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 new $250 million fraud case about to break. Feeley is leaving his post as...
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 underpaid at £5.7 million ($8.84 million). It was concluded there is ”a significant competitiveness gap...
The CEO who presided over online gambling site Full Tilt Poker was arrested last week for defrauding customers out of $430 million. Raymond Bitar surrendered himself to authorities at New York’s JFK International Airport as had been prearranged. According to charges his poker site had been operated as a Ponzi scheme, assuring players their...
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...
Yesterday, three weeks after the Securities and Exchange Commission filed fraud charges against New York-based hedge fund adviser Philip A. Falcone, it was reported he is about to launch a new IPO for investors. In fact, he is going to trade assets owned by his indicted hedge-fund to get control of a publicly-traded company...
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 under the belief the missing money was “misappropriated by the firm and its founder,”...
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...
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 to light in 2009. Last month the Securities and Exchange Commission filed fraud charges...
“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 in U.S. history,” Juan A. Lozano in the Associated Press. The Houston financier was...
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 members that MF Global executives would not receive bonuses. Wall Street rumors had been...
