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BUSINESS
By BLOOMBERG NEWS | December 4, 1999
NEW YORK -- The sentencing of Patrick Bennett, convicted of 42 fraud and money-laundering counts in what prosecutors called the nation's biggest Ponzi scheme, was postponed yesterday as a federal judge threatened to impose a longer jail term if Bennett does not reveal where the stolen money went.Prosecutors said thousands of small investors were cheated in the $700 million scheme by Bennett, 46, former chief financial officer of Syracuse, N.Y.-based Bennett Funding Group Inc.Long jail term possibleU.
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BUSINESS
By Marcia Myers and Marcia Myers,STAFF WRITER | October 21, 1995
The president of Wye River Inc., the Eastern Shore-based marketer of seafood seasonings and other products, was charged yesterday with defrauding the Food Lion grocery chain of more than $300,000.Beginning in 1988 and continuing until August 1993, Joseph L. Bernard III overcharged the grocery chain by listing inflated prices on invoices, according to federal prosecutors.The company produces and markets seasonings for crabs, plus other products such as crab soup, tartar sauce and seafood cocktail sauce.
BUSINESS
By Kelly Gilbert and Kelly Gilbert,Evening Sun Staff | November 8, 1991
Robert Shulman, Bolar Pharmaceutical Inc.'s former president, chief executive and board chairman, has pleaded guilty to conspiracy, obstruction of justice and other charges tied to fraud in the company's generic-drug operation.First Assistant U.S. Attorney Gary P. Jordan said in U.S. District Court in Baltimore yesterday that Shulman also has agreed to plead guilty to an unspecified antitrust violation to be filed here soon by the U.S. Department of Justice.Lawrence G. McDade, assistant director of the Justice Department's consumer litigation office, told Judge John R. Hargrove yesterday that Shulman and Jacob H. "Jack" Rivers, Bolar's former executive vice president, masterminded the company's massive fraud to skirt federal procedures in the manufacture and sale of its highly profitable products for six years.
HEALTH
By Meredith Cohn, The Baltimore Sun | September 17, 2011
When Maxim Healthcare Services settled one of the government's largest-ever medical fraud cases last week, the Medicaid and Veterans Affairs contractor agreed to pay $150 million and implement a host of corporate reforms. But Maxim, a Columbia-based home health and medical staffing company founded by Ravens owner Steve Bisciotti, avoided the penalty that would have the biggest impact on its bottom line: disbarment from federal health care programs. That's the case with nearly all of the companies ever charged with cheating government programs — including thousands of health care companies that are defendants in most of the cases and that settled civil charges for a record $2.5 billion in the 2010 fiscal year.
NEWS
By Michael James . and Michael James .,SUN STAFF | July 29, 1997
Almost six years after fleeing the country, Martin Bramson appeared before a federal magistrate yesterday to face charges of bilking up to $20 million from doctors in a huge insurance fraud scheme that laundered money in banks around the world.Bramson, 51, sported a scruffy beard and wore dark sweat pants as he strode into the courtroom to be informed of the mail fraud and money laundering charges. His father, Norman, who previously served a prison term for fraud and was sitting in the front row, happily declared, "There he is!"
BUSINESS
By THE DENVER POST | March 16, 2005
The Securities and Exchange Commission sued 12 former Qwest Communications International Inc. executives - including one-time chief executive officer Joseph P. Nacchio - yesterday for allegedly inflating the company's financial performance and misleading investors. The SEC described Qwest under Nacchio as "a culture of fear" with subordinates desperate to meet his demands to hit revenue targets. The SEC accused the executives of a "massive financial fraud" that caused Qwest to record about $3 billion in false revenue and helped inflate its stock to cinch its 2000 merger with U S West, a regional phone company.
BUSINESS
By Lorene Yue and Lorene Yue,Your Money | February 13, 2005
Lots of buyers and sellers have discovered the fun and profit of dealing with Internet auction sites. Unfortunately, so have plenty of crooks. Fraud represented 61 percent of the more than 635,000 consumer complaints received by the Federal Trade Commission last year. Fraud related to any type of Internet activity dominated, while problems specifically tied to Internet auctions (nondelivery, lower value than promised, delays) ranked highest among complaints. Experts recommend a thorough reference check before doing business with an unknown seller, avoiding wire transfer services for making payment and being leery of escrow services suggested by the seller.
BUSINESS
By Mark Guidera and Mark Guidera,SUN STAFF | February 21, 1997
Three shareholders have filed a $55 million fraud lawsuit in U.S. District Court in Baltimore against the chairman and former officers and directors of Novatek International Inc., the Columbia-based company under federal investigation for stock fraud.Meanwhile, Joseph E. "Chick" Celentano, a Connecticut businessman, has filed a separate $3 million civil suit claiming he was defrauded by his cousin, Vincent D. Celentano, a Florida businessman who is one of Novatek's major shareholders.In a suit filed in U.S. District Court in Connecticut, Joseph Celentano charges his cousin induced him to invest in Novatek and a related venture in Russia, Health Care, Ltd., using false and misleading information.
BUSINESS
By BLOOMBERG NEWS | January 26, 2005
BIRMINGHAM, Ala. - HealthSouth Corp. founder and fired chief executive Richard M. Scrushy was a "cunning" and "hands-on leader" who directed a $2.7 billion accounting fraud and enriched himself as he fooled investors, a prosecutor told jurors yesterday at the start of Scrushy's fraud trial. "You're going to hear evidence that Richard Scrushy knew about the conspiracy, that he participated in the conspiracy and that he profited from the conspiracy," U.S. Attorney Alice H. Martin told jurors in her opening statement.
BUSINESS
By Bloomberg News | March 20, 2007
NEW YORK -- The United States is seeking a 30-year prison term for Mark P. Kaiser, the former marketing chief of Columbia-based U.S. Foodservice who was convicted of conspiracy and fraud, his lawyer said. Kaiser, convicted in November by a jury in New York, will be sentenced Thursday by U.S. District Judge Thomas Griesa. Kaiser's lawyer, Richard Morvillo, said in court papers yesterday that prosecutors asked for the lengthy sentence after claiming that the fraud had cut the market value of Royal Ahold NV, U.S. Foodservice's owner, by $6 billion and cost investors $800 million.
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