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Fraud

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.
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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 Paul Adams and Paul Adams,Sun reporter | April 19, 2008
A federal judge in Cleveland approved a settlement yesterday worth more than $16 million between Ferris, Baker Watts and victims of an investment fraud that was aided by a former Ferris broker. The deal resolves disputes between the Baltimore brokerage and about 100 victims of the fraud, which grew out of a Ponzi scheme carried out by a former Ferris client, David A. Dadante. It also answers lingering questions about the firm's potential legal liability as it strives to complete its sale to Royal Bank of Canada in a stock deal valued at about $230 million.
NEWS
By BOSTON GLOBE | October 29, 1996
CAMBRIDGE, Mass. -- Nobel laureate David Baltimore, his career ravaged by a decade-long scientific fraud case that was only recently judged baseless, called yesterday for major changes in the way government and academia pursue alleged misconduct and blasted "self-appointed fraud police" who presume scientists are guilty until proven innocent.In his first extended public comments on the case, Baltimore, a Massachusetts Institute of Technology professor of immunology and molecular biology, also had harsh words for his critics, calling them "scurrilous," "pernicious," "bulldogs" and "out of control."
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.
NEWS
August 22, 1997
A Baltimore company has agreed to pay $50,000 to settle a fraud claim that it improperly dumped contaminated waste into the city's sewers, the U.S. attorney's office said yesterday.The company, Clean America, had a contract to dispose of waste water contaminated by fire-fighting foam used to douse jet fuel fires after tests at the Randle Cliff Research Laboratory in Chesapeake Beach.Instead of shipping the waste to a facility in Delaware, prosecutors say the company instead decided to dump it down city sewer drains.
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.
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!"
NEWS
By Scott Higham and Scott Higham,SUN STAFF | February 7, 1997
The first member of an international Nigerian fraud ring to be sentenced in the case was rewarded this week for his cooperation with federal agents and prosecutors, which helped them piece together the complicated organization.Ehi Joseph Macaulay,31, who was based in Burbank, Calif., could have received as much as two years and three months in federal prison without the possibility of parole for conspiring to commit credit card fraud.Instead, prosecutors asked U.S. District Judge Catherine C. Blake in Baltimore on Wednesday to go easy on the Nigerian national and sentence him to 18 months in prison with the chance that he could serve some of that time under home detention.
BUSINESS
By Mark Guidera and Mark Guidera,SUN STAFF | November 11, 1997
A federal bankruptcy court judge yesterday paved the way for Wood Gundy London Ltd., of London, to pursue its multimillion-dollar fraud lawsuit against two principal insiders behind Novatek International, the bankrupt Columbia-based company under federal investigation for stock fraud.Wood Gundy and other creditors in the lawsuit are seeking the return of $8 million paid out by Novatek.Judge James F. Schneider set deadlines for lawyers to complete the gathering of evidence and filing motions in the case.
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