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White Collar Crime

All articles tagged with #white collar crime

Insider-trading ring linked to elite law firms shocks U.S. legal industry
business18 days ago

Insider-trading ring linked to elite law firms shocks U.S. legal industry

U.S. prosecutors say a decade-long insider-trading scheme exploited confidential M&A information from elite law firms, led by a Goodwin Procter-connected network and involving dozens of people, including two college friends and a hairdresser, who tipped a web of traders on nearly 30 deals (e.g., iRobot/Amazon). The scheme allegedly earned tens of millions in illicit profits with kickbacks, drawing indictments for 30 individuals and civil actions from the SEC against 21 others; the case highlights how the custodians of sensitive deal info at law firms can be misused despite internal controls.

via Financial Times|
#business#goodwin-procter#insider-trading
Former iLearningEngines Executives Indicted in Multi-Year Revenue Fraud Scheme
business1 month ago

Former iLearningEngines Executives Indicted in Multi-Year Revenue Fraud Scheme

Two former iLearningEngines executives, CEO Puthugramam Chidambaran and CFO Sayyed Farhan Ali Naqvi, were indicted in Brooklyn on charges including operating a continuing financial crimes enterprise, securities fraud, and wire fraud for allegedly fabricating customers and revenue to mislead investors and lenders as the NASDAQ-listed company went public; investigators allege sham contracts, round-tripping of funds totaling over $144 million, and a collapse into bankruptcy after a rapid rise to a $1.5 billion market cap. Both were arrested and will appear in federal court in different districts, and, if convicted on the enterprise count, face a minimum of 10 years to life in prison.

via Department of Justice (.gov)|
#business#fraudulent-revenue#ilearningengines
DOJ Unveils Uniform Corporate Enforcement Policy for All Criminal Cases
government2 months ago

DOJ Unveils Uniform Corporate Enforcement Policy for All Criminal Cases

The Department of Justice released its first department-wide Corporate Enforcement Policy for all criminal matters, offering incentives for companies that self-disclose misconduct, cooperate with investigations, and remediate, while reserving prosecutions in appropriate cases and prioritizing individual accountability across the DOJ (excluding antitrust).

via Department of Justice (.gov)|
#accountability#corporate-enforcement-policy#doj
"Trump's Potential Conviction: Jail Time and Secret Service Dilemma"
politics2 years ago

"Trump's Potential Conviction: Jail Time and Secret Service Dilemma"

Former President Donald J. Trump has been convicted of 34 counts of falsifying business records, potentially facing probation or up to four years in prison. If sentenced to prison, the Secret Service would be required to protect him around the clock, marking an unprecedented situation for a former U.S. president. Sentencing is set for July 11.

via The New York Times|
#conviction#donald-trump#politics
"FTX Founder Sam Bankman-Fried Receives 25-Year Prison Sentence for Fraud"
crime-and-justice2 years ago

"FTX Founder Sam Bankman-Fried Receives 25-Year Prison Sentence for Fraud"

Sam Bankman-Fried, known as the 'Crypto King', has been sentenced to 25 years in prison for orchestrating one of the largest financial frauds in history, with the judge emphasizing the potential for future damage and the need to deter white collar criminals. The sentence has sparked reactions from the crypto world, with some feeling it was fair while others hoped for a tougher punishment. Bankman-Fried's lack of remorse and deliberate lies were cited during the sentencing, and the judge recommended that he not be held in a maximum security prison due to his vulnerability and autism.

via BBC.com|
#crime-and-justice#cryptocurrency#fraud
"White-Collar Criminals at Large: Indictments in $60 Million Bribery Scandal"
crime-and-corruption2 years ago

"White-Collar Criminals at Large: Indictments in $60 Million Bribery Scandal"

Former FirstEnergy CEO Chuck Jones and former Senior Vice President Michael Dowling have been indicted on multiple felony charges related to a $60 million bribery scandal in Ohio. They failed to surrender as promised and are now on the run. The indictments also include additional charges against former chair of the Public Utilities Commission of Ohio, Sam Randazzo. This marks the latest development in what has been labeled the largest corruption case in Ohio history, involving a web of bribery, theft, and money laundering.

via Fortune|
#bribery-scandal#corruption#crime-and-corruption
Ex-Wells Fargo Exec Escapes Prison in Fake Accounts Scandal
business2 years ago

Ex-Wells Fargo Exec Escapes Prison in Fake Accounts Scandal

Lawyers for former Wells Fargo executive Carrie Tolstedt argue that she should be sentenced to three years of probation instead of prison time for obstructing a bank examination. They claim that a noncustodial sentence would be appropriate given her "lifelong history of good character" and would allow her to continue supporting her aging mother, in-laws, friends, mentees, church family, and charitable causes. Tolstedt has already faced significant financial and reputational consequences, including fines and penalties of over $21 million, clawbacks totaling $67 million, and constant public humiliation. The recommendation for probation aligns with the U.S. Probation Office's advice, while prosecutors have called for a 12-month prison sentence. Tolstedt is the only former Wells Fargo executive to face criminal charges in connection with the bank's phony-accounts scandal.

via American Banker|
#business#carrie-tolstedt#probation
Repeat Offender: Trump-Released Fraudster Faces New Charges
crime2 years ago

Repeat Offender: Trump-Released Fraudster Faces New Charges

Eliyahu Weinstein, a man whose prison sentence was commuted by former President Donald Trump, has been charged in a new fraud scheme that allegedly cost investors millions of dollars. Weinstein, along with four others, is accused of falsely promising deals involving medical supplies for Ukraine. This comes after Weinstein had served time for a Ponzi scheme and real estate fraud that resulted in over $230 million in investor losses. The charges include wire fraud conspiracy and conspiracy to obstruct justice. The U.S. Securities and Exchange Commission has also filed a civil complaint against Weinstein and the other individuals involved.

via POLITICO|
#crime#donald-trump#fraud
Elizabeth Holmes to Serve 11 Years in Prison with Celebrity Inmate.
crime3 years ago

Elizabeth Holmes to Serve 11 Years in Prison with Celebrity Inmate.

Elizabeth Holmes, the founder of Theranos, will begin her 11-year prison sentence at the minimum-security Federal Prison Camp Bryan in Texas. The prison is no stranger to high-profile inmates and offers dormitory-style living arrangements, business classes, and hobby items for purchase. Holmes will be surrounded by around 600 mostly non-violent female offenders who have committed white-collar crimes. Among her possible 'dorm' mates is fellow fraudster and one-time Real Housewives of Salt Lake City star Jen Shah.

via Daily Mail|
#crime#elizabeth-holmes#fpc-bryan
Ex-Apple employee sentenced to 3 years for $17M fraud.
crime3 years ago

Ex-Apple employee sentenced to 3 years for $17M fraud.

A former Apple employee, Dhirendra Prasad, has been sentenced to three years in federal prison and ordered to pay nearly $33 million for defrauding the company out of more than $17 million with a scheme that double-billed for parts. Prasad, along with two co-conspirators, conspired to double-bill Apple for parts it already owned or had purchased. Prasad also engineered "sham invoices" that allowed one of his co-conspirators to take unjustified tax deductions valued at more than $1.8 million.

via CNBC|
#apple#conspiracy#crime
Ex-Apple employee sentenced to 3 years in prison for $17 million fraud.
crime3 years ago

Ex-Apple employee sentenced to 3 years in prison for $17 million fraud.

A former Apple employee, Dhirendra Prasad, has been sentenced to three years in federal prison and ordered to pay nearly $33 million for defrauding the company out of more than $17 million with a scheme that double-billed for parts. Prasad, along with two co-conspirators, conspired to double-bill Apple for parts it already owned or had purchased. Prasad also engineered "sham invoices" that allowed one of his co-conspirators to take unjustified tax deductions valued at more than $1.8 million.

via CNBC|
#apple#conspiracy#crime