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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.”

Read More

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.

Read More

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."

Read More

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

Read More

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."

Read More

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."

Read More

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."

Read More

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."

Read More

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."

Read More

Citi fraud: I-T Dept likely to probe source of funds

Citi fraud: I-T Dept likely to probe source of funds: "Income Tax Department may conduct a probe of its own into the Rs 400 crore fraud exposed at Citibank's Gurgaon branch to ascertain if black money found its way into the ponzi scheme designed by Relationship Manager Shivraj Puri.

'The department may look into the matter to find out if unaccounted money was routed to the stock market or elsewhere with the help of the accused,' sources said.

However, the Income Tax Department is yet to initiate action on the fraud, which at present only covers the investment made by about 20 corporate entities and two dozen high net-worth individuals (HNIs)."

Read More

: Hurling legend calls gardai on his own sister over 'missing cash' | Mail Online

 Hurling legend calls gardai on his own sister over 'missing cash' | Mail Online: "Hurling legend DJ Carey has made a complaint to the Garda Bureau of Fraud Investigation about his own sister, after funds of up to €1m could not be accounted for in the firm they ran together.

A Garda investigation has been under way since the complaint was made, a year ago. The Revenue has also been asked to look into the matter by Carey, 40.

Gardaí are now investigating the finances of his sister, Catríona, 32, who is herself an elite camogie star and multicapped hockey international."

Read More

Bel Air manager pleads guilty to $370K embezzlement scheme - Baltimore buzz | Examiner.com

Bel Air manager pleads guilty to $370K embezzlement scheme - Baltimore buzz | Examiner.com: "Timothy C. Kany, Sr., age 49, of Bel Air, Md. pleaded guilty yesterday to mail fraud arising from a scheme to embezzle over $370,000 from his employer.
The guilty plea was announced by United States Attorney for the District of Maryland Rod J. Rosenstein and Special Agent in Charge Richard A. McFeely of the Federal Bureau of Investigation.
According to Kany’s guilty plea, K-Line America was the American subsidiary of a multinational corporation specializing in international ocean cargo transportation. K-Line was headquartered in Richmond, Virginia, and had an office at 3600 O’Donnell Street in Baltimore.
Kany was the manager of K-Line’s Baltimore office from 2000 to August 13, 2009, where he oversaw the office’s daily business and approved invoices submitted by K-Line’s vendors for payment."

Read More

Vt high school coach accused of embezzlement

Vt high school coach accused of embezzlement: "Police say a Vermont high school football coach has been accused of embezzlement after money he collected for players' sweatshirts ended up in his bank account.Forty-eight-year-old Steve LaLonde of Bennington is scheduled to be arraigned Tuesday.
Detective Sgt. David Rowland tells the Bennington Banner players didn't receive the sweatshirts. Mount Anthony Union High School Athletics Director Tim Brown eventually contacted police.
Police noticed that $1,725 raised was in LaLonde's account, instead of a school activities account. Rowland said the money was wired in two installments to a location in Texas to pay LaLonde's rent. Rowland says LaLonde has since returned most of the money.
LaLonde said Saturday he didn't have an attorney and declined to comment further."

Read More

Open Door's ex-chief indicted - CharlotteObserver.com

Open Door's ex-chief indicted - CharlotteObserver.com: "federal grand jury has charged Ed Payton with embezzling more than $145,000 from Mecklenburg Open Door, the publicly funded mental health contractor he once led.
Payton characterized the money he received from Open Door as loans or advances. But in reality, the grand jury said Wednesday, for 31/2 years he was 'simply embezzling money from MOD.'
While the former executive director said he intended to repay the loans, he reimbursed Open Door for 'barely 25% of these unauthorized payments' before the nonprofit's board confronted him in May, the indictment said."

Read More

Embezzle charge for Newport Grand security head - Boston.com

Embezzle charge for Newport Grand security head - Boston.com: "head of security at the Newport Grand Slot parlor has pleaded no contest to a misdemeanor charge of embezzling for taking $59 in unclaimed lottery winnings.
Vincent D. Soboleski, of Bristol, entered the plea in Newport District Court on Tuesday. The charge was filed, meaning it will be removed from his record after one year if he stays out of trouble.
The 59-year-old Soboleski, a retired Warren police officer, was also ordered to make restitution."

Read More

Former Koss exec gets 11 years for embezzlement

Former Koss exec gets 11 years for embezzlement: "A former Koss Corp. executive who pleaded guilty to embezzling $34 million from the Milwaukee headphones maker was sentenced Wednesday to 11 years in federal prison.
Sujata 'Sue' Sachdeva, the company's former vice president of finance, had pleaded guilty to using company funds to pay her personal bills for clothes, jewelry and other lavish items. The six felony fraud counts carried a maximum penalty of 120 years, although federal guidelines called for a sentence near the range of 16 to 20 years.
U.S. District Judge Lynn Adelman said he granted Sachdeva a degree of leniency because she cooperated with investigators from the very day FBI agents came to her home in 2009. Her 'acceptance of responsibility and the genuineness of her remorse' were compelling factors, Adelman said."

Read More

Report blasts "pervasive fraud" in hiring at Probation Department - The Boston Globe

Report blasts "pervasive fraud" in hiring at Probation Department - The Boston Globe: "The state's highest court, armed with a special counsel's report that details widespread 'abuse and systemic corruption'' in the state's Probation Department, said today the senior court officials will move to fire Probation Commissioner John J. O'Brien, suspend several of his top deputies and forward the report to prosecutors for potential criminal investigation.
The Supreme Judicial Court's stunning announcement came as the court unsealed a devastating report from an independent counsel that concluded that O'Brien and other probation leaders 'committed pervasive fraud against the Commonwealth' for years, creating a phony hiring process to hide the systematic funneling of hundreds of jobs to politically-connected candidates.
The independent counsel, Paul F. Ware Jr., called for the immediate dismissal of O'Brien and some deputy commissioners for 'abuse and systemic corruption,' and said that the group are 'potential targets' for prosecution."

Read More

Ex-Zachry employees charged with mail fraud | San Antonio Business Journal

Ex-Zachry employees charged with mail fraud | San Antonio Business Journal: "federal grand jury in San Antonio indicted eight individuals for allegedly bilking Zachry Industrial Inc. out of millions of dollars through a mail fraud scheme.
Federal prosecutors claim the conspiracy resulted in Zachry being charged for construction supplies that were never received. Four Zachry employees are accused of taking kickbacks, while the other employees worked for a company out of Houston.
An indictment is only a formal accusation of a crime and not an admission of guilt."

Read More

Birmingham pastor admits immigration fraud - West Midlands News - News - Birmingham Post

Birmingham pastor admits immigration fraud - West Midlands News - News - Birmingham Post: "A Birmingham pastor forged documents in a bid to help foreign nationals enter the UK illegally and prevent others from being deported, it has been revealed.
David Morrison, a pastor at the Word Life Centre, in Newtown, admitted forging documents and offering unqualified immigration advice.
He acted as a sponsor for several foreign nationals, representing their cases at Immigration Appeal Tribunals even though he was not legally registered to do so."

Read More

BankAtlantic Liable for Stock Fraud, Jury Concludes - Bloomberg

BankAtlantic Liable for Stock Fraud, Jury Concludes - Bloomberg: "BankAtlantic Bancorp Inc. executives misled shareholders about the riskiness of the bank’s real- estate-loan portfolio during 2007’s economic decline, a Miami jury ruled in a stock-fraud case filed by investors.
Jurors in federal court deliberated about three days before finding today that BankAtlantic officials ignored lending guidelines in approving land-development loans and then misrepresented problems with those deals in press conferences and conference calls. The panel ordered BankAtlantic to pay $2.41 a share in damages to investors, who had sought as much as $3.52 a share.
“The jurors did not hesitate to hold the defendants accountable for having made false and misleading statements about the risky loans,” said Mark Arisohn, an attorney for the plaintiffs. “It was important for shareholders to be vindicated.”"

Read More

FBI Arrests 2 Longtime Employees in Madoff Fraud - ABC News

FBI Arrests 2 Longtime Employees in Madoff Fraud - ABC News: "Two members of imprisoned financier Bernard Madoff's inner circle were arrested on charges of helping to conceal the largest financial fraud in history, U.S. prosecutors said on Thursday.
The indictments of former employees Jo Ann 'Jodi' Crupi, 49, and Annette Bongiorno, 62, brings to eight the number of people criminally charged since the December 2008 revelation of Madoff's multibillion-dollar decades-long fraud.
Manhattan U.S. Attorney Preet Bharara hinted at more arrests and criminal charges in the case, which shook investor confidence in market regulators who missed Madoff's epic swindle despite repeated warnings.
'Together with our law enforcement partners at the FBI and Internal Revenue Service, we will press on with this investigation, which remains very much ongoing,' he said.
Madoff, 72, is serving a 150-year prison sentence after pleading guilty in March 2009. He insisted he acted alone.
A court-appointed trustee has sued Madoff's brother, wife, two sons and a niece over allegations they should have known about the massive Ponzi scheme"

Read More

Some real estate brokers accused or convicted of fraud still licensed in California - KansasCity.com

Some real estate brokers accused or convicted of fraud still licensed in California - KansasCity.com: "In February 2009, Sacramento-area mortgage broker Christopher Jared Warren was caught trying to cross from Canada into the United States with four ounces of platinum and $70,000 hidden in his shoes.
The arrest made nationwide news, and Warren became yet another face of greed and alleged criminality in the mortgage finance business.
You'd never know that, however, if you were to check with the California Department of Real Estate. Warren, whose fraud trial is ongoing, is still a licensed broker and has no disciplinary action on his record with the department, which promotes its online licensing database as a tool for consumers to make sure they're dealing with reputable professionals.
This is not an isolated case. The Sacramento Bee found dozens of real estate professionals - people who have been charged with real estate-related crimes or sued by the state for fraud- related misdeeds, or who have pleaded guilty to such wrongdoing - who are still licensed and have no notations, flags or disciplinary sanctions listed on their records with the Department of Real Estate. This means they are authorized to sell homes and originate mortgage loans."

Read More

Deliberations in fraud case of charter jet company charged in Teterboro Airport crash enter third day | NJ.com

Deliberations in fraud case of charter jet company charged in Teterboro Airport crash enter third day | NJ.com: "Jurors in the federal fraud trial of the co-founders of a Florida-based charter jet company are scheduled to begin their third day of deliberations today.
Brothers Michael and Paul Brassington were indicted last year and accused of running illegal commercial charters and skirting safety requirements. Prosecutors also say they and their company, Platinum Jet Management of Fort Lauderdale falsified documents to hide the fact they were overloading their planes with cheap fuel.
The now-defunct company's clients included film and music celebrities. Some paid as much as $85,000 for flights.
One of their planes crashed at Teterboro Airport in 2005, injuring 20 people and prompting an investigation into the company"

Read More

British Financial Firms Ordered to Record Work Cellphones - NYTimes.com

British Financial Firms Ordered to Record Work Cellphones - NYTimes.com: "Investment bankers and traders in Britain will have their mobile phone conversations recorded in the latest step by the country’s financial regulator to crack down on insider trading and market abuse.
Britain is the only European country to explicitly require the taping of business cellphone calls. Add to Portfolio
Go to your Portfolio »The Financial Services Authority, Britain’s financial watchdog, said Thursday that under new rules, effective next November, all financial services firms will be required to record any relevant communication by employees on their work cellphones."

Read More

Russia opens fraud case over Mercedes purchases | Reuters

Russia opens fraud case over Mercedes purchases | Reuters: "Russian prosecutors said on Friday they had opened a criminal case into suspected fraud connected to purchases by state agencies of Mercedes-Benz cars from the Russian subsidiary of Germany's Daimler AG.
Daimler paid $185 million in April to settle allegations it had violated U.S. anti-bribery laws by giving state officials in countries including Russia money and gifts to win contracts.
The Daimler investigation is seen by anti-graft campaigners as a test case for President Dmitry Medvedev, who has repeatedly vowed to crank up the fight against rampant corruption, but analysts say there have been few results."

Read More

Expo 2010: Brokers “must beware fraud or be struck off”

Expo 2010: Brokers “must beware fraud or be struck off”: "Brokers have been warned that there will be no second chances if they are found to be colluding with a client to commit mortgage fraud in any way. John Malone, executive chairman of PMS, told attendees of the Mortgage Business Expo that cracking down on mortgage fraud is a key priority for lenders, the FSA and the Metropolitan police, because it has become so rife within the industry and is funding serious criminal activity.
Fraud across all sectors costs the country £30bn per year.
Malone said that something as simple as telling a lender that they have met a client face-to-face when they have not could see a broker kicked out the mortgage business."

Read More

Solicitor among Belfast fraud ring accused - Northern Ireland, Local & National - Belfasttelegraph.co.uk

Solicitor among Belfast fraud ring accused - Northern Ireland, Local & National - Belfasttelegraph.co.uk: "A solicitor appeared in court with her brother and sister yesterday after a major probe into alleged fraud, money laundering and sham marriages.
A fourth suspect, a former director of the well-known Red Panda Chinese restaurant and property group, also faces a litany of charges after a year-long police probe into their financial affairs.
He is a relative by marriage of the other three accused.
The accused are Ho Ling Mo (38), of Oakwood Park; Wu Pu Paul Mo (40), from Strathyre Park; Ling Sui Mo (44) and her husband Yau Hon Cheung (50), both of Garvey Manor, all of Belfast.
Ho Ling Mo faces charges including acquiring, converting and transferring nearly £300,000 in criminal property.
She is also accused of false accounting, fraud by false representation, four counts of assisting unlawful immigration by organising a sham marriage, cheating the public revenue, and conspiracy to conceal criminal property.
It was alleged that she owns a number of properties and has amassed more than HK$2m (£160,000) in bank accounts.
A detective opposed to bail told Belfast Magistrates Court that she was in the process of securing remortgages and could “start her life afresh in China”.
He claimed there was a risk of interfering with witnesses."

Read More

The Euro is dead. Conceived in fraud and perpetuated by deceit

Wall Street Journal: U.S, China and E.U The Euro is dead. Conceived in fraud and perpetuated by deceit: "The Euro is dead. Conceived in fraud and perpetuated by deceit, the Euro's demise is only a matter of time as investors and holders of the Euro lose confidence and flee from the Euro.
Like Greece, Spain, Portugal, Italy, and Ireland were admitted into the Euro Zone after knowingly submitting fraudulent fiscal reports. Subsequently, these countries went on a spending spree knowing the 'party' will ultimately end with stronger nations such as Germany or France facing the bills.

With the bills now due, the once lauded tight-wad conservative German central bankers surrendered to the easy seduction of the printing press instead of fiscal responsibility. As the German has capituated, so has the future of the Euro. Stop buyingeuropean and Chinese products to keep the jobs in U.S. I have made a mission no to buy products from EU or China.
If you pay just a little more and buy quality made USA products, not only does that keep the jobs in America but that dollar stays in America.
The American worker who made that product…then goes down the street to do business in town and spends his dollar….where the American who received that dollar then spends that dollar around the corner ect.

That dollar just keeps going around to support America. If you buyEuropean or Chinese, that Dollar is gone from the country and then WE borrow it back from the Chinese and pay interest on it. Who is running the show here? We Are according to the mid term elections….Our politicians need to promote American products and the people of American need to start buying American so we can rebuild our battered economy. Start the movement people, it is all up to YOU!"

Read More

The uk is a surveillance society - The Inquirer

The uk is a surveillance society - The Inquirer: "ACCORDING TO THE UK'S toothless privacy watchdog, the Information Commissioner's Office (ICO), the UK is a surveillance society that needs improved legislative scrutiny.
Information commissioner Christopher Graham released his report on the state of surveillance to the Home Affairs Select Committee of Parliament this week, and said that it is very important that we have laws that do not unintentionally harm privacy.
It must be nice for Graham to get a chance to criticise something since he has been on the other end of some strong complaints himself. Most notably over the failure of his organisation to do anything to sanction Google after it stole personal email and login data while altruistically creating its roadside photo database, Street View.
So, Graham swung his wet paper bag denting punches in the direction of future legislation by cautioning the government against backing laws that could be used for action outside of their intended purpose. *Cough*, the DEA anyone?
'Technological and societal developments have proceeded and the risks to individual privacy remain real. Further safeguards are still required and require further protection,' he said."

Read More

Australian players blast 'entrapment' plan | Herald Sun

Australian players blast 'entrapment' plan | Herald Sun: "AUSTRALIA'S cricketers say a plan to use undercover agents posing as illegal bookmakers to fight corruption may be illegal. The Australian Cricketers' Association has criticised the ICC proposal, in which players would be approached to see if they make a report.
'We're not convinced that a plan to effectively entrap players is either reasonable or lawful,' ACA boss Paul Marsh said yesterday."

Read More

Ex-Deutsche Bank, AIG Executive Charged With Fraud - WSJ.com

Ex-Deutsche Bank, AIG Executive Charged With Fraud - WSJ.com: "former Deutsche Bank AG and American International Group Inc. executive has been charged with diverting company money to her husband's marketing firms, in part to cover expenses for their upstate New York horse farm.
Heidi Walker allegedly caused false invoices to be filed with Deutsche Bank's asset management unit, and later AIG's Global Investment Group, on behalf of companies owned by her husband, Peter Pfabe, according to an indictment unsealed in federal court in Manhattan on Tuesday. Ms. Walker approved the payments, according to the indictment.
No services were rendered for either Deutsche Bank or AIG, and her husband's involvement wasn't disclosed, according to the indictment.
As a result, Deutsche Bank's asset management unit was defrauded of about $345,000 and AIG was defrauded of roughly $125,000, according to the indictment."

Read More

Calif. broker gets 68 years for real estate fraud - BusinessWeek

Calif. broker gets 68 years for real estate fraud - BusinessWeek: "Orange County, Calif., real estate broker has been sentenced to 68 years in prison for using stolen identities to buy 35 properties and intentionally defaulting on the loans to steal more than $17 million.
Kathy Chen received the sentence Monday in a courtroom in Westminster.
The 49-year-old Chen was found guilty in May of 136 felony counts including conspiracy, grand theft and forgery.
Prosecutors said Chen conspired with her 60-year-old boyfriend Richard Salgado Gonzalez and his 57-year-old brother Daniel Gonzalez to commit $17.5 million in real estate fraud from 2005 to 2007."

Read More

Suspended Ithala boss, wife in court - KwaZulu-Natal - IOL | Breaking News | South Africa News | World News | Sport | Business | Entertainment | IOL.co.za

Suspended Ithala boss, wife in court - KwaZulu-Natal - IOL | Breaking News | South Africa News | World News | Sport | Business | Entertainment | IOL.co.za: "Suspended Ithala Bank boss, Sipho Shabalala and his wife Ntombi are expected to appear in the Pietermaritzburg Commercial Crime Court for alleged corruption, money laundering and fraud, the Hawks said on Wednesday.
“According to the arrangements Shabalala, his wife and other people are expected to appear in court today (Wednesday),” spokesman Musa Zondi said.
Shabalala was suspended following reports of a criminal investigation against him. His assets including the City Royal Hotel in Pietermaritzburg, his Othandweni farm, Range Rover and Mercedes-Benz were seized during a R200-million tender fraud crackdown by the Hawks and the Asset Forfeiture Unit on August 25. Eight people were arrested during the raids, but Shabalala was not. More people were expected in court for the first time on Wednesday."

Read More

Longtown solicitor charged in fraud investigation

BBC News - Longtown solicitor charged in fraud investigation: "north Cumbrian solicitor has been charged with fraud following a two-year police investigation.
Pauline Butler, 53, was charged on Tuesday with three offences of fraud by abuse of a position trust, Cumbria Police said.
A spokesman for the force said the investigation centred on clients' financial losses.
The 53-year-old of Stackbraes Road in Longtown, will appear at Carlisle Magistrates' Court on 2 November."

Read More

Former Dieu analyst faces fraud charges

Former Dieu analyst faces fraud charges: "She was tasked with clerical duties at Hotel-Dieu Grace Hospital, but spent the last four years methodically stealing about $440,000 worth of payments meant for fellow employees.
Those are the allegations against Baljit Dhaliwal, a fired junior financial analyst at the hospital, now facing a fraud charge following a month-long police investigation."

Read More

South Canterbury Finance NBR to hand over documents to fraud squad

NBR to hand over documents to fraud squad: "National Business Review says it has decided to hand over material demanded by the Serious Fraud Office, relating to South Canterbury Finance.
The material did not compromise any of the sources of Matt Nippert, the reporter who carried out the investigation the SFO was interested in, the NBR website reported just before 11am (0900 AEDT)on Wednesday.
Earlier NBR said it had been given until 9am on Wednesday to deliver the documents relating to the newspaper's investigation of SCF's dealing over Auckland's Hyatt Regency Hotel, and agree to an interview."

Read More