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Latest fraud news and updates

Money Matters - Simplified


Sellers of fake antivirus software indicted

Three men, one Swede and two Americans, have been accused of duping scores of people and pocketing over US$100 million by selling harmful "scareware" antivirus.

Minnesota man pleads guilty to $190M fraud

Minneapolis -- A Minnesota man pleaded guilty in federal court to running a $190 million Ponzi scheme Tuesday, court papers say.

Trevor Cook admitted that he bilked investors of funds he said would generate 10 percent to 12 percent in annual returns from foreign currency trading. Instead, the funds went to a variety of other uses including making payments to other investors, buying two trading firms, purchasing land in Panama and paying large gambling debts, the Justice Department said.

About 1,000 people were taken in by the fraud that ran from January 2007 through July 2009.

Cook, to be sentenced at an undetermined date, could receive a 20-year prison sentence, the Justice Department said.

SEC gets tough, Greenburg to pay $1.5M

New York, August 7: Indicted for artificially inflating earnings between 2000 and 2005, Maurice "Hank" Greenberg, who led American International Group Inc. (AIG) for 38 years until his ouster in 2005, has agreed to pay $15 million penalty to settle fraud charges, the Securities and Exchange Commission (SEC) said Thursday.

Marc Dreier sentenced to 20 years for financial frauds

New York, July 14: Tarnished lawyer Marc S. Dreier, has been ordered to serve 20 years behind bars for defrauding hedge funds of more than $400 million and stealing money from his clients.

PEM Group’s Danny Pang arrested by FBI

Los Angeles, April 29: 42-year-old Danny Pang, the founder and ex-chief executive of PEM Group, was detained by the FBI in California on Tuesday.

Madoff pleads guilty, sent to jail

New York, March 13: They were only a few grieving investors present in the court. However, these few represented thousands others who had been duped by the swindler named Bernard Madoff. And when Judge Denny Chin ordered the trickster to jail, these investors had a reason to cheer.,

Madoff: Go Directly to Jail, Do Not Pass Go

Madoff expected to plead guilty Thursday

New York -- Accused New York trader Bernard Madoff is likely to plead guilty to what is called the largest fraud case in history, his attorney said Tuesday.

"It is anticipated that he will plead guilty on Thursday," Madoff's attorney Ira Sorkin said in an interview, MarketWatch reported. "I have no comment beyond that," he said.

However, Madoff, accused of 11 felony fraud counts involving a scheme that lost as much as $50 billion, will first have to clarify his attorney's position, ABC News reported.

Sorkin said Tuesday he had invested $18,860 with Madoff.

Madoff, however, is expected to waive off any conflict of interest issues, ABC said.

Prosecutors said Madoff's plea could end up with a sentence of 150 years in prison. As far as recovered funds, however, "it doesn't seem they (investors) will see any recovery of consequence," Fordham Law School Professor Jim Cohen said.

Satyam looking for strategic investor

Hyderabad, India, March 9: The fraud tainted Indian IT company, Satyam Computer Services (BSE: 500376; NYSE:SAY), is adopting a competitive bidding route to offload a 51 percent stake in the company. Interested bidders need to have assets of at least 15 billion rupees ($290 million) and must submit a detailed expression of interest to bid for the company by March 20.

Madoff likely to plead guilty

Manhattan, March 7: Bernard Madoff, the alleged swindler in the 50-billion ponzi scheme is set to plead guilty to federal charges next Thursday. A source familiar with the matter said that Madoff is expected to plead guilty to having run a securities racket and having indulged in money laundering activities.