White Collar Crime

  • White Collar Crime

    Bruce Wayne: Your Typical Self-Dealing Corporate Chieftain Lionized By Wall Street

    Yesterday we explained that Bruce Wayne–who fights street crime and evil clowns by night–has all the markings of a corporate criminal. We even went so far as to explain that Wayne seems like exactly the “better class of criminal” that his nemesis The Joker claims Gotham City deserves. Some of you fanboys disagreed! But it […]

    / Jul 22, 2008 at 8:42 AM
  • White Collar Crime

    The Case Against Criminalizing Business Hits The New Yorker

    That was quick. Just yesterday we worried that our optimism about the tide turning against the war on white-collar crime might be misplaced. The Wall Street Journal had just won a Pulitzer Prize for its sometimes misleading “gotcha!” reporting on backdating. We hoped that the backlash against the scandalization of backdating might provoke some rethinking […]

    / Apr 17, 2007 at 10:53 AM
  • Hedge Funds, White Collar Crime

    Hedge Fund Scammers Give “Let’s Do Lunch” Entirely More Sinister Meaning

    Another hedge fund scammer has been caught allegedly posting false gains while he burnt lost investors money on questionable investment, the Washington Post reports today. The latest accused hedge fund con-man and his Canadian partner Stephen Chesnowitz had a unique way of getting investors—they took them out to lunch! Over the past two years, the […]

    / Feb 23, 2007 at 1:40 PM
  • Enron, legal, Malcolm Gladwell, White Collar Crime

    Questioning The Enron Case, Day 8

    It’s been eight days (or so) since Malcolm Gladwell’s article in the New Yorker got people talking about Enron again. Consider the Enron case officially re-opened. And by “officially” we mean “under debate on the interwebs.” So it’s not legally re-opened but there is at least a chance that the public understanding of Enron might […]

    / Jan 10, 2007 at 2:38 PM
  • legal, White Collar Crime

    As It Turns Out, David Stockman Is Still Around, And Now Under Investigation

    David Stockman is under investigation for his role running Collins & Aikman, an autoparts company. You might recall the name Stockman. it became a household name when he was appointed budget director in the first Reagan administration. Before that he had been a member of Congress with a reputation for being allied with the tax-cutting […]

    / Dec 13, 2006 at 9:34 AM
  • Enron, legal, White Collar Crime

    The Enron Guy You Never Heard Of Gets 5 1/2 Years

    Is there some special shame that attaches to being convicted in one of the biggest financial scandals of the era and yet still being a nobody? Probaby not. If he took the Ken Lay out, we’re betting he’d just end up in whatever ordinary Hell accountants usually go to. Former Enron Corp. Chief Accounting Officer […]

    / Nov 16, 2006 at 9:24 AM
  • Hedge Funds, legal, White Collar Crime

    Look, You Knew I Was A Snake When You Gave Me Your Money

    In retrospect, perhaps investing in a hedge fund named for a poisonous snake wasn’t such a good move. The Securities and Exchange Commission yesterday sued a San Francisco hedge fund manager, Edward S. Ehee, and the funds that he managed, Viper Capital management and Compass Fund Management, accusing him of fleecing 18 investors out of […]

    / Nov 9, 2006 at 12:02 PM
  • Dennis Kozlowski, White Collar Crime

    Kozlowski Finally Sells Ski Spot

    Come on. You know you’re hoping the “unidentifed Texas oilman” is the ghost of Ken Lay. Disgraced corporate tycoon Dennis Kozlowski sold his opulent Colorado mountain mansion for $10 million – and got an extra $750,000 for the furnishings, court papers revealed yesterday. An unidentified Texas oilman agreed to plunk down the giant chunk of […]

    / Nov 8, 2006 at 11:01 AM
  • legal, White Collar Crime

    Kumar Has Made His Last Trip To White Castle

    The Wall Street Journal reports: Former CA Inc. Chief Executive Sanjay Kumar was sentenced to 12 years in prison and fined $8 million Thursday for his role artificially boosting financial results at the software maker. At a hearing in federal court in Brooklyn, U.S. District Judge I. Leo Glasser sentenced Mr. Kumar, 44 years old, […]

    / Nov 2, 2006 at 4:10 PM
  • Back Dating, Comverse, Kobi Alexander, legal, White Collar Crime

    Another Backdating Guilty Plea From A Comverse Executive

    The noose just got a little tighter around the neck of ex-Comverse CEO Kobi Alexander. The company’s former general counsel, William F. Sorin, is expected to plead guilty to charges stemming from controversially “backdated” stock options grants made by Comverse. Under a practice now known as backdating, dozens of companies have revealed that they pegged […]

    / Nov 2, 2006 at 11:52 AM
  • White Collar Crime

    Big House: Dennis Koslowski

    It’s check-in on your favorite white-collar criminal day at the New York Post, so be sure to read all about Steve Dunleavy’s day with former Tyco head Dennis Koslowski. The Koz is definitely not king in the Mid-State correctional facility. His wife has only visited him once—to deliver the message that she wanted a divorce. […]

    / Oct 30, 2006 at 9:30 AM
  • Hedge Funds, John Mack, Morgan Stanley, Pequot Capital, Regulators, SEC, Senate, White Collar Crime

    The Aguirre-Mack-Samberg-Pequot-Heller-Credit Suisse-Morgan Stanley-SEC-GAO-Grassley Scandal Goes Meta And Picks Up Two New Players

    The New York Sun thinks that the allegations made against Pequot Capital and Morgan Stanley chief John Mack have been getting a little too much ink from the New York Times. And they think they know why. Mystified New Yorkers were left wondering what could possibly explain the Times’s fascination with this story. Some might […]

    / Oct 27, 2006 at 3:50 PM
  • NYSE, White Collar Crime

    Fleet Specialist Convicted After Just One Day’s Deliberation

    If you’ve read the transcripts or seen even a day of testimony of the government’s prosecution of an exchange floor trader, you know how complex these trials can be. Much of what goes on is an attempt to educate the jury about the habits and dialect of specialists, and some of it is so obscure […]

    / Oct 27, 2006 at 11:33 AM
  • Enron, Jeff Skilling, White Collar Crime

    Jeff Skilling: The Blogs Weigh In

    As it turns out, we’re not quite alone in lamenting the quasi-life sentence handed out to Jeff Skilling yesterday. Twenty-four years seems an awfully long time for what Skilling was convicted of to a lot of other folks as well. • Larry Ribstein says “the lynch mentality that has surrounded Skilling and Lay is appalling” […]

    / Oct 25, 2006 at 4:21 PM
  • Enron, Jeff Skilling, legal, White Collar Crime

    Skilling Gets 24 Years

    The verdict is in! Jeff Skilling got sentenced to 24 years for his role in the Enron collapse. Certainly one of the harshest white collar crime sentences on record but short of the record-breaking number that some had predicted. In our reader poll, 13% picked 21 to 25 years for his sentence. Sixty-three percent of […]

    / Oct 23, 2006 at 4:23 PM
  • fugitives, Hedge Funds, White Collar Crime

    The Hedge Fund Fugitive

    New York magazine this week carries the story of Angelo Haligiannis, the college drop-out turned high-flying hedge fund manager turned fugitive. For a couple of years he brought in some wild returns by trading tech bonds and then, well, you know what happened. Only instead of letting investors know he had lost $17 million, he […]

    / Oct 23, 2006 at 10:54 AM
  • Enron, Kenneth Lay, Lawyers, White Collar Crime

    The Ghost of Ken Lay Set Free!

    As expected, a federal judge voided Ken Lay’s conviction yesterday. The founder of failed energy trading outfit Enron had been convicted by a Texas jury of conspiracy and fraud for his role in the 2001 collapse of the company six weeks before his death. The judge in the case ruled yesterday that because Lay died […]

    / Oct 18, 2006 at 10:02 AM
  • CEO, White Collar Crime

    Everyone Deserves A Second Chance, Right?

    We know you are all preoccupied by the changes at the top of Ford and Viacom so you may have missed the news that Edulink, Inc. has a new chief executive—Aleksandr Shvarts, former head of Global Equities Group. Yes. That Global Equities Group. The one that shut down after the NASD began investigating it for […]

    / Sep 6, 2006 at 3:00 PM
  • White Collar Crime

    White Collar Crime Free For All?

    The New York Post’s Christopher Byron reports this morning on another casualty of the War on Terror—white collar crime enforcement. Despite some high profile cases, prosecutions have dropped off by 27 percent since 9/11. Last week, the Christian Science Monitor joined The Post in sounding an alarm that has been raised repeatedly over the years […]

    / Sep 5, 2006 at 11:31 AM
  • White Collar Crime

    Pan Motor Company: Was It Framed?

    Soon after publishing our reminiscence of the Pan Motor Company swindle we received an email from our Minnesota Bureau* informing us that we were simply buying into the propaganda of Big Auto. It seems that out in the wilds of the Midwest, there are still partisans of the great Pandolfo out in St. Cloud and […]

    / Aug 24, 2006 at 5:04 PM
  • Dick Grasso, Eliot Spitzer, NYSE, White Collar Crime

    Grasso Loses Lawyer, New Attorney Still Not a Potted Plant

    Dick Grasso will likely lose one of the most powerful forces he has on his side —Williams & Connolly attorney Brendan Sullivan. A recent ruling moving the trial date up to September from late October, probably means that Sullivan, who famously represented Oliver North in the Iran-Contra hearings, will not be able to serve as […]

    / Jul 31, 2006 at 2:05 PM
  • Enron, NatWest 3, NatWest Three, White Collar Crime

    NatWest 3=Iraq=Texas

    Earlier this week, we pointed out that our British friends were talking about the indictment of the NatWest 3 as if it had something to do with the Iraq war. Psychologically, the two had become linked, demonstrating that America was out of control and that the UK had some how become subservient to our rampages. […]

    / Jul 28, 2006 at 9:03 AM
  • Dick Grasso, NYSE, White Collar Crime

    Spitzer v. Langone: A DealBreaker Center Street Adventure

    [Editor’s Note: Sometimes we like to take a break from our usual extorting- insiders and flattering-anonymous-sources style of journalism to get out of DealBreaker HQ and pound the pavement. You know, do some real shoe-leather reporting. Like crashing Donald Trump’s party.. So this morning, instead of just sending DealBreaker cub reporter Bess Levin out for […]

    / Jul 26, 2006 at 4:01 PM
  • White Collar Crime

    NatWest 3 Feel Abandoned by British Government

    When we speak to our Brit friends, we get the impression that the extradition of the NatWest 3 is somehow mixed up in their minds with British cooperation in the Iraq War and the general chumminess between Tony Blair and George Bush. There’s the feeling that somehow their Mud Island has become subservient to US […]

    / Jul 26, 2006 at 10:31 AM
  • White Collar Crime

    America: Unsafe for Business?

    At least according to an increasing amount of English folks, especially the ones who run online betting firms. The arrests of the NatWest 3 and the head of BetonSports has them fearing the aggressive tactics of US prosecutors. Is the US a safe place for business? [Daily Post]

    / Jul 26, 2006 at 10:05 AM
  • Enron, NatWest Three, White Collar Crime

    NatWest 3 Sentenced To Loneliness

    The NatWest 3—as the three former British bankers facing Enron-related charges are popularly known—must remain in the US while they await their trial and are barred from talking to each other outside the presence of their attorneys, a judge ruled this morning. Even defendants David Bermingham, Giles Darby and Gary Mulgrew could not have been […]

    / Jul 21, 2006 at 3:04 PM
  • White Collar Crime

    Pretty Much the Worst Lay-Over Ever or More Biz Brits in the Pokey

    This afternoon BetonSports.com boss David Carruthers is scheduled to have a bail hearing, although prosecutors are asking the judge to keep him in jail until his trial, according to the BBC. Carruthers was arrested during a layover in the US while returning to his home in Costa Rica from his online gambling company’s annual meeting. […]

    / Jul 21, 2006 at 12:11 PM
  • White Collar Crime

    Former Merrill Lynch Stockbroker Ripped Off Your Grandmother

    Okay. Maybe she’s not your grandmother. She might not be anybody’s grandmother. But she was 95 years old, and Ken Lau pleaded guilty late Tuesday night to taking Carrie Cummins to the tune of $321,648. Prosecutors say he’ll get one to four years. Stockbroker Admits To Stealing $320,000 From 95-Year-Old Client [Associated Press on WNBC.Com]

    / Jul 20, 2006 at 10:15 AM

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