FraudInfo

Trading on Illegal Tips

Mandy Moody — Tue, 22 May 2012 15:54:20 +0000

Yahoo executive, fund manager plead guilty to insider trading

Bloomberg

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.

Read the full article here.

The Life of a Fraudulent Fish

Mandy Moody — Mon, 21 May 2012 19:10:45 +0000

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.

Certified Fraud Examiners Release 2012 Report

Mandy Moody — Fri, 11 May 2012 19:42:49 +0000

"…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.

Read the full article.

Report: Fraud Loss at $3.5 Trillion Globally

Mandy Moody — Fri, 11 May 2012 19:14:50 +0000

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.

Interpol to Crack Down on Cyber Crime

Mandy Moody — Tue, 08 May 2012 20:02:06 +0000

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.

U.S. Charges More Than 100 for Medicare Fraud Schemes

Mandy Moody — Thu, 03 May 2012 18:41:07 +0000

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.

Read the full article.

Adelphia Fraud Funds Give More Than $728 Million to Victims

Mandy Moody — Tue, 01 May 2012 16:22:38 +0000

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.

Read the full article.

Remington Financial Founder Accused of $10 Million Fraud

Mandy Moody — Fri, 27 Apr 2012 19:02:07 +0000

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.

Read the full article.

S.E.C. Charges Former Calpers Chief With Fraud

Mandy Moody — Tue, 24 Apr 2012 15:18:55 +0000

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.

Read the full article.

US Charges British Twins Over $1.2m 'Stock Robot' Fraud

Mandy Moody — Mon, 23 Apr 2012 16:12:16 +0000

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.

Read the full article.