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fraud

On or about 2 May, Indian businessman Vijay Mallya left India for the UK to spend more time with his family. Meanwhile, investigations into his financial dealings have continued and, in late April, Indian authorities issued a warrant for his arrest and revoked his passport. He is not, however, stateless: a passport is a document evidencing the right to travel and its revocation does not affect his Indian citizenship. Where do such cases leave financial institutions?

FCRO Subsection: 
Case Summary: 

A 46 year old lawyer from Newport Beach, California, defrauded his clients of USD8 million. He has been sentenced to just over five years in jail.

Type of conduct: 
Ponzi / Pyramid fraud

Fraudsters rely on illusion. They depend on showing you something so that you do not recognise a truth that they want to obscure.

Many fraudsters are clever, many are well prepared, but the vast majority are opportunists ..

CoNet Section: 

After the fact insurance is nothing new - but it's supposed to be taken out with the consent of the insurance company. California is suffering from a glut of frauds where motor crashes take place, insurance is then taken out and a claim made under the policy. That's not right, say the authorities.

BIScom Subsection: 

An email purporting to come from Apple's iTunes frightens victims into clicking on a malicious link - it tells them their credit card has just been hit with a large charge.

CoNet Section: 

Users who downloaded copies of Angry Birds and other software for their mobile phones from websites other than Google's Play (formerly Android Market) have in some cases found themselves being charged GBP15 every time the open the app on a phone.

CoNet Section: 

A lawyer, formerly with Baker & McKenzie in New York has pleaded guilty to money laundering and conspiracy to commit securities fraud while with the firm.

CoNet Section: 

James D Levitt is 66 years old and facing serious jail time. Aside from his latest conviction, he's behind on payments on a prior criminal conviction in respect of which he still owed more than USD400,000.

CoNet Section: 

Hong Kong's Independent Commission Against Corruption has charged a number of people with a range of offences alleged to have been committed against insurance companies.

BIScom Subsection: 

Desiree Brown, the former treasurer of a private mortgage lending company, Taylor, Bean & Whitaker (TBW), has pleaded guilty to conspiring to commit bank, wire and securities fraud for her role in a more than USD1,900 million fraud scheme that contributed to the failures of Colonial Bank and TBW.

A barrister, charged by Hong Kong's Independent Commission Against Corruption (ICAC), was today (Tuesday) sentenced to one year's imprisonment at the District Court for attempting to steal more than HK$30,000 from two foreign clients by claiming that the sums would be used for hiring a Queen's Counsel (QC) for them.

CoNet Section: 

A lawyer in Orange County, California, has pleaded guilty to the misappropriation of more than USD 2 million awarded to claimants in a class action suit.

CoNet Section: 

David B. Stocker, a lawyer in Phoenix, Arizona, pleaded guilty on11 March 11, 2009, in U.S. District Court in Alexandria, Virginia., for his participation in a stock manipulation conspiracy known as a "pump-and-dump" scheme. On 12 March 2010 (yes, a year later) Stocker has been sentenced.

BIScom Subsection: 

The latest plan to restructure the balance sheets of Japanese banks, overburdened with "non-performing loans," is bound to lead to fraud and corruption, says leading counter-money laundering strategist Nigel Morris-Cotterill, Head, The Anti Money Laundering Network.

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