"do their own research, which may cost on the scale of US$50,000 for a fund that is not well-established. A lack of verification of financial documents by investors or by independent auditors has, in some cases, assisted in fraud. In the mid-2000s, Kirk Wright of International Management Associates was accused of mail fraud and other securities violations which allegedly defrauded clients of close to US$180 million. In December 2008, Bernard Madoff was arrested for running a US$50 billion Ponzi scheme that closely resembled a hedge fund and was incorrectly described as one. Several feeder hedge funds, of which the largest"
"with personal debts totalling A$1.8 billion. He was subsequently convicted of fraud and imprisoned after pleading guilty to using his controlling interest in Bell Resources to deceptively siphon off A$1.2 billion into the coffers of Bond Corporation. The funds were used to shore up the cash resources of the ailing Bond Corporation, which spectacularly collapsed, leaving Bell Resources in a precarious situation. Following release, he became active in various mining investments, predominately in Africa, including Madagascar Oil PLC and Global Diamond Resources, of Lesotho and was included in ""Business Review Weekly""'s ""Rich 200 List"" in 2008. On 24 and 25"
"September 2008, the Treasury Department confirmed that both Fannie Mae and Freddie Mac would be placed into conservatorship with the government taking over management of the pair. On September 15, 2008, a day which has been dubbed Meltdown Monday by some News outlets, the 94-year-old Merrill Lynch agreed to be acquired by Bank of America for $50 billion. Also on that day Lehman Brothers, facing a refusal by the federal government to bail it out, filed for Chapter 11 bankruptcy protection. Meanwhile, Goldman Sachs and JP Morgan Chase tried but failed to raise $70 billion to lend AIG. One day"
"Bureau of Investigation (FBI) on December 11, 2008, on a criminal charge of securities fraud. According to the criminal complaint, the previous day he had told his sons that his business was ""a giant Ponzi scheme"". They called a friend for advice, Martin Flumenbaum, a lawyer, who called federal prosecutors and the SEC on their behalf. FBI Agent Theodore Cacioppi made a house call. ""We are here to find out if there is an innocent explanation,"" Cacioppi said quietly. The 70-year-old financier paused, then said: ""There is no innocent explanation."" He had ""paid investors with money that was not there""."
"they left their father's apartment, Mark and Andrew immediately contacted a lawyer, who in turn got them in touch with federal prosecutors and the SEC. On December 11, 2008, Madoff was arrested and charged with securities fraud. Madoff posted $10 million bail in December 2008 and remained under 24-hour monitoring and house arrest in his Upper East Side penthouse apartment until March 12, 2009, when Judge Denny Chin revoked his bail and remanded him to the Metropolitan Correctional Center. Chin ruled that Madoff was a flight risk because of his age, his wealth, and the prospect of spending the rest"
"Bradley Birkenfeld Bradley Charles Birkenfeld (born February 26, 1965) is an American private banker, convicted felon, and whistleblower. During the mid- to late-2000s, he made a series of disclosures about UBS Group AG clients, in violation of Swiss banking secrecy laws, to the U.S. government alleging possible tax evasion. Known as the 2007 """", the U.S. Department of Justice (DOJ) announced it had reached a deferred prosecution agreement with UBS that resulted in a US$780 million fine and the release of previously privileged information on American tax evaders. In the United States, he was convicted by the DOJ for a"
"with a succession of legal scandals. In 2010, the bank’s former chief risk officer was arrested after he received an alleged $50 million corrupt payment in connection with the bank’s 2005 sale of a stake in Formula One motor racing. In a 2012 suit filed in a New York court, BayernLB asserted that Deutsche Bank sold residential mortgage-backed securities to external clients while secretly criticizing them within the bank and ultimately profiting from their failure. By 2014, both banks agreed to settle the $810 million lawsuit out of court. A number of legal cases over BayernLB’s €1.66 billion acquisition of"
"James Nicholson (American businessman) James Michael Nicholson (born 1966) was an American businessman and was the head of the investment firm Westgate Capital Management. The headquarters of Westgate Capital was located in Pearl River, NY. Nicholson was arrested on February 25, 2009 by the FBI and charged by the SEC for allegedly ""defraud[ing] hundreds of investors of millions of dollars"". Nicholson was indicted by the US Attorney for the Southern District of New York, on April 23, 2009, and was sentenced to 40 years in prison after pleading guilty to defrauding investors in the Ponzi scheme. Nicholson is serving his"
"Hassan Nemazee Hassan Nemazee (born January 27, 1950) is a multimillionaire Iranian-American investment banker and convicted felon. Nemazee was born in Washington, D.C. on January 27, 1950 and attended Landon School, graduating in 1968. He received his Bachelor of Arts (BA) degree with Honors from Harvard University in 1972. Nemazee has not returned to Iran since the Iranian revolution. Most of his family's property was seized by the new Iranian government. On August 25, 2009 Nemazee was arrested for fraudulently applying for a loan of over $74 million from Citigroup. The maximum penalty for the offense is 30 years in"
"and are being prosecuted for the crime of ""illegal massive money reception."" The ""Kyiv Post"" reported on 26 November 2008 that American citizen Robert Fletcher (Robert T. Fletcher III; aka ""Rob"") was arrested by the SBU (Ukraine State Police) after being accused by Ukrainian investors of running a Ponzi scheme and associated pyramid scam netting US$20 million. (The ""Kiev Post"" also reports that some estimates are as high as US$150 million.) In the United Kingdom in 2008 and 2009, a £21 million pyramid scheme named 'Give and Take' involved at least 10,000 victims in the south-west of England and South"
"According to the ""New York Times"" and ""Washington Post"" newspapers, the embezzlement was a ""scheme to use forged documents or letters of credit to acquire assets, ""including major state-owned companies"" or ""privatized government assets"", (such as the Khuzestan Steel Company, a major steel producer) at ""one of Iran's top financial institutions"", Bank Saderat. According to government media, the economics ministry tipped the intelligence authorities about suspicious loan applications in the banking system and the main culprits are as of May 2014 in police custody. Iranian state prosecutor Gholam-Hossein Mohseni-Eje'i said 19 people have been arrested for being involved in a"
"building the largest Internet based comedy network in the world. Laikin's National Lampoon partner Tim Durham appointed Laikin to Durham's Obsidian Enterprise board. Laikin was the largest shareholder of National Lampoon, Incorporated. In December 2008, the SEC alleged Laikin conspired to inflate the company's stock price. Laikin stepped down as CEO of National Lampoon in 2008 when armed FBI agents arrested him at his home. In 2010, a federal judge sentenced Laikin to 45 months in prison. He was released in 2013. Laikin was replaced by Tim Durham, who himself was arrested in 2011 for looting more than $200 million"
"from AA to A. Matthew Tannin and Ralph R. Cioffi, both former managers of hedge funds at Bear Stearns Companies, were arrested June 19, 2008. They faced criminal charges and were found not guilty of misleading investors about the risks involved in the subprime market. Tannin and Cioffi have also been named in lawsuits brought by Barclays Bank, which claims they were one of the many investors misled by the executives. They were also named in civil lawsuits brought in 2007 by investors, including Barclays Bank, who claimed they had been misled. Barclays claimed that Bear Stearns knew that certain"
"revealed by the Portuguese newspaper ""Diário de Notícias"" in June 2011. Several key employees of the Angolan Finance Ministry and the BNA in Luande were sentenced to up to eight years in prison in 2011. There are still investigations going on in Portugal and Angola. In 2010, 18 low-level employees of the central bank and finance ministry were arrested for embezzling roughly 137 million USD. In 2010, a US senate corruption investigation committee reported that, ""Aguinaldo Jaime, who served as the governor of the National Bank of Angola from 1999 to 2002, initiated a series of suspicious US$ 50 million"
"Hassan Nemazee was arrested on August 25, 2009 for allegedly defrauding Citi bank by using false documents to secure a loan. Nemazee's additional frauds exceed $100 Million, according to Federal prosecutors In July 2010 he was convicted of multiple counts of bank fraud and wire fraud and was sentenced to 12½ years in prison by U.S. District Court Judge Sidney H. Stein in the United States District Court for the Southern District of New York in Manhattan. The sentence was lighter than the 15½ to 19½ years that prosecutors had wanted. Hassan Nemazee Hassan Nemazee (born January 27, 1950) is"
"the principals would have been immediately arrested if this had occurred in the United States. FitzPatrick issued a statement on the evening of 18 December 2008, linking his resignation with a €87 million loan he had from the bank. Ireland's Minister for Finance, Brian Lenihan welcomed the appointment of a new chairman, Donal O'Connor, an official with a substantial commercial track record, saying he ""seems a natural choice"" for the role. FitzPatrick's resignation came little over two months after he had admitted that his former bank had made mistakes but insisted it had not been ""reckless"". Alongside FitzPatrick's resignation came"
"links to some of Europe's high society to garner clients. The FBI and U.S. Securities and Exchange Commission (SEC) do not believe Magon de La Villehuchet was involved personally in the US$50 billion fraudulent financial Ponzi scheme which Madoff was arrested for masterminding, on 11 December 2008. Bloomberg News reported on 2 January 2009 that the AIA funds had increased aggregate exposure to Madoff from 30% to 75% of a total US$3 billion assets in 2008, for a US$2.25 billion exposure. It also identified Philippe Junot, former husband of Princess Caroline of Monaco, and Prince Michael of Yugoslavia, as partner"
"Felix Brem as CEO of Reuss Private Group. In 2008, the U.S. Federal Bureau of Investigation began probing a multimillion-dollar tax evasion case involving UBS due to disclosures made by Brad Birkenfeld, a former UBS banker in Switzerland, who was arrested entering the United States and cooperated with the US Department of Justice, the US Securities and Exchange Commission, and the US Internal Revenue Service. Concurrently, a United States Senate subcommittee accused Swiss banks, including UBS, of helping wealthy Americans evade taxes through offshore accounts, which it estimated cost of the U.S. excess of US$100 billion annually. In response, UBS"
"2008, after ""Phoenix New Times"" columnist Sarah Fenske broke a story about the 2002 campaign financing embezzlement, Congressman Renzi was indicted on multiple federal charges. The charges included conspiracy, wire fraud, money laundering, extortion and insurance fraud. In October 2009, the government added a conspiracy to commit insurance fraud charge to the indictment. It alleged that Renzi and others willfully embezzled from a risk retention company called Spirit Mountain. In June 2010, Federal District Judge David C. Bury, a 2002 George W. Bush appointee, ruled that procedural errors precluded the prosecution from using available wire-taps as evidence in the case"
"The CIA was prosecuted for the case and Robert Seldon Lady was found guilty in a Milan court. He was sentenced on November 9, 2009 to nine years in prison, according to ""The Guardian"". This verdict was upheld on appeal, but the US refuses to extradite Lady to Italy. Keiser has labeled JPMorgan Chase ""the biggest financial terrorist on Wall Street"" in relation to their alleged manipulation of the price of silver. Keiser created a campaign called ""Crash JP Morgan—buy silver"", whereby people buy silver bullion, thus raising its price and leaving JP Morgan with a huge short position to"
"America, which processed $14 million. as the bank “handled $113.1 million” in Laundromat cash. Others included JP Morgan and Wells Fargo in the United States. More than $6 billion was fraudulently moved, laundered or embezzled from Kazakhstan's BTA Bank by its former Chairman and CEO Mukhtar Ablyazov. In response to the reports, HSBC stated that it was against financial crime, and that the case “highlights the need for greater information sharing between the public and private sectors.” Citi and Standard Standard Chartered responded with statements against the activities, while Wells Fargo, Deutsche Bank, Bank of America, and JP Morgan initially"
"to be politicians. He was succeeded by another Asian American, Ellen Young. In turn, Young lost the September 9, 2008 Democratic primary to Grace Meng. Meng was arrested on federal bribery charges on July 25, 2012. He had allegedly promised to help a defendant bribe Manhattan prosecutors in exchange for a $80,000 cash bribe concealed in a fruit basket. On November 14, 2012, he pleaded guilty to charges of wire fraud for soliciting the $80,000 in cash and falsely claiming that he would use the money to bribe prosecutors in the New York County District Attorney's Office in Manhattan to"
"agents seized banking documents and closed operations of the Hume bank. Soon afterwards Security Bank of neighboring town Rich Hill, Missouri assumed the insured deposits and re-opened the bank as a branch of Security Bank. The bank scandal in 2008 was completely caused by fiscal mismanagement and embezzlement. In 2009, previous Hume Bank president, Jeffrey W. Thompson, 40, of Hume, Mo., plead guilty before U.S. Magistrate Judge Sarah W. Hays to the charges of making false statements to the FDIC as part of a bank fraud scheme that caused such significant losses that the bank was pushed into insolvency. FDIC"
"in Eastern Europe right before the death of Vyacheslav Ivankov as well as Aslan Usoyan. In the same year, Semion Mogilevich was placed on the FBI Ten Most Wanted Fugitives list for his involvement in a complex multimillion-dollar scheme that defrauded investors in the stock of his company YBM Magnex International, swindling them out of $150 million. He was indicted in 2003 and arrested in 2008 in Russia on tax fraud charges, but because the US does not have an extradition treaty with Russia, he was released on bail. Monya Elson said, in 1998, that Mogilevich is the most powerful"
"Bernard Ebbers Bernard John ""Bernie"" Ebbers (born August 27, 1941) is a Canadian businessman who was convicted of fraud and conspiracy as a result of WorldCom's false financial reporting.. He co-founded WorldCom and served as chief executive officer. The WorldCom scandal was, until the Madoff schemes came to light in 2008, the largest accounting scandal in United States history. He is currently serving a 25-year prison term at the Federal Correctional Institution, Fort Worth, in Texas. In 2013, Portfolio.com and CNBC named Ebbers as the fifth-worst CEO in American history. In 2009, ""Time"" named him the tenth most corrupt CEO"
"bank embezzlement scandal. ""The Washington Post"" reports 22 suspects ""including businessmen and bank officials"" have been arrested, and the chiefs of two banks have been dismissed. On 27 September 2011, Mahomud-Reza Khavari abruptly resigned as the managing director of Bank Melli and flew to Canada after the bank was implicated in the fraud. However, a spokesman for the bank stated that Khavari had gone to Canada for ""ordinary business reasons"". The investigation determined that Mahafarid Amir Khosravi had masterminded the scheme, with his Aria Investment Development Company being the primary recipient of the loans. Khosravi was convicted of embezzlement, money"
"Fuld as one of the ""Ten Most Wanted: Culprits of the Collapse"" of the 2008 financial collapse in the United States; he was placed at number 9 on the list. In December 2008, Fuld was given the ""Lex Overpaid CEO"" award of the ""Financial Times"" for having received $34 million in 2007 and $40.5 million in 2006, the last two years before his bank's failure. In April 2009, Condé Nast Portfolio ranked Fuld as the worst American CEO of all time. Richard S. Fuld Jr. Richard ""Dick"" Severin Fuld Jr. (born April 26, 1946) is an American banker best known"
"the lending bank in the United States and updated Meir and Itzhak Abergil on its balance. Sasson Barashi of Jerusalem and Hai Vaknin of Los Angeles identified borrowers and businesses and also saw to the collection of the money. Yoram Elal, who has fled to Brazil, was responsible for special-operations. The activities have been documented in hundreds of surveillance reports, photographs and phone calls, which were recorded by police departments all over the world and are detailed in the indictment. The US State Department considers the Abergils as one of the world's top 40 drug importers to the US. US"
"Karzai and Ahmed Wali Karzai. This resulted in nearly $1 billion ($900 million) in Kabul Bank's deposits seemingly vanishing into Dubai and other off-shore locations and unknown offshore bank accounts and tax havens. Hundreds of millions of U.S. dollars were often smuggled and flown out of Afghanistan secretly stashed in bags and airline food trays On November 28, 2012, the Independent Joint Anti-Corruption Monitoring and Evaluation Committee published its report and declared in a news conference that US$5 billion, including $400 million the Kabul Bank’s shareholders, were illegally transferred abroad. About 22 people are accused of embezzlement in the case,"
"to U.S. authorities, Birkenfeld was arrested in Boston on 7 May 2008 when he deplaned from Switzerland arraigned at the U.S. District Court, Southern District of Florida on 13 May. Birkenfeld resigned his position with Union Charter on 3 June 2008 after agreeing to plead guilty to not disclosing accurate information. As a private banker, Birkenfeld advised California real estate developer Igor Olenicoff, to evade U.S. taxes worth approximately US$200 million. Olenicoff subsequently pleaded guilty to tax evasion and paid a $52 million fine, but avoided a jail sentence. U.S. District Judge William Zloch charged him with a single count"
"would cease providing cross-border private banking services to US-domiciled clients through its non-US regulated units as of July 2008. In November 2008, a U.S. federal grand jury indicted Raoul Weil, Chairman and CEO of UBS Global Wealth Management and Business Banking and member of UBS's Group Executive Board, in connection with the ongoing investigation of UBS's US cross-border business. UBS would eventually cut ties to Raoul Weil in May 2009 and he would face charges after UBS had settled its criminal case with the government. UBS agreed on 18 February 2009 to pay a fine of US$780 million to the"
"is unclear. Back in the United States, he garnered infamy when his elaborate financial empire, centered around the World Finance Corporation which he founded in 1971, came crashing down in 1977 — the scandal was estimated to have cost depositors and taxpayers on three continents more than $50 million. He was captured using forged passports to leave Miami after escaping from the United Arab Emirates (despite the confiscation of his real passport). In 1982, he was charged in court with a number of crimes, mainly money laundering, drug and arms trafficking, and embezzlement. For some reason, all charges except income"
"a Ponzi scheme and misreported his background to investors, by claiming that he had been a vice-president at Morgan Stanley and had an MBA degree from the University of California at Irvine. The SEC announced on April 27 that it had obtained a freeze on the assets of Pang and his two firms, as well as an order to turn in his passports. His former partner, Nasar Aboubakare, has also claimed in a lawsuit that the firm was a Ponzi scheme. Pang was confined to his house on bail. His criminal trial had been delayed until August 18, 2010. He"