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#White Collar Crime / Fraud / Corporate Crime

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United States Oil Fund faces possible SEC action: filing

(Reuters) – The U.S. Securities and Exchange Commission is considering enforcement action against United States Oil Fund LP, the largest crude oil exchange-traded fund, due to statements made after oil prices plunged into negative territory in April. The Unite... More »

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Wirecard’s former boss faces criminal complaint in Austria

VIENNA (Reuters) – An Austrian lawyer has filed a criminal complaint against Wirecard’s (WDIG.DE) former Chief Executive Markus Braun and Chief Operating Officer Jan Marsalek at a court in Vienna, accusing them of market manipulation and serious fraud. The Vie... More »

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China’s market regulator inspects Luckin Coffee

SHANGHAI (Reuters) – Luckin Coffee (LK.O) said on Monday China’s State Administration for Market Regulation was carrying out work to understand the coffee chain’s operating situation and added that it was actively cooperating. It also said in a statement poste... More »

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Trump considering full pardon for ex-adviser Michael Flynn

WASHINGTON (Reuters) – U.S. President Donald Trump said on Sunday he is considering a full pardon for his former national security adviser, Michael Flynn, who had pleaded guilty to lying to the FBI about dealings with Russia’s ambassador before Trump took offi... More »

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Switzerland files criminal complaint over Crypto spying scandal

VIENNA (Reuters) – The Swiss government has filed a criminal complaint over the U.S. Central Intelligence Agency’s alleged use of a cryptography company as a front to spy on various governments’ secret communications, the Swiss attorney general’s office said o... More »

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Board member overseeing Wirecard audit elected chairman

BERLIN (Reuters) – The board member overseeing an outside audit of Wirecard has been elected as chairman of the German payments company as it battles allegations of fraud and false accounting that have hit its share price. Thomas Eichelmann, a former chief fin... More »

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Factbox: Trump impeachment trial – What happens next?

(Reuters) – The U.S. House of Representatives will take up impeachment charges against President Donald Trump next week after the House Judiciary Committee on Friday recommended two charges, abuse of power and obstruction of Congress, to the full chamber. Here... More »

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Nairobi governor pleads not guilty to graft charges

NAIROBI (Reuters) – Nairobi’s governor pleaded not guilty to corruption and other economic crimes involving millions of dollars in a Kenyan court on Monday. Governor Mike Mbuvi Sonko was arrested on Friday and is accused of conspiracy to commit corruption, fai... More »

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Russia braces for four-year Olympic ban over doping scandal

MOSCOW (Reuters) – Russia could be hit with a four-year Olympic ban on Monday for flouting anti-doping rules, a punishment local officials have said would be unfair and part of a malicious Western attempt to destroy sport in the country. Russia, which has trie... More »

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Ericsson to pay over $1 billion to resolve U.S. corruption probes

WASHINGTON (Reuters) – Swedish mobile telecoms company Ericsson (ERICb.ST) has agreed to pay over $1 billion to resolve probes into corruption, including the bribing of government officials, the U.S. Department of Justice said on Friday. The bribery took place... More »

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Former head of Indonesia state power firm cleared in graft case

JAKARTA (Reuters) – A former chief executive of Indonesian state electricity utility Perusahaan Listrik Negara (PLN) [PLNEG.UL] has been cleared in a graft case related to a power plant project, a judge at the country’s corruption court said on Monday. Prosecu... More »

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As Softbank’s Oyo booms, some Indian hotels cry foul and check out

BENGALURU (Reuters) – India’s Oyo Hotels and Homes shot out of nowhere to become one of the world’s largest hotel chains with a simple promise of “hassle-free” online booking, transparent pricing and cheerful lodging. But as the Softbank-backed (9984.T) startu... More »

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Apologetic actress Felicity Huffman gets 14-day sentence in U.S….

BOSTON (Reuters) – Actress Felicity Huffman, the first parent sentenced in a wide-ranging U.S. college admissions cheating scandal, was given a 14-day prison term on Friday and made a somber apology in federal court for paying to rig her daughter’s entrance ex... More »

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Swiss-based Libra will have to meet tough U.S. standards: U.S….

BERN (Reuters) – The Facebook-led (FB.O) Libra cryptocurrency project must meet the highest standards for combating money laundering and terrorism financing if it is to get off the ground, a senior U.S. Treasury official said on Tuesday. Any cryptocurrency pro... More »

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U.S. charges reverse mortgage lender Live Well’s ex-CEO in $140…

NEW YORK (Reuters) – The U.S. government on Thursday charged the founder of reverse mortgage provider Live Well Financial Inc with engineering a $140 million fraud by inflating the value of its bonds, in what he called a “self-generating money machine.” Michae... More »

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German cartel office to take Facebook case to High Court

BERLIN (Reuters) – Germany’s cartel office said on Monday it would appeal a regional court decision to suspend restrictions it had placed on Facebook’s data collection practices to the country’s highest court. A court in Duesseldorf had earlier suspended a Feb... More »

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Novartis to answer U.S. Senate demand for data manipulation details

ZURICH (Reuters) – Novartis (NOVN.S) plans to answer a U.S. senator who demanded details about data manipulation related to its gene therapy Zolgensma, amid scrutiny of the Swiss drugmaker’s decision to delay informing regulators until after the treatment’s ap... More »

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Swiss supreme court gives green light to UBS client data transfer…

LAUSANNE, Switzerland (Reuters) – Switzerland’s supreme court on Friday voted in favor of handing over historical data on over 40,000 UBS clients to French authorities in a landmark ruling. Three of the five judges voted in favor of overthrowing the lower cour... More »

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South Africa’s Zuma denies breaking law with business brothers

JOHANNESBURG (Reuters) – Former South African President Jacob Zuma told a corruption inquiry on Monday that he had never broken the law with the Gupta family, describing the businessmen at the center of an influence-peddling scandal as friends. Zuma also said ... More »

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South Africa’s Zuma tells corruption inquiry there is conspiracy…

JOHANNESBURG (Reuters) – Former South African president Jacob Zuma told a corruption inquiry on Monday that there was a conspiracy against him and that his enemies had subjected him to a “character assassination” because they wanted him out of power. “This com... More »

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U.S. lawmakers will delay Mueller testimony by a week

WASHINGTON (Reuters) – Two U.S. House committees will delay former Special Counsel Robert Mueller’s planned July 17 testimony for one week to allow lawmakers to question him for a longer period of time, the committees said on Friday. Mueller, who oversaw the f... More »

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UK competition regulator puts brake on Amazon’s Deliveroo deal

(Reuters) – Britain’s competition regulator has stepped in to pause Amazon’s (AMZN.O) deal with online food delivery group Deliveroo while it considers launching a full investigation. Amazon led a $575 million fundraising in Deliveroo in May, making what the t... More »

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Theranos founder Elizabeth Holmes, top deputy ordered to stand…

LOS ANGELES (Reuters) – Theranos founder Elizabeth Holmes and her former second-in-command at the Silicon Valley blood-testing startup were ordered on Friday to stand trial next year on fraud charges stemming from their claims about the company’s technology, c... More »

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Congress ethics panel probes Gaetz over ex-Trump lawyer Cohen

WASHINGTON (Reuters) – The U.S. House of Representatives Ethics Committee said on Friday it will investigate Republican lawmaker Matt Gaetz after allegations he tried to threaten and influence the congressional testimony of President Donald Trump’s former lawy... More »

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Former Abraaj executive pleads guilty to U.S. charges

NEW YORK (Reuters) – A former executive of collapsed Dubai private equity firm Abraaj Capital Ltd on Friday pleaded guilty to U.S. fraud and conspiracy charges, admitting that he lied to investors about the firm’s financial health and track record. Former Abra... More »

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BofA commodity arm fined by DOJ for trading practices

(Reuters) – Bank of America Corp’s commodity arm Merrill Lynch Commodities Inc has agreed to pay $25 million to resolve a probe into its trading practices, the U.S. Department of Justice said on Tuesday. Between 2008 and 2014, traders employed by Merrill Lynch... More »

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U.S. judge tosses former SAC Capital trader’s insider trading…

NEW YORK (Reuters) – A federal judge in Manhattan on Friday threw out the 2013 insider trading guilty plea of a former trader at SAC Capital Advisors LP, the hedge fund once run by billionaire Steven A. Cohen, saying recent changes in the law meant there were ... More »

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White House seeks delay on Huawei ban for contractors

WASHINGTON (Reuters) – The White House Office of Management and Budget has asked the U.S. Congress for more time to phase in a ban on federal contracts with companies that do business with Chinese telecom giant Huawei, part of a defense law passed last year. T... More »

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Co-owner, ex-employee of pharmacy in U.S. meningitis outbreak…

BOSTON (Reuters) – A federal judge on Friday tossed the convictions of a co-owner and former employee of a Massachusetts compounding pharmacy accused of conspiring to help it evade regulatory oversight before its drugs caused a deadly 2012 fungal meningitis ou... More »

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Deutsche Bank denies report it prevented Trump transactions being…

FRANKFURT (Reuters) – Deutsche Bank denied a report that said some of its executives rejected the advice of the bank’s own anti-money laundering specialists and prevented some transactions involving entities controlled by President Donald Trump and his son-in-... More »

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Your money: Should you pay to stop phone spam?

NEW YORK (Reuters) – If your phone log is anything like mine, the list of incoming scam calls makes it look like you work for the State Department: Sri Lanka, Lithuania, Russia, Bosnia, Benin, Croatia and Sierra Leone. And if you are anything like me, the thou... More »

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U.S. states accuse Teva, other drugmakers, of price-fixing: lawsuit

WASHINGTON (Reuters) – U.S. states filed a lawsuit accusing Teva Pharmaceuticals USA Inc of orchestrating a sweeping scheme with 19 other drug companies to inflate drug prices – sometimes by more than 1,000% – and stifle competition for generic drugs, state pr... More »

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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. investor awarded $75 million in cryptocurrency crime case

NEW YORK (Reuters) – U.S. entrepreneur and cryptocurrency investor Michael Terpin won $75.8 million in a civil judgment against a 21-year-old man who Terpin said was part of a scheme that defrauded him of digital currencies, court documents showed on Friday. C... More »

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Ex-Nissan chairman Ghosn applies for bail over latest indictment

TOKYO (Reuters) – Carlos Ghosn on Monday applied for bail following his latest indictment over aggravated breach of trust, as the former Nissan Motor Co chairman fights his fourth indictment over financial misconduct. Ghosn’s defense team filed the bail reques... More »

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Ghosn’s lawyer expects fresh indictment to come later Monday

TOKYO (Reuters) – The lead lawyer for Carlos Ghosn said he expected a fresh indictment for the former Nissan Motor Co boss to come later on Monday. “We haven’t heard of an indictment yet. I expect it will be this afternoon,” Junichiro Hironaka told reporters o... More »

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Actress Lori Loughlin pleads not guilty in college admissions case

BOSTON (Reuters) – Actress Lori Loughlin on Monday entered a not guilty plea to charges that she participated in a wide-ranging college admissions scam by paying bribes to get her two daughters admitted to the University of Southern California. Loughlin, who s... More »

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Ecuador’s president says Assange tried to use its embassy to spy

LONDON (Reuters) – WikiLeaks founder Julian Assange repeatedly violated his asylum conditions and tried to use the Ecuadorian embassy in London as a center for spying, Ecuador’s President Lenin Moreno told Britain’s Guardian newspaper. London police dragged As... More »

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Exclusive: Coal deal showcases lack of transparency in Ukraine

NOVOVOLYNSK, Ukraine (Reuters) – Ukrainian police are investigating two companies and a factory over a coal deal which some anti-corruption campaigners say epitomizes the difficulties of doing business in the east European country. The sums involved in the dea... More »

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Democrats Pelosi, Schumer say full Mueller report should be made…

WASHINGTON (Reuters) – U.S. House of Representatives Speaker Nancy Pelosi and Senate Democratic leader Chuck Schumer said on Sunday that the full report by Special Counsel Robert Mueller into Russian election interference needs to be made public. “The fact tha... More »

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Autonomy founder Lynch set for $5 billion Hewlett-Packard court…

LONDON (Reuters) – Mike Lynch, once hailed as Britain’s answer to Bill Gates, faces Hewlett-Packard (HP) in London’s High Court on Monday in a multi-billion dollar showdown over the U.S. technology company’s 2011 purchase of the Autonomy software business he f... More »

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U.S. adds criminal charges against ex-Autonomy CEO Lynch

(Reuters) – U.S. prosecutors on Friday added three new criminal charges to their indictment against British entrepreneur Mike Lynch related to the $11.1 billion sale of his software company Autonomy to Hewlett-Packard in 2011. Lynch faces a new charge of secur... More »

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Malaysia to summon two Goldman Sachs units ahead of 1MDB case

KUALA LUMPUR (Reuters) – Malaysian prosecutors on Monday said they would issue summonses to units of U.S. investment bank Goldman Sachs in London and Hong Kong, requiring them to respond by June to criminal charges filed against them last year. Soon after bein... More »

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Mueller, in U.S. court filing, says multiple probes continue

WASHINGTON (Reuters) – The U.S. Special Counsel’s Office on Friday asked a court to delay sentencing for U.S. President Donald Trump’s former deputy campaign chairman, Rick Gates, amid “ongoing investigations” stemming from the Russia investigation. In a filin... More »

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Apple says Spotify wants benefits of a free app without being free

(Reuters) – Apple Inc on Thursday responded to Spotify Technology SA’s complaint with EU antitrust regulators, saying the audio streaming service “wants all the benefits of a free app without being free”. Spotify, launched a year after Apple unveiled its first... More »

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Celebrities lose work, students sue U.S. colleges in admissions…

LOS ANGELES (Reuters) – Hollywood actress Lori Loughlin was dropped by a TV network and her daughter lost a sponsorship deal on Thursday, while students sued prestigious universities in growing fallout from a massive college bribery scandal. Crown Media Family... More »

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TPG Rise founder leaves firm in wake of U.S. college admissions…

NEW YORK (Reuters) – TPG Capital senior executive Bill McGlashan on Thursday left the private equity firm after he was charged in connection with a U.S. college fraud scheme that has ensnared Hollywood celebrities and corporate elite. It is the latest fallout ... More »

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Renault, Nissan, Mitsubishi chiefs to hold news conference Tuesday

TOKYO (Reuters) – The heads of Renault SA, Nissan Motor Co and Mitsubishi Motors Corp will hold a joint news conference at Nissan’s headquarters in Yokohama on Tuesday, Nissan said. Renault Chairman Jean-Dominique Senard, Renault CEO Thierry Bollore, Nissan CE... More »

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U.S. House panel launches probe into possible obstruction by Trump

WASHINGTON (Reuters) – The House Judiciary Committee will seek documents from more than 60 people and organizations as it begins investigations into possible obstruction of justice and abuse of power by President Donald Trump, the panel’s chairman said on Sund... More »

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Wells Fargo talking to Justice Dept, securities regulators about…

NEW YORK (Reuters) – Wells Fargo & Co is engaged in preliminary exploratory resolution discussions with the U.S. Department of Justice and the U.S. Securities and Exchange Commission about inquiries into its sales practices, the bank said on Wednesday. Wells F... More »

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U.S. charges My Big Coin virtual currency firm founder with fraud

BOSTON (Reuters) – The founder of a Nevada-based company was arrested on Wednesday on federal charges he participated in a $6 million scheme to defraud people who wanted to buy a virtual currency called My Big Coin that he claimed was backed by gold. Randall C... More »

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Kenyans charged with imitating president to con businessmen

NAIROBI (Reuters) – A Kenyan court charged seven men on Wednesday for impersonating President Uhuru Kenyatta and swindling a prominent businessman out of 10 million shillings ($100,000) in yet another high-profile corruption case. The suspects called tyre firm... More »

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Latvia violated EU law in removing ECB policymaker, court rules

LUXEMBOURG (Reuters) – Latvia violated European Union law by barring from office its central bank governor, who is also a European Central Bank policymaker, the European Court of Justice ruled on Tuesday in a widely expected decision. Ilmars Rimsevics was susp... More »

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Swedbank replaces EY with forensic auditors to investigate money…

STOCKHOLM (Reuters) – Swedbank said on Tuesday it had hired external forensic auditors to investigate information in a media report linking the bank to a Baltic money laundering scandal, replacing recently appointed audit firm EY. Sweden’s public broadcaster a... More »