Together, Reducing Fraud Worldwide

  • Fraud Headlines 

     

    2013 Articles 

      

    December 

    Medicare Reports Fraud And Waste Grew In 2013 After Years Of Decline  

    Despite expanding its efforts to curtail fraud and waste, a Medicare internal auditor found that the agency’s fee-for-service program’s improper payments grew by almost 19 percent after years of decline. (Forbes)

      

    The EPA’s Million-Dollar Con Man  

    John C. Beale got 32 months in prison Wednesday, but the sheer outrageousness of his fraud—pretending to be a CIA agent to skip work—may have helped him perpetuate it for two decades. (Daily Beast)

      

    Three Former Bankers Charged With €7.2bn Fraud  

    The three men were charged with conspiracy to defraud the public under common law. The charges relate to €7.2 billion in deposits between Anglo Irish Bank and Irish Life & Permanent and Irish Life Assurance in 2008. (Irish Times)

      

    Stanford Study Urges More Accurate Estimates Of Financial Fraud  

    A Stanford study describes the roadblocks to obtaining accurate financial fraud estimates – victims are often reluctant to speak up – and suggests ways to improve the national tracking of such incidents. (Stanford News)

      

    J.P. Morgan To Settle Madoff Probe For More Than $1 Billion  

    J.P. Morgan Chase is expected to pay more than $1 billion in penalties to the Justice Department to end a criminal probe into whether it provided adequate warnings about Bernard L. Madoff. (Wall Street Journal)

      

    Call Center Fraud: How to Respond  

    Malware and call center fraud "are two big threats to financial institutions as we approach 2014," says Shirley Inscoe, a financial fraud analyst at financial consultancy Aite. (Bank Info Security)

      

    My Interview With Madoff  

    Prison? 'This Is as Good as It Gets.' His Whistleblower? 'Idiot.' Fed Stimulus? 'Greatest Manipulation' He's Ever Seen. (Wall Street Journal)

      

    Russian Diplomats Cheated U.S. Health Care Program In 'Shameful' Scheme, Feds Say  

    Dozens of current or former Russian diplomats and their spouses enjoyed luxury vacations and spent tens of thousands of dollars on concert tickets, fine clothing and helicopter rides as they lied about their incomes to get the U.S. government to pay their health care bills with money meant for the poor, federal prosecutors said. (CBS News)

      

    In The Murky World Of Bitcoin, Fraud Is Quicker Than the Law  

    Because of the murky nature of the virtual currency, thefts can be hard to verify. But the increasing stream of episodes underscores how quickly con artists can take advantage of new forms of investing and how slow the authorities can be in responding to emerging financial risks. (New York Times)

      

    EU Fines Banks Record $2.3B Over Libor  

    The European Union has levied a record antitrust fine of €1.71 billion ($2.3 billion) on six European and U.S. banks and brokers for rigging benchmark interest rates. (CNN Money)

      

    Madoff's Fake Trading Was Obvious, Ex-Finance Chief Says  

    Bernard Madoff’s finance chief, who pleaded guilty to aiding his $17 billion fraud, said he could tell right away that fake trades were being used in customer accounts in 1975 when he joined the firm after high school. (Bloomberg)

      

    Slovenia Anti-Fraud Officials Quit In Protest  

    The heads of Slovenia's anti-corruption commission resigned Friday to protest a "silent alliance" blocking anti-fraud laws in parliament, months after their revelations helped oust the government. (Global Post)

      

    Call For Better Protection For Whistleblowers  

    Whistleblowers require more protection to encourage them to speak out about wrongdoing after a string of scandals across the public and private sectors, according to a review of the subject. (Telegraph)

      

      

    November 

    Nonprofit Groups Often Seek Restitution, Not Prosecution, When Money Goes Missing  

    Three years ago, the Progressive Policy Institute realized that a senior manager had quietly used unauthorized checks, credit-card charges and cash withdrawals to drain about $100,000 from the Democratic think tank’s accounts, pushing the nonprofit group to the edge of insolvency, interviews and documents show. (Washington Post)

      

    Fraud Prevention: Foiling Synthetic Identities  

    The use of synthetic identities is a rising concern for organizations, and financial institutions are often the ones taking the hit for the fraud, says Claudel Chery of the U.S. Postal Inspection Service. (Bank Info Security)

      

    Fraud Thriving In U.S. Churches, But You Wouldn't Know It  

    The Washington Post’s investigation on fraud in nonprofit organizations revealed that incidents are either not reported at all or reported but not directed to authorities. (Forbes)

      

    Street Cop (Profile Of Mary Jo White)  

    Since 2008, the financial industry has changed the way it does business. Can the S.E.C.’s Mary Jo White control it? (New Yorker)

      

    Real-Life 'Wolf Of Wall Street' Claims He's A Changed Man  

    The old Belfort was a notorious stock swindler who squandered profits from a boiler-room, "pump and dump" scheme on cocaine, prostitutes and other excesses — a story that became basis for two memoirs and "The Wolf of Wall Street," an upcoming movie starring Leonardo DeCaprio. (Huffington Post)

      

    Instant Tax Service Shut By Judge For Fraudulent Conduct  

    U.S. District Judge Timothy S. Black in Dayton, Ohio, said the "evidence of fraud and deception" perpetrated by ITS Financial LLC, the company’s formal name, and Chief Executive Officer Fesum Ogbazion, was so overwhelming that an order barring it from the tax-return preparation business “is necessary to protect the public and the Treasury.” (Bloomberg)

      

    Employee Fraud In Australia: Meet The Bank Employees Who Stole $217 Million Over 13 Years  

    They’ve worked in their jobs for more than 10 years, they’ve got a taste for luxury and more often than not they have a gambling addiction. Employers watch out – they could be stealing millions of dollars from your company (or clients). (Smart Company)

      

    SAC To Pay Record $1.8B In Insider Trading Case  

    The proposed $1.8 billion settlement would be the largest ever for insider-trading offenses, federal prosecutors say. (USA Today)

      

    Johnson & Johnson To Pay $2.2B In U.S. Health Care Fraud Settlement  

    Health care giant Johnson & Johnson and its subsidiaries have agreed to pay over $2.2 billion to resolve criminal and civil allegations of promoting three prescription drugs for off-label uses not approved by the Food and Drug Administration, the Department of Justice announced on Monday. (CBS News)

      

      

    October 

    Online Fraud Costs Global Economy 'Many Times More Than $100bn'  

    Internet security specialist tells Dublin web conference the amount stolen online is at least double previous estimates. (Guardian)

      

    Madoff Ex-Employees’ Jury Told of ‘Smoke And Mirrors’ Trading  

    Bernard Madoff’s account statements were full of discrepancies that could be found by comparing the purported trades to published data, CFE Bruce Dubinsky told jurors in the trial of five of the con man’s former employees. (BusinessWeek)

      

    Jury: BofA Liable For Countrywide Mortgage Fraud  

    Bank of America was found liable for fraud Wednesday for a program — dubbed "the Hustle" — that caused millions in losses to federally backed mortgage finance firms Fannie Mae and Freddie Mac amid fallout from the financial crisis. (USA Today)

      

    'Corporate Fraud' By General Motors India, Says Govt Probe Panel  

    A government-appointed panel to investigate General Motors India's recall of over 1.26 lakh Chevrolet Tavera vehicles has held the company responsible of committing "corporate fraud" and said its top management — including CEOs and managing directors — from 2005 to 2011-12 were involved in this. (Times of India)

      

    Massive Tax Fraud Takedown During Government Shutdown  

    Most of the government was shutdown mid-October – but that didn’t stop law enforcement from a massive take down in an ongoing effort to stamp out criminal tax fraud in South Florida. (Forbes)

      

    South African Banks Hit By Internet Card Fraud Syndicate  

    South African banks have been swindled out of millions of dollars this year by an international fraud syndicate that stole card details from restaurant chains. (Reuters)

      

    A Push To End Securities Fraud Lawsuits Gains Momentum  

    A group of pro-corporate forces has begun a behind-the-scenes fight at the Supreme Court. You may not have heard about it, but it could just end shareholders’ ability to sue companies for securities fraud. (New York Times)

      

    Who Should Have Responsibility For Detecting Financial Fraud?  

    Deterring financial fraud seems to be the job of finance executives who manage the company's books, but responsibility for detecting fraud is a little more difficult to pin down. (Compliance Week)

      

    Fraud: How Susceptible Are You?  

    When a scam slams you, you'll never even see it coming. And a new report suggests that Americans may be more vulnerable to fraud than they think. (CNBC)

      

    Governments Backsliding On Prosecution Of Foreign Bribery By Companies: Report  

    Governments of major exporting nations are backsliding in their readiness to crack down on companies that use bribery to win international market share, a new report has found. (Reuters)

      

    Fraud Trial To Begin For 5 Ex-Madoff Employees  

    The longtime secretary of imprisoned financier Bernard Madoff and four other back-office subordinates of the Ponzi king are going to trial Tuesday as the government for the first time shows a jury what it has collected in its five-year probe of one of history's biggest frauds. (USA Today)

      

    After Fraud, Regulators Go After A Bank  

    TD Bank, an American subsidiary of Canada’s large Toronto-Dominion Bank, agreed to pay $52.5 million to settle accusations that it had helped a Florida lawyer named Scott W. Rothstein commit one of the more brazen Ponzi schemes of recent years. (New York Times)

      

    Italian Police Seize $20 Mln At Merrill Lynch In Fraud Probe  

    Italy's financial police have seized 15 million euros ($20.4 million) from Bank of America Merrill Lynch as part of a probe into alleged fraud involving derivative contracts with the city of Verona, the police said. (Reuters)

      

      

    September 

    Accountant Who Worked With Madoff For Years Is Indicted In Pyramid Scheme  

    Federal authorities, broadening their investigation of Bernard L. Madoff’s multibillion-dollar Ponzi scheme five years after the fraud was uncovered, unveiled criminal charges on Thursday against Paul J. Konigsberg, a longtime accountant in Mr. Madoff’s inner circle. (New York Times)

      

    Fraud Detection Approaches Its 'Minority Report' Moment  

    The SEC is developing data analysis techniques that will likely dredge up some horrific cases of accounting fraud. And shady companies are already developing ways to avoid detection. (Fortune)

      

    Attorneys: How Dixon Auditors Missed $54 Million Fraud  

    For two decades, Dixon’s city treasurer created fictitious invoices for made-up capital projects, but auditors never raised any red flags despite misspellings and the lack of construction equipment around the city, Dixon attorneys said. (Chicago Tribune)

      

    'Massive Fraud' At Center Of Trial Against BofA Over U.S. Mortgages  

    Bank of America Corp's Countrywide unit placed profits over quality in a "massive fraud" selling shoddy mortgages to Fannie Mae and Freddie Mac, a U.S. government lawyer said on Tuesday. (Reuters)

      

    Fraud Costing UK £85 Billion Every Year  

    The UK is losing around £85.3 billion to fraud every year, according to a survey from an accountancy and business advisory firm. (The Journal - Newcastle)

      

    Mortgage Fraud Whistle-Blower Lynn Szymoniak Exposed Robosigning's Sins  

    As an attorney in West Palm Beach, Fla., Lynn Szymoniak built a career investigating fraudulent insurance claims, scouring documents for inconsistencies that revealed a con. (BusinessWeek)

      

    Payroll Fraud - A Big Threat And How To Avoid It  

    Make no mistake. Payroll fraud is real. (Forbes)

      

    Fraud Stealing $100 Million Shows Flaws In U.S. Crop Insurance  

    Harry Dean Canady will learn next month whether he’ll spend the rest of his life in prison for cheating taxpayers of more than $1 million and threatening to kill the U.S. agents who brought him to justice. (Bloomberg)

      

    SISO Fraud: The Whistle Blower  

    An 18-month police investigation into a $4-million fraud at an agency meant to help newcomers to Canada began with one immigrant quietly raising his hand. (Hamilton Spectator)

      

    Freeh: Possible Corruption In BP Claims Handling  

    A former FBI director recommended Friday that the Justice Department investigate whether several lawyers plotted to corrupt the settlement program designed to compensate victims of BP's 2010 Gulf oil spill. (ABC)

      

    Fraud Schemes Targeting Small Merchants  

    Recent indictments of defendants allegedly linked to Heartland Payments hacker Albert Gonzalez and network breaches that affected Global Payments and others show a growing trend of payments fraud that's migrating down to smaller merchants, says former federal prosecutor Kim Peretti. (Gov Info Security)

      

    Olympus To Be Charged In U.K. For Misleading Accountants  

    Olympus Corp., whose former president revealed a $1.7 billion accounting fraud that lasted 13 years, was charged in the U.K. for allegedly deceiving auditors at a subsidiary. (Bloomberg)

      

      

    August 

    Fuel Fraud Costing Europe More Than $4 Billion In Lost Taxes  

    The heist underscored growing fuel theft, smuggling and fraud in Europe, where governments from Poland to the U.K. are losing between 100 million euros and 1.3 billion euros in tax revenue a year. (Bloomberg)

      

    Police In China Arrest Investigator Peter Humphrey  

    The police in Shanghai have arrested a British investigator who specialized in advising foreign investors on fraud, cheating and other business risks in China, a spokeswoman for the British Embassy in Beijing said. (New York Times)

      

    Even In White Collar Crime, Female Crooks Face A Glass Ceiling  

    Female white-collar crooks face the same glass ceiling as their law-abiding peers in the corporate world: They typically hold inferior positions to men in the criminal conspiracies in which they are engaged, rarely lead a fraud ring and make significantly less money for their dirty deeds than their male accomplices. (Pew Research)

      

    Fraud On The Rise Because It's Easier To Get Away With Than Robbing A Bank  

    Bank robbers are turning to fraud because they have more chance of getting away with it, according to Greater Manchester’s top officer. (Manchester Evening News)

      

    Fraud Companies: A Tale Of Lofty Promises And Vanishing Acts  

    At first they take gullible people by storm with lofty promises of multiplying their investments by several folds and then, they vanish with all the money leaving the investors with nothing but broken dreams and a deep hole in the pocket. (Hindustan Times)

      

    The Nationwide Scam Duping Business Owners Out Of Thousands  

    Ahmed Abouelela, owner of Tina’s Pizza and Italian Restaurant in Hamilton, N.J., was duped out of $2,500 in July, when a caller claiming to be from his electric utility, PSE&G, said his bills were overdue. (OPEN Forum)

      

    Stock Fraud Scams Tough To Combat In Internet Age  

    A penny stock fraud scheme that bilked investors in 35 countries out of more than $140 million is raising questions about how authorities can combat such financial scams in the internet age. (CBC)

      

    Medicare Fraud Horror: Cancer Doctor Indicted For Billing Unnecessary Chemo  

    Michigan oncologist Farid Fata allegedly squeezed profits out of patients by prescribing unneeded treatments and inventing diagnoses. (TIME)

      

    How SEC's New RoboCop Profiles Companies For Accounting Fraud  

    It may not be the superhuman robotic police officer who patrolled the lawless streets of Detroit in the 1987 sci-fi thriller, but corporate filers should be every bit as concerned about the Securities and Exchange Commission’s new Accounting Quality Model, labeled not-so-affectionately by some in the financial industry as "RoboCop." (Forbes)

      

    Old-School Check Fraud Makes A Comeback  

    Cyber crimes may rule the headlines, but old-school scams are making a comeback — and some of them never really went away. (Fox Business)

      

    U.S. Attorney Preet Bharara On Insider Trading, Cybercrime, And More  

    U.S. Attorney Preet Bharara discusses his work and life in Businessweek's interview issue. (Businessweek)

      

    U.S. ATM Fraud Losses Jump  

    ATM-related fraud losses are increasing in the U.S., and experts say that trend will continue until all U.S. debit cards make the conversion from magnetic-stripe to EMV chip and PIN. (Bank Info Security)

      

    U.S. Accuses Bank of America Of Mortgage-Backed Securities Fraud  

    The U.S. government filed two civil lawsuits against Bank of America that accuse the bank of investor fraud in its sale of $850 million of residential mortgage-backed securities. (Reuters)

      

    New "Sheriff Of Wall Street" Preet Bharara Talks SAC Capital, Insider Trading  

    Preet Bharara is the United States Attorney for the Southern District of New York. Last month, his prosecutors took the rare step of charging an entire hedge fund, SAC Capital, with insider trading. (CBS)

      

    Ex-Goldman Trader 'Fabulous Fab' Loses Fraud Case  

    Former Goldman Sachs trader Fabrice Tourre, the self-proclaimed "Fabulous Fab" who became a symbol of Wall Street's role in the financial crisis, was found liable for fraud after a two-week trial in a Manhattan federal courtroom. (USA Today)

      

      

    July 

    Massive Fraud Scheme: How It Happened  

    Those involved in a massive fraud scheme that compromised more than 160 million payment cards used sophisticated, well-orchestrated methods over a seven-year period, federal authorities say. (Gov Info Security)

      

    Intersection Of Fraud And Traffic Violations  

    If the chief executive likes to drive too fast, watch out. He may be more likely to commit fraud. (New York Times)

      

    Firms Fortify Fraud Defenses  

    Thousands of companies world-wide are planning to update systems and policies that act as their first line of defense against fraud and other hidden risks, following a sweeping overhaul of the most widely used guidelines for those safeguards. (Wall Street Journal)

      

    Bitcoin: Man Charged Over Alleged Multimillion-Dollar Ponzi Fraud  

    Texas man accused of raising virtual currency from new investors to pay interest to existing ones. (Guardian)

      

    Fraud Fouls Up Fight Against IEDs In Afghanistan  

    A key aspect of the military's effort to protect troops from roadside bombs has been sabotaged from within, according to a report by Pentagon's special inspector general for Afghanistan. (USA Today)

      

    Chase, Once Considered "The Good Bank," Is About To Pay Another Massive Settlement  

    In the three-year period between 2009-2012, Chase paid out over $16 billion in litigation costs. (Rolling Stone)

      

    Bank In Madoff Case Settles With Some Plaintiffs And Gets Favorable Jury Ruling  

    Westport National Bank and its parent company, Connecticut Community Bank, were not liable for the losses of investors in Bernard Madoff’s vast Ponzi scheme in its role as a custodial bank, a jury found on Wednesday. (New York Times)

      

    Former ArthroCare Execs Charged With $400M Fraud  

    The former CEO and chief financial officer of ArthroCare Corp., an Austin-based medical device company, have been charged with allegedly leading a $400 million fraud to inflate ArthroCare's earnings. (Austin Business Journal)

      

    Wall St. Sheriff: No One Too Big To Indict  

    Speaking at CNBC's Delivering Alpha conference in New York, Bharara declined to comment directly about SAC or other pending cases, but said his office has more room to maneuver than many people think. (CNN)

      

    UK Fraud Prosecutor Charges Two Brokers In Libor Probe  

    Britain's fraud prosecutor on Monday charged two former brokers at interdealer broker RP Martin with conspiracy to defraud, stepping up its investigation into the rigging of Libor benchmark interest rates. (Reuters)

      

    Ex-Goldman Sachs Banker 'Fabulous Fab' Nears Fraud Trial   

    After the allegations, he kept his head down. He testified succinctly before Congress, left his job to enroll in a doctoral program, and popped up in Africa doing charity work. (Bloomberg Businessweek)

      

    New Fraud Crackdown Looms   

    With accounting-fraud cases at nearly a 10-year low, complacency might be the biggest fraud risk facing chief financial officers. (The Wall Street Journal)

      

    SEC Creates Task Forces To Detect Accounting And Microcap Fraud   

    The U.S. Securities and Exchange Commission has formed two enforcement task forces aimed at rooting out improper accounting and fraud at small companies, the agency said. (Bloomberg)

      

    The Confessions Of Andy Fastow   

    The convicted former Enron CFO is now admitting his sins to audiences—but also claiming that what other companies are doing today is "ten times worse" than what Enron did. (Fortune)

      

    Preet Bharara Receives Award And Gives Speech At Fraud Conference   

    U.S. Attorney (Southern District of New York) Preet Bharara received The Cressey Award today at the annual conference of the Association of Certified Fraud Examiners in Las Vegas. (Forbes)

      

    Fraud job Syndicates Target Reliance, Tata Groups   

    Two of the country's biggest business conglomerates -- Tatas and Reliance Industries Group -- have become the target of fake job syndicates making fraudulent employment offers to gullible jobseekers in lieu of money. (India Times)

      

      

    June 

    OECD Data: Anti-Bribery Enforcement Slowly Rising   

    Anti-bribery enforcement around the globe is rising, albeit slowly, according to new data by the Organization for Economic Co-operation and Development. (Compliance Week)

      

    To Catch A Thief: Forensic Experts Weigh In On The Fraudster Profile   

    There’s no limit to the types of corporate fraud people can come up with, including Ponzi-like schemes in which a corporation creates fictitious sales and builds on them. (Metropolitan Corporate Counsel)

      

    Montreal's Interim Mayor Arrested On Fraud Charges  

    Montreal's interim mayor, Michael Applebaum, was arrested and charged with 14 criminal counts including fraud, breach of trust and conspiracy. (CNN)

      

    OSC Forms New Fraud Squad  

    The Ontario Securities Commission has expanded its boiler-room fraud unit into a separate division that will do criminal investigations of smaller fraud cases. (Globe and Mail)

      

    Labour Plans Massive Increase In Fines For Corporate Fraud  

    SFO to be given more resources and companies to be held liable for employees' crimes under crackdown on City corruption. (Guardian)

      

    SOX And Whistleblowers - Any Fraud Will Do  

    Tenth Circuit Court rules that a report identifying any fraud or violation of an SEC regulation, even if it does not impact shareholders, triggers SOX’s protections. (Forbes)

      

    8 Accused Of Fraud In Hacking Of Major Financial Firms, U.S. Military’s Payroll Service  

    U.S. prosecutors announced fraud and other charges against eight alleged members of an international cybercrime ring that the government said hacked into the computers of more than a dozen leading financial institutions and the U.S. military’s payroll service. (Washington Post)

      

    A Conversation With: U.S. Attorney Preet Bharara  

    As the United States attorney for the Southern District of New York, Preet Bharara has prosecuted high-profile political corruption and terrorism cases. But he’s best known for going after some of the world’s biggest hedge funds in his pursuit of corporate criminals. (New York Times)

      

    Banks Seen As Aid In Fraud Against Older Consumers  

    The documents... outline how banks profit handsomely by collecting fees while ignoring warnings of potential fraud and, in some instances, enabling dubious merchants to prey on consumers. (New York Times)

      

    Anti-Fraud Plan Gains Steam In EU Bid To Meet Summit Goal  

    European Union finance ministers, aiming to fulfill at least one of last month’s EU summit pledges, are building support for a U.K.-backed plan to combat fraud related to value-added taxes. (Bloomberg)

      

    Policing Of Medicare Fraud Explodes Over Two Years  

    The government has revoked the ability of 14,663 providers and suppliers to bill Medicare over the past two years — almost two and a half times the number that had been revoked in the previous two years. (USA Today)

      

    'The Price Is Right' Contestant Busted For Disability Fraud After Spinning The 'Big Wheel' On TV  

    A postal carrier claiming disability was busted after investigators caught her doing some heavy wheel spinning on "The Price is Right.” (New York Daily News)

      

    Fraud Found In German Power Trading By Baden-Wuerttemberg State  

    The finance ministry in Baden-Wuerttemberg knows of at least one case of fraud in the German power market and last year investigated another potential case in the natural gas market. (Bloomberg)

      

    Prison Guard Unravels Con’s Alleged Mail Fraud  

    'Borderline brilliant' thief indicted in federal court. (Spokesman-Review)

      

      

    May 

    US Unveils World's Largest Money Laundering Investigation Against Liberty Reserve Digital Currency  

    The US has unveiled the world's largest money laundering probe, targeting the digital currency operator Liberty Reserve and striking a major blow against what a prosecutor termed the "Wild West" of virtual banking. (Adelaide Now)

      

    Vestas Calls In Fraud Squad To Probe Former CFO's India Deals   

    Vestas Wind Systems called in Denmark’s fraud squad to probe deals it says former Chief Financial Officer Henrik Noerremark made in India, which led the turbine maker to set aside $24 million to cover possible losses. (BusinessWeek)

      

    Former Saab Automobile Chiefs Arrested For Accounts Fraud   

    Three former top executives from carmaker Saab Automobile have been arrested in Sweden on suspicion of accounting fraud. (BBC)

      

    Insurance Fraud On The Increase   

    Cases of suspected insurance fraud -- called questionable claims, or QCs in industry speak -- rose 27% nationwide from 2010 through 2012, according to new figures released by the National Insurance Crime Bureau, or NICB. (Fox Business)

      

    The Foreign Bribery Law Comes To Wall Street   

    A criminal complaint accuses two brokers, Tomas Clarke and Jose Alejandro Hurtado, of using bribery to obtain the securities investment business of the Venezuela’s state-controlled development bank, Banco de Desarrollo Economico y Social de Venezuela, or Bandes. (New York Times)

      

    Crime Drops But Credit Card Fraud On The Rise   

    As crime across Australia drops, credit card fraud continued to rise as part of a six-year upward trend, according to the latest Australian Institute of Criminology facts and figures report. (Sydney Morning Herald)

      

    Valuable As Art, But Priceless As A Tool To Launder Money   

    As other traditional money-laundering techniques have come under closer scrutiny, smugglers, drug traffickers, arms dealers and the like have increasingly turned to the famously opaque art market. (New York Times)

      

    ATM Thieves Conducted Massive Cyberattack   

    A global posse of cyberthieves, armed with laptops in place of guns, hacked into financial institutions and stole $45 million from automated teller machines in a first-of-its-kind heist made for the 21st century. (Washington Post)

      

    Half of All Employees Think Corruption Is OK: Report   

    Nearly half of all workers across Europe, the Middle East, Africa and India think bribery and corruption are acceptable ways to survive an economic downturn, according to a report published by professional services firm Ernst & Young on Tuesday. (CNBC)

      

    SEC Charges Pennsylvania's Harrisburg With Fraud  

    Federal regulators accused Pennsylvania's beleaguered capital, Harrisburg, of committing fraud, in a move that officials said is meant to send a warning to local officials about the accuracy of financial information they provide to investors and taxpayers. (Reuters)

      

    Europe Seeks Crackdown On Food Fraud  

    The European Commission on Monday called for additional unannounced inspections of food companies and tougher fines for labelling fraud, after the discovery earlier this year that millions of Europeans had eaten horse meat labelled as beef. (New York Times)

      

    $3.3 Billion Lost In Unemployment Fraud, Study Says  

    A study by the St. Louis Federal Reserve released last week found that of the $108 billion paid out in unemployment benefits in 2011, some $3.3 billion was paid out dishonestly. (USA Today)

      

      

    April 

    SEC Aims To Protect Investors From Fraud Under New Law  

    The Securities and Exchange Commission is crafting rules to implement a new law that makes it easier for private firms to raise money. But it has been struggling over how to do so in a way that protects investors from fraud. (Washington Post)

      

    Everything Is Rigged: The Biggest Price-Fixing Scandal Ever  

    The second huge financial scandal of the year reveals the real international conspiracy: There's no price the big banks can't fix. (Rolling Stone)

      

    ENRC: Serious Fraud Office Launches Criminal Investigation  

    FTSE 100 miner investigated over fraud, bribery and corruption claims relating to its Kazakhstan and African businesses. (Guardian)

      

    Medicare-Fraud Tip Rewards Boosted To $10 Million by U.S.  

    Tips that uncover Medicare fraud may be worth as much as $10 million for whistle-blowers, a boost from a maximum payout of $1,000, as the government seeks to reduce misuse of the health program. (Businessweek)

      

    Hazy Future For Thriving S.E.C. Whistle-Blower Effort  

    Now that the Securities and Exchange Commission has turned to sophisticated statistical tools and financial experts, one of the most effective weapons in its new enforcement arsenal may be a more traditional one: whistle-blowers. (New York Times)

      

    Ralph Lauren Agrees To Pay $1.6 Million In U.S. Bribe Cases  

    Ralph Lauren Corp. (RL), the retailer of its namesake brand clothing, will pay about $1.6 million to resolve U.S. regulatory and criminal claims that a subsidiary paid bribes to officials in Argentina from 2005 to 2009. (Bloomberg)

      

    EU Budget Fraud May Be More Than £4BILLION  

    The European Union is being defrauded of more than £4billion a year – 12 times official estimates – a damning parliamentary report claims. (Daily Mail)

      

    How Charities Can Minimise Fraud  

    Fraud costs charities £1.3bn every year: they need clear processes and a whistleblowing policy to minimise the risk. (Guardian)

      

    Trader Admits Fraud In $1 Billion Apple Stock Scheme  

    A former Rochdale Securities trader whose unauthorized purchase of about $1 billion of Apple Inc stock caused the demise of the financial services company pleaded guilty on Monday to wire fraud and conspiracy. (Reuters)

      

    Fired KPMG Auditor Can't Explain 'Lapse of Judgment'   

    Scott London, a Los Angeles partner in one of the nation's largest accounting firms, says it began four years ago. By his account, a friend with money trouble was poking around for information on Herbalife Ltd. and Skechers USA Inc., two Los Angeles-area companies whose audits London personally oversaw. (Los Angeles Times)

      

    Hong Kong Firm at Core of Fraud that Sparked Investigation into Tax Havens   

    A huge trove of tax-haven data uncovered by the International Consortium of Investigative Journalists (ICIJ) is the result of a three-year investigation by its director, Gerard Ryle, into one of Australia's biggest frauds. (South China Morning Post)

      

      

    March 

    Retailers Track Employee Thefts in Vast Databases   

    Facing a wave of employee theft, retailers across the country have helped amass vast databases of workers accused of stealing and are using that information to keep employees from working again in the industry. (New York Times)

      

    Utah Company Rallies After CFO’s Theft Comes To Light   

    "We broke a 29-year company record in 2012, even after we caught our CFO (chief financial officer) with her hand in the proverbial cookie jar," said Bruce Grogg, Pool Cover’s CEO. (Salt Lake Tribune)

      

      

    February 

    Identity theft, phishing top IRS’s “Dirty Dozen” Tax Scams   

    The IRS issued its “Dirty Dozen” list of tax scams Tuesday, highlighting fraudulent schemes commonly committed by and upon taxpayers. (Journal of Accountancy)

      

    ATM Fraud On The Rise, Analysts Say  

    FICO, a software company that provides credit scores and fraud detection services, released data showing a national uptick in card and PIN skimming at ATMs during 2012. (Orange County Register)

      

    Former Calpers Chief Indicted Over Fraud  

    The United States attorney charged Mr. Buenrostro and his friend, Alfred J. Villalobos, with defrauding the private equity firm Apollo Global Management. (New York Times)

      

    Illinois Is Accused Of Fraud By S.E.C.  

    For the second time in history, federal regulators have accused an American state of securities fraud, finding that Illinois misled investors about the condition of its public pension system from 2005 to 2009. (New York Times)

      

    Fugitive Fund Manager Stuffed Underwear With Cash, Fled  

    The German fugitive hedge fund manager who more than five years ago fled the Spanish island of Mallorca with $500,000 hidden in his underwear and luggage faces U.S. charges after his arrest at the Uffizi Gallery in Florence. (Bloomberg)

      

    Tax Refund Theft Is Nation's Fastest-Growing Fraud  

    A new report by the Consumer Sentinel Network, a law enforcement coalition focused on identifying and fighting fraud, says that the nation's fastest growing crime involves stealing Social Security numbers to grab your tax refund. (CBS)

      

    SEC Must File Fraud Suits Sooner, U.S. High Court Rules  

    The Securities and Exchange Commission must move more quickly in pressing some fraud lawsuits, the U.S. Supreme Court ruled in a decision that may affect agencies across the government. (Bloomberg)

      

    Sequestration Taxes IRS Fight Against Fraud  

    Absent a last-minute deal, the 8.2 percent funding cut facing the cash-strapped IRS would likely translate to fewer tax specialists on hand to help taxpayers with their returns and root out tax fraud. (Politico)

      

    Study Confirms Widespread Mortgage Fraud   

    The housing crisis started with a slew of bad loans. You know the story line: Lenders issued loans to borrowers for homes they couldn't afford, who then defaulted on those loans. … Perhaps less well known is that fraud was endemic during the housing bubble. (CBS)

      

    SEC Launches 'RoboCop' To Fight Against Accounting Fraud   

    The Securities and Exchange Commission is deploying an innovative computerised tool designed to automatically trigger alerts concerning suspicious accounting at publicly traded companies. (Telegraph)

      

    Europol Breaks Up Multi-Million Euro Internet Fraud Gang  

    A network of online fraudsters who masqueraded as European crime-fighting agency Europol and collected millions of euros in fake fines has been broken up - by Europol. (Reuters)

      

    U.S. Recovers $4.2 Billion From Healthcare Fraud Probes: Report  

    For every dollar spent investigating healthcare fraud over the past three years, the government recovered $7.90, according to a report released by Attorney General Eric Holder and Health and Human Services Secretary Kathleen Sebelius. (Reuters)

      

    Speculative Bets Prove Risky as Savers Chase Payoff  

    Regulators across the country are confronting a wave of investor fraud that is saddling retirement savers with steep losses on complex products that until a few years ago were pitched only to the most sophisticated investors. (New York Times)

      

    IRS: Bad Spelling Led To Crack In Fraud Case  

    Had they been better at spelling, a Westerville man and a Reynoldsburg woman accused of stealing more than 500 identities in a tax-fraud scheme might not have been caught. (Columbus Dispatch)

      

    Mortgage Fraud Prosecutors Pounce On A Small Bank  

    On May 31 of last year, the Manhattan district attorney’s office announced criminal charges against the bank and 19 former employees, some facing up to 25 years in prison. (Businessweek)

      

    Twitter Stock Market Hoax Draws Attention Of Regulators  

    U.S. market regulators are trying to determine if a message posted on a hoax Twitter account this week was used as part of a securities fraud scheme. (Huffington Post)

      

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    January 

    Libor Lies Revealed In Rigging Of $300 Trillion Benchmark  

    Even in an era of financial deception -- of firms peddling bad mortgages, hedge-fund managers trading on inside information and banks laundering money for drug cartels and terrorists -- the manipulation of Libor stands out for its breadth and audacity. (Bloomberg)

      

    The 'Facebook Generation' Has Totally Revolutionized Insider Trading  

    Insider trading has become more "socialized" as young white collar criminals become more connected online, an upcoming study has found. (Business Insider)

      

    Texas Day Trader Sued By SEC Over High-Frequency Trading Claims  

    A Texas day trader illegally raised more than $6 million from the Houston-area Lebanese community by making false promises that his algorithmic trading program would generate 30 percent returns, U.S. regulators said. (Businessweek)

      

    Former Jefferies Trader Is Charged With Fraud  

    Jesse C. Litvak, the former Jefferies trader, is accused of generating more than $2 million in revenue for Jefferies by overcharging his customers through deceitful conduct. (New York Times)

      

    10 Worst Cities For Potential Mortgage Fraud  

    The total amount of possible mortgage fraud nationwide rose 1.1 percent from July to September 2012 from the previous quarter, according to new statistics from Kroll Factual Data. (AOL)

      

    "Fraud Was … The F-Bomb"  

    Well before the housing bubble burst, alarm bells were starting to sound among key players in the mortgage industry: due diligence underwriters. (PBS)

      

    SEC Seeks to Break From Its Troubled Past  

    It is hard to imagine things getting any worse at the Securities and Exchange Commission than they were when the Bernard Madoff and Allen Stanford scandals came to light four years ago, and even some of the agency's harshest critics now say things have gotten a whole lot better. (CNBC)

      

    Alleged Fraud At Caterpillar's Chinese Acquisition Puts Spotlight On U.S. Principals  

    Investors in Caterpillar got a nasty surprise last Friday when the company revealed that it had uncovered massive fraud at a Chinese mining equipment firm that it bought last year. (Forbes)

      

    Stanford Suits Get Court Review in Securities-Fraud Test  

    The U.S. Supreme Court agreed to use a case involving investors in R. Allen Stanford’s $7 billion Ponzi scheme to consider tightening the limits on securities-fraud suits. (Bloomberg)

      

    Poker Player Convicted For $1.2 Bln U.K. Property Fraud  

    Greek businessman Achilleas Kallakis, known as “The Don” on the international poker circuit, was convicted of defrauding lenders and using the proceeds to pay for trophy property, private planes, a yacht in Monaco, luxury cars, helicopters and artwork, prosecutors said. (Bloomberg)

      

    21 People Charged In Unemployment Fraud Scheme  

    Three people were arrested in California for collecting fraudulent unemployment and disability benefits. (CNN)

      

    FBI’s Washington Office Homes In On Financial Fraud Cases  

    The FBI’s Washington field office, long known for its work on terrorism and public corruption, has taken a central role in the U.S. probe of the manipulation of interest rates that has entangled banks around the world. (Bloomberg)

      

    Top Email Terms Used By Corporate Fraudsters Published By FBI  

    Software developed by the FBI and Ernst & Young has revealed the most common words used in email conversations among employees engaged in corporate fraud. (Computerworld UK)

      

    SEC’s Window For Fraud Suits May Be Narrowed By Top Court  

    The U.S. Supreme Court signaled it may tighten the time limits that apply when the Securities and Exchange Commission and other government agencies seek to impose fines on people and companies accused of fraud. (Bloomberg)

      

    Tax Fraud At Highest Level Since Start Of Crisis  

    Tax fraud has reached its highest level since the onset of the financial crisis, as VAT evasion has exploded, costing Britain more than £3bn a year. (The Telegraph)

      

    Madoff Aside, Financial Fraud Defies Policing  

    While Mr. Horn is a relatively minor player in the pantheon of financial fraud, his actions highlight the persistent problems with policing the industry, even after the wave of rules enacted since the collapse of Bernard L. Madoff’s giant Ponzi scheme in 2008. (Accounting Today)

      

    Dispatches from the War on Fraud  

    For those looking to protect their clients -- or themselves -- from fraud, Randy Wilson has a sobering warning. (Accounting Today)

      

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