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Tag Archives: Fraud

Obama, Clinton fundraiser admits $292 million fraud

Hassan Nemazee, 60, who once ran a private equity firm, admitted in Manhattan federal court to defrauding Bank of America Corp of more than $142 million, Citigroup Inc of $74.9 million and HSBC Holdings Plc of $74.9 million to pay his debt to Citigroup. [...] Nemazee was listed as one of the top “bundlers” of [...]

Brad and Melan Davis, Ex-Employees, Accuse Blackwater Security Company of Fraud

Wow, the corruption is/was worse than even my imagination is capable of thinking up… and the DoJ isn’t taking action? WTF? The former employees who filed the lawsuit, a married couple named Brad and Melan Davis, said there was little financial oversight of the money. Last year, an audit by the special inspector general for [...]

Senate Cites Lax Rules for Illicit Money Transfers

The 325-page report by the Permanent Subcommittee on Investigations, which will conduct a hearing on Thursday, sheds new light on how banks like Citigroup, Wachovia and Bank of America unwittingly shifted hundreds of millions of dollars on behalf of African politicians, their relatives and associates. The banks ended up closing or restricting the accounts and [...]

Executive pay and the law of fraud

At a time when the super-sized pay for high-ranking corporate executives is a major politicalissue, the Supreme Court has agreed to sort out whether a pay package can actually amount to criminal fraud, on the theory that it deprives the company or its stockholders of “honest services” in the executive suite.  The issue arises in the high-profile prosecution, and [...]

Discarded mobiles, wire-taps and Mr Bigs. Welcome to Wall Street

Imagine The Sopranos, The Wire and Gordon Gekko’s Wall Street all rolled into one. You don’t have to: the FBI has just broken one of the largest-ever insider dealing rings in Wall Street. It wire-tapped its way into a seedy world of secret tips, kickbacks and disposable, pre-paid mobile phones. A network including staff of [...]

Former UN envoy to Afghanistan blows whistle on ex-boss

“I worked for the United Nations,” Galbraith said. “And certainly, the United Nations could have done something to prevent the fraud before it took place. I tried to do that. But my boss, Kai Eide, stopped me.” Eide on Sunday admitted that widespread fraud took place amid the crucial vote. via Former UN envoy to [...]