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Recent Posts in Fraud Category

  • Secret Whistleblower Played Key Role in Bank of New York Mellon Investigation

    The US Justice Department and the New York attorney general have filed separate securities lawsuits seeking more than $2 billion from Bank of New York Mellon Corp. The complaints accuse the BNY Mellon of overcharging clients billions of dollars with currency trades and defrauding them for over 10 years. Federal and state officials didn’t arrive at these findings without help. According to The Wall ...
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  • Secret Whistleblower Played Key Role in Bank of New York Mellon Investigation

    The US Justice Department and the New York attorney general have filed separate securities lawsuits seeking more than $2 billion from Bank of New York Mellon Corp. The complaints accuse the BNY Mellon of overcharging clients billions of dollars with currency trades and defrauding them for over 10 years. Federal and state officials didn’t arrive at these findings without help. According to The Wall ...
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  • Colorado Man Indicted for Obtaining Fraudulent Mortgages

    Gary Noble, 31, of Denver, Colorado, was indicted by a federal grand jury in a 63-count wire fraud scheme, whereby Noble, through various companies he controlled, had his relatives purchase homes with loans obtained from commercial lenders through the use of false and fraudulent documents. Noble had his relatives buy the homes through Noble Mortgage Company. Another of his companies, Noble Title ...
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  • Goldman Sachs Faces Civil Fraud Charges

    Here we go again. Another Wall Street giant has been accused of defrauding its investors. Goldman Sachs & Co., a global investment banking and management firm, allegedly failed to disclose conflicts of interest in mortgage investments it sold during the failing housing market. Fabrice Tourre, a Goldman Sachs vice president, has also been charged by the SEC for his involvement. The Securities and ...
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  • Goldman Sachs Faces Civil Fraud Charges

    Here we go again. Another Wall Street giant has been accused of defrauding its investors. Goldman Sachs & Co., a global investment banking and management firm, allegedly failed to disclose conflicts of interest in mortgage investments it sold during the failing housing market. Fabrice Tourre, a Goldman Sachs vice president, has also been charged by the SEC for his involvement. The Securities and ...
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  • Federal Court Shuts Down Idaho Tax Preparer Idaho Falls Woman Fraudulently Claimed Over $93 Million in Refunds for Customers

    U.S. District Judge Edward J. Lodge, recently issued a preliminary injunction barring Penny Lea Jones of Idaho Falls, Idaho, from preparing federal income tax returns for others, while the lawsuit is pending. The court found that Jones promotes a tax defier scheme that claims large fraudulent tax refunds for customers. The court found that Jones repeatedly prepared federal income tax returns ...
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  • FBI Search Causes Work Halt on $1.5 Million Denver Library Construction Project

    Denver station KUSA-TV reported January 11, 2010 that Krahl Construction has halted work on a $1.5 million project at the main branch of the Denver Public Library as the apparent result of a January 5 FBI search of Krahl’s Chicago headquarters. Krahl also has an office in Centennial, Colorado. Krahl notified employees on January 8 that the company would be shutting down the project. Neither the ...
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  • Guilty Plea in Galleon Insider Trading Case

    In Manhattan’s Federal District Court today, 51 year old, Anil Kumar plead guilty to one count of securities fraud and one count of conspiracy to commit securities fraud with Raj Rajaratnam. He also agreed to cooperate with prosecutors in the widening investigation. Mr. Kumar is the 7th person to pled guilty in what some are calling the biggest hedge fund insider trading scheme case in US history. ...
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  • S.E.C. Watchdog Urges Sweeping Changes on S.E.C.'s Fraud Failures: What This May Mean For Some Denver Businesses

    I recently wrote of the S.E.C.’s abysmal failures in not detecting Bernard L. Madoff’s billion dollar Ponzi scheme. (See “Bernard Madoff: An Epilogue, Parts I and II”). H. David Kotz, the S.E.C.’s inspector general has now issued two reports in which he recommends dozens of changes in the way the agency evaluates tips, trains investigators and documents examinations of securities firms. The first ...
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  • Bernard Madoff: An Epilogue The SEC Looked but Failed to See (Part I)

    Earlier, I wrote some blogs on Bernard Madoff’s Ponzi scheme that defrauded investors of billions of dollars. At the time, securities regulators were trying to figure out exactly how Madoff and his company were able to perpetrate this massive fraud for such a long period of time without being exposed. On August 1, 2009, the SEC’s Office of Inspector General (OIG) issued an over 450- page report ...
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