Category: Fraud

New Zealand Goes for $250 Million Fraud

It sounds like a dose of Olympic fever. With big fraud arrests in Japan, Singapore and China, perhaps it was the competitive spirit that got New Zealand’s top fraud cop boasting about upcoming scores. Adam Feeley said there is a…

Will Record $3B Fine Derail CEO Raise?

Speak of lousy timing. After receiving a knighthood from the queen at the end of 2011, GSK CEO Andrew Witty was on a roll. The chair of GlaxoSmithKline’s compensation committee had pointed out that compared to his peers, Witty was being…

CEO Admits Embezzling $100+ Million

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…

Client Money Disappears; CEO Attempts Suicide

The FBI is now investigating the Peregrine Financial Group, a broker of commodity futures, which reported the whereabouts of $220 million of client money is unknown. The Commodity Futures Trading Commission filed in federal court to freeze any remaining funds…

Fletcher Hedge Fund Flim-Flam Goes Bust

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…

$20 Million Latest Fraud by Union Chief

Running the world’s largest public union from 2002 to 2008 evidently made Fred Buenrostro feel invulnerable. He committed so many frauds as CEO of the California Public Employees’ Retirement System (CalPERS) they are still being discovered years his first scandal came…

Billionaire Bilker Sentenced to 110 Years

“Former jet-setting Texas tycoon R. Allen Stanford, whose financial empire once spanned the Americas, was sentenced Thursday to 110 years in prison for bilking investors out of more than $7 billion over 20 years in one of the largest Ponzi schemes…

“No Bonus” Shocks World

This week former FBI director Louis Freeh told Congress about progress being made in his effort to untangle the MF Global Holdings bankruptcy, famously known for the now-reported $1.6 billion in accidentally misplaced funds. He told skeptical Senate Banking Committee…