Monday, July 26, 2021

Fraud

Ex-CEO of social media startup admits to defrauding investors using forged documents

The former chief executive of a social media startup that pitched itself as a Facebook for small businesses has pleaded guilty to swindling investors using forged documents claiming a “Shark Tank” investor was a backer and that e-commerce platform...

Deutsche Bank accused of enabling fraudulent investments scheme

Deutsche Bank AG is accused of turning a blind eye to a years-long Ponzi scheme that involved fraudulent investments in Florida, expanding the growing list of legal and compliance headaches for Chief Executive Officer Christian Sewing. Liquidators of two now-bankrupt Cayman Islands investment...

Former Georgia insurance commissioner Jim Beck convicted in $2.5m embezzlement case

It took less than two hours Thursday for jurors to decide that Georgia’s suspended insurance commissioner was indeed a “fraudster” and not an innovator, as they convicted Jim Beck on 37 criminal counts relating to more than $2.5 million...

Westpac accuses Forum and Papas of stealing $340 million through fraudulent transactions

Westpac alleges colourful soccer identity Bill Papas and his company Forum Finance orchestrated more than 100 allegedly fraudulent transactions that siphoned off over $340 million from the bank during a near three-year period. The details of the extent of Mr...

Bank of Mozambique fines Standard Bank $4.6million for fraudulent practices

The central bank of Mozambique has fined Africa’s biggest lender, Standard Bank, $4.6 million for engaging in fraudulent activities, Bank of Mozambique said on Monday. The central bank also fined two of Standard Bank’s employees around $223,000 and $101,000 each,...

Tax adviser at the centre of German ‘cum-ex’ tax fraud arrested in Switzerland

Hanno Berger, a German accused of playing a key role in a years-long tax fraud, has been arrested in Switzerland where he had been living in exile, German and Swiss authorities said on Friday. The scandal, known as "cum-ex", is...

Former fraud prosecutor accused of scamming Louisiana in hurricane relief efforts

At least six people — including a former fraud prosecutor and two state Fire Marshal’s Office employees — are accused of defrauding Louisiana of more than $800,000 to profit off the state’s hurricane relief efforts last year. A West Baton...

USC professor pleads guilty to tax charge in college admissions scandal

An associate professor of dentistry at the University of Southern California pleaded guilty on Friday to a tax charge in connection with the sweeping college admissions scandal. Homayoun Zadeh, 59, pleaded guilty via videoconference before a Boston federal court judge...

Suspended Georgia insurance commissioner go on trial for fraud charges

More than two years after he was accused of defrauding his former employer of more than $2 million and indicted on federal charges, Georgia’s suspended insurance commissioner is set to stand trial. Jim Beck, a Republican, was elected insurance and...

Portuguese art collector Joe Berardo detained in money laundering, tax fraud probe

Portuguese art collector Joe Berardo, who was once one of the country's richest men and showcased major works by Miró and Mondrian in his own museum, was detained by the police on Tuesday in an investigation of money laundering...

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Ex-CEO of social media startup admits to defrauding investors using forged documents

The former chief executive of a social media startup that pitched itself as a Facebook for small businesses has...