fraud

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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...

Brokerage Accused of Stealing $215M
Brokerage Accused
of Stealing $215M
Jul 11, 2012 3:50 PM CDT

Brokerage Accused of Stealing $215M

PFGBest declares bankruptcy in wake of founder's suicide attempt

(Newser) - PFGBest declared Chapter 7 bankruptcy last night, after the Commodity Futures Trading Commission filed a lawsuit accusing it of fraud, lying to regulators, and abusing customer funds. Regulators believe Russell Wasendorf, who tried to kill himself Monday, had been fabricating bank balances and forging signatures on the documents he submitted...

GlaxoSmithKline Settles Fraud Case for Record $3B

It's the largest penalty ever paid by a health care company in US

(Newser) - GlaxoSmithKline is about to set a new record: It's paying $3 billion in what government officials say is the largest health care fraud settlement in US history, the AP reports. The company will plead guilty to charges related to three drugs, the Justice Department says: Prosecutors say GSK promoted...

Madoff's Brother to Plead Guilty, Get 10 Years

Peter Madoff was a top exec at Bernie's fraudulent hedge fund

(Newser) - Bernie Madoff's brother is heading to prison for 10 years. Peter Madoff made an agreement with prosecutors and will plead guilty on Friday to two charges: falsifying the records of an investment adviser and conspiracy to commit securities fraud and other crimes, reports the Wall Street Journal . Peter served...

Pearl Jam Scammed by Own Money Man?

Tour accountant Rickey Goodrich accused of stealing $380K

(Newser) - The exec who handled Pearl Jam's "road cash" has been charged with scamming the grunge veterans of at least $380,000 over several years. Prosecutors say Rickey Goodrich, the former chief financial officer for Pearl Jam's management company, used the band's cash and credit cards to...

Kevin Costner Beats Baldwin Lawsuit

Jury rejects $17M fraud claim over BP deal

(Newser) - It was aquaboy vs. Stephen Baldwin, and aquaboy won. A federal jury last evening tossed out a claim by Baldwin and a friend that Costner and a business partner duped them by keeping them in the dark about a multimillion-dollar deal between Costner's company, Ocean Therapy Solutions, and the...

Online Romance Scams: a $50M Business

Those older than 40 and divorced are common targets: report

(Newser) - Scammers conned $50 million out of 5,600 people last year who were searching for love on the Internet, says a new report. That's an average of $8,900 per victim. The way it generally works: Fraudsters hunt for vulnerable targets on dating sites and social networks, and convince...

Cops: Woman Faked Cancer to Get Implants

She's accused of collecting $8K in donations

(Newser) - A Phoenix woman has been charged with fraud and theft after authorities say she told people she had cancer and needed treatment, then used their donated money to buy breast implants. Police reports filed in Maricopa County Superior Court say 27-year-old Jamie Lynn Toler told her former boss she needed...

'Real-Life Norman Bates' on Trial for Fraud

He dressed like dead mom, collected big bucks: cops

(Newser) - A real-life Norman Bates has been busted for fraud for dressing up like his dead mother for six years and collecting her benefits, according to authorities. Thomas Prusik Parkin, 51, doesn't believe he's done anything wrong—because he actually believes he is his mother, say officials. “I...

Scammer of Homeowners Gets Life in Prison

Three-strikes law takes down white-collar criminal who preyed on elderly

(Newser) - California's three-strikes law has produced an unusual result in Orange County: A non-violent, white-collar criminal has been sentenced to 25 years to life, reports the Los Angeles Times . But Timothy Barnett may not be getting much sympathy, given that he was convicted of swindling the elderly out of their...

It's Not Just Waste: Fraud Rampant at GSA

It clawed back $376M last year

(Newser) - The General Services Administration's Vegas shindig was just the tip of the iceberg. The GSA is so loaded with cash that it's a magnet for fraud and abuse, the Los Angeles Times reports. From October 2010 to September 2011 alone, the agency prosecuted 64 cases in which people...

$1M Lotto Winner Charged With Welfare Fraud

'I've got bills to pay,' Amanda Clayton explained

(Newser) - Some people decide not to quit their jobs after a lottery win. Amanda Clayton apparently decided not to stop collecting welfare . The 25-year-old Michigan woman, who won a $1 million jackpot last year, has been charged with felony welfare fraud for failing to report her winnings while receiving $5,475...

Weird Twists in Tale of Bride Who Faked Cancer

Jessica Vega indicted after being outed by her husband ... who hired her a lawyer

(Newser) - Weddings are so expensive these days, but authorities say Jessica Vega found a way to fund hers: tell everyone she was dying of acute myeloid leukemia! Vega, then 23, said she wanted to marry her daughter's father, Michael O'Connell, before she died. As was earlier reported , the community...

Obama Just Legalized Fraud
 Obama Just Legalized Fraud 
Matt Taibbi
Apr 10, 2012 9:12 AM CDT

Obama Just Legalized Fraud

Matt Taibbi on why the JOBS Act 'couldn't suck worse'

(Newser) - Did you enjoy the dot-com bubble? Well, expect a replay on an even bigger scale, because last week President Obama signed a bill that, according to Matt Taibbi of Rolling Stone , "will very nearly legalize fraud in the stock market." The JOBS Act is ostensibly designed to make...

Treasurer 'Fleeced Calif. Dems Out of $7M'

Kinde Durkee expected to plead guilty to biggest-ever campaign embezzlement

(Newser) - The woman California's Democrats once considered their most reliable treasurer scammed dozens of candidates, officeholders, and organizations out of at least $7 million over a decade, prosecutors say. Kinde Durkee—who was dubbed the "Madoff of campaign treasurers" after her arrest in September —is expected to plead...

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