Connect to share and comment

Man sentenced to 28 years in Ohio veterans charity fraud case

By Kim Palmer CLEVELAND (Reuters) - A man convicted of running a fake charity for U.S. Navy veterans, that raised nearly $100 million from donors in 40 states, was sentenced to 28 years in prison on Monday by an Ohio judge. John Donald Cody, 67, known by his alias Bobby Thompson, was convicted by a Cuyahoga County jury in November on 23 counts, including identity fraud and using a false name in a scam. Cuyahoga County Judge Steven Gall also fined Cody more than $6 million.

Lawyer sentenced in RI to 6 years in investment scheme that targeted terminally ill people

PROVIDENCE, R.I. - A federal judge sentenced a Rhode Island lawyer to six years in prison Monday for his role in a $46 million investment fraud that preyed on terminally ill people, calling him the architect of the scheme and saying he didn't seem to recognize the harm he had caused. Joseph Caramadre was sentenced in Providence after pleading guilty to wire fraud and conspiracy. His lawyers asked for two years in prison and two years in home confinement. Prosecutors sought 10 years.

Arrest warrant sought for Hyosung chairman

SEOUL, Dec. 13 (Yonhap) -- Prosecutors said Friday they are seeking an arrest warrant for the head of family-run conglomerate Hyosung Group on suspicions that he created large amounts of slush funds and evaded taxes. Chairman Cho Suck-rai, who was summoned by prosecutors twice earlier this week for questioning, is facing multiple charges including embezzlement, tax fraud and breach of trust, prosecutors said.

Ukrainian sent to US prison in cybercrime case

A Ukrainian national who admitted to setting up a huge online marketplace for stolen financial data was sentenced to serve 18 years in a US prison Thursday, officials said. Roman Vega, 49, pleaded guilty in 2009 to conspiracies to commit money laundering and access device fraud and has been in jail ever since pending a formal sentencing. He was sentenced by New York federal judge Allyne Ross, according to a Justice Department statement.

UK fraud prosecutor launches review after Dahdaleh case collapses

LONDON (Reuters) - Britain's leading fraud prosecutor said on Wednesday it would launch a full review of the circumstances that led to the collapse of the high-profile corruption trial of British Canadian businessman Victor Dahdaleh. "As with all our casework, the SFO (Serious Fraud Office) will undertake a full review of the circumstances of this case with a view to learning any lessons that can be applied to future cases," the agency said in an emailed response to questions.

UK Serious Fraud Office case against British-Canadian businessman Victor Dahdaleh collapses

LONDON - A U.K. case against Canadian-British billionaire Victor Dahdaleh collapsed Tuesday, clearing the tycoon of allegations he bribed senior officials at Aluminium Bahrain BSC, known as Alba. The Serious Fraud Office dropped the case after concluding there was no realistic prospect of conviction. The case fell apart after a key witness changed his story and two American witnesses refused to take part. The collapse of the case will be embarrassing to the SFO, which is seeking to rebuild its reputation under new leadership.

UK bribery trial collapses in blow to anti-fraud agency

By Estelle Shirbon LONDON (Reuters) - One of Britain's biggest corruption trials in years came to an abrupt halt on Tuesday when the Serious Fraud Office (SFO) called off the prosecution of businessman Victor Dahdaleh in a further setback for its already tarnished reputation. The SFO had accused Dahdaleh of paying some $67 million in bribes to former managers of Aluminium Bahrain (Alba) <ALBH.BH> the world's fourth-biggest aluminum smelter, between 1998 and 2006 in return for a cut of contracts worth over $3 billion.

US Rep. Alan Grayson of Florida loses $18M in fraud scheme

MCLEAN, Va. - Court papers show a Florida congressman lost $18 million in a scheme that cheated him and more than 100 other people out of money. Florida Democrat Alan Grayson should have been able to cash in on tens of millions of dollars in returns on his stock portfolio, but prosecutors say the Virginia man behind the scheme sold the stocks out from under Grayson when they should have been kept as loan collateral. William Dean Chapman, of Sterling, Va., was sentenced to 12 years in prison Friday for cheating 122 investors out of more than $35 million.

Chinese man given life imprisonment for Ponzi scheme

HANGZHOU, Nov. 30 (Xinhua) -- A man has been sentenced to life in prison for orchestrating a Ponzi scheme involving more than 30 million yuan (4.9 million U.S. dollars), a court in southeast China's Zhejiang Province said on Saturday. Wang Xiaoqing, 30, collected money by offering double-digit interest rates, the Intermediate People's Court in the city of Quzhou said. Wang told investors that the funds would be used to build a hotel. Most of the money was spent on paying interest and on Wang's extravagant lifestyle, the court said.

Settlement talks between Madoff trustee, investor collapse: WSJ

(Reuters) - A planned $800 million settlement between Kingate Management, one of the largest investors in Bernard Madoff's fraud, and a court-appointed trustee recouping money for the swindler's victims has broken down, The Wall Street Journal said on Thursday, citing people familiar with the matter.
Syndicate content