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Fourth officer charged in US Navy bribery scandal

A fourth US Navy officer has been charged with leaking information to a foreign defense contractor in exchange for cash and other gifts in a widening bribery scandal, officials said Thursday. Petty Officer First Class Dan Layug, 27, was arrested Wednesday in San Diego and appeared in court Thursday, when a judge released him with GPS monitoring in lieu of a $100,000 bond. He is accused of accepting bribes in return for giving classified and sensitive US Navy information to employees of Glenn Defense Marine Asia, a defense contractor at the center of the scandal.

Fourth U.S. Navy official charged in bribery investigation

By Marty Graham SAN DIEGO (Reuters) - The fourth U.S. Navy official charged in the widening corruption investigation of a Singapore-based defense contractor made his first court appearance on Thursday, accused of accepting gifts of cash, electronics and luxury hotel stays. Petty Officer First Class Dan Layug, 27, is charged with conspiracy to commit bribery, according to a complaint unsealed on Thursday. Tokyo-based Layug was arrested on Wednesday in San Diego, where he later appeared before a federal judge.

Man to plead guilty in Disney insider information case, pay $801,000 to securities regulators

LOS ANGELES, Calif. - A man will plead guilty to securities fraud and pay regulators around $801,000 for using insider information to profit from Disney's $4 billion acquisition of Marvel Entertainment in 2009. According to the deal filed in Los Angeles federal court Wednesday, Toby Scammell learned from his then-girlfriend, a Disney corporate strategy employee, that Disney would acquire a well-known company she didn't name.

Ex-government engineer accepted trips, golf and cash in exchange for contracts

MONTREAL - A former Transport Quebec engineer says he was routinely bribed by construction and engineering firms in exchange for help with lucrative government contracts. Guy Hamel told the Charbonneau Commission on Wednesday he accepted numerous gifts and favours in exchange for favourable decisions from his position on a selection committee for government contracts. He also helped firms through his role as a project manager for provincial works projects.

High school pals get prison in New Jersey insider trading case

By Jonathan Stempel (Reuters) - Two New Jersey men who were the main traders in an insider trading ring that focused on pharmaceutical and medical technology stocks and generated $1.48 million of illegal profit were sentenced to prison on Wednesday, U.S. Attorney Paul Fishman in New Jersey said. Lawrence Grum, 50, was sentenced to one year and one day in prison, while his high school classmate Michael Castelli, also 50, received nine months.

FBI probing high speed trading on Wall Street

The FBI said on Monday it was probing high speed trading on Wall Street, a controversial practice in which computers carry out transactions in seconds or faster. Investigators are looking into possible securities fraud, wire fraud and insider trading by companies or people who engage in this kind of trading based on rapid fire transactions using complex algorithms, an FBI spokesman told AFP. The official would not say if the probe is being carried out in conjunction with an investigation by New York State Attorney General Eric Schneiderman.

Feds: Law clerk, stockbroker exchanged insider info on napkins that were then eaten

NEW YORK, N.Y. - The managing clerk of a high-profile New York City law firm and a Morgan Stanley stockbroker were charged in an insider trading scheme that used notes scribbled on napkins — then eaten to maintain secrecy — to bring in almost $6 million in illicit profits, authorities said Wednesday. Steven Metro stole insider information from the law offices of Simpson Thacher

Two charged in U.S. insider case involving chewed-up napkins

(Reuters) - U.S. prosecutors on Wednesday charged a Morgan Stanley stockbroker and an employee at a prominent New York law firm with insider trading in more than one dozen mergers and corporate transactions, resulting in more than $5.6 million of illegal profit. Authorities said Steven Metro, a managing clerk at Simpson Thacher & Bartlett, would pass tips about pending deals involving the law firm's clients through a middleman to Vladimir Eydelman, the stockbroker.

Singapore man pleads guilty in US Navy bribery scandal

A Singapore businessman pleaded guilty Tuesday to defrauding the United States as part of a widening bribery scandal involving contracting services for US Navy ships. Alex Wisidagama, 38, a citizen of Singapore and cousin of the executive running the firm at the center of the corruption scandal, admitted to submitting fake invoices to overcharge the US Navy for fuel, port tariffs and other services at inflated prices, authorities said. He entered his plea in an agreement with prosecutors in federal court in San Diego, California.

U.N. anti-drugs chief praises Iran fight despite executions

VIENNA (Reuters) - The U.N. anti-drugs chief has praised Iran's fight against narcotics trafficking despite what human rights groups describe as a surge in executions in the country, many of people convicted of drug-related offences. Yury Fedotov, executive director of the U.N. Office on Drugs and Crime (UNODC), said the Vienna-based agency opposes the death penalty and he planned to raise the issue again with Iranian officials later this week.
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