fraud

  • How to spot the danger signs of fraud

    When it comes to investments, remember the old saw: If it sounds too good to be true, it probably is.

    By James Sterngold, contributor

    FORTUNE -- When it comes to fraud, most people assume that financial neophytes are the most frequent victims. But recent research by AARP contradicts that notion. The dupes, it turns out, are more likely to be male, well-educated, older, and more financially literate than the average person, MORE

    Dec 10, 2012 5:00 AM ET
  • Barclays the biggest Libor liar? No, that may have been Citi

    A trio of studies indicates that Citigroup understated its borrowing costs more than others.

    Update 7/20, 10:00 A.M.

    FORTUNE -- Earlier this week, Citigroup CEO Vikram Pandit told analysts not to use Barclays' $450 million Libor settlement as a guidepost for what his firm might have to pay. And he could be right. Citigroup (C) might end up paying much more.

    A number of studies have shown that when it comes to lying MORE

    - Jul 19, 2012 12:18 PM ET
  • CalPERS fraud case raises new questions

    New charges in public pension corruption saga.

    FORTUNE -- The Securities and Exchange Commission yesterday filed federal fraud charges against CalPERS CEO Fred Buenrostro and his placement agent pal Alfred Villalobos, alleging that they bilked private equity firm Apollo Global Management (APO) out of around $20 million.

    For regular readers, this shouldn't be too surprising. Buenrostro and Villalobos were the tips of a pay-to-play spear that corrupted the nation's largest public pension MORE

    - Apr 24, 2012 9:58 AM ET
  • The Wall Street multibillion-dollar scandal no one is talking about

    The LIBOR trading scandal could turn out to be far worse for Wall Street than its mortgage troubles.

    FORTUNE -- Much of the talk about bad behavior on Wall Street since the financial crisis has been about mortgages with a little bit of insider trading sprinkled in. And that makes sense. Everyone immediately understands what a mortgage is. And the housing bust that resulted from all those bad home loans affected MORE

    - Mar 23, 2012 5:00 PM ET
  • The Bear Stearns saga lives on

    The story doesn't end for two former hedge fund managers who beat a fraud rap and are looking for a fresh start.

    By James Bandler, editor-at-large

    FORTUNE -- Three years ago in June when the feds charged a pair of Bear Stearns hedge fund managers with conspiracy, securities fraud, and wire fraud for their roles in the collapse of the funds, they were expected to be at the front of the cavalcade MORE

    Aug 12, 2011 5:00 AM ET
  • SEC whacks Morgan Keegan manager

    Regulators have finally located a fraud for which they can hold an actual person accountable.

    The Securities and Exchange Commission agreed Wednesday to settle a bubble-era subprime fraud suit against broker Morgan Keegan. And in an unusual twist, it managed to wring a stiff settlement out of the guy who oversaw the alleged fund-overpricing scheme.

    Morgan Keegan will pay $200 million to settle charges it defrauded customers by selling mutual fund shares at MORE

    - Jun 22, 2011 1:07 PM ET
  • How the SEC saved us from hipster beer fraud

    The SEC has just popped the top on a scheme that doesn't quite rival Bernie Madoff.

    In a case that gives new meaning to the British term "small beer," our courageous securities regulators today nabbed two guys who made no money running an online gag about Pabst Blue Ribbon.

    Two advertising executives, Michael Migliozzi II of California and Brian William Flatow of Connecticut, agreed Wednesday to cease and desist from running a web MORE

    - Jun 8, 2011 1:18 PM ET
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  • Sino-Forest fire singes bubble king Paulson

    The biggest loser in the latest apparent Chinese reverse merger fraud is John Paulson.

    Paulson, the hedge fund manager who made billions betting against the housing market at the end of the bubble, is the biggest shareholder of a company called Sino-Forest (SNOFF). That stock lost two-thirds of its value this week, including 17% Friday, after a short-seller released a report claiming the company was a fraud.

    The selloff leaves Paulson, whose firm held MORE

    - Jun 3, 2011 12:42 PM ET
  • Big-bank CEOs: the billion-dollar bust

    Has any group ever been more richly rewarded for failure than the CEOs of the six biggest U.S. banks? 

    Over the past decade the too-big-to-fail banks have showered a staggering $1.15 billion in cash and stock on a changing cast of hard-charging if inept chief executives, according to regulatory filings. That works out to an average paycheck of $19 million a year – this in a decade in which the biggest banks ripped off everyone in sight on MORE

    - May 24, 2011 6:40 AM ET
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  • Dethroning Raj gives feds an overdue win

    Ring the bells! The  government actually managed to convict someone of ripping off those of us who, willingly or otherwise, entrust our financial futures to the markets.

    A federal jury on Wednesday found hedge fund manager Raj Rajaratnam guilty of all 14 counts of conspiracy and fraud, after he scored $64 million in a long-running insider trading scam.

    Rajaratnam, 53, now faces 20 years in prison. Here's hoping they throw away the key.

    Because the decision hands the government MORE

    - May 11, 2011 11:18 AM ET
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