White Collar Crime
Articles and Resources
52 Articles and Resources. Go to: [Next 2]
Date Fairness.com Resource Read it at: Jul 14, 2012 This global financial fraud and its gatekeepers: The media's 'bad apple' thesis no longer works. We're seeing systemic corruption in banking – and systemic collusion
QUOTE: The notion that the entire global financial system is riddled with systemic fraud – and that key players in the gatekeeper roles, both in finance and in government, including regulatory bodies, know it and choose to quietly sustain this reality – is one that would have only recently seemed like the frenzied hypothesis of tinhat-wearers, but this week's headlines make such a conclusion, sadly, inevitable.
Guardian Unlimited Dec 13, 2011 Beirut Bank Seen as a Hub of Hezbollah’s Financing
QUOTE: an intricate global money-laundering apparatus that, with the bank as its hub, appeared to let Hezbollah move huge sums of money into the legitimate financial system, despite sanctions aimed at cutting off its economic lifeblood....While law enforcement agencies around the world have long believed that Hezbollah is a passive beneficiary of contributions from loyalists abroad involved in drug trafficking and a grab bag of other criminal enterprises, intelligence from several countries points to the direct involvement of high-level Hezbollah officials in the South American cocaine trade.
New York Times Feb 11, 2011 3 Former IndyMac Executives Are Accused of Fraud
QUOTE: IndyMac’s former chief executive and two former chief financial officers are accused of filing “false and misleading” documents with regulators. The executives, the S.E.C. said, led shareholders to believe that the bank could rebound from months of hefty losses, causing its shareholders to be defrauded in July 2008, when IndyMac’s stock price plummeted and the bank shut its doors.
New York Times Jan 31, 2011 Europe's Carbon Emissions Trading -- Growing Pains or Wholesale Theft?
QUOTE: this month's mass theft of E.U. allowances (EUAs) from some national registries has gotten the broader carbon trading community very much up in arms. Many are blasting some nation members of the European Commission for not taking the threat seriously...
New York Times May 22, 2010 No criminal charges for executives in troubled AIG subsidiary
QUOTE: The Justice Department has closed its high-profile investigation into current and former executives of an American International Group subsidiary that was linked to the insurance giant's near collapse, sources familiar with the probe said Friday evening.
Washington Post Dec 24, 2008 Once Trusted Mortgage Pioneers, Now Pariahs
QUOTE: The Sandlers long viewed themselves — and were viewed by many others — as the mortgage industry’s model citizens. Now they too have been swept into the maelstrom surrounding who is to blame for the housing bust and the growing number of home foreclosures....the United States attorney’s office in San Francisco announced dual inquiries into whether World Savings engaged in predatory lending practices or misled investors about its financial well-being.
New York Times Dec 21, 2008 Even Bernard Madoff Doesn't Deserve This
QUOTE: when it comes to large-scale frauds involving public companies and their millions of shares, the guidelines' grounding in mathematics sometimes results in sentences that are, quite literally, off the charts. They fall within the realm of prison terms usually reserved for Mafia bosses, major international drug lords, cop killers, child molesters and terrorists.
Washington Post Nov 18, 2008 Crime might pay, but only in volume
QUOTE: company was merging with another big company, and from discussions I had with employees discovered that thefts had been a longstanding problem, made worse by the chaos of the merger.
InfoWorld Nov 08, 2008 Extortion Used in Prescription Data Breach: FBI Investigating Threat Against Express Scripts Customers
QUOTE: One of the nation's largest processors of pharmacy prescriptions said this week that extortionists are threatening to disclose personal and medical information about millions of Americans if the company fails to meet payment demands.
Washington Post Jun 09, 2008 From a Whistle-Blower to a Target
QUOTE: On May 14, 2001, Joseph A. Ripp, the newly appointed chief financial officer of America Online, faxed a letter to the Las Vegas offices of the accounting firm Arthur Andersen with disturbing news: it appeared that an AOL business partner, and Arthur Andersen client, had forged a signature on a contract and booked several million dollars of sham revenue.
New York Times May 27, 2008 Ex-Manager Tells of Bribery at Siemens
QUOTE: A former manager of Siemens, the European engineering company, testified Monday about an intricate system of slush funds and bribery at the company as the first trial on allegations of corporate corruption in Germany began....Mr. Siekaczek described how managers carefully signed Post-it notes that had been affixed to potentially incriminating documents so that they might later peel away evidence of their imprimatur if necessary.
New York Times Apr 09, 2008 In Justice Shift, Corporate Deals Replace Trials
QUOTE: Deferred prosecutions have become a favorite tool of the Bush administration. But some legal experts now wonder if the policy shift has led companies, in particular financial institutions now under investigation for their roles in the subprime mortgage debacle, to test the limits of corporate anti-fraud laws.
New York Times Feb 26, 2008 Justices Weigh if Cash Hidden Is Cash Laundered
QUOTE: The justices on Monday [wondered why the Money Laundering Control Act] might not make a criminal out of someone who walked across the border with a few dollars tucked into a shoe...Justice Ruth Bader Ginsburg observed, “On the government’s theory, anyone who transports hidden money to get it out of the country, who drives the car, just the driver, is a money launderer.”
New York Times Oct 19, 2007 Obstruction Charged in Fraud Trial: Former CEO of Health-Financing Firm Accused of Offering to Pay Witness
QUOTE: The indicted former chief executive of a health-care financing company whose downfall helped push dozens of hospitals into bankruptcy was arrested yesterday on charges of offering to pay a witness to change her testimony at his coming criminal trial. Lance K. Poulsen, who founded National Century Financial Enterprises...
Washington Post Oct 03, 2007 Federal Workers Abusing Air Travel, Report Says
QUOTE: Federal employees are routinely abusing rules on business-class travel, taking trips that cost taxpayers an estimated extra $146 million annually, Congressional investigators have found.
New York Times Aug 17, 2007 Commercial College Ordered to Repay U.S. $2.5 Million
QUOTE: The parent company of Interboro Institute, a commercial college in New York City that a state investigation found had cheated in determining student eligibility for government financial aid, has been ordered to repay the federal government about $2.5 million...
New York Times Aug 16, 2007 Notes on a Scandal: Allegations of embezzlement, abuse and hate speech roil a Washington mosque.
QUOTE: the Islamic Center has become immersed in a nasty court battle marked by charges of embezzlement, abuse of women and an alleged attempt to spread radical messages of hate.
Newsweek Aug 10, 2007 District's Ex-Charter Schools Chief Admits Fraud
QUOTE: As charter school oversight chief for the D.C. Board of Education, [Brenda Belton] repeatedly stole from the school system, arranging about $649,000 in illegal school payments and sweetheart contracts to herself and her friends.
Washington Post Jun 15, 2007 2 Lawyers Sued by S.E.C. In Penny Stock Fraud Case
QUOTE: The Securities and Exchange Commission filed a civil suit yesterday against two lawyers, one a former enforcement official for the commission, charging that they had played important roles in a penny stock fraud that cost investors at least $160,000 in 2005.
New York Times May 22, 2007 Side Deals in a Gray Area
QUOTE: Big-boy letters...are widely used and represent a private contract between presumably sophisticated investors. Lawyers agree that big-boy letters do not technically shield either party from insider trading laws, but rather protect the two parties from suing each other.
New York Times May 22, 2007 2 Firms Tied to Phone Lists Will Review Their Policies
QUOTE: Two companies accused by state and federal regulators of doing business with suspected telemarketing thieves released statements yesterday pledging to examine and change their business practices.
New York Times May 21, 2007 Mortgage Fraud Is Up, but Not in Their Backyards
QUOTE: The grassroots effort begun by the women eventually linked a network of community leaders, industry professionals and federal regulators who now share the information they gather on mortgage fraud.
New York Times May 07, 2007 Pressure at Mortgage Firm Led To Mass Approval of Bad Loans
QUOTE: a detailed inquiry into the situation at New Century and other subprime lenders suggests that in the feeding frenzy for housing loans, basic quality controls were ignored in the mortgage business, while the big Wall Street investment banks that backed these firms looked the other way.
Washington Post May 01, 2007 U.S.: Online Payment Network Abetted Fraud, Child Pornography
QUOTE: At the heart of the government's case are allegations that E-Gold executives turned a blind eye to illegal activity on its networks, activity that allegedly ranged from the transfer of proceeds garnered from pyramid and investment scams to credit-card fraud and payments for child pornography materials.
Washington Post Feb 19, 2007 Bishops look at fleecing of flocks
QUOTE: The past year saw several cases where clerics were accused of stealing from their faithful. Some churchgoers say the thefts result from putting too much trust in one person and say more oversight is needed to stop it.
USA TODAY Jan 19, 2007 Identity of Edwards Home's Buyers Veiled: Assisted-Living Magnates in SEC Probe Paid Candidate $5.2 Million
QUOTE: ...John Edwards finally succeeded last month in selling his imposing Georgetown mansion for $5.2 million....the buyers were Paul and Terry Klaassen, according to several sources...The wealthy founders of the nation's largest assisted-living housing chain for seniors, the Klaassens are currently cooperating with a government inquiry in connection with accounting practices and stock options exercised by them and other company insiders. They are also the focus of legal complaints by some of the same labor unions whose support Edwards has been assiduously courting for his presidential bid.
Washington Post Dec 30, 2006 Apple Admits Wrongdoing But Rallies Around Leader
QUOTE: Apple Computer disclosed yesterday that it had falsified approval of 7.5 million stock options for its chief executive and innovative co-founder, Steve Jobs, raising new questions about the role he may have played in a scandal that has swirled around the dynamic technology company for months.
Washington Post Nov 14, 2006 Sleazy CEOs have even more options tricks: Backdating may be just the beginning: A lot of other suspicious stuff tends to happen when companies grant options.
QUOTE: even before Lie's backdating bombshell, scholars suspected that executives were using insider information for financial gain in timing options grants and news releases. Does that make backdating just the most obviously illegal tip of an iceberg of dodgy corporate behavior? And is anyone going to get in trouble for the other stuff?
CNN/Money Magazine Aug 09, 2006 Former Comverse Executives Charged With Options Fraud
QUOTE: three former top executives of Comverse Technology...manipulated the dates on stock-option grants to reap millions of dollars in additional compensation for themselves and other employees.
New York Times Apr 20, 2006 Commentary: Protecting Corporate Employees With a New Bill of Rights
QUOTE: Over the last several years there has been a dramatic change in the practice of white-collar criminal defense. The highly publicized corporate scandals involving Enron, WorldCom and others, and the federal government's reaction to those events have resulted in an enormous shift of power away from protecting corporate employees' rights.
New York Law Journal (NYLJ) Apr 17, 2006 Judges Press Companies That Cut Off Legal Fees
QUOTE: Federal judges are beginning to question why companies are cutting off legal fees to their executives when they become caught up in criminal investigations...This shift from a long tradition of paying such costs, one that is codified in many companies' bylaws and in some states' laws, has come since the Justice Department set guidelines in 2003 amid a sweeping crackdown on corporate fraud.
New York Times Dec 16, 2005 Enron Prosecutors Seek Gag Order After Speech
QUOTE: Federal prosecutors have asked a judge to impose a gag order that would prohibit them and former Enron Corp. leaders Kenneth L. Lay and Jeffrey K. Skilling from speaking outside the courtroom in advance of their January fraud trial.
Washington Post Dec 15, 2005 Greenberg Accused Of 'Self-Dealing': Charity Hurt by Stock Sale, Spitzer Says
QUOTE: Maurice R. "Hank" Greenberg ignored his mentor's will four decades ago and sold stocks left to a charitable foundation to two companies Greenberg controlled, in a series of "self-dealing" transactions that drained value from the charity and enriched the Greenberg-controlled companies...
Washington Post Oct 03, 2005 Russian Former Minister to Be Extradited Over Embezzlement Charges
QUOTE: Switzerland has agreed to extradite Russia's former atomic energy minister to the United States, where he faces charges that he embezzled at least $9 million....The case has rankled Russian officials...
Washington Post Sep 27, 2005 AmeriDebt Founder Allegedly Hid Funds: Court Addresses Bankruptcy Case, Lawyers Fees
QUOTE: Pukke has been accused ... of defrauding thousands of financially strapped consumers out of $172 million when they sought help from the Germantown credit-counseling firm.
Washington Post Jun 02, 2005 Jury begins deliberations in ex-Tyco execs' retrial
QUOTE: "Prosecutors charge that Kozlowski, 58, and Swartz, 44, looted more than $500 million from Tyco through unauthorized bonuses, loans and other payments, along with sales of stock at inflated prices..."
USA TODAY Jun 01, 2005 Justices Overturn Andersen Conviction: Advice to Enron Jury On Accountants' Intent Is Faulted
QUOTE: The Supreme Court overturned the 2002 criminal conviction of Enron Corp.'s accounting firm yesterday, nullifying with a single stroke one of the government's biggest victories in the corporate scandals that climaxed the bull market of the 1990s.
Washington Post Jun 01, 2005 AIG Comes Clean on Accounting
ABSTRACT: Acknowledged Accounting Errors Cut Insurer's Net Worth by $2.3 Billion
Washington Post Feb 15, 2005 U.N. Oil-for-Food Chief Faces Fresh Charges
QUOTE: The Senate subcommittee...says it has documents showing that the former head of the United Nations oil-for-food aid program may have made as much as $1.2 million personally from illegal oil shipments by Iraq.
New York Times Jul 11, 2004 White-Collar Prison Terms Under Debate: Determining the length of punishment is far from an exact science, and the standards may be changing
QUOTE: The trial judge had determined that the kidnapper displayed "deliberate cruelty" and therefore deserved prison time beyond the maximum...But the Supreme Court said it was up to a jury to decide all aspects of a person's guilt
Los Angeles Times Jun 30, 2004 Restraining The Gavel's Power: Ruling Could Prompt Challenges to White-Collar Sentences
QUOTE: A Supreme Court decision could prompt white-collar criminals to challenge recent sentences made harsher by judges' consideration of factors such as how much investors lost as a result of corporate crimes.
Washington Post Jun 13, 2004 Prosecutors switch tactics, turning firms against workers
QUOTE: federal sentencing guidelines for businesses, prescribing stiff mandatory penalties for white-collar crimes such as fraud. The sentencing guidelines also tell how companies can lower their odds of being charged with a crime in the first place: by cooperating fully with the federal investigators. And the government has been refining and tightening its definition of cooperation - with broad implications for how companies interact with employees.
Toledo Blade Mar 30, 2004 Probe Finds $10 Million In Payments To Lobbyist
QUOTE: Washington lobbyist Jack Abramoff received $10 million in previously undisclosed payments from a public relations executive whom he recommended for work with wealthy Indian tribes that operate casinos...
Washington Post May 15, 2003 Criminal Inquiry Under Way at Large Pipe Manufacturer
ABSTRACT: The company has been cited for more than 400 safety violations and 450 environmental violations since 1995... a disjointed and fragmented regulatory apparatus repeatedly failed to detect, much less end, patterns of misconduct.
New York Times Apr 12, 2003 Another Guilty Plea in Teachers Union Probe
QUOTE: Phony Company Funneled Money to Officials in D.C. Local, Defendant Says
Washington Post Jan 21, 2003 Courts Split on Internet Bans
QUOTE: The court argued that while this prohibition can greatly restrict a person's freedom and ability to find work, it also protects society from criminals who have turned the computer into a weapon.
New York Times Dec 27, 2002 Collar-Blind Law or Smear? Opinion Split on Complaints: Prosecutors Call Tactics Appropriate
QUOTE: The increasing use of such criminal complaints, tactics usually reserved for drug dealers and killers who might skip the country, are appreciated by prosecutors and condemned by defense attorneys and some civil libertarians.
Washington Post Aug 09, 2002 Worldcom Auditors Find More Errors
QUOTE: WorldCom Inc.'s internal auditors have uncovered an additional $3.8 billion in improper accounting...
Washington Post Mar 18, 2002 Enough is Enough
QUOTE: Before Enronitis inflamed the public, gigantic white-collar swindles were rolling through the business world...hardly anyone ever went to prison.
Fortune Nov 17, 1999 DOUBLE-CROSSED: Silicon Valley entrepreneurs say they have been betrayed by venture capitalists and lawyers, the very people they asked for help
QUOTE: The power of Silicon Valley's top venture capitalists is rivaled only by the elite attorneys who represent them, the partners at megafirms that also represent virtually all of high-tech's largest corporations. Inexperienced entrepreneurs hire these firms at their peril, often discovering that the attorneys have sold them out for more profitable clients.
San Francisco Chronicle
52 Articles and Resources. Go to: [Next 2]
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