J.P. Morgan Chase to Pay Enron Investors $2.2 Billion
J. P. Morgan Chase announced last night that it had agreed to pay $2
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Citigroup pays $2bn in Enron case
/0 Comments/in CitiGroup /by ceadminUS banking giant Citigroup has agreed to pay $2bn (£1.1bn) to settle a lawsuit brought by shareholders of collapsed energy trading firm Enron.
The class-action suit accused Citigroup of assisting Enron to carry out the huge accounting fraud which bankrupted it in 2001
Forgery charge for jet fuel boss
/0 Comments/in China Aviation Oil /by ceadminChen Jiulin, the suspended boss of crisis-hit jet fuel supplier China Aviation Oil (CAO), has been charged with insider trading.
The charges, which include making false statements, failing to disclose losses and forgery, come a day after Mr Chen and other executives were arrested.
CAO collapsed in December after running up losses of $550m (£248m) betting on the future price of oil
Yukos ex-chief jailed for 9 years
/0 Comments/in Mikhail Khodorkovsky /by ceadminFormer Yukos chief Mikhail Khodorkovsky has been jailed for nine years after being found guilty of six charges including tax evasion.
But his ordeal may not be at an end as Russian prosecutors have said they will soon bring fresh charges against him.
The news came as Mr Khodorkovsky was found guilty of six of the seven charges of tax evasion, fraud and embezzlement he had faced
Morgan Stanley faces $850m payout
/0 Comments/in Morgan Stanley /by ceadminMorgan Stanley will have to pay $850m (£462m) in damages to Revlon boss Ron Perelman after being found guilty of conspiring to defraud the financier.
A Florida court concluded that the US investment bank had acted improperly in relation to a 1998 deal in which Mr Perelman sold Coleman Inc. for $1
Former Enron executive sentenced
/0 Comments/in Enron /by ceadminA former Enron finance executive has been sentenced to three years and 10 months in prison for his role in a bogus deal to boost earnings.
Dan Boyle was sentenced alongside former Merrill Lynch bankers Robert Furst and William Fuhs, who will both serve three years and one month.
Enron fraudulently recorded the 1999 contract as a $12m (£6m) profit
AIG boss gave wife $2bn in shares
/0 Comments/in American International /by ceadminThe ex-boss of US insurance giant AIG, Maurice Greenberg, gave his wife more than $2bn (£1.2bn) of his shares in the company days before stepping down.
The stock transfer was recorded in a document filed with the US Securities and Exchange Commission (SEC)
Cosmetic firm in accounts scandal
/0 Comments/in Kanebo /by ceadminCosmetics giant Kanebo has admitted overstating profits in what could turn out to be Japan’s largest accounting fraud involving a non-financial firm.
The company said its net profits for the four years to March 2003 had been inflated by $1.37bn (£723m) and it had recorded a loss over the period
Lord Black facing criminal probe
/0 Comments/in Lord Black /by ceadminUS federal prosecutors are conducting a criminal investigation into newspaper tycoon Conrad Black, it has been confirmed.
Lord Black, his former deputy David Radler and their company Hollinger Inc are already facing a civil lawsuit from the Securities and Exchange Commission.
They are accused of fraudulently taking $85m (£46m) from newspaper group Hollinger International
Ebbers guilty of Worldcom fraud
/0 Comments/in WorldCom /by ceadminFormer Worldcom chief executive Bernie Ebbers has been convicted of conspiracy and fraud in connection with the 2002 collapse of the telecoms giant.
Mr Ebbers, 63, who is to appeal against the verdict, was also found guilty of seven counts of filing false documents.
Shareholders lost about $180bn (£94bn) in Worldcom’s collapse – the largest bankruptcy in US history – and 20,000 workers lost their jobs