Fraud Headlines | Association of Certified Fraud Examiners

Posted: August 13, 2017 at 7:44 pm


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August

Financial Fraud: It Takes Two

Schemes need more than just a schemer. They depend on willing customers as well. (The Atlantic)

Study Examines Social Connections And Impacts Of Financial Fraud

The infamous Bernie Madoff financial fraud scandal between 1980 and 2008 influenced far more than the 10,000 directly affected investors who lost billions. (Science X)

Martin Shkreli Convicted Of Securities Fraud, Conspiracy

Martin Shkreli, who gained national notoriety two years ago for jacking up the price of an AIDS drug, was convicted of securities fraud for mismanaging two investment funds. (CNN)

Benjamin Netanyahu Suspected Of Bribery, Fraud, Israeli Police Say

Prime Minister Benjamin Netanyahu is suspected of crimes involving fraud, breach of trust and bribes in two corruption cases, Israeli police revealed. (CBS)

July

VW Executive To Plead Guilty To Charges Related To Emissions Fraud

Oliver Schmidt, the company’s top emissions compliance official, will plead guilty during an Aug. 4 hearing in Detroit, according to the Detroit News. (Washington Examiner)

When Thieves Strike, Cryptocurrency Investors Tremble

German firms have lost millions of euros to organized crime in a scam dubbed “CEO Fraud” that uses faked memos from top executives to entice accounting personnel to transfer funds. (U.S. News)

Harvard-Grad Financier Gets Prison For “Staggering” Fraud

A Harvard-educated financier promised she was providing returns of almost 50 percent, but in reality, she was flunking out and resorting to fraud to cover her losses. (CBS Moneywatch)

German Firms Lost Millions Of Euros In ‘CEO Fraud’ Scam: BSI

German firms have lost millions of euros to organized crime in a scam dubbed “CEO Fraud” that uses faked memos from top executives to entice accounting personnel to transfer funds. (U.S. News)

Detectives Stumble Upon Banking Fraud While Investigating Arson

A Canberra man has been jailed for four years over the torching of a Weston cafe and his role in an international banking scam worth more than half-a-million dollars based out of Greece. (Canberra Times)

U.S. Charges 412, Including Doctors, In $1.3 Billion Health Fraud

Hundreds of people nationwide, including dozens of doctors, have been charged in health care fraud prosecutions, accused of collectively defrauding the government of $1.3 billion. (New York Times)

Harvard-Grad Financier Gets Prison For ‘Staggering’ Fraud

A Harvard-educated financier promised she was providing returns of almost 50 percent, but in reality, she was flunking out and resorting to fraud to cover her losses. (CBS)

German Firms Lost Millions Of Euros In ‘CEO Fraud’ Scam: BSI

German firms have lost millions of euros to organized crime in a scam dubbed “CEO Fraud” that uses faked memos from top executives to entice accounting personnel to transfer funds, Germany’s federal cyber agency said. (U.S. News And World Report)

Metals Trading Has A Paper Fraud Problem

For all the high-tech wizardry of modern financial markets, theres one corner of the commodity world that still depends almost entirely on printed paper making it an easy target for crooks. (Bloomberg)

U.K. Dealer Charged In U.S. Over Multimillion-Dollar Fake Bitcoin Site Scam

U.S. authorities charged a British businessman with securities fraud, accusing him of deceiving investors over what turned out to be a fake trading platform for the cryptocurrency Bitcoin. (Guardian)

More Than 150 Billion Was Lost To Fraud In 2016

Individuals lost an estimated 10 billion to fraud in 2016 while the private sector lost around 144 billion, according to the Annual Fraud Indicator. (Business Insider)

Founder Of Disastrous Fyre Festival Arrested, Charged With Fraud

One of the organizers of the disastrous Fyre Festival has been arrested and charged with wire fraud, according to the U.S. Attorneys Office for the Southern District of New York. (Washington Post)

June

Poland’s Anti-Government Leader Kijowski Charged With Fraud

Poland’s prosecutors said they have charged the former leader of a massive anti-government movement with misappropriation of the movement’s funds and false statements in its financial documents. (News Tribune)

FBI Informant Accused Of Running Fraud While Undercover For Feds

The last time Mohammed Agbareia was accused of fraud, he pleaded guilty, got a break on his punishment, moved to Palm Beach County and worked as an informant for the FBI providing information on national security investigations. (Sun Sentinel)

Mishandle A Fraud Search, And All That Fine Evidence Could Be For Nothing

Judge Alison J. Nathan of the Federal District Court in Manhattan delivered a stern warning to prosecutors when she granted a motion by Benjamin Wey, a New York City financier, to suppress everything seized during searches of his office and home in 2012. (New York Times)

Portugal Investigating Fraud Linked To Venezuela PDVSA Funds, PDVSA Says

Portugal is investigating alleged appropriation of funds belonging to Venezuelan state oil company PDVSA that were channeled through now-defunct Portuguese bank Banco Espirito Santo between 2009 and 2014, PDVSA said. (Reuters)

Barclays And Former CEO Charged With Fraud Over 2008 Rescue By Qatar

British prosecutors have filed criminal charges against Barclays and four former bank executives over cash injections from Qatar that helped save the bank during the global financial crisis. (CNN)

One Nomura Trader Convicted, One Cleared At Bond Fraud Trial

A former Nomura Holdings Inc. trader was found guilty of conspiring to lie to clients about mortgage-bond prices, while another was cleared of all charges in a verdict that highlights the challenge of policing fraud in the market. (Bloomberg)

Real Madrid Soccer Star Ronaldo Charged With Tax Fraud By Spanish Prosecutors

State prosecutors accused global soccer star Cristiano Ronaldo of defrauding Spain’s revenue offices of $16.5 million in unpaid taxes. (NBC News)

Kentucky Psychologist Convicted In $600 Million Benefits Fraud

Alfred Adkins, 45, was found guilty by a federal jury in Lexington, Kentucky, on four counts including conspiracy, mail fraud and wire fraud following a one-week trial. (Reuters)

CEO Of Defunct Silicon Valley Startup Indicted For Allegedly Defrauding Employees

The CEO and founder of Silicon Valley-based WrkRiot was charged with wire fraud for allegedly duping employees into working without pay. (Silicon Valley Business Journal)

No One Has Ever Made A Corruption Machine Like This One

By late summer 2015, the men running bribery at the Brazilian construction giant Odebrecht SA were plotting another operationnot to rig a contract, which was their bread and butter, or to meddle in the politics of a sovereign nation, as theyd done on many occasions, but this time to save themselves. (Bloomberg)

Supreme Court Rules To Limit SEC Power To Recover Profit From Fraud

Justice Sonia Sotomayor wrote that the Securities and Exchange Commission must abide by a five-year statute of limitations in seeking disgorgement from those whose fraudulent actions resulted in illegal profits. (Washington Post)

Bernie Madoff Of Landlords Pleads Guilty To Fraud

Mr. Croman, 50, whose companies own more than 150 buildings citywide, mainly Manhattan apartment complexes with rent-regulated units, pleaded guilty to three felonies, for fraudulently refinancing loans and committing tax fraud. (New York Times)

Why Whistleblowers Get Paid In the U.S. But Not In Britain

U.K. regulators have rejected the idea of rewarding people who expose fraud at their companies. (Bloomberg)

May

UN Refugee Agency Cites 5 For Fraud, Threats At Kenya Camp

The U.N. refugee agency said it has turned to Kenyan police for possible criminal prosecution of three staffers for allegedly carrying out threats, intimidation and fraud against refugees and other personnel at a camp in northwest Kenya. (Miami Herald)

Wyoming Psychologist Charged With 234 Counts Of Fraud

A Wyoming psychologist accused of submitting about $6.8 million in fraudulent health care bill has been indicated by a federal grand jury. (US News And World Report)

Madoff Fund Has Paid Zero To Fraud Victims So Far

Victims of Bernard Madoff’s huge Ponzi scheme have so far received no repayments from the company the Department of Justice tapped to distribute $4 billion recovered from the notorious fraud. (USA Today)

Airbus hires outside monitors amid fraud investigations

Airbus has appointed an independent panel including two former ministers to examine its anti-corruption practices after Britain and France launched fraud and bribery investigations into the sale of jetliners. (Reuters)

VW Engineers Wanted O.K. From The Top For Emissions Fraud, Documents Show

Even after Volkswagen pleaded guilty to a nine-year conspiracy to dupe regulators and consumers, the carmaker has continued to insist that top executives played no role in the emissions fraud. (New York Times)

Two Found Guilty Of Fraud After U.K.’s Longest Criminal Trial

Edwin McLaren, from Quarriers Village in Renfrewshire, was found guilty of property fraud totalling about 1.6m. (BBC)

Former U.S. Representative Found Guilty Of Fraud

Corrine Brown was convicted of stealing funds from a fake charity masquerading as a scholarship service. (The Atlantic)

Stupid Us: How U.S. Retirees Lost Thousands To Fraud Linked To Ex-E.U. Official

When Regina L. Hayes transferred $75,000 from her savings to an investment Fund, she thought she was helping Christian miners in Africa fend off competition from conglomerates. (New York Times)

Investigation Of Fraud Scheme Unravels Mans Illegal Bitcoin Exchange

The beginning of the end of an Ohio mans venture into the murky world of cryptocurrencies can be traced back to the moment investigators linked the 29-year-old to a ticket-fraud scheme nearly 2,000 miles away in California. (FBI)

FBI Warns Of Surge In Wire-Transfer Fraud Via Spoofed Emails

Attempts at cyber wire fraud globally, via emails purporting to be from trusted business associates, surged in the last seven months of 2016, the U.S. Federal Bureau of Investigation said in a warning to businesses. (Reuters)

U.K. Investigates KPMG For Rolls-Royce Audits

The investigation covers KPMGs audits of Rolls-Royce’s financial statements for 2010 through 2013. (FCPA Blog)

Fyre Festival Organizers Face Fraud Lawsuit After Cancellation

The lawsuit, which seeks $100 million and class-action status, was filed by Mark J. Geragos on behalf of Daniel Jung, a Los Angeles man who, according to the suit, paid $2,000 for a ticket and airfare to the festival. (New York Times)

April

Olympus Scandal: Former Bosses To Pay $529m Over Fraud

Six executives sacked by Japan’s Olympus have been ordered to pay more than half a billion dollars in damages after a massive accounting fraud. (BBC)

Salvation Army executive guilty of massive toy-for-profit fraud

The former executive director of a Salvation Army donation storage and distribution centre has been found guilty of a massive fraud involving selling donated items meant for shelters and food banks. (MSN)

Airbus Chief In Eurofighter Fraud Probe

Vienna prosecutors have named Airbus chief executive Tom Enders as one of the targets of a fraud investigation. (BBC)

Volkswagen Ordered To Pay $2.8B For Cheating On Diesel Emissions

Volkswagen must pay a $2.8-billion criminal fine for purposely building a diesel engine equipped with software to cheat on greenhouse gas emissions tests. (Detroit Free Press)

New Study Links Corporate Fraud, Earnings Performance To Glassdoor Reviews

The report found that companies with higher ratings for job satisfaction, culture and values, senior leadership were less likely to be involved in SEC fraud enforcement or corporate fraud class action lawsuits. (ValueWalk)

Theranos Reaches $4.65M Fraud Settlement With Arizona

Theranos will pay Arizona consumers $4.65 million under a consumer-fraud settlement Arizona Attorney General Mark Brnovich negotiated with the embattled blood-testing company. (USA Today)

Vijay Mallya, Once Indias King of Good Times, Is Arrested In London

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Fraud Headlines | Association of Certified Fraud Examiners

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