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Longer Prison Sentences Coming For Financial Fraud?

Submitted by Steven Meyerowitz on Thu, 02/02/2012 - 8:11am

Bill Kelleher, a partner in the Stamford, Connecticut, office of Robinson & Cole LLP and a member of the Board of Editors of the Financial Fraud Law Report, recently spoke with us about the likelihood of

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Oldest Swiss Bank Indicted on U.S. Tax Charges

Submitted by Steven Meyerowitz on Fri, 02/03/2012 - 4:44am

Manhattan U.S. Attorney Preet Bharara is at it again. Now, he has indicted Wegelin & Co. – Switzerland’s oldest bank, founded in 1741 – for conspiring with U.S. taxpayers and others to hide more than $1.2 billion in secret accounts and the income these accounts generated from the IRS. This is the first time an overseas bank has been charged by the United States for facilitating tax fraud by U.S. taxpayers. 

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Circuit Rejects Chevron’s Efforts To Block Enforcement Of Allegedly Fraudulent $17.2 Billion Judgment

Submitted by Steven Meyerowitz on Mon, 01/30/2012 - 7:17am

The ongoing litigation between Chevron Corp.

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Timeshare Marketing Scams Increasing Nationwide

Submitted by Steven Meyerowitz on Fri, 02/03/2012 - 12:29pm

Timeshare owners across the country are being scammed out of millions of dollars by unscrupulous companies that promise to sell or rent the unsuspecting victims' timeshares, federal prosecutors say. In the typical scam, timeshare owners receive unexpected or uninvited telephone calls or e-mails from criminals posing as sales representatives for a timeshare resale company. The representative promises a quick sale, often within 60-90 days.

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One Of Nation's Largest Consumer Debt Buyers Settles FTC Charges

Submitted by Steven Meyerowitz on Mon, 01/30/2012 - 10:47am

Michigan-based Asset Acceptance, LLC, one of the nation’s largest consumer debt buyers, purchases unpaid debts from credit originators such as credit card companies, health clubs, and telecommunications and utilities providers, as well as from other debt buyers, and attempts to collect them. Asset Acceptance has purchased tens of millions of consumer accounts for pennies on the dollar.

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Another (!) Leading Law Firm Jumps Into White Collar Defense With Big Hires

Submitted by Steven Meyerowitz on Wed, 02/01/2012 - 10:33am

Is there any practice area today that is as important to law firms – and to their clients – as white collar defense? We don’t believe so – just look at the continuing efforts that law firms are engaging in to enhance that practice with lateral hires, from the ranks of the government and from other law firms, and, indeed, to create a white collar defense practice. 

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Is Cantor Killing The STOCK Act?

Submitted by Steven Meyerowitz on Thu, 02/02/2012 - 11:52am

The STOCK Act, which will block members of Congress and their staffs from engaging in insider trading, is moving forward in the U.S.

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BREAKING: Schneiderman Sues Major Banks For ‘Deceptive & Fraudulent Use’ Of MERS

Submitted by Steven Meyerowitz on Fri, 02/03/2012 - 12:44pm

Only days after Manhattan U.S. Attorney Preet Bharara brought criminal charges against former Credit Suisse traders relating to their alleged fraud relating to mortgage-backed securities, N.Y.

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How Can Anti-Money Laundering Systems Break Down?

Submitted by Steven Meyerowitz on Mon, 01/30/2012 - 10:09am

HSBC Holdings apparently is under investigation by a Senate panel in a money-laundering inquiry. Although the specifics regarding the inquiry have not yet been released, there have been reports of a “breakdown” in HSBC’s anti-money laundering systems.  

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Are The Dominoes Starting To Fall In The Mortgage-Backed Securities World?

Submitted by Steven Meyerowitz on Thu, 02/02/2012 - 7:02am

In what might very well presage numerous other criminal and civil charges against Wall Street's mortgage-backed securities elite, federal prosecutors in New York have charged three former senior Credit Suisse executives with fraud - and two have pleaded guilty and are cooperating with the investigation. The lead prosecutor on the case: Manhattan U.S. Attorney Preet Bharara, about whom we have written a great deal.

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Reward Offered For Fugitive Couple Charged With Alleged Internet Fraud

Submitted by Steven Meyerowitz on Thu, 02/02/2012 - 9:21am

Rick Devan Hendrix and Sarah Candace Deswert-Hendrix (pictured) are wanted in connection with an alleged Internet fraud scheme. The two fugitives face mail and wire fraud charges for allegedly taking pictures of items in stores, posting the items for sale on an Internet auction site, and collecting money from bidders. Victims in Oregon, Washington, and California suffered more than $300,000 in losses. 

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Execs To Prison In Case Featuring Second Largest Antitrust Criminal Fine Ever

Submitted by Steven Meyerowitz on Tue, 01/31/2012 - 6:43am

Two Japanese suppliers of automotive electrical components—Yazaki Corporation and DENSO Corporation—have agreed to plead guilty and to pay a total of $548 million in criminal fines for their involvement in multiple price-fixing and bid-rigging conspiracies in the sale of parts to automobile manufacturers in the United States.

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‘Single Most Important Tool’ To Fight Financial Fraud Against The Government

Submitted by Steven Meyerowitz on Wed, 02/01/2012 - 6:29am

The False Claims Act has been called the single most important tool that American taxpayers have to recover funds when false claims are made to the federal government, including health care fraud, mortgage fraud, and procurement fraud.  We here at the Financial Fraud Law Blog believe it is difficult to argue with that statement.

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Wave Of Law Firm Moves Involving Financial Fraud Lawyers Continues Unabated

Submitted by Steven Meyerowitz on Wed, 02/01/2012 - 2:34pm

Like baseball teams in the Hot Stove League, law firms continue to stock up on lawyers – from the government and from other firms – to represent their clients in a wide variety of financial fraud matters. Just today we already have mentioned significant lawyer moves at

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Obama Hammers Banks’ ‘Recklessness’ In Mortgage Meltdown

Submitted by Steven Meyerowitz on Wed, 02/01/2012 - 2:57pm

President Obama had a lot to say today about his plans for the housing market. Whether he will be able to move Congress or not remains to be seen.

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Insurance Fraud: A $30-Billion-a-Year Racket

Submitted by Steven Meyerowitz on Fri, 02/03/2012 - 5:36am

Putting the brakes on major white-collar frauds of all kinds is one of the most important responsibilities of federal prosecutors – and as we know there is no shortage of work these days. 

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Cantor Relents – House To Consider STOCK Act Next Week

Submitted by Steven Meyerowitz on Fri, 02/03/2012 - 7:59am

Although it seemed that House Majority Leader Eric Cantor (R-VA) was intent on killing the STOCK Act, which would ban insider trading by members of Congress and their staffs, he apparently has had a change of heart. After the Senate’s overwhelming approval of the bill, Cantor released the following statement: 

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Auto Parts Investigation Is ‘Largest Criminal Investigation’ Ever Pursued By Antitrust Division

Submitted by Steven Meyerowitz on Tue, 01/31/2012 - 7:33am

The Department of Justice’s Antitrust Division is investigating the auto parts industry – and obtaining some significant results. In fact, prosecutors say, the auto parts investigation is the largest criminal investigation the Antitrust Division has ever pursued, both in terms of its scope and the potential volume of commerce affected by the alleged illegal conduct. 

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Expanding the Boundaries of China’s Anti-Corruption Regime

Submitted by Amy Riella and Holly J. Warrington on Tue, 01/31/2012 - 5:01pm

The author explains a recent amendment to the PRC Criminal Code prohibiting bribes to foreign governmental officials and officials of international public organizations in exchange for illegitimate commercial benefits which suggests that China’s enforcement initiatives soon may expand outside the country’s bounds to target misconduct perpetrated abroad.

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Understanding The U.K. Bribery Act and How Liability Arising Thereunder May Be Limited

Submitted by Carlos F. Ortiz and Madeleine Moise Cassetta on Tue, 01/31/2012 - 7:56pm

The authors of this article explain certain highlights of the U.K. Bribery Act 2010, its requirements and the potential consequences in the absence of effective compliance programs. In addition, the authors compare the Act to the Foreign Corrupt Practices Act and describe its impact on businesses.

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Most Read

  • Longer Prison Sentences Coming For Financial Fraud? (203)
  • How Can Anti-Money Laundering Systems Break Down? (179)
  • Oldest Swiss Bank Indicted on U.S. Tax Charges (171)
  • One Of Nation's Largest Consumer Debt Buyers Settles FTC Charges (116)
  • Circuit Rejects Chevron’s Efforts To Block Enforcement Of Allegedly Fraudulent $17.2 Billion Judgment (108)

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