fraud

  • News

    SEC Charges Goldman Sachs With Fraud On Subprime Mortgages

    Supposedly “key facts related to subprime securities” were omitted and investors in the CDO lost $1 billion (whereas Paulson & Co, which apparently had a “hand in structuring the CDO in question,” made a billion). Dick Bové has no problem with this, and doesn’t think Goldman will either, which Mark Haines cannot believe. More from […]

    / Apr 16, 2010 at 10:40 AM
  • News

    Warren Buffett Hit With Lawsuit by RV Dealer

    Warren Buffett take note: Don’t get involved in the RV business. It’s full of wealthy rednecks and sometimes they like stealing cash directly from the office vending machines. That’s at least what one executive of a Berkshire Hathaway-owned RV company has alleged in a recent lawsuit filed after he was denied the CEO position and […]

    / Apr 8, 2010 at 5:30 PM
  • News

    Today In Handcuffs: Helmut Kiener Come On Down!

    German police have arrested the founder of K1 Group, Helmut Kiener, in connection with an investigation into allegations of fraud at his hedge fund, a local prosecutor said. European and U.S. authorities are investigating allegations that K1 embezzled millions of dollars from several global banks, including J.P. Morgan Chase & Co., Barclays PLC, BNP Paribas […]

    / Oct 29, 2009 at 12:15 PM
  • News

    Convicted Merrill Fraudsters May Be Convicted Again

    Three former Merrill employees, originally convicted of conspiracy and fraud in 2004 and subsequently exonerated in 2006, may be back on the stand soon to explain their roles in helping Enron commit fraud. The ex-Merrillites got a pass in 2006 when an appeals court determined government tried the original case improperly. At issue is their […]

    / Jun 18, 2009 at 12:09 PM
  • News

    Chicago Finally Arrives At The Fraud Party

    He is no Bernie or Danny Pang but Philip Baker is trying to do the midwest proud and raise the region’s profile in the national fraud standings. Baker, former managing director of Chicago-based Lake Shore Asset Management Ltd., who is conveniently nowhere to be found, is accused of using false information to solicit over $300 […]

    / Jun 17, 2009 at 10:08 AM
  • News

    Fraudster Is $5,000 Poorer But No Prisoner

    In a convincing victory for justice, the former CEO of a Gen Re subsidiary was sentenced to the equivalent of a mild warning from a substitute teacher for his part in defrauding AIG investors of $597 million. John Houldsworth pleaded guilty in 2005 to conspiracy to commit securities fraud and then testified on the government’s […]

    / Jun 16, 2009 at 2:17 PM
  • News

    SEC Gets A Shot At Redemption

    If Mary Schapiro and the revamped SEC can’t put this one away, there is really no hope for them. Italian authorities recently found a little surprise in the suitcases of two Japanese travelers trying to cross the border into Switzerland- US government bonds with a face value of over $134 billion. The Italian police now […]

    / Jun 15, 2009 at 1:03 PM
  • News

    Madoff Victims Try To Out Ponzi The Ponz Himself

    It appears as though one great fraud deserves another. A group of Madoff victims is taking a page out of Bernie’s book and asking a federal bankruptcy judge to reconsider the way their losses are being calculated. Their magic formula is one part backward logic, one part betting that a judicial system that awarded damages […]

    / Jun 8, 2009 at 11:26 AM
  • News

    Lying Billionaire Says UBS Lied About His Ability To Lie To The IRS

    Billionaire Igor Olenicoff is suing UBS for allegedly not telling him the truth about his US tax liabilities for his Swiss bank account. However, the real case here is which of the two parties has less credibility. Olenicoff says UBS pulled a fast one when it came to his tax liabilities and,”tarred his reputation and […]

    / Jun 8, 2009 at 10:04 AM

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