Ireland's embattled banks need to be bolstered by an extra €24bn (£21bn) – some €13bn of which needs to be used to prop up the troubled Allied Irish Banks (AIB).

It takes the total bill for repairing the hole in the banking sector caused by the bursting of the Irish property bubble to €70bn.

All the Irish banks are now likely to be state-owned. Two new universal banks are expected to be created from existing institutions - Bank of Ireland will remain while AIB and building society EBS are to be merged.

"We will also ensure that they are fully recapitalised so that the world looks at these core banks with confidence and they in turn help instil confidence in our economy," said Michael Noonan, minister for finance. The extra funds are within the funding envelope available for this purpose from the EU/IMF programme of support announced last year.

Ireland's central bank governor, Patrick Honohan, said it was "one of the costliest banking crises in history".

He said that by forcing banks to hold even more capital, he hoped that confidence would be restored to the sector, which is reliant on the European Central Bank for day-to-day funding.

He said the banks needed to be able to have enough capital to meet even the markets' most "gloomy prognostications".

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Investors in Hong Kong who lost money from investing in so-called Lehman minibonds will receive compensation of up to 96.5% of their investments,

Investors in Hong Kong who lost money from investing in so-called Lehman minibonds will receive compensation of up to 96.5% of their investments, up from about 60% agreed to in 2009, banks in the city announced Sunday.

The joint announcement by the 16 banks follows a conditional settlement deal between Lehman Brothers Holdings Inc. and its receivers and trustees to allow investors in Lehman-linked derivatives to recover some of the underlying collateral assets.

Hong Kong lenders sold millions of dollars worth of so-called minibonds linked to Lehman before it collapsed in 2008.

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One of Malcolm X’s daughters, Malikah Shabazz, appeared in a Queens court today on charges that she defrauded the 70-year-old widow of one of her father’s former bodyguards.

One of Malcolm X’s daughters, Malikah Shabazz, appeared in a Queens court today on charges that she defrauded the 70-year-old widow of one of her father’s former bodyguards.

Shabazz, 45, is accused of stealing more than $55,000 from the unidentified victim. She was arrested two weeks ago in Mars Hills, N.C. and held in lieu of $100,000 bail. She was extradited to New York on Wednesday and placed in protective custody.

Malikah’s twin sister, Malaak, was in the courtroom showing her support, despite their ongoing family feud over their father’s $1.4 million estate and unpublished writings.

"We love her, no matter what," Malaak said after the hearing. "Families have ups and downs, but she's still our sister."

Shabazz was arraigned in Queens Criminal Court for third-degree grand larceny, third-degree criminal possession of stolen property, second-degree forgery, second-degree criminal possession of a forged instrument, first-degree identity theft, first-degree falsifying business records, first-degree scheme to defraud and third-degree unlawful possession of personal identification information.

She faces up to seven years in prison if convicted.

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Barry Minkow, the former 80s whiz kid/fraudster turned pastor/fraud buster and Fox News commentator, is in hot water for making false charges of fraud against Lennar.

Barry Minkow, the former 80s whiz kid/fraudster turned pastor/fraud buster and Fox News commentator, is in hot water for making false charges of fraud against Lennar.  In the closing hours of 2010, a Florida judge ordered Minkow to reimburse Lennar for the legal fees it incurred ferreting out many of the lies he told before and during the trial.  Well, things just got a whole lot worse.  Late on Thursday, federal prosecutors in Miami filed a criminal complaint charging Minkow with conspiracy to commit securities fraud.  Minkow is charged with helping extort Lennar by driving down its stock price and illegally trading on knowledge of a pending criminal investigation into Lennar.  Both the Miami Herald and the LA Times report that Minkow is going to plead guilty.

How'd this come about?  Well, Minkow has been known to short the stock of companies on which his Fraud Discovery Institute reports.  He initially denied shorting Lennar stock before issuing his report on the company, but was forced to recant when confronted with trading records.  Now it turns out Lennar was the target of a criminal investigation based on Minkow being considered a trusted source at the time.  After Minkow found out the investigation was underway, he shorted Lennar stock even though he knew he was barred from doing so.

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The Real Housewives star intends to plead "not guilty" to the fraud charges that have been leveled against him.

 The Real Housewives star intends to plead "not guilty" to the fraud charges that have been leveled against him.

Teresa Giudice's controversial husband has been charged with Forgery and Wrongfully Using the Identifying Information of Another in an attempt to obtain a driver's license in his brother's name.

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Officials claim he presented his brother's birth certificate and marriage license, and signed his brother's name to the application.  Joe's own license is suspended as a result of a DUI conviction.

He was arrested at his home Friday and as RadarOnline.com previously reported, spent six hours in jail before family members put up his $50,000 bail.  His mother then drove him to a resort in the Poconos where his The Real Housewives of New Jersey star wife was having a book signing.

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key figure in an international lottery fraud scheme was sentenced to over 12 years in prison.

A key figure in an international lottery fraud scheme was sentenced to over 12 years in prison.  Matthew Getto was sentenced in Manhattan federal court for his participation in a lottery telemarketing scheme based in Israel in which he and others stole over $8 million from elderly victims in the United States between 2007 and July 2009.

In October 2010, Getto was convicted after a non-jury bench trial.

Eleven other individuals who were part of the same fraudulent scheme, all of whom are residents of Israel, have been charged in a separate Indictment, and have either pled guilty, are awaiting trial, or awaiting extradition to the U.S.

"Matthew Getto is a con artist who used every trick in the book to swindle elderly victims in the United States out of their hard-earned savings”, said Manhattan U.S. Attorney Preet Bharara.  “Today’s sentence sends a clear message that anyone who preys on the citizens of the United States, whether at home or abroad, will not get away with it."

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Afghan government has agreed to break up Afghanistan's biggest private lender after a multi-million dollar fraud scandal.

Under threat of the loss of support from the International Monetary Fund (IMF) and billions of dollars of aid, the Afghan government has agreed to break up Afghanistan's biggest private lender after a multi-million dollar fraud scandal.

Diplomats in Kabul said government approval for placing Kabulbank into receivership would be given later on Monday and the process would be complete within two weeks, clearing the way for the IMF to renew its support programme under which billions of dollars of foreign aid are mandated.

All existing shareholders' rights will be extinguished and a special court set up by President Hamid Karzai to determine complaints from last year's troubled parliamentary election would conduct fraud prosecutions, one diplomat said.

Karzai's government and the IMF have been at loggerheads since last September, when news emerged of the scandal at the politically well-connected Kabulbank that has put at risk at least $579 million dollars through fraud, bad loans and mismanagement.

The IMF last month delivered a withering assessment of the Afghan government's handling of the Kabulbank crisis, a review that raised the possibility of the IMF not renewing support.

The IMF wanted the bank placed into receivership immediately to stem losses, while the Afghan government wanted to keep the bank trading and rehabilitate it before a sale in two or three years.

An IMF representative briefed diplomats in the capital, Kabul, late on Sunday. One Western diplomat based in Kabul said negotiations would be concluded during the annual World Bank conference in Washington from April 11-18.

"The renewal of IMF support is one of the conditions that will allow the alignment of our programmes with Afghan needs," the Western diplomat, speaking on condition of anonymity, said.

"It's very encouraging that the government and president Karzai are taking it seriously," he said.

Earlier this month, the British government said it would delay payment of 85 million pounds ($136 million) in aid to Afghanistan because of the continued lack of an IMF support programme, the first warning shot fired by Afghanistan's international aid donors over the banking crisis. [ID:nLDE7282L3]

Britain's Department For International Development said at the time IMF support was used by donors as an indication of sound economic and financial management.

The delayed British aid was to have been paid into the Afghanistan Reconstruction Trust Fund (ARTF), the main vehicle for donor funding.

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Five people have been arrested in a fraud investigation into the sale of four mining sites in south Wales.

Five people have been arrested in a fraud investigation into the sale of four mining sites in south Wales.

Eight properties were searched in the operation, which is being led by the Serious Fraud Office.

Those arrested included three men from south Wales aged 65, 36 and 31, a London man, 47, and a Birmingham woman, 28. All have been released on bail.

Seven residential properties were searched - five in south Wales, one in London and one in Birmingham.

One business premises in south Wales was also searched.

Investigators are looking into allegations of conspiracy to defraud relating to the sale of each of the sites.

More than 90 Serious Fraud Office investigators and officers from South Wales Police, Gwent Police, the Metropolitan Police and West Midlands Police have been involved in the inquiry.

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Former University of Nebraska Regent David Hergert admitted in court Thursday to misstating his assets

Former University of Nebraska Regent David Hergert admitted in court Thursday to misstating his assets in loan documents during his term representing western Nebraska.
"Are you guilty?" U.S. District Judge Richard Kopf asked Hergert at the noon-hour hearing in a Lincoln courtroom.
Yes, said Hergert, who won election in November 2004 and soon after faced allegations he had broken campaign finance laws.
He pleaded guilty to bank fraud as part of an agreement that calls for five years of probation and six months house arrest when he is sentenced in June.
Hergert, 71, sat flanked by attorneys and admitted he misstated the assets, including grain inventories, of Hergert Milling Inc. in monthly reporting documents submitted as terms of a loan with the First National Bank of Omaha.
Kopf asked him what it was about the base borrowing certificates that was false.
"We had a terrible mess, but part of it was not correct," said Hergert of Mitchell.
In the indictment, in which he originally faced 18 charges, the government alleged that from January 2000 to December 2006 he inflated the assets of Hergert Milling Inc. in order to keep a $3 million revolving loan.

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Fourteen people, including a solicitor, surveyors, valuers and mortgage advisers, have appeared in court charged in connection with an alleged £20m conspiracy to defraud.

Fourteen people, including a solicitor, surveyors, valuers and mortgage advisers, have appeared in court charged in connection with an alleged £20m conspiracy to defraud.

It follows a two-year inquiry by North Wales Police into alleged multiple fraudulent mortgage applications.

The defendants made their first appearance before Flintshire magistrates on Thursday.

They were granted bail until a crown court hearing in April.

The defendants are Nicholas John Jones, 52, of Leeswood, Flintshire; Frank Edward Darlington, 59, of Kelnbrook, Barnoldswick, Lancashire; Christopher Hansen, 48, of Kinmel Bay, Conwy; Lisa Margaret Hansen, 41, of Kinmel Bay; Antony Lowry-Huws, 62, of Kinmel Bay; Raymond Charles Whalley, 36, of Prenton, Merseyside; Sheila Rose Whalley, 65, of Llanfairtalhaiarn, near Abergele; Linda Campbell, 40, of Glasgow; Michael Georgieff-Jones, 67, of Dyserth, Denbighshire; Susan Margaret Lowry-Huws, 58, of Kinmel Bay; David Arthur McMeekin, 54, of Riddrie, Glasgow; Brendan Derek Spencer-Whalley, 43, and Nicola Jane Spencer-Whalley, 38, of Royan, France; and George Walker, 57, of Colwyn Bay, Conwy.

All defendants were rebailed before a preliminary hearing at Caernarfon Crown Court on 13 April.

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Maryland police officer Delores Culmer faced federal charges Wednesday

Maryland police officer Delores Culmer faced federal charges Wednesday that she used her privileges as an officer to help her fiance, a convicted drug dealer, operate a cocaine trafficking ring, according to reports.

Culmer, 37, was charged with "conspiracy to distribute cocaine and fraud in connection with computer use," according to a press release from the U.S. Attorney's office.

She was hired by Montgomery County Police in July, 2003 and, according to the affidavit, used her privileges as an officer to access databases for information about her fiance and his "drug associates" between August, 2008, and September, 2009, reports CBS affiliate WUSA.

The affidavit alleges Culmer made computer inquiries on cars registered to a drug customer's girlfriend. The customer reportedly owed her fiance money. A few months afterward, the customer reported to police in Pennsylvania that the cars were vandalized and later became arson targets, according to WUSA.

The affidavit states Culmer accepted money from her fiance, including $30,000 in drug proceeds, to purchase houses in her name. According to the criminal complaint, she also received gifts from him and an engagement ring worth around $100,000, the station reported.

If convicted, she faces up to 20 years for the conspiracy charges and 10 years in prison for the fraud charges.

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Serious Fraud Office (SFO) made it clear that two property tycoons would not be able to attend the party.

While most of the industry were basking in the French Riviera last week, the Serious Fraud Office (SFO) made it clear that two property tycoons would not be able to attend the party.

Following a 16-month probe into the failed Icelandic bank Kaupthing, the SFO chose to arrest regular partygoers Vincent and Robert Tchenguiz last Wednesday, just one day before real estate professionals gathered in Cannes for the MIPIM property show.
If they had intended to set an example to the industry, the organisation’s choice of arrest dates for the Tchenguiz brothers and 7 others could not have been better planned.
Vincent and Robert were supposed to hold their annual open yacht party in Cannes whilst the property show was underway and so news of their arrest spread quickly around the cafes and hotels of Cannes, where over 18,000 fellow property professionals gathered.
Jonathan Samuels, CEO of Drawbridge Finance, said: “News of the Thenguiz arrest reached Cannes in the thick of the event; it was a major talking point.”
“The timing was unfortunate but it did cause maximum embarrassment to those had been arrested.”
The Tchenguiz brothers made their fortunes through real-estate investments, but ironically an investigation into the duo is unlikely to centre on their property business.
Their highly-geared investments, facilitated by loans from Kaupthing, boded well for Robert and his R20 investment company during the boom. He was part of a consortium that bought the Somerfield supermarket chain and later sold it to The Co-op for £1.57 billion. He also had a 26 per cent stake in pub group Mitchells & butlers and 10 per cent in J Sainsbury.
Both brothers were using the same highly-geared strategies up until the market turned. At that point, Robert was nursing losses of up to £1,5 billion and Kaupthing seized £137 million of the profits he had made from selling Somerfield.
Vincent managed to avoid some of the high profile problems that his brother experienced, however he still holds huge amounts of debt behind his property business and portfolio.
 The brothers were arrested for ‘questioning’ about the collapse of Kaupthing and were not charged therefore their involvement in any wrongdoing remains unclear.
What is clear though is that the latest arrests, made at such a poignant time, sends a concise sign to the industry that they are not yet free from the legacy of boom-time investments.
Jonathan Samuels added: “Whilst news of the arrests was well-known, it did not ruin the event, and MIPIM was still a resounding success.
“People were still focused on doing business and the sector remains ‘cautiously optimistic’ about the future.”

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London and US police has revealed how one of Britain’s biggest fraudsters operating out of Spain cheated thousands of Britons out of an estimated £80m while he lived a life of luxury.

A joint investigation by London and US police has revealed how one of Britain’s biggest fraudsters operating out of Spain cheated thousands of Britons out of an estimated £80m while he lived a life of luxury.
Between 2004 and 2008 Richard Pope, from Hertfordshire, was one of the leaders of an international crime gang that used a network of Spanish boiler rooms to target UK investors, many of which were elderly and vulnerable.

Detective Superintendent Bob Wishart, from City of London Police, said: "This is one of the worst crimes I have ever had to investigate and Richard Pope is on a par with some of the most unpleasant villains out there.”

Pope, 53, has now pleaded guilty to conspiracy to commit mail and wire fraud in a Federal Court in Florida. He could now face up to 20-years in prison.

City of London Police said they worked with their US counterparts to uncover how the conspirators stole the identities of dormant companies and used high-pressure sales tactics to sell millions of pounds of worthless shares.

Mobilestream was one of the four businesses that formed part of the scam. Cold-callers sold it as an up and coming company when in reality it was just a worthless entity. websites and false press releases were used to give further credibility to the gang’s bogus investment opportunities that would ultimately account for at least 2,300 victims.

London police said many were left penniless, some even destitute. One individual was conned into handing over $1 million. The stolen money was funnelled off into US bank accounts, where it was used to finance the boiler room operation and enjoyed by the gang leaders.

Pope spent millions of pounds on a jet-set lifestyle that saw him buy a plane and a sailing yacht.

His operation began to unravel when UK victims complained to their banks about investments made through one of Pope’s associates.

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Richard Pope was a "wannabe playboy" who spent the life savings of British pensioners on a top-of-the range Ferrari, a yacht and a private jet.

Richard Pope was a "wannabe playboy" who spent the life savings of British pensioners on a top-of-the range Ferrari, a yacht and a private jet.

Detectives described how the 53-year-old bachelor, originally from St Albans, Hertfordshire, lived a "champagne" lifestyle from his home in Spain.
A 55ft boat, a Beach King aircraft and a Ferrari Daytona Spyder were among Pope's favourite toys.

Pope, who is unmarried and has an elderly mother, showed scant regard for his elderly victims, some of whom were left destitute by his scam, police said.

Detective Superintendent Bob Wishart said: "I would describe his style as fast and loose.

"He was funding a millionaire lifestyle at the expense of thousands of victims.

"Yet for those victims it had tragic consequences."

His extravagant lifestyle began to unravel when UK victims complained to their banks about investments made through one of Pope's associates.

After two-and-a-half years on the run, he was eventually caught following an appeal on BBC Crimewatch.

Det Supt Wishart added: "We had been in touch with his relatives. Pope knew full well there was a warrant out for his arrest. I do not give him much credit at all."

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arrests have been made in dawn raids by the Serious Fraud Office as part of its investigation into the collapse of the Icelandic bank Kaupthing.

Seven men aged between 42 and 54 were arrested in central London. Two further arrests were made in Reykjavik.

Mayfair investment tycoons Robert and Vincent Tchenguiz, who were among Kaupthing’s largest clients, were among those detained.

It is understood that Armann Thorvaldsson, who was head of Kaupthing Singer and Friedlander (KSF) in the UK, and Sigurdur Einarsson, Kaupthing’s London-based former executive chairman and chief executive, have also been arrested.

All deny any wrong-doing.

KSF (Isle of Man) collapsed in October 2008 when the UK authorities placed its sister operation in London into administration. Some 11,000 creditors were faced with losing deposits totalling more than £840 million.

Two years ago, Armann Thorvaldsson published a book, Frozen Assets, giving his account of Iceland’s boom and bust which chronicled KSF’s final hours.

Investigators at the SFO want to know how some clients were able to withdraw funds in the days before the bank’s collapse and why some were able to take large loans backed with minimal collatera

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5 arrested for soccer ticket fraud in London

5 arrested for soccer ticket fraud in London - BusinessWeek: "British police made five arrests involving soccer tickets and other events as part of a campaign to deter fraud before the 2012 London Games.

The arrests come a week before Olympic tickets are to go on sale. Scotland Yard detectives fanned out over London on Tuesday.

Detective Chief Inspector Nick Downing told The Associated Press that police have a list of more than 1,000 people they suspect of being involved in illegal ticket sales. They plan to work until the London Games to refine it and cross-check the information.

The arrests weren't directed at fake Olympic ticket sales -- the official sale doesn't start until March 15. Police say the arrests are intended to send a message to potential scammers."

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1,000 lawsuits have been filed in 30 countries seeking the return of $100 billion for investors who were wronged by the fraud

: "The trustee managing the liquidation of convicted Ponzi conman Bernard Madoff’s business said Tuesday that he estimated more than 1,000 lawsuits have been filed in 30 countries seeking the return of $100 billion for investors who were wronged by the fraud.

In addition to lawsuits against individual investors who got out more than they paid in to Madoff’s scheme, Irving Picard, the trustee is going after feeder funds and institutions like JPMorgan, claiming they should have known about the fraud.

The lawsuit against JPMorgan is seeking $4.5 billion. The bank has said it did nothing wrong.

Madoff even gave a jailhouse interview claiming banks were complicit in his scheme."

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Pastor arrested in $1M fraud case

Pastor arrested in $1M fraud case: "evangelical pastor whose ex-followers say he fleeced them of hundreds of thousands of dollars was arrested yesterday in connection with a nearly $1-million fraud case at a zoo.

Provincial police arrested Mwinda Lezoka, 47, along with two alleged associates, Ruth Eugène, 38, and Jasmin St. Louis, 43.

All three face fraud charges in connection with $978,000 allegedly diverted from Parc Safari in Hemmingford from 2005 to 2008.

Lezoka and Eugène are also accused of forgery.

Eugène, the zoo's former accountant, was a member of Lezoka's congregation, the Bethel Christian Community in Ahuntsic, at the time.

Police charge the trio made 37 illegal electronic transfers from Parc Safari's account to outside recipients, including Actions Béthel du Canada Inc.

The Sûreté du Québec said it opened an investigation into the case in July 2009. Fifteen investigators worked on the probe, it said.

Lezoka also faces a string of lawsuits for unpaid bills, bounced cheques and bad debts."

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Football star was 'fleeced by agent'

Football star was 'fleeced by agent': "ENGLAND football star Stewart Downing has accused his former agent of fraud after discovering only £11,000 in a bank account that he believed contained between £600,000 and £700,000.

However, his former representative, Ian Elliott, 53, argued that the money had been spent legitimately by Mr Downing on items that included luxury cars, holidays and home improvements, as well as services provided by Mr Elliott.

The former Middlesbrough FC winger told a jury at York Crown Court yesterday that he found only £11,000 in an account that he believed contained up to £700,000.

Mr Elliott is accused of siphoning off money to prop up failing business ventures. He denies four charges of fraud."

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Now banks ignore the rules on chip and PIN fraud | Mail Online

Now banks ignore the rules on chip and PIN fraud | Mail Online: "Banks are flouting rules to protect victims of card fraud, despite the City watchdog bringing in strict guidelines more than a year ago.

Under Financial Services Authority (FSA) rules introduced in November 2009, all banks must reimburse fraudulent transactions even if the genuine card and PIN was used.

Yet Money Mail has received dozens of letters from readers who have not received a payout. Instead, their bank insists they must have been 'grossly negligent' with their PIN, either by writing down the number or telling it to someone else."

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