After trying to kill himself by sucking on the exhaust fumes from his car, Russell Wasendorf Sr. was hauled into court last Friday on charges of fraud and misuse of funds. In a suicide note found next to his unconscious body, the CEO of Peregrine Financial Group admitted stealing more than $100 million of...
A hedge fund company called Fletcher International Ltd. is suing to stop three Louisiana pension funds from dismantling it during bankruptcy, selling off its questionable assets. If you are not an investor, you see it coming a mile away. Investors had read glowing articles about this hedge wunderkind earning 300% returns and they were...
Diamond Foods, the snack food giant which built its empire on almonds and other nuts, canned their CEO and CFO after “an internal audit that revealed improper accounting of payments to walnut growers, resulting in the public company having to restate two years of earnings,” according to the San Francisco Chronicle. The internal investigation...
New criminal charges were made against former Olympus top executives by the Japanese government last week. The first charges were made in February stemming from $1.7 billion in losses at the company which were hidden by company leaders. Chief executive Tsuyoshi Kikukawa, two other company executives and at least three consultants and financial advisors...
Jan. 17, 2012 – The Canadian government is trying a former Nortel Networks CEO and two other executives for fraud. Frank Dunn along with former CFO Douglas Beatty and Comptroller Michael Gollogly cooked the books with the primary goal of triggering executive bonuses, according to the Crown. “Management misled the company’s board of directors,”...
