Yahoo executive, fund manager plead guilty to insider tradingBloomberg
A former Yahoo! Inc. (YHOO) executive and a former mutual fund manager at a unit of Ameriprise Financial Inc. (AMP) pleaded guilty to insider trading and resolved civil complaints by federal securities regulators.
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How seafood fraud works
The Boston Globe via YouTube
Fish is often mislabeled along the supply chain from hook to fork. A Boston Globe investigation uncovered widespread seafood fraud, and this video illustrates one clear example of how seafood fraud -- in this case Vietnamese catfish mislabeled as grouper -- occurs in the United States.
Watch the video and read more about the investigation here.
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"…what is most striking about the data we gathered is how consistent the patterns of fraud are around the globe and over time."
Forbes
The Association of Certified Fraud Examiners (ACFE), released its 2012 Report to the Nations based on data complied from a comprehensive study of over 1,300 cases of fraud over the past two year.
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Most of the trends in fraud schemes, perpetrator characteristics, and anti-fraud controls are similar regardless of where the fraud occurred.
Compliance Week
Not sure whistleblower hotlines are an essential tool for detection of fraud? You may want to check out the latest data from the Association of Certified Fraud Examiners. According to the ACFE's 2012 Report to the Nations, occupational fraud was detected through tips from insiders more than by any other method (43 percent) in 2011, and most of those tips came from employees.
Read the full article.
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Interpol said it is making the war against cyber crime a priority as online fraud crosses borders and increases in scope
Seattle Times
Khoo Boon Hui, president of the global police network, told a conference of 49 European member states that cyber crime is becoming more transnational. He pointed to a study published in March by the London Metropolitan University that found 80 percent of online crime is connected to cross-border organized gangs.
Read the full article.
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Biggest Medicare fraud sweep to date
Reuters
U.S. authorities have charged 107 people, including doctors and nurses, for trying to defraud the federal Medicare healthcare program for the elderly and disabled of about $452 million, the biggest Medicare fraud sweep to date.
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Largest single distribution of forfeited assets to victims in the Department of Justice’s history
BusinessWeek
More than $728 million forfeited in connection with the criminal prosecutions of Adelphia Communications Corp. founder John Rigas, and his son Timothy, is being paid to victims, prosecutors said.
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Andrew Bogdanoff accused of taking part in a $10 million "advance fee" fraud scheme.
Bloomberg
Bogdanoff and five other people were charged in a 33-count indictment announced today by federal prosecutors in Philadelphia. Bogdanoff was charged with money laundering, conspiracy and filing false tax returns.
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Federico R. Buenrostro charged with defrauding private equity firm of $20 million.
New York Times
Federal regulators charged the former chief executive of the nation’s largest pension fund on Monday with defrauding a private equity firm into paying $20 million to his close friend, the latest case to raise questions about suspected conflicts of interest at state retirement funds.
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Twins allegedly snared 75,000 investors with bogus stock-picking software.
BBC News
Twin brothers from England face U.S. civil charges for allegedly defrauding investors out of $1.2m (£745,000) through a bogus stock-picking robot.
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