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...

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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...

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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...

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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...

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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.PHOTOS: Reality TV's Hottest StarsOfficials 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...

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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,...

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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'...

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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...

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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,...

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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;...

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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...

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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...

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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...

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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...

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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...

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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...

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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,...

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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,...

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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...

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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...

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