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SATURDAY, NOVEMBER 21, 2009
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NEWS ABOUT: bank fraud

bank fraud stories: 41 news summaries

1 - 20 of 41 Stories | 1 2 3 Next >>

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 $534M Paid to Madoff 
 Victims; $4.5B to Go 

Trustee has recovered $1.4 billion in clawbacks, with more to come

Oct 28, 09 2:38 PM CDT
(Newser) - The government fund that insures brokerage firms has so far paid 1,368 victims of Bernie Madoff’s Ponzi scheme $534 million in reparations—more than it has paid out in all its previous liquidations combined, in its almost 40 years in existence. And it ain’t over, Madoff trustee... More »

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Ponzi scheme • bank fraud • Bernard Madoff • Irving Picard • clawback • Securities Investor Protection Corporation • Jeffry Picower

Hedge Fund Founder Nabbed for Insider Trading

Raj Rajaratnam's $3B Galleon Group trades tech stocks

Oct 16, 09 11:03 AM CDT
(Newser) - The founder of a $3 billion hedge fund and two other financial executives have been charged with insider trading, the Business Insider reports. Raj Rajaratnam, whose Galleon Group focuses on high tech stocks, was charged with conspiracy and fraud related to trades of Hilton and Google stock, among others. Execs... More »

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insider trading • SEC • hedge fund • conspiracy • bank fraud • criminal charges • Securities and Exchange Commission • Raj Rajaratnam • Galleon Group

GLOSSIES

 Imprisoned 
 Ponzi Schemer: 
 It Happens to 
 the Best of Us 

Jailed Ponzi lawyer just wanted a beach house. $380 million later...

Sep 29, 09 3:32 PM CDT
(Newser) - Before he left house arrest in his posh New York apartment to start serving a 20-year sentence, Ponzi schemer Marc Dreier attempted to explain his bizarre actions. Dreier sold bogus debt to expand his law firm, impersonating execs from other companies to do so. His criminal enterprise, he tells More »

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New York City • federal prison • Ponzi scheme • bank fraud • law firm • Bernard Madoff • Marc Dreier

Wells Fargo Fires Exec Who Squatted at Malibu Pad

Senior VP Cheronda Guyton used house that belonged to Madoff victims

Sep 14, 09 6:52 PM CDT
(Newser) - Wells Fargo said today it has fired the executive who turned a seized California beachfront mansion into a personal playground, the Los Angeles Times reports. Neighbors say they saw Cheronda Guyton staying in the $12 million Malibu Colony property, which had been turned over to the bank by a couple... More »

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Wells Fargo • Ponzi scheme • Malibu Colony • bank fraud • executives • squatting • Bernard Madoff • Cheronda Guyton

 Stanford 'Fraud 
 Scheme Sealed 
 With Blood Oath' 

Banker accused of giving bribes, Super Bowl tickets to Caribbean regulator

Aug 28, 09 6:13 AM CDT
(Newser) - Alleged Ponzi schemer Allen Stanford cut his wrist and made a secret blood pact with the banking regulator of the island of Antigua, where his bank operated, according to court documents. Stanford and the official pressed their bloody wrists together in a "brotherhood ceremony," after which the... More »

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fraud • SEC • conspiracy • Antigua • Ponzi scheme • bank fraud • bank regulation • Robert Allen Stanford

ID-Theft Ring Victimized Bernanke

Thieves used pickpocketed IDs, checkbooks for fraud

Aug 27, 09 2:55 PM CDT
(Newser) - No less a public figure than the chairman of the Federal Reserve was one of 500 individuals victimized by an identity-theft ring that combined technologically sophisticated methods with old-fashioned thievery to bilk $2.1 million from consumers and financial institutions, Newsweek reports. The ringleader of the group, Clyde Austin Gray... More »

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Ben Bernanke • Starbucks • Federal Reserve • identity theft • bank fraud • check fraud • financial data • Anna Bernanke

(Newser) - Contrary to what you might have read in the New York Post, Bernie Madoff does not have cancer, Bloomberg reports. “While the N.Y. Post story is full of inaccuracies, and we can’t specifically address all of them, we can tell you that Bernie... More »

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cancer • New York Post • pancreatic cancer • federal prison • Bureau of Prisons • Ponzi scheme • bank fraud • Bernard Madoff • Ira Sorkin • prison sentence

 Judge Revokes Stanford Bond 


Jun 30, 09 3:10 PM CDT
(AP) - A US district judge today revoked bond for Texas financier R. Allen Stanford, who's charged with swindling investors out of $7 billion. David Hittner approved a request by prosecutors to overturn a magistrate judge's decision to allow Stanford freed on $500,000 bond pending his trial. Prosecutors argued that Stanford's... More »

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Federal Court • bond • bail • Ponzi scheme • federal judges • bank fraud • Robert Allen Stanford • flight risk

(Newser) - Vijay Singh is sticking by embattled buddy and alleged swindler R. Allen Stanford. The star golfer, who's been sporting the Stanford Companies logo even though he no longer gets paid to do so, offered to put up $500,000 of the billionaire’s bail, reports CNBC. He was denied the... More »

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golf • crime • Vijay Singh • bail • Ponzi scheme • bank fraud • endorsement • federal prosecution • Robert Allen Stanford

(Newser) - Alleged billionaire fraudster Robert Allen Stanford and six of his associates were indicted today on charges that they ran a $7 billion Ponzi scheme, the AP reports. Stanford turned himself in to authorities yesterday. “A fair jury will find him not guilty of any criminal wrongdoing,” Stanford’s... More »

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Department of Justice • SEC • billionaire • Antigua • Ponzi scheme • federal indictment • bank fraud • Stanford Financial Group • Robert Allen Stanford • Securities and Exchange Commission

Stanford Exec Faces First Criminal Charge

Probe of alleged Ponzi scheme nabs chief investment officer

May 13, 09 8:26 AM CDT
(Newser) - A federal grand jury in Houston yesterday handed up the first criminal indictment in Stanford Financial Group's alleged Ponzi scheme, reports the Houston Chronicle. Chief investment officer Laura Pendergest-Holt, 35, faces two counts of obstruction. She and boss Allen Stanford already face accusations in a civil suit by the SEC.... More »

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federal courts • Ponzi scheme • federal indictment • bank fraud • Stanford Financial Group • Robert Allen Stanford • Laura Pendergest-Holt

Stanford Was a Drug Informant: Report

Fraudster was likely shielded from SEC in 2006 for his trouble

May 11, 09 7:34 AM CDT
(Newser) - Allen Stanford may have received earlier protection from the SEC by working as a drug trade informant, a BBC investigation has found. The accused fraudster’s bank paid $3.1 million to the DEA a decade ago as a middleman for a Mexican drug lord, and in 2006 an SEC... More »

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fraud • drugs • DEA • SEC • Drug Enforcement Administration • drug trade • Ponzi scheme • bank fraud • Robert Allen Stanford • Securities and Exchange Commission

Nevada Deals 20 Years to
Thieving Chinese Bankers

Embezzlers tried to launder stolen $500M through Vegas casinos

May 7, 09 4:34 AM CDT
(Newser) - Two managers who scammed the Bank of China for nearly $500 million and fled to the US have been sentenced to more than 20 years each by a Nevada court, the BBC reports. The men's wives—who helped them launder the cash through Las Vegas casinos—were given 8-year sentences.... More »

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China • fraud • Las Vegas • money laundering • Nevada • embezzlement • bank fraud • Bank of China

(Newser) - Phonemaker Nokia is flummoxed as to why hackers are offering more than $32,000 in underground forums for old handsets, NetworkWorld reports—though bank fraud is a distinct possibility. “We have not identified any phone software problem that would allow” misuse, the company said. But a 2003 model manufactured... More »

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cell phones • Germany • Nokia • black market • hackers • cybercrime • bank fraud • SIM cards • online banking • mobile phones

(AP) - A federal judge ruled today that thousands of investor accounts with R. Allen Stanford's financial companies will remain frozen for another 10 days, while a court-appointed receiver said he's developing a plan to return some of the money to its owners. Stanford's companies have been in receivership since the Securities... More »

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Ponzi scheme • federal judges • bank fraud • receivership • Stanford Financial Group • Robert Allen Stanford • frozen account

(Newser) - Laura Pendergest-Holt, the chief investment officer for disgraced financier Robert Allen Stanford’s firm, is being held on $300,000 bail, the Houston Chronicle reports. Her family is attempting to come up with the $30,000 cash necessary to free her. Holt spent last night in prison after being accused... More »

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arrest • bail • bank fraud • federal prosecution • Stanford Financial Group • Robert Allen Stanford • Laura Pendergest-Holt

Stanford Bank
in Antigua Missing $8B

'It appears to be
a Ponzi scheme,' investigator says

Feb 22, 09 5:03 PM CST
(Newser) - Investigators rummaging around Allen Stanford's Antiguan bank have confirmed media reports that $8 billion is missing, the Times of London reports. “The $8 billion you hear about in the media isn’t there,” one official told customers outside the Stanford International Bank. "It appears to be a... More »

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fraud • bank • Antigua • Ponzi scheme • bank fraud • Stanford Financial Group • Robert Allen Stanford

Hackers Get Bank Accounts of Sarko's Dad, Ex-Wife

Investigators now believe thieves may have been politically motivated

Oct 31, 08 3:01 PM CDT
(Newser) - The same hackers who stole small amounts of money from Nicolas Sarkozy’s bank account appear to have gotten into the accounts of his father and first wife as well, the Times of London reports. They didn't steal money but rather set up phony cell-phone accounts. Police initially thought the... More »

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Nicolas Sarkozy • France • bank • savings account • bank fraud • French president • Societe Generale

FBI Begins Fraud Probe
of IndyMac Mortgages

Failed bank may have given improper loans to people with bad credit

Jul 16, 08 7:11 PM CDT
(Newser) - The FBI is investigating failed bank IndyMac for possible fraud related to its mortgage-lending business, Bloomberg reports. The agency is looking into whether the bank gave improper loans to people with shaky credit. It is working closely with the FDIC, which seized the bank's assets last week. IndyMac specialized in... More »

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housing market • IndyMac • bank fraud • FDIC • bank failure

 Man Tries to Cash $360B Check 

21-year-old says girlfriend's mother gave him the money

May 1, 08 2:39 PM CDT
(Newser) - A 21-year-old Texas man has been busted for attempting to deposit a $360 billion check, the Fort Worth Star-Telegram reports, stolen from his girlfriend's mother for, he claimed, the purpose of starting his own record label. Suspicious of the sum, the bank called the check’s owner. Arriving police found... More »

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fraud • Texas • crime • bank • music label • bank fraud • check • check fraud

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