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Tag: Fraud

Con man exposed after Justin Bieber ruse

(CNN) — Waleed Ahmed grins for the camera, a sly smile on his face as he poses in front of a black Porsche parked on the street. At first glance, he looks like any other young guy hamming it up for an image to share with his buddies on Facebook. Yet looks can be deceiving.…
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Ex-Millennium Fund Manager Balboa’s Bond Fraud Trial Starts

(Bloomberg) Ex-Millennium Global Investments Ltd. portfolio manager Michael Balboa’s securities-fraud trial, in which he is accused of participating in a scheme involving Nigerian sovereign debt, began in federal court in New York. Balboa, who worked at Millennium from December 2006 to October 2008, was named in an indictment unsealed in March. He is charged with…
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Fighting ATM Cash-Out Schemes

(Bank Info Security) A recent ATM cash-out scheme that netted $45 million puts a spotlight on the need for fraud prevention measures, says John Buzzard of FICO’s Card Alert Service. U.S. accounts are prime targets for these attacks because of outdated payment-card technology and ineffective transaction monitoring systems, Buzzard contends. The U.S. “is a playground…
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Jury set to retire in money laundering trial of Redgrave man

(Diss Express) After hearing eight weeks of evidence a jury is preparing to consider verdicts in the trial of a Redgrave businessman accused of fraud. Colin Samuels, 61, of The Street, has pleaded not guilty to one offence of money laundering and two of conspiracy to defraud. Four other people facing similar charges are also…
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Sheriff’s Department: Man tried to sell trailer on Craigslist that he didn’t own

ONEIDA, N.Y. (WKTV) – An Oneida man faces grand larceny charges after allegedly attempting to sell a mobile home that wasn’t his…read full article

“Price is Right” appearance exposes postal worker’s fraud

(CBS News) A former postal carrier was caught lying about the severity of an injury she suffered while working after an appearance on “The Price is Right,” reports CBS Raleigh affiliate WRAL-TV. The employee, Cathy Wrench Cashwell, from Fayetteville, N.C., had previously claimed a shoulder injury that occurred while working in 2004 left her unable…
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SEC wins reprieve in case vs Goldman’s Tourre, despite Morrison

NEW YORK (Reuters) – A decision this week in a civil fraud case against former Goldman Sachs Group Inc vice president Fabrice Tourre has given the U.S. Securities and Exchange Commission new ammunition to challenge foreign securities activity. U.S. District Judge Katherine Forrest on Tuesday said the SEC may sue Tourre for making an alleged…
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SEC halts trading in dozens of stocks

(MoneyWatch) The Securities and Exchange Commission on Monday halted trading in the shares of 61 companies, part of a crackdown in so-called empty shell companies. The SEC’s “Operation Shell Expel” is intended to tackle manipulation of small, publicly traded companies that are dormant and thus become ripe for fraud. Because such firms are so thinly…
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Economic crime expert says U.S. Army Reservist who says he was bilked out of more than $25,000 while stationed in Afghanistan does have a case

UTICA, N.Y. (WKTV) – Suzanne Lynch is the Director of Utica College’s Economic Crime Management Masters Program. She says when she heard about the story we aired here on WKTV regarding a local U.S. Army Reservist who said he was bilked out of more than $25,000, it peaked her interest…read full article

Executive Roadmap to Fraud Prevention and Internal Control: Creating a Culture of Compliance

ECI’s Chairperson, Martin Biegelman, released the second edition of his book Executive Roadmap to Fraud Prevention and Internal Control: Creating a Culture of Compliance. The book, now in its second edition, assists corporate executives and managers in understanding the full benefits of good corporate governance, ethics and compliance. It details how to develop a best…
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