fraud

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Spanish Princess Suspected in Fraud Case

1st time modern Spain has seen royal suspect called to testify

(Newser) - For the first time since Spain re-adopted democracy in the 1970s, a member of its royal family has been summoned for testimony as a criminal suspect. Princess Cristina, King Juan Carlos' youngest daughter, is suspected in a case related to her husband's financial dealings. Iñaki Urdangarin allegedly moved...

JPMorgan Report Brings Back Calls to Break Up Banks

'Epic breakdown' in oversight led to $6B loss

(Newser) - A Senate subcommittee report on JPMorgan Chase has slammed America's biggest financial institution so hard for trying to hide $6 billion in losses tied to the "London Whale" fiasco that business analysts are once again talking about the need to break up the biggest banks, reports Bloomberg . JPMorgan...

Kabul Bank Honchos Punished for Fraud—Kind Of

Karzai brother conspicuously absent

(Newser) - An Afghan court convicted 21 people for their involvement in the Kabul Bank scandal today, a development that would have been nigh-unthinkable not long ago in the notoriously corrupt country, the New York Times reports. But independent observers say the sentences were surprisingly light given the severity of the fraud...

Identity Theft Hits 3-Year High
Identity Theft Hits
3-Year High
Feb 25, 2013 2:47 PM CST

Identity Theft Hits 3-Year High

Fraud strikes 12.6 million Americans

(Newser) - Wondering how safe it is to use your credit card? A long-running study shows that identity theft reached a three-year high in the US last year, striking 12.6 million people, LiveScience reports. Fraudsters ripped off $21 billion, the most in 3 years, and stole an identity every three seconds....

Justice Department Joins Suit Against Armstrong

Teaming with Floyd Landis

(Newser) - The Justice Department has jumped onto Floyd Landis' lawsuit against Lance Armstrong, arguing that the disgraced cyclist defrauded the government by violating its ban on illegal drugs while under contract to race for the US Postal Service team. The government is asking for around $100 million, or about three times...

Jesse Jackson Jr. Pleads Guilty
 Jesse Jackson Jr. Pleads Guilty 
Feb 20, 2013 11:39 AM CST

Jesse Jackson Jr. Pleads Guilty

Judge says he's not bound by sentencing guidelines

(Newser) - Jesse Jackson Jr. dabbed his eyes with a handkerchief today and looked to his father, and the rest of his family gathered in court. "Guilty, your honor," he said, making official his reported intention to plead guilty to having misused $750,000 in campaign funds. Jackson pleaded guilty...

Anti-Fraud Record: Per Dollar Spent, $8 Recovered

HSS boasts recovering $4.2B last year in health-care fraud effort

(Newser) - And the health-care fraud records just keep coming : The government last year recovered a record $4.2 billion that was stolen or illegally obtained from federal health-care programs, reports USA Today . That brings the since-2010 equation to this: $7.90 has been recouped via fines and legal judgments for each...

Horse Meat Scandal Widens to 16 Countries

As officials struggle to trace contaminated meat

(Newser) - The horse meat contamination scandal grossing out Europe and the UK has now reached as many as 16 countries, the BBC reports. Officials continue to investigate the problem and trace the meat involved, but the food industry's complex supply chains are complicating matters. The AP describes "a maze...

Guy Suing for 84% of Facebook Charged With Fraud

Paul Ceglia accused of faking evidence, falsifying contract

(Newser) - Facebook cried fraud last year over the guy claiming he was entitled to 84% of the company—and Facebook might have been right. Paul Ceglia, who sued the company and Mark Zuckerberg in 2010, has now been indicted on fraud charges for allegedly faking evidence, Mashable reports. Ceglia is accused...

Investor Sues HP Over Autonomy's Alleged Fraud

Unit's founder says he's 'shocked' by allegations

(Newser) - As if losing $8.8 billion thanks to alleged accounting malfeasance at its newly acquired Autonomy Corp unit wasn't bad enough, Hewlett-Packard is now facing a lawsuit from an investor over the deal. The shareholder claims HP hid Autonomy's problems, issuing false and misleading statements, Bloomberg reports. "...

Men Plead Guilty to Cheating Terminally Ill

Estate planners stole their identities, took out 'death-put' bonds on them

(Newser) - Two men accused of stealing the identities of terminally ill people to reap $30 million from insurance companies and brokerage houses pleaded guilty midway through their trial today, and face prison sentences of up to 10 years each. Joseph Caramadre, 50, CEO of Estate Planning Resources in Rhode Island, and...

Giant Fraud Kills Broadway Production

Producer believes main 'Rebecca' investor didn't really exist

(Newser) - A producer who had hoped to bring the psychological thriller Rebecca to Broadway as a musical now believes the troubled show was the victim of a giant fraud. The planned New York production was postponed indefinitely this week amid a growing suspicion that one of its primary investors doesn't...

Lotto Winner Who Stayed on Food Stamps Dies

Drug overdose suspected in death of Amanda Clayton

(Newser) - Amanda Clayton, the Michigan woman who inspired mass derision and a fraud conviction for continuing to take public assistance after winning $1 million on a state lottery-run game show, has died. She was found dead yesterday, reports the Free Press, and a drug overdose is suspected. No further details on...

Iowa CEO Pleads Guilty in $100M Fraud

Peregrine Financial boss Russell Wasendorf faces 24 years in jail

(Newser) - The CEO of Iowa's Peregrine Financial Group has pleaded guilty to fraud, including embezzling $100 million from 24,000 customers in the state over the course of 20 years. Russell Wasendorf Sr., who had been known for his generosity to universities, health care systems, and other institutions, could see...

Worker Jailed for Trying to Swipe Customer's Jackpot

Farrakh Nizzar told Maureen Holt her ticket was a loser

(Newser) - When Maureen Holt checked the status of her EuroMillions ticket at the British store where she bought it, employee Farrakh Nizzar told her it was a loser—then asked if she wanted it back. When she told him to toss it, he kept it … because he scanned it and...

Charges Unlikely in MF Global Collapse

Investigators decide loss was caused by recklessness, not fraud

(Newser) - If you're holding your breath waiting for criminal charges in the MF Global case, you're probably never going to breathe again. Heading into the home stretch of their probe into the collapse, criminal investigators have all but concluded that while the firm may have been reckless, it didn'...

Iowa Brokerage CEO Indicted in $200M Fraud Scheme

Russ Wasendorf faces up to 155 years

(Newser) - The founder of a bankrupt Iowa-based brokerage accused in a $200 million fraud scheme has been indicted on 31 counts of making false statements to regulators. A federal grand jury returned the indictment today against Peregrine Financial Group CEO Russ Wasendorf Sr. Wasendorf has been jailed since his arrest last...

Banker Uses Where's Waldo Defense at Trial

Lawyer shows picture from book in court, and it works

(Newser) - Before the jury began its deliberations yesterday in the fraud trial of ex-Citigroup banker Brian Stoker, it heard a decidedly colorful argument from his lawyer. "Most of the trial had nothing to with Brian Stoker," John Keker said in his closing, saying it reminded him of the Where'...

Florida Man Denies Spending $50K at Strip Club

Lokesh James claims charges were fraudulent

(Newser) - Fifty thousand bucks—on strippers? No way, says an outraged Florida man. Lokesh James insists he spent only $600 on Michelob Ultras and a little fun in the Champagne Room at the local strip club. The rest of his staggering $50,000 credit-card bill? All fraudulent charges and forged signatures,...

Suicidal CEO Arrested on Fraud Charges

PFGBest founder admits embezzling, blames his ego

(Newser) - Police today arrested Russell Wasendorf Sr., the CEO of Peregrine Financial Group and its PFGBest unit, who allegedly tried to kill himself this week, the US Attorney's office announced. Wasendorf, who was charged with lying to regulators, reportedly admitted embezzling "millions of dollars." The complaint against Wasendorf...

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