bank fraud

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Judge Revokes Stanford Bond
 Judge Revokes Stanford Bond 
Jun 30, 2009 3:10 PM CDT

Judge Revokes Stanford Bond

(Newser) - 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...

Vijay Offered $500K for Bail of Pal Stanford

(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...

Stanford Indicted for $7B Ponzi Scheme

(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...

Stanford Exec Faces First Criminal Charge

Probe of alleged Ponzi scheme nabs chief investment officer

(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....

Stanford Was a Drug Informant: Report

Fraudster was likely shielded from SEC in 2006 for his trouble

(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...

Nevada Deals 20 Years to Thieving Chinese Bankers

Embezzlers tried to launder stolen $500M through Vegas casinos

(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....

Hackers Bidding 5 Figures for Old Phone Raises Eyebrows

(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...

Stanford Accounts to Remain Frozen

(Newser) - 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...

Stanford Officer Held on $300K Bail

(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...

Stanford Bank in Antigua Missing $8B

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

(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...

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

Investigators now believe thieves may have been politically motivated

(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...

FBI Begins Fraud Probe of IndyMac Mortgages

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

(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...

Man Tries to Cash $360B Check
 Man Tries to Cash $360B Check 
May 1, 2008 2:39 PM CDT

Man Tries to Cash $360B Check

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

(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...

SocGen CEO Resigns Over Rogue Trader

Bouton steps down at last; future remains grim for French bank

(Newser) - The CEO of Société Générale will step down, at last bowing to pressure in the wake of the $7.8 billion rogue trading scandal. Although investors and politicians—including French President Nicolas Sarkozy—had demanded Daniel Bouton's resignation immediately after the revelation of Jérôme Kerviel's...

Rogue Trader to Sue SocGen
 Rogue Trader to Sue SocGen 
Apr 3, 2008 8:49 AM CDT

Rogue Trader to Sue SocGen

Kerviel claims his accounts were in the black

(Newser) - The rogue trader whose $7.8 billion in transactions nearly sank Société Générale has filed papers in preparation for a wrongful dismissal lawsuit, the Times of London reports. Jérôme Kerviel will claim the French bank has failed to prove he did anything wrong. He was...

SocGen: Lax Controls Led to $7.2B Fraud

French bank says 24 internal alarms were ignored over 14 months

(Newser) - Rogue SocGen trader Jerome Kerviel, whose unauthorized deals led to a $7.2 billion loss for the French bank, continued his trading for more than a year after the first warning flag was raised in the department that was supposed to detect risky trading, reports the Wall Street Journal. Kerviel...

Credit Suisse Cuts Profits $1B on Trader Errors

Trader 'error' prompts bank to take $2.85B writedown; shares plummet

(Newser) - Credit Suisse share prices plummeted 10% today after the bank announced that some traders had overvalued asset-backed securities, prompting the bank to take a $2.85 billion writedown and drop first-quarter profit projections by $1 billion, Bloomberg reports. Switzerland’s second-largest bank suspended the traders and said it would review...

Lawyer: SocGen 'Condoned' Trader's Deals

Bank couldn't have missed billions in moves: Kerviel's rep

(Newser) - The French trader who lost Société Générale $7.2 billion acted with the tacit support of the banking giant's management, which "condoned" his trades, Jérôme Kerviel's lawyer says. The assertion contradicts executives' claims that Kerviel acted alone. "Jérôme is a smart...

Trader's Alleged Accomplice Released

Second SocGen worker not charged as bank struggles to stay alive

(Newser) - Authorities today released a second suspect in the bank fraud case that cost Société Générale a dizzying $7.09 billion, the Wall Street Journal reports. But the suspect’s ex-colleague, Jerome Kerviel, remains jailed, as the bank and French officials insist he acted alone. Still, prosecutors labeled...

For Reeling SocGen, the Taxman Cometh

Rogue trader won big in '07, and the bank could owe a bundle

(Newser) - As if the $7.17 billion Societe Generale lost at the hands of rogue trader Jerome Kerviel wasn’t enough pain for the French banking giant, it’s now looking at losing another chunk of change—this time to the taxman, reports the Wall Street Journal. Investigators say Kerviel earned...

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