Ex-US Justice Dept. fraud chief to probe Refco
The U.S. Department of Justice appointed Joshua Hochberg, the former head of its fraud unit, to investigate claims of fraud and other misconduct that may have led to Refco’s bankruptcy filing
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Bank fraud case worse than suspected
/0 Comments/in Ramle Bank /by ceadminFollowing the interrogation of suspects involved in the Ramle Mercantile Discount Bank money-laundering scheme, in which 22 people where arrested some two weeks ago, police estimated on Monday that the affair would go down as perhaps the largest white-collar crime in Israel’s history.
Initial estimates put the amount of laundered money over the years somewhere in the ballpark of NIS 100 million, but those numbers have now ballooned to an estimated NIS 1 billion, according to police investigators.
Six more suspects, who allegedly operated fake accounts at the bank, were also arrested Sunday night
Capita Financial fined for fraud
/0 Comments/in Capita Financial /by ceadminA subsidiary of the giant Capita group has been fined by the Financial Services Authority (FSA) after some of its staff helped to defraud customers.
The frauds took place in 2004 at Capita Financial Administrators (CFA) which administers the customer accounts of unit trust companies.
The police are investigating how up to 26 customers lost £328,000 and attempts were made to steal a further £1
Enron whistleblower condemns Lay
/0 Comments/in Enron /by ceadminThe executive who first raised concerns about financial malpractice at Enron said an internal investigation into accounting procedures was “bogus”.
Testifying at the trial of Ken Lay and Jeffrey Skilling, Sherron Watkins said she first raised doubts about Enron’s accounting methods in August 2001.
“Accounting just doesn’t get that creative,” she said, referring to structures used by Enron to hide debts
Livedoor shareholder to sue firm
/0 Comments/in Livedoor /by ceadminOne of Livedoor’s main investors is to sue the scandal-hit Japanese firm for compensation, saying it bought its stake under false pretences.
Broadcaster Fuji Television Network said it acquired the 12.5% stake on the basis of false financial information
Perfume cartel fined £32m
/0 Comments/in Chanel /by ceadminManufacturers of some of the world’s most glamorous perfume and cosmetics brands were fined by French competition authorities yesterday after it was ruled that the companies had colluded to keep prices high at the expense of the consumer.
Thirteen iconic brands, including Chanel, Yves Saint Laurent, Christian Dior and Guerlain, and three leading French retailers were fined almost £32 million between them for inflating prices between 1997 and 2000.
The French competition council said that under the price-fixing arrangement, a “price police” was set up between them to artificially inflate prices, put pressure on individual vendors and threaten reprisals against those that refused to apply the prices set by the perfume and cosmetic brands
China Aviation boss pleads guilty
/0 Comments/in China Aviation Oil /by ceadminThe former head of China Aviation Oil (CAO) has pleaded guilty to six charges related to its near collapse in 2004.
Chen Jiulin pleaded guilty in Singapore’s subordinate court to charges including making false statements and insider trading.
Four directors at the company have already been sentenced for their part in the scandal
Key Enron witness ‘duped bosses’
/0 Comments/in Enron /by ceadminDefence lawyers acting for former Enron boss Kenneth Lay have accused a chief witness against him of helping to bring about the US energy giant’s collapse.
Former finance chief Andrew Fastow lied to his bosses at Enron while stealing millions of dollars from the bankrupt firm, Mr Lay’s defence attorney said.
Mr Fastow was facing cross-examination after giving evidence against Mr Lay and fellow Enron boss Jeffery Skilling
Tokyo exchange to delist Livedoor
/0 Comments/in Livedoor /by ceadminThe Tokyo Stock Exchange is to delist internet firm Livedoor’s shares over allegations it broke securities law.
The Tokyo exchange said the action would result in the firm being removed from the market by mid-April.
The move came after Japan’s securities commission filed a criminal complaint against five former Livedoor executives for allegedly falsifying of accounts
Livedoor boss facing new charge
/0 Comments/in Livedoor /by ceadminJapanese internet firm Livedoor’s former boss and other executives could be charged with falsifying financial results this week, reports have said.
Prosecutors claim the group doctored accounts to show a 5.3bn yen ($44