Crooked Consultants Steal $80 Million Over 5-Year Period

Four consultants busted for 'scamming' city's payroll system

New York Post

It's payback time. Four crooked consultants hired to improve the city's troubled CityTime payroll system have been busted for allegedly swindling a staggering $80 million over the past five years. "In an ironic twist, a project intended to prevent payroll waste, fraud and abuse was itself allegedly bilked in part by fraudulent time-keeping," said Manhattan US Attorney Preet Bharara.

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Picard Sues Austrian Banker Sonja Kohn

Madoff Trustee Sues ‘Criminal Soul Mate’ For $19.6B

FINalternatives

Irving Picard, the court-appointed receiver seeking to recoup money for victims of the Bernard Madoff Ponzi scheme, saved his biggest bid for last.

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Picard Continues to File Cases Before Dec. 15 Deadline

Madoff trustee's major lawsuits over epic fraud

Reuters

The trustee seeking to recoup money from Bernard Madoff's Ponzi scheme is suing hundreds of individuals, banks and funds around the world that he asserts benefited improperly from the epic fraud.

Read the full article, featuring a detailed list of all of the cases, here.

Federal Task Force Busts More Than 500 Fraudsters

The Washington Post

'Operation Broken Trust' ends with charges for more than 500 people in fraudulent investment schemes

Federal authorities announced Monday that they had charged hundreds of defendants in "Operation Broken Trust," a 31/2-month effort to stop investment fraud that has caused $10.4 billion in investor losses.

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Online Ad Farce Exposed

Bloomberg Businessweek

Ponzi Scheme Posed as Online Ad Company, U.S. Charges

A federal grand jury in Washington accused a Florida man of bilking investors in a $110 million Ponzi scheme that masqueraded as an online advertising company called AdSurfDaily Inc.

Read the full story here.