fugees rapper, Malaysian businessman Low over…
(Reuters) – The U.S. Justice Department announced on Friday it had charged former Fugees rapper Prakazrel “Pras” Michel and wealthy Malaysian businessman Low Taek Jho, popularly known as “Jho Low,” for conspiring to steer illegal foreign campaign funds into th... More »
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U.S. top court signals it will buttress anti-fraud securities laws
WASHINGTON (Reuters) – U.S. Supreme Court justices on Monday appeared reluctant to further limit the scope of who can be held liable for violating laws that protect investors from securities fraud as they weighed an appeal by a New York investment banker who h... More »
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Ex-Morgan Stanley adviser gets five years in U.S. prison for fraud
BOSTON (Reuters) – A former Morgan Stanley adviser was sentenced to five years in prison on Tuesday after he admitted that he misused client funds to invest in a wind farm project and to cover his own personal expenses, including college tuition for his childr... More »
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Former State Street executive faces U.S. fraud trial
BOSTON (Reuters) – A former executive at State Street Corp (STT.N) is set to face trial on U.S. charges that he participated in a scheme to defraud the bank’s clients by charging them secret commissions on billions of dollars in trades. Jury selection is sched... More »
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Massachusetts hedge fund manager gets six years in prison for fraud
BOSTON (Reuters) – A Massachusetts hedge fund manager was sentenced on Thursday to six years in prison for defrauding investors in a scheme that prosecutors said cost his clients over $10.5 million and allowed him to fund a lavish lifestyle. Yasuna Murakami, w... More »
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Rio Tinto’s Mozambique woes mount as Australian watchdog takes…
FILE PHOTO: The Rio Tinto mining company’s logo is photographed at their annual general meeting in Sydney, Australia, May 4, 2017. REUTERS/Jason Reed/File Photo MELBOURNE (Reuters) – Australia’s corporate watchdog said on Friday it has launched court action ag... More »
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Former proxy solicitation firm employees face U.S. fraud trial
BOSTON (Reuters) – Four former employees at a firm that advises companies on shareholder votes will face trial on Monday in a case that prosecutors say shows how secret corporate information can be misused for purposes other than just insider trading. Federal ... More »
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India’s PNB seeks to soothe investors after uncovering massive fraud
NEW DELHI (Reuters) – Punjab National Bank, India’s second-largest state-run lender, sought to soothe investors on Thursday after the discovery of a $1.77 billion scam at a single branch sent its shares plunging and raised fears about the scale of fraud in the... More »
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India’s federal investigator seals PNB branch at heart of fraud:…
A pigeon flies past the logo of Punjab National Bank outside a branch of the bank in New Delhi, India February 15, 2018. REUTERS/Adnan Abidi NEW DELHI (Reuters) – India’s federal police has sealed the Mumbai branch of Punjab National Bank (PNBK.NS) at the cent... More »
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Eyes wide shut: the $1.8 billion Indian bank fraud that went unnoticed
A pigeon flies past the logo of Punjab National Bank outside a branch of the bank in New Delhi, India February 15, 2018. REUTERS/Adnan Abidi NEW DELHI/MUMBAI (Reuters) – The Punjab National Bank branch in south Mumbai sits just down the road from both the Bomb... More »
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India’s fraud-hit PNB looking to monetize assets: source
NEW DELHI (Reuters) – India’s fraud-hit Punjab National Bank (PNBK.NS) is considering monetizing its real estate assets, including a giant office space in New Delhi worth an estimated 50 billion rupees ($778.63 million), a bank source with direct knowledge of ... More »
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Two ex-Morgan Stanley advisers to plead guilty to U.S. fraud charges
BOSTON (Reuters) – Two former Morgan Stanley advisers have agreed to plead guilty to U.S. charges that they misused client funds to invest in a wind farm project they were involved with, federal prosecutors said on Wednesday. Federal prosecutors in Boston said... More »
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Massachusetts hedge fund manager pleads guilty to fraud
BOSTON (Reuters) – A Massachusetts hedge fund manager pleaded guilty on Tuesday after prosecutors accused him of misusing millions of dollars from investors to pay for lavish personal expenses like a sports car and to engage in a Ponzi-like scheme. Yasuna Mura... More »
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Brazilian who led U.S. to $17 million under mattress pleads guilty
A Brazilian whose arrest led U.S. authorities to discover $17 million hidden under a mattress pleaded guilty on Thursday to charges that he tried to launder funds tied to one of the largest pyramid schemes ever. More »
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Woman charged with faking cancer, keeping donations from New York towns
A 38-year-old Orlando woman who pretended to have terminal cancer and accepted donations when she lived in New York's Westchester County several years ago was arrested on Friday and charged with fraud, U.S. prosecutors said. More »
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Financial scams target millions of older Americans annually
By Ronnie CohenOne in 18 older Americans falls victim to financial fraud or scams annually, and that figure excludes seniors who’ve been financially More »
Nomura bond trader fraud trial ends in split U.S. jury verdict
A federal jury on Thursday delivered a mixed verdict for three former Nomura Holdings Inc traders accused by the U.S. Department of Justice of lying to customers about the prices of mortgage bonds they bought and sold. More »
Ex-State Street executive to plead guilty in U.S. to fraud scheme
A former State Street Corp executive has agreed to plead guilty in connection with a scheme to defraud six clients through secret commissions on billions of dollars of trades, according to court papers filed on Tuesday. More »
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Column: Watchdogs step up U.S. fight against elder financial fraud
A pair of elderly couples view the ocean and waves along the beach in La Jolla, California March 8, 2012. REUTERS/Mike Blake Thieves follow the money, and wealth accumulates as we age. But the aging brain is not always well-suited to financial decision-making ... More »
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Switzerland`s ABB hit by $100 million South Korean fraud
A woman walks past the logo of Swiss power technology and automation group ABB ahead of a news conference to present the company’s full-year results in Zurich, Switzerland February 8, 2017. REUTERS/Arnd Wiegmann Swiss engineering group ABB (ABBN.S) revealed th... More »
U.S. charges fired Morgan Stanley wealth manager with theft
A former Morgan Stanley wealth manager in New Jersey has been criminally charged with stealing about $5 million from clients, and then going on a spending spree including private jet service, luxury cars, and country club memberships. More »
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New York firm founder pleads guilty to $23 million fraud
Haena Park (L), who established Phaetra Capital Management LP and Argenta Group LLC, and her lawyer Julia Gatto (R) walk outside the Thurgood Marshall United States Courthouse in Manhattan, New York City, U.S., January 13, 2017. REUTERS/Alex Wroblewski A New Y... More »
U.S. SEC says ex-broker peddled securities after bar from industry
A sign for the Securities and Exchange Commission (SEC) is pictured in the foyer of the Fort Worth Regional Office in Fort Worth, Texas June 28, 2012. Picture taken June 28, 2012. REUTERS/Mike Stone A former Morgan Stanley broker who was barred from the securi... More »
Wall Street scion Caspersen gets 4 years in prison for $38.5 million fraud
Andrew Caspersen and his wife Christina Caspersen depart following his sentencing at the U.S. Federal Court in New York City, U.S., November 4, 2016. REUTERS/Brendan McDermid Former Wall Street executive Andrew Caspersen was sentenced on Friday to four years i... More »
SEC charges couple with fraud in Chinese investor visa scheme
A California couple raised $27 million from at least 50 Chinese investors seeking U.S. immigration visas but misused two-thirds of the money, instead of building a cancer treatment center they had proposed, the U.S. Securities and Exchange Commission said on T... More »
Stanford’s Ponzi victims in $35 million settlement with NY law firm
A large New York law firm that once represented the now-imprisoned Texas financier Allen Stanford has reached a $35 million settlement with victims of his estimated $7.2 billion Ponzi scheme. Chadbourne & Parke entered the accord on Feb. 25, two weeks before a... More »
China calls for crackdown on illegal fundraising platforms
SHANGHAI Beijing has called on local authorities to crack down on illegal fundraising platforms after China’s largest online peer-to-peer (P2P) lender was found to have collected more than 50 billion yuan ($7.6 billion) for fake investment projects. The State ... More »
Relativity Media accuses lender of prebankruptcy plot for control
U.S. film studio Relativity Media LLC is accusing its senior lender and two former executives of a secret plan to thwart its refinancing efforts, a factor that it said in court documents helped lead to its July bankruptcy filing. In a revised disclosure statem... More »
NASA vehicles maintenance contractors in federal fraud lawsuit
ORLANDO, Fla. Two contractors hired to manage NASA’s vehicle fleet at the Kennedy Space Center defrauded the agency of at least $387,000 for unnecessary tire replacements, according to a lawsuit filed Wednesday by federal prosecutors in Florida. The complaint ... More »
