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Tag: Fraud


Pro-Troop Charity Misleads Donors While Lining Political Consultants’ Pockets

Move America Forward has collected millions to send care packages to U.S. troops. But its appeals often rely on images and stories borrowed without permission, and its assets have been used to benefit political consulting firms and PACs.

Posted on Aug 6, 2014 READ MORE



Big Banks Hit With Monster $250 Billion Lawsuit in Housing Crisis

In June, investors led by the world’s largest asset manager and the world’s largest bond-fund manager sued some of the world’s largest banks for breach of fiduciary duty as trustees of their investment funds. The investors are seeking damages for the equivalent of 1 million homeowners with $250,000 in damages suing at one time.

Posted on Jul 17, 2014 READ MORE



T-Mobile Slapped With FTC Lawsuit for Phony Charges

Some T-Mobile customers have paid extra fees for text-based services they didn’t agree to include in their cellphone charges, and now the Federal Trade Commission is on the mobile giant’s case with an inquiry and a lawsuit.

Posted on Jul 1, 2014 READ MORE



The Global Banking Game Is Rigged, and the FDIC Is Suing

Taxpayers are paying billions of dollars for a swindle pulled off by the world’s biggest banks, using a form of derivative called interest-rate swaps. And the Federal Deposit Insurance Corporation has now joined a chorus of litigants suing over it.

Posted on Apr 13, 2014 READ MORE



Mike Licht, NotionsCapital.com (CC BY 2.0)

Judge Blasts Feds for Failure to Go After Wall Street Fraudsters

A federal judge and former Wall Street fraud prosecutor asks why no Wall Street bankers went to jail in the aftermath of the financial collapse that led to the Great Recession. Good question. Then he goes on to answer it.

Posted on Dec 17, 2013 READ MORE



AP/Arni Torfason

Iceland Sends Four Bank Bosses to the Slammer

The onetime CEO of Iceland’s Kaupthing Bank, one Hreidar Mar Sigurdsson, is going to jail for five and a half years for his part in his firm’s downfall—which also helped his country’s economy bottom out in 2008. He’ll be in good company.

Posted on Dec 12, 2013 READ MORE



VBC17 (CC BY-ND 2.0)

What an Underfunded IRS Means for Fraudsters

A $100 million charity fraud that a former Army intelligence officer almost pulled off underscores the criminal enrichment opportunities that weakened oversight bureaus offer clever thieves.

Posted on Dec 1, 2013 READ MORE



George W. Bush Hospitalized, Government Sues Bank of America, and More

A look at the day’s political happenings, including the first charges filed in the deadly Benghazi terrorist attacks and a look at the donations of The Washington Post’s new owner.

Posted on Aug 6, 2013 READ MORE



meddygarnet (CC BY 2.0)

Fraud Occurred in Election of Prime Minister Harper, Canadian Court Rules

The Canadian Federal Court has found instances of fraud in the 2011 election won by the Conservative Party’s Stephen Harper.

Posted on May 28, 2013 READ MORE



Richard Elzey (CC BY 2.0)

Fraud No Impediment to Foreclosure, Florida Lawmakers Decide

Legislation passed Friday in Florida “prevents a homeowner who loses a foreclosure case from recovering the property, even if the bank’s actions are later determined to be fraudulent,” the Sarasota Herald-Tribune reports.

Posted on May 8, 2013 READ MORE



AP/Karim Kadim

Iraq Still Uses Fake Bomb Detectors

A British businessman was convicted Tuesday of fraud for selling fake bomb detectors for as much as $40,000. Despite being “completely incapable of detecting explosives,” as police Detective Superintendent Nigel Rock put it, the devices are still in use.

Posted on Apr 24, 2013 READ MORE



Stewart (CC BY 2.0)

Seafood Fraud Abounds in the United States (Video)

Behold another example of the collapse of U.S. regulatory structure: One of the largest seafood fraud investigations in the world found that one-third of seafood products sold in restaurants and grocery stores across the country were mislabeled according to Food and Drug Administration standards.

Posted on Feb 27, 2013 READ MORE



AP/Evan Vucci

Jesse Jackson Jr. Loses the Right to Vote

Pleading guilty to fraud and facing as many as five years in prison, former Congressman Jesse Jackson Jr. tearfully acknowledged Wednesday that he was losing one of the rights for which his father fought.

Posted on Feb 20, 2013 READ MORE



AP/Michael S. Green

Crony Capitalism’s Power Couple

Where are Phil and Wendy Gramm hiding now that UBS, like Enron before it, has been nailed by the G-men?

Posted on Dec 21, 2012 READ MORE



ra_hurd (CC BY 2.0)

Some Donations to Scott Walker Flagged as Potential Fraud

When MaryAnn Nellis tried to pay for groceries on April 14, her credit card was declined. She later found out why: Her credit card company, Capital One, had flagged an earlier purchase as potentially fraudulent. The problem? A $5 donation to Friends of Scott Walker, the Wisconsin governor’s campaign committee, which she claimed not to have made.

Posted on May 21, 2012 READ MORE



AP / Cliff Owen

Banks, Gov’t Strike $25B Deal in Foreclosure Fraud Settlement

On Thursday, state and federal government representatives announced that five major banks—Wells Fargo, Bank of America, Ally Financial, Citigroup and JPMorgan Chase—had agreed to pay their part in a settlement of more than $25 billion stemming from the mortgage market meltdown that caused millions of Americans to lose their homes.

Posted on Feb 9, 2012 READ MORE



Flickr / futureatlas.com (CC-BY)

SEC Slaps Former Fannie, Freddie Execs With Fraud Charges

It’s a start, but let’s hope Friday’s fraud charges against six former higher-ups at Fannie Mae and Freddie Mac don’t represent the only attempts that the Securities and Exchange Commission will make to hold financial executives responsible for the disastrous economic mess that’s still upon us.

Posted on Dec 16, 2011 READ MORE



AP / Alexander Zemlianichenko Jr.

More Protests Lead to Mass Arrests in Moscow

So much for United Russia. That’s the optimistic name of Russian Prime Minister Vladimir Putin’s party, which drew accusations of voting fraud and incited protests after Sunday’s parliamentary election. The demonstrations continued Tuesday in Moscow and two other Russian cities, leading to hundreds of arrests and two counter-protests.

Posted on Dec 6, 2011 READ MORE



Eflon (CC-BY)

We Deserve the Truth From Citigroup, Judge Rules

A federal judge will not accept the SEC’s settlement with Citigroup for defrauding its customers of more than $700 million in just one of the firm’s lousy investment opportunities. (more)

Posted on Nov 28, 2011 READ MORE



Flickr / twicepix (CC-BY-SA)

UBS Trader Charged With Fraud

The trader arrested on suspicion of costing Swiss banking giant UBS more than $2 billion in unauthorized trades was charged Friday with fraud and two counts of false accounting dating as far back as 2008.

Posted on Sep 17, 2011 READ MORE



Flickr / respres (CC-BY)

U.S. Agency Set to Sue Big Banks on Mortgage Deals

The Federal Housing Finance Agency is set to file lawsuits against more than a dozen big banks for allegedly misrepresenting the quality of mortgage securities they were assembling and peddling at the height of the housing bubble. (more)

Posted on Sep 2, 2011 READ MORE



U.S. Army / Staff Sgt. Bronco Suzuki

U.S. Wasting $12M Daily on War Contracts

A three-year study by a nonpartisan panel reported Wednesday that the U.S. wasted between $31 billion and $60 billion, or about $12 million every day, on wartime contracts for services in Iraq and Afghanistan over the last decade. (more)

Posted on Aug 31, 2011 READ MORE



james.gordon6108 (CC-BY)

U.S. Wasted $30 Billion on Contractors

By an estimate its co-chairs call conservative, the bipartisan Commission on Wartime Contracting has found that the government wasted $30 billion on the use of private contractors in Iraq and Afghanistan. The co-chairs, writing in The Washington Post, say that number could double. (more)

Posted on Aug 29, 2011 READ MORE



Wikimedia Commons

Anonymous Leaks BofA Exposé

The hacktivist group Anonymous has thus far distinguished itself primarily with its public grapplings with Scientology, but now the network of online provocateurs has edged into WikiLeaks territory with its first release of potentially compromising information about a Bank of America subsidiary.

Posted on Mar 14, 2011 READ MORE


Richard Fuld Jr.
World Economic Forum / Remy Steinegger

Lehman Execs May Escape Charges

Officials at the SEC have begun to doubt that the agency can prove that executives of the now-defunct Lehman Brothers investment bank broke the law after the company allegedly moved billions of dollars off its balance sheet.

Posted on Mar 12, 2011 READ MORE


Madoff
AP / Louis Lanzano

Madoff Speaks

It’s hard to believe that it has already been two years since the implosion of Bernie Madoff’s devastating Ponzi scheme, and it’s hard to comprehend why the fallen financier would choose this moment to unburden himself to New York magazine’s Steve Fishman ...

Posted on Mar 1, 2011 READ MORE


‘Democracy Now’: Matt Taibbi’s Still on Wall Street’s Case

Good thing for that, too, as the middle and lower classes are clearly still feeling the fallout from Wall Street bandits’ fraudulent scheming. Here, Taibbi names some names and tells Amy Goodman how the architects of our current economic catastrophe got away with their crime ... so far.

Posted on Feb 24, 2011 READ MORE



Wikimedia Commons / Agência Brasil (CC-BY)

Egypt Freezes Mubarak Family Assets

Now that Hosni Mubarak has exited his post as Egypt’s president, his reportedly extensive wealth is no longer protected by his position, and authorities in his homeland have moved to freeze his assets, as well as those of his family members, in the midst of a fraud investigation.

Posted on Feb 21, 2011 READ MORE


Madoff pleads guilty
AP / Louis Lanzano

JPMorgan Chase Execs Doubted Madoff Before the Fall

It appears that some higher-ups at JPMorgan Chase were on to fraudster Bernie Madoff nearly two years before the catastrophic implosion of his Ponzi scheme, but said execs didn’t take this knowledge as reason enough to stop doing business with him.

Posted on Feb 3, 2011 READ MORE


When Banks Are the Robbers

The big banks that caused the collapse of the global finance market, and received tens of billions of dollars in taxpayer-funded bailouts, have likely been engaging in wholesale fraud against homeowners and the courts.

Posted on Oct 19, 2010 READ MORE



U.S. Army / Staff Sgt. Ken Denny

Corruption in Afghan Elections

Remember when President Bush said the U.S. would bring democracy to Afghanistan? Afghan and Western officials have indicated that last month’s elections were so fraudulent that almost 25 percent of all votes cast will be thrown out.

Posted on Oct 17, 2010 READ MORE



Goldman Sachs Slapped With Hefty Fine in U.K.

Goldman Sachs hasn’t been the most popular name in finance lately on this side of the Atlantic, and now the Brits have jumped into the fray, hitting the banking behemoth with a $31 million fine for keeping its stateside troubles secret from U.K. authorities.

Posted on Sep 8, 2010 READ MORE



bismark.se

Electronic Voting That Might Actually Work

The digital age hasn’t been very good for elections, at least when it comes to the actual recording and counting of votes. But some big brains are out to change all that. Here is a system that would let you vote anonymously and allow you to verify that your vote was recorded accurately. (continued)

Posted on Jul 26, 2010 READ MORE



AP / Mark Lennihan

AIG Settles for $725 Million

American International Group, 80 percent owned by the U.S. government, has announced it will pay out $725 million in a settlement of a securities fraud lawsuit, begun in 2004, that accused the insurance Gargantua of accounting fraud and stock manipulation.

Posted on Jul 16, 2010 READ MORE



Iraq Electoral Commission

Iraq’s Election Results Stand

The Iraqi electoral commission has upheld the results of the country’s parliamentary election after a partial recount demanded by the incumbent prime minister, Nouri al-Maliki, whose coalition finished second in the voting.

Posted on May 16, 2010 READ MORE


And Nothing But the Truth

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Posted on May 2, 2010 READ MORE


Somali Pirates Say They Are Subsidiary of Goldman Sachs

The pirate leader acknowledged that they merged their operations with Goldman in late 2008 to take advantage of the more relaxed regulations governing bankers as opposed to pirates, “plus to get our share of the bailout money.”

Posted on May 2, 2010 READ MORE


How Wall Street Creates Socialists

No leftist polemicist could come up with as damning a description of contemporary capitalism as the contents of an e-mail that Goldman’s Fabrice “Fabulous Fab” Tourre sent to his girlfriend.

Posted on Apr 28, 2010 READ MORE


Goldman CEO to Perform Community Service as Treasury Secretary

A Treasury Department spokesperson said that by performing community service as treasury secretary, Lloyd Blankfein will do less harm to the economy because he will have significantly less power than he had as chairman of Goldman.

Posted on Apr 25, 2010 READ MORE


Goldman’s Shell Game

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Posted on Apr 19, 2010 READ MORE


Goldman Sachs
AP / Mark Lennihan

SEC Slaps Goldman Sachs With Fraud Suit

In a move that may signal the beginning of the end of Goldman Sachs’ golden era, the Securities and Exchange Commission filed a civil suit Friday against the banking behemoth, accusing the company of selling customers subprime mortgage derivatives ... (continued)

Posted on Apr 16, 2010 READ MORE



Wink-Wink, Nudge-Nudge: Karzai’s Alleged Drug Problem

Peter Galbraith, the former U.N. envoy who claims he was fired for trying to confront the election fraud in Afghanistan, says of Hamid Karzai: “In fact, some of the palace insiders say that he has a certain fondness for some of Afghanistan’s most profitable exports.” (video after the jump)

Posted on Apr 6, 2010 READ MORE


Karzai
bbc.co.uk

Karzai Blames U.N. for Election Fraud

Although Afghan President Hamid Karzai acknowledged Thursday that last year’s presidential election had been greatly hindered by fraud, his assessment as to the source of the problem came as a surprise to the president’s main target.

Posted on Apr 1, 2010 READ MORE



U.S. Air Force / Staff Sgt. Jessica J. Wilkes

They Don’t Build Democracies Like They Used To

Iraq’s recent election was supposed to remove Nouri al-Maliki from power, but the prime minister, sounding rather like a Bond villain, declared “the game is still very much on.” Now a governmental commission created to keep Baathists out of public life says that on the night before the election it banned six candidates who went on to win.

Posted on Mar 29, 2010 READ MORE



Flickr / Don Hankins

Internet Fraud Losses Doubled in 2009

From Nigerian “millionaire” plans to “FBI agent” schemes, millions of dollars have been lost to scams on the Internet. Last year saw reported losses from Internet fraud more than double, rising from $264.6 million in 2008 to $559.7 million in 2009.

Posted on Mar 13, 2010 READ MORE


Obama
AP / Charles Dharapak

Obama Slams ‘Insurance Company Abuses’ at Health Care Rally

“Improper payments” figured among the many symptoms of an ailing health care system that President Obama railed against during a pep rally for health care reform near St. Louis on Wednesday—the latest stop in his U.S. tour to drum up support for his controversial cause.

Posted on Mar 10, 2010 READ MORE


McChrystal in Afghanistan
AP / Anja Niedringhaus

Keeping Afghanistan Safe From Democracy

The most idiotic thing being said about America’s involvement in Afghanistan is that the best way to protect the 68,000 U.S. troops there now is by putting an additional 40,000 in harm’s way. 

Posted on Nov 3, 2009 READ MORE


Hamid Karzai
Wikimedia Commons / Tapand

Without an Opponent, Karzai Declared Winner

Afghanistan’s Independent Election Commission has declared President Hamid Karzai the winner of a second five-year term after his rival Abdullah Abdullah dropped out of the race. Abdullah said the runoff would be just as corrupt as the original election and withdrew in protest. (continued)

Posted on Nov 2, 2009 READ MORE


Abdullah
AP / Musadeq Sadeq

Karzai, Abdullah at Odds About Afghan Election Official

Considering the outcome of the last presidential election, or attempt at same, in Afghanistan, it’s not surprising that Hamid Karzai’s challenger, Abdullah Abdullah, would balk at the idea of letting the same polling officials head the voting effort during the runoff slated for Nov. 7.

Posted on Oct 26, 2009 READ MORE


Karzai votes

Afghanistan: Fraud, Opium and Taliban

If an athlete is caught cheating in the Olympics or another sports competition, that person is disqualified, and it is seen as a disgrace. In the case of the recent election in Afghanistan, however, cheating has been rewarded and even praised by no less than the president of the United States, says Link TV’s Jamal Dajani in this week’s “Mosaic Intelligence Report.”

Posted on Oct 23, 2009 READ MORE


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