Rajaratnam and Chiesi Plead Not Guilty In Hedge Fund Fraud Case

Accused fraudster, Raj Rajaratnam and executive at New Castle Funds LLC. Danielle Chiesi appeared in Manhattan federal court to plead not guilty to insider trading, conspiracy and securities fraud, reports HedgeCo.net.

Bloomberg reports that the two appeared in Manhattan federal court today to plead not guilty in an insider trading case that allegedly generated more than $20 million in illegal profits. They were arrested in October and indicted on Dec. 15. Prosecutors cite multiple schemes dating to 2003 and say the two used secret tips to trade in stocks including Polycom Inc., Akamai Technologies Inc., Google Inc. and International Business Machines Corp.

Learn more: Raj Rajaratnam, Chiesi Deny Insider Trading Charges

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26 Arrested in Three States in Medicare Fraud Schemes

The New York Times reports that Federal agents arrested 26 suspects in three states on Tuesday, including a doctor and nurses, in a crackdown on Medicare fraud totaling $61 million.

The raids came a week after a report that Miami-Dade County got more than half a billion dollars from Medicare in home health care payments intended for the sickest patients in 2008, more than the rest of the country combined, even though only 2 percent of those patients nationwide live there.

Learn more: 26 Arrested in Three States in Medicare Fraud Schemes

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Rajaratnam, Chiesi Indicted in New York for Conspiracy, Fraud

Bloomberg.com reports that Raj Rajaratnam, the billionaire Galleon Group LLC founder, and Danielle Chiesi, an executive at New Castle Funds LLC, were indicted by a federal grand jury for using inside information to profit from stock trades.

The indictment includes 11 counts of securities fraud and conspiracy against Rajaratnam and 10 counts against Chiesi stemming from trades that allegedly generated more than $20 million in illegal profits. It cites multiple schemes dating to 2003 and says the two used secret tips to trade in stocks including Polycom Inc., Hilton Hotels Corp, Akamai Technologies Inc., Google Inc. and International Business Machines Corp.


Learn more: Rajaratnam, Chiesi Indicted in New York for Conspiracy, Fraud

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Louisiana agent accused of stealing $2.9 million in auto policy scheme

IFAwebnews.com reports that Louisiana agent, Jolie R. Bonvillian, 40, of Violet has been arrested and accused of 424 counts of forgery, 339 counts of bank fraud, 85 counts of insurance fraud and three counts of theft. State police say an investigation began when troopers from its insurance fraud/auto theft unit received a complaint from Progressive Insurance Co., concerning an “unusually large” number of commercial auto polices generated by Bonvillian.

An investigation revealed that Bonvillian generated 85 fraudulent policies using fake names, international drivers license information and vehicle information. The Progressive auto policies were created to facilitate 339 bogus premium finance agreements, authorities said.

Learn more: Louisiana agent accused of stealing $2.9 million in auto policy scheme

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Brookstreet and the CEO charged with fraud

According to Reuters, Stanley Brooks, former President and Chief Executive of Brookstreet group have been charged with fraud. They promoted risky mortgage securities to customers after they were warned that the securities were dangerous, illiquid and inappropriate for retail investors.

A statement from Robert Khuzami, director of the SEC's Division of Enforcement, said:
"These were complex mortgage derivative securities with byzantine pricing, valuation and trading characteristics. Selling them to retirees and conservative investors was profoundly and egregiously wrong."

Read more here.

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Alleged Ponzi Scheme Uncovered in Florida

The Associated Press reports that attorneys sorting through the books of disbarred Florida lawyer Scott Rothstein have uncovered handsome salaries for the disgraced attorney and his partners.

In 2008, Rothstein collected $35 million. Stuart Rosenfeldt, a 50 percent partner, received more than $6 million, and name partner Russell Adler was paid $888,000.

The law firm is now in bankruptcy, and Rothstein faces charges including racketeering and money laundering in what authorities allege was a massive ponzi scheme. Creditors have filed nearly $1.2 billion in claims.

Bankruptcy attorneys say the firm's books are a mess, and it's impossible so far to paint a complete picture.

Rothstein has pleaded not guilty.



Florida Lawyer Charged With Fraud Collected $35M in 2008

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Tom Petters Found Guilty of $3.65B Ponzi Scheme

Yesterday a Minnesota jury found businessman Tom Petters guilty for his $3.65B ponzi scheme. The Wall Street Journal reports that, Petters guilty sentence contains 20 counts of wire fraud, mail fraud, money laundering and conspiracy, potentially consigning him to life in prison without parole.

Petters case has been overshadowed by fellow ponzi-schemer, Bernie L. Madoff.

Petters Found Guilty of Fraud

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Baltimore Mayor Convicted of Fraud

Baltimore mayor, Sheila Dixon, was convicted yesterday on a single charge she took gift cards intended for the city’s poor. Although she was acquitted of felony theft charges, her misdemeanor conviction could force her from office, reports the Associated Press. Jurors deliberated more than six days after hearing accusations that the Democrat improperly used or kept $630 worth of gift cards. She was accused of soliciting most of the cards from a developer and buying electronics at Best Buy, clothes at Old Navy, and knickknacks at Target.

Baltimore mayor convicted on fraud charge

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New federal task force to fight fraud

The Obama Administration has created a new task force that will work to combat fraud. It will replace the task force that Bush for the same reason.

U.S. Attorney General Eric Holder stated, "This task force's mission is not just to hold accountable those who helped bring about the last financial meltdown, but to prevent another meltdown from occurring. By punishing criminals for their actions, we will send a strong message to anyone looking to profit from the misfortunes of others."

Read the full article here.

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Agility indicted in fraud case

The Denver Post reports that a federal grand jury has indicted a Kuwait- based company for an alleged series of schemes that U.S. officials say amounted to a "massive overcharging" of the U.S. government for food the company provided to soldiers stationed overseas.

According to civil court records, the alleged acts have cost taxpayers more than $1 billion.

The criminal indictment, which was unsealed Monday, accuses the company of conspiracy, major fraud, false statements, submitting false claims and wire fraud.

The publicly traded multinational company does business under the name Agility but was charged under its old name, Public Warehousing Co., or PWC. According to its website, it has 37,000 employees in 120 countries. The company's commercial division, Agility Global Integrated Logistics, has its American offices in Irvine, Calif.

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Former US Congressman Faces 13 Years in Jail

According to this post on IBN Live a former US Congressman William Jefferson has been sentenced to 13 years in jail after being found guilty in August of collecting bribes for personal interests after police found $90,000 stored in his freezer.

Jefferson lost his seat in 2008 elections after voters were completely turned off by all the indictments of bribery and money laundering. In exchange for the bribes Jefferson allegedly led business operations in Africa that included telecommunication deals with countries such as Ghana and Nigeria.

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U.K. Fraud Office Investigates London Hedge Fund Group

The Wall Street Journal reports that London-based hedge fund group, Dynamic Decisions Capital Management Ltd. is being investigated by the U.K. Serious Fraud Office in connection with suspicions about the firm's investment activities in connection with its Cayman Islands-registered fund called Dynamic Decisions Growth Premium Master Fund Ltd.

For more information about the investigation, please click here.

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How will the CARD Act impact AML regulations?

Recently, the prepaid industry has been under heavy scrutiny and with the addition of the Credit Card Accountability, Responsibility and Disclosure Act going into effect on February 22, 2010 even more provisions will apply to gift certificates, store gift cards and general-use prepaid cards. This article from Bankrate.com highlights how expiration and inactivity fees, for example, will be very limited. Customers can not incur inactivity fees on gift cards unless they go unused for a period of over 12 months.

There are however, certain fees that the CARD Act does not protect from like upfront issuance and sales fees. One aspect of fees that the CARD Act is particularly aiming to eliminate is expiration fees. The ACT demands that cards not expire for 5 years after its issuance; many gift cards at this time expire after 1 or 2 years.

What sort of changes do you foresee for AML regulations in the prepaid industry with these new provisions going into effect early next year?

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105 Charged in Wide-Spread Florida Mortgage Fraud

RealEstateChannel.com reports that The Justice Dept. has charged 105 mortgage company representatives, brokers and other individuals in fraudulent schemes that have netted them $400 million in loans on 700 properties in Florida. In the four Florida markets targeted by federal and local law enforcement agencies over a nine-month period, 32 defendants are from Fort Myers, 30 from Tampa, 24 from Jacksonville and 19 from Orlando. Alex Finkelstein reports that this investigation was launched in late January 2009

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Madoff Accountant Pleads Guilty

As predicted last week Bernie Madoff's accountant, David Friehling, has plead guilty this morning to his involvement in Madoff's ponzi scheme. NBC reports that in addition to securities fraud, Friehling was also charged with investment adviser fraud, making false filings to the Securities and Exchange Commission and obstructing the IRS.

Friehling becomes the second known Madoff associate to cooperate in the investigation. Madoff's right hand man Frank DiPascali pleaded guilty and is hoping for a reduced sentence by helping the FBI track others involved.
DiPascali is behind bars as prosecutors try to convince a judge to let the convicted co-conspirator out on bail so he can more easily assist the investigation.

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Guilty Plea Expected from Madoff's Accountant

Newsday.com reports that Bernard Madoff's former accountant will likely plead guilty on November 3rd to a variety of fraud and other charges in connection with largest Ponzi scheme ever to hit Wall Street, officials said Friday.

In a letter filed in federal court in Manhattan, Assistant U.S. Attorneys Lisa Baroni and Marc Litt said that it is expected that David G. Friehling, 49, of upstate New City, will plead guilty Nov. 3 to charges of securities fraud, investment adviser fraud, making false statements to the Securities and Exchange Commission, and obstructing tax collection laws.

Madoff accountant expected to plead guilty to securities fraud

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More Money is Being Advanced to Madoff Victims

Looks like progress is slowly being made in Bernie Madoff's $65 billion Ponzi scheme. This article in Bloomberg discusses Madoff's liquidators are making repayments of about $534.2 million to 1,558 victims that suffered losses. There have been over 16,000 claims made since Bernie's arrest back in December, so there is still a long way to go. Irving Picard, a trustee, was able to recover $1.4 billion in assets to repay victims and more is expected back in fake profit from some of Madoff's biggest investors. There will be a lot controversy going forward on who gets paid and who doesn't.

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French court convicts Church of Scientology of fraud

CNN International reports today that a French court on Tuesday convicted the Church of Scientology and six of its members of organized fraud, but stopped short of banning the church.

The court also fined the members as much as 400,000 euros ($595,000) each.
The decision follows a three-week trial in May and June, during which two plaintiffs said they were defrauded by the organization, which is classified as a sect in France.

The plaintiffs focused their complaints on the use of a device that Scientologists say measures spiritual well-being. Members used the electropsychometer, or E-Meter, to "locate areas of spiritual duress or travail so they can be addressed and handled," according to Scientology's Web site.

The plaintiffs said that, after using the device, they were encouraged to pay for vitamins and books. They said that amounted to fraud.

Will other Scientology churches around the globe see the same judgement as those in France?

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Madoff Investor Dies in Swimming Pool

A recent article in CNN mentioned that an investor of Madoff's Ponzi scheme recently died in his Florida pool. Jeffry Picower, a 67 year old investor from Florida was found dead in his swimming pool in Palm Beach.

Jeffry's Picower Foundation had announced earlier that it was shutting down because of losses from the Madoff sheme. His recent tax return valued the portfolio at $955 million. There are also allegations that Picower benefited from Madoff's secretive investment business.

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Manhattan US Attorney Names Heads Of New Complex Frauds Unit

Yesterday, The Wall Street Journal reported that Preet Bharara, the U.S. Attorney in Manhattan, named the heads of his office's newly created Complex Frauds Unit on Monday.

Anirudh Bansal and Jonathan Kolodner were named as chiefs of the new unit, which will oversee the investigation and prosecution of bank fraud, mortgage fraud, health-care fraud and tax fraud, as well as cyber crimes.

Bharara said his office, between the Complex Frauds Unit and the office's Securities and Commodities Fraud Task Force, now has more than 30 attorneys targeting sophisticated white-collar crime.

Bansal was previously chief of the office's International Narcotics Trafficking Unit. Kolodner was acting deputy chief of the office's Criminal Division and Mortgage Fraud Group coordinator. He was previously acting deputy chief of the office's Organized Crime Unit.

Christopher L. Garcia also was named deputy chief of the Securities and Commodities Fraud Task Force.

At the same time, Anjan Sahni was named chief of the International Narcotics Trafficking Unit, while Joan M. Loughnane and Stephen J. Ritchin were named chiefs of the General Crimes Unit.

Jocelyn E. Strauber was named the deputy chief of the International Narcotics Trafficking Unit and Jennifer G. Rodgers was named the deputy chief of the Organized Crime Unit.

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FBI joins $53M fraud investigation

The Detroit News reports today that the FBI has joined the investigation surrounding an alleged $53 million Ponzi scheme, according to documents filed in federal court in Detroit.

Until now, the alleged "Billionaire Boys Club" scheme involving businessmen John J. Bravata of Brighton and Richard J. Trabulsy of Northville has been a civil case, with the U.S. Securities and Exchange Commission pursuing the men and their companies through a civil fraud and securities lawsuit filed in U.S. District Court.

The SEC filed the lawsuit against Bravata, Trabulsy and their companies, BBC Equities and Bravata Financial Group, on July 26. Under the alleged scheme, authorities said, more than 400 investors were promised returns of 8 percent or more while the principals spent millions on luxury homes, boats, jewelry, gambling, exotic vacations and expensive cars.

FBI joins $53M fraud investigation

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Fraudster Nabbed Thanks to Facebook

The Associated Press reports today that 26-year-old native of Cameroon is now in a Mexico City jail, where he is awaiting extradition to the United States on bank fraud charges -- thanks to his incessant post on Facebook about the high life in Cancun and befriending a special FBI agent.

Federal prosecutors say he and an associate falsely obtained more than $200,000 from Seattle-area banks and credit unions.

"He was making posts about how beautiful life is and how he was having a good time with his buddies," said Assistant U.S. Attorney Michael Scoville, who helped find Sopo. "He was definitely not living the way we wanted him to be living, given the charges he was facing."

Although Sopo's profile was set to private, his list of friends was not, and Scoville started combing through it. He was surprised to see that one friend listed an affiliation with the Justice Department and sent him a message requesting a phone call.

Prosecutors say he masterminded the bank fraud scheme with Edward Asatoorians, who was convicted by a federal jury in Seattle last week. Testimony at trial indicated the pair persuaded young co-conspirators to lie about their income to obtain loans for fabricated auto purchases, and then used the money to prop up Asatoorians' business and to take an expensive trip to Las Vegas.

Asatoorians is expected to face at least five years in prison when he's sentenced. If convicted, Sopo could face up to 30 years.

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Millionaire Guilty of Money Laundering Charhe

According to this post on isleofman.com 69 year old Trevor Baines has been found guilty of money laundering. The prosecution claimed that Mr. Baines knew the origin of the $175 million he received through the Isle of Man Bank, which was the result of a massive fraud on US shareholders. Although he and his wife denied that they knew how the money was obtained, they both have been charged.

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F.B.I. Indicts Dozens in Online Bank Fraud

The New York Times reports that in what it is calling Operation Phish Phry, the F.B.I. began arresting 53 people on Wednesday on charges of conducting a vast financial fraud based on phishing — the act of tricking Internet users into revealing their passwords and other information.

The arrests were in Southern California, Nevada and North Carolina, while the authorities in Egypt sought to arrest 47 people whom the F.B.I. said were co-conspirators.

It's reported that the total amount stolen from Wells-Fargo and Bank of America totaled nearly $2M. The investigation into this fraud began in 2007 and authorities noted that this operation was very clean and well organized.

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Fmr InterMune Inc. Chief Convicted of Fraud

According to The Associated Press, a federal jury in San Francisco convicted Dr. W. Scott Harkonen after a seven-week trial. The conviction centered on an August 2002 news release that misstated the results of a clinical trial using Actimmune to treat the disease. The release falsely said the test showed Actimmune helped IPF patients live longer.

Treating one IPF patient with Actimmune for a year cost about $50,000, and most Actimmune sales were for the unapproved treatment of IPF, the Justice Department said.

For more information about the case, please click here.

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Ponzi Schemeing, Canadian Style

We're learning that nearly C$400 million ($369 million) from Canadian and international investors has gone missing in Canada's biggest ponzi scheme to date. Bloomberg reports that Allen Brost and Gary Allen Sorenson created Syndicated Gold Depository SA, which agreed to lend money to Merendon Mining Corp., with the promise of tax breaks and high rates of return to investors, police said Sept. 14. Initially, the men were alleged to have bilked more than C$100 million from 1999 to Dec. 31, 2008, from investors in Alberta, Canada.

For more information, please click here.

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Health Care Supplier is Involved in $18.4 Million Medicare Fraud Scheme

According to this post on Detroit News Suresh Chand is being charged with health care fraud and money laundering charges because he was a major figure in a $18.4 million scheme to defraud Medicare. He faces up to 30 years in prison and fines which total up to $750,000.

Chad owned 4 medical companies and submitted false claims to Medicare between the years of 2003 and 2007. He pleaded guilty for these charges and will be sentenced soon.

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Ponzi scheme exposed in Michigan

According to the Wall Street Journal, Frank Bluestein, a Michigan stock broker, ran a Ponzi scheme which convinced elderly individuals to refinance their homes. The Ponzi scheme totaled $250 million, and made $74 million with 800 investors during the five years it was in operation. Read the full story here.

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'McMansion' Mortgage Fraud Scam: Huge Homes Allegedly Became Boardinghouses

The Washington Post reports that allegedly that the family of Ruben Rojas would recruit straw buyers, help them file false loan applications and execute phony "HUD-1" settlement statements on down payments and closing costs. The Rojases would allegedly pay the straw buyers and reap the benefits of quick "flip" sales along with real estate commissions in some cases. Investigators have identified 34 houses bought using unqualified buyers and turned into illegal boardinghouses. The total value of those properties is about $20 million, police said. Investigators expect that the scheme might ultimately involve more than 200 houses in Virginia.

For more information, please click on the link below.

Va. Family Targeted in 'McMansion' Mortgage Fraud Scam

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East St. Louis pair pleads guilty for fraud in accociation to a daycare

According to the Chicago Tribune, Robby Owens and Monica Owens, a couple running a daycare in East St Louis, defrauded the government of $1.2 million by not paying taxes from 2004-2004. They also received $150,600 in federal funds for children who weren't in their care. Read the full article here.

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AMLAC 2009 Speaker Profile: Dennis Wood, OFAC

Dennis Wood
Assistant Director
OFAC

Dennis has been in charge of compliance outreach and implementation at Treasury's Office of Foreign Assets Control for the past 23 years and has been involved with financial services industry issues for well over 30 years. He has first hand experience with S.W.I.F.T., and served on what used to be the Council on International Banking's Letter of Credit Committeee. Previously, he served two terms by appointment of the U.S. Secretary of Commerce on the U.S. District Export Council, was named a "Financial Services Advocate of the Year" by the U.S. Small Business Administration, and was a Director and officer of the N.C.I.V. under the auspices of the United States Information Agency.

Don't miss Dennis speak on Incorporating Effective OFAC Compliance Strategies to
Avoid Costly Fines at the AMLAC Conference in NY from October 19-21.

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FBI investigations into mortgage increase 63%

The New York Daily News reports today that FBI investigations into mortgage fraud have increased by 63%. "The schemes have evolved with the changing economy, targeting vulnerable individuals, victimizing them even as they are about to lose their homes," Robert Mueller, Bureau Director, told the Senate Judiciary Committee on Wednesday.

The FBI has more than 2,600 cases open, with most of them involving losses of more than $1 million, Mueller said. That's more than triple the number of three years ago and up from 2,400 cases Mueller said were open in May.

As we continue with the recession and the ill effects of the mortgage boom, will see see an continuous uptick in mortgage fraud investigations next year?

FBI investigations into mortgage increase 63%

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AMLAC 2009 Speaker Profile: Rachel Rojas, Supervisory Special Agent, FBI

Rachel Rojas
Supervisory Special Agent
FBI

The Federal Bureau of Investigation was forced to reallocate its manpower in New York to deal with recent frauds involving subprime mortgages, auction-rate securities and Madoff, who prosecutors said confessed this month to bilking investors out of $50 billion, FBI official David Cardona said in an interview.

“We have to work those cases which we think pose the greatest threat,” he said. “In this case, it’s a threat to the financial system and Wall Street.”

Special Agent Rachel Rojas, who once worked on tracing terrorist financing and al-Qaeda, now oversees 15 agents investigating mortgage fraud, said Cardona, a career agent with 23 years at the bureau. He declined to say how many other agents he has reassigned from anti-terror work to financial crimes.

Rojas heads one of two such mortgage-fraud squads that work with federal prosecutors in Brooklyn and Manhattan and other federal agencies.

Bio courtesy of Bloomberg.com

Don't miss Rachel Rojas speak on Understanding the Latest Law Enforcement Initiatives for
Identifying Trends and Preventing Fraud at the AMLAC Conference in NY from October 19-21.

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New Jersey comes top for anti-money laundering compliance

According to this post on the Wealth Bulletin New Jersey has received praise from the International Monetary Fund for being top for anti-money laundering compliance. The report which was published by the IMF states that NJ has put in place a "comprehensive and robust" framework for combating money laundering and terrorist financing. Now that we know who's on top it would be interesting to see what state came out at the bottom of the list.

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Madoff's Ponzi scheme showing holes

According to CNN, new audio tapes have surfaced where Madoff shares with another colleague, Amit Vijay, chief risk officer of the Fairfield Greenwich Group, how to dodge any questions or inquires that came from the SEC. It was not evident when this phone call was made. In the phone call, Madoff stated, "You don't want to have that information because ... the commission, when they ask questions, they try and draw out information," Madoff said. "The less that you know how we execute ... the better you are."

Read the full article here.

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Hockey Owner to Pay $67.5M in Restitution

The San Francisco Chronicle reports that former co-owner of the San Jose Sharks, venture capitalist William "Boots" Del Biaggio III, 41, of San Jose must surrender Jan. 8 to begin serving a sentence of eight years and one month, U.S. District Judge Charles Breyer said at a hearing in San Francisco.

The judge also ordered Del Biaggio to pay $67.5 million in restitution.

Federal prosecutors said Del Biaggio defrauded numerous people to obtain and guarantee loans of about $100 million in connection with various ventures, including the purchase of a $25 million stake in the Nashville Predators of the National Hockey League.

Former Sharks co-owner gets 8 years for fraud

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AMLAC 2009 Speaker Profile: Les Joseph, US DOJ

Lester Joseph
Principal Deputy Chief- Asset Forfeiture & Money Laundering
US Department of Justice

Principal deputy chief, Asset Forfeiture and Money Laundering Section of the U.S. Department of Justice, Washington, he guides and assists federal prosecutors and law enforcement agencies throughout the United States in money laundering and forfeiture cases, including various “Deferred Prosecution Agreements”. He advises Justice Department officials on money laundering control legislative and prosecutorial policies and procedures and has participated in some of the landmark U.S. money laundering prosecutions, including several that established the extraterritorial reach of the U.S. law.

Don't miss Les speak on Understanding the Latest Law Enforcement Initiatives for
Identifying Trends and Preventing Fraud at the AMLAC Conference in NY from October 19-21.

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Owner of Diamond Ventures Arrested for Wire Fraud and Money Laundering

According to this article in the Herald Tribune Beau Diamond from a Sarasota based Diamond Ventures group was recently charged with money laundering and wire fraud. Officials claim that he operated his venture like a Ponzi scheme, using investors' money to make profit payments to other investors and collecting about $38 million from over 200 people. $6.6 million of those funds were used for personal expenditures including a waterfront condominium, a Lamborghini Gallardo, and vacations. The FBI have been investigating Beau since early January.

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SanFran City Workers Dupe City $200K

The San Francisco Chronicle reports that two San Francisco public employees are under investigation for allegedly masterminding a scheme that duped the city out of more than $200,000 in goods. The pair, Donnie Alan Thomas and Miles Bonner each made more than $95,000 a year as electrical line workers for the San Francisco Public Utilities Commission. The pair's alleged scheme from 2003-2007 paid for personal goods including high-end car stereo equipment, furniture, designer window shutters and redwood decking, authorities said Tuesday.

The two each face 41 felony and two misdemeanor counts ranging from grand theft to failure to pay unemployment insurance. If convicted, they each face up to 21 years in state prison.

2 SFPUC workers accused of masterminding fraud

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Societe Generale Trader to Face Trial in 2010

CNN.com reports that French trader, Jerome Kerviel will face charges including forgery, breach of trust, and introducing fraudulent data into the bank's data system, Societe Generale lawyer Jean Veil told CNN. He faces a penalty of up to five years in prison and a fine of up to €375,000 euros ($538,000), Veil said. The bank also will ask that Kerviel reimburse them for almost 5 billion euros ($7.1 billion), "which probably he will not pay," Veil said.

The trial is expected to start in the first half of 2010, perhaps in May or June, Veil said. It will take place at the Tribunal de Grande Instance in Paris, he said.

Trader faces trial over alleged $7B fraud

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AMLAC 2009 Speaker Profile: Suzanne Williams, Federal Reserve Board

Suzanne Williams
Manager of the BSA/AML Risk Section of the Division of
Banking Supervision and Regulation
Board of Governors of The Federal Reserve System

Suzanne Williams is the Manager of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Risk Section of the Division of Banking Supervision and Regulation at the Board of Governors of the Federal Reserve System. In this position, she works with Reserve Bank and Board staff in designing and implementing supervisory strategies to address significant BSA/AML issues, including related enforcement actions, when appropriate. Ms. Williams develops BSA/AML policy guidance for financial institutions and interagency examination procedures, in coordination with other relevant federal and state government agencies, and conducts frequent industry outreach on BSA/AML matters.

Don't miss Suzanne speak on Procedures for Regulatory Compliance for Prepaid Cards at the AMLAC Conference in NY from October 19-21.

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Standford Group's #2 pleads gulity to fraud

According to the Wall Street Journal, James Davis, who was the second highest in the Standford Fraud case, pleaded guilty. He admitted to willingly defrauding investors for nearly twenty years. Davis is cooperating with officials to build a case against Allan Standford, who is currently being held in Conroe, Texas. Read the full article here.

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Detroit Physical Therapist Pleads Guilty to $18.3M Medicare Fraud

The Chicago Tribune reports that 45-year-old Jay Jha of Troy, Michigan admitted to signing about 336 fictitious files for sham companies purportedly providing physical and occupational therapy to Medicare beneficiaries. Jha says he was paid up to $110 for each file. Medicare paid close to $773,000 between 2003 and 2005 on claims involving Jha who faces 10 years in prison and a $250,000 fine at his Dec. 16 sentencing.

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Park Rapids Man is Indicted on Counts of Wire Fraud and Money Laundering

According to this post on the Park Rapid Enterprise a 36 year old man who is licensed in real estate from Park Rapids has been charged with wire fraud, money laundering, and marijuana charges by a federal grand jury.

Eric Moen allegedly misrepresented the employment status of a borrower and obtained funds in connection with the mortgage of the home. Moen also transferred more than $640,000 from the mortgage company to the home, and pocketed nearly $15,000.

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Mortgage Fraud Task Force being formed

According to the New York Times, the ten state Attorneys Generals and four federal agencies have come together to create a Mortgage Fraud Task Force. They will focus on: equity skimming, bogus foreclosure rescue, straw purchases and unethical lending practices. Read more about the task force here.

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AMLAC 2009 Speaker Profile: Alan E. Sorcher

Alan E. Sorcher

Sr. Advisor for Cross-Sector Regulatory Strategies

FINCEN



Alan E. Sorcher is Senior Advisor for Cross-Sector Regulatory Strategies at the Financial Crimes Enforcement Network. Mr. Sorcher serves as FinCEN’s point person on Regulatory Reform to ensure that FinCEN can effectively meet its mission objectives within a reorganized regulatory structure. Mr. Sorcher also is involved in FinCEN’s policy issues, rulemaking and efforts to increase effectiveness and consistency of BSA programs across sectors.



Prior to his current position, Mr. Sorcher was a Managing Director and Associate General Counsel at the Securities Industry and Financial Markets Association, where he spent almost a decade. At SIFMA, Mr. Sorcher was responsible for anti-money laundering issues, OFAC, privacy and data protection, bank holding company issues and financial regulatory reform. He directed SIFMA’s efforts on the implementation of the USA Patriot Act and the Gramm-Leach-Bliley Act. In addition, Mr. Sorcher created SIFMA’s Anti-Money Laundering and Financial Crimes Committee and its Privacy and Data Protection Committee. He also organized and chaired SIFMA’s annual anti-money laundering compliance conference and organized conferences on privacy, information security, OFAC, Foreign Corrupt Practices Act, and Gramm-Leach-Bliley topics. Mr. Sorcher has spoken and lectured regularly on anti-money laundering compliance, Gramm-Leach-Bliley Act topics, and privacy issues, and conducted AML training in Asia. In 2003, “Compliance Reporter” named Mr. Sorcher its “Lawyer of the Year” for his work in helping securities firms understand and implement the anti-money laundering provisions in the Patriot Act. Mr. Sorcher was also a member of the Treasury Department’s Bank Secrecy Act Advisory Group for eight years.



Prior to SIFMA, Mr. Sorcher was counsel at the Board of Governors of the Federal Reserve System, where he handled both litigation and investigations. Mr. Sorcher was also a branch chief in the SEC’s Division of Enforcement, where he was responsible for overseeing investigations involving violations of the federal securities laws.



Early in his career, Mr. Sorcher was in private practice. He received a BA in Political Science from the University of Pennsylvania and a JD from the Boston University School of Law.



Don't miss Alan’s session Q&A with the Department of Justice at the 2009 AMLAC Conference October 19-21st in NY. Hope to see you all there!

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First Indictment is Handed in Huge NJ Corruption Scandal

According to this report on MyFoxNy the federal grand jury has handed down the first indictment in the huge NJ corruption-money laundering scandal. The prosecutors have charged Jersey City Deputy Mayor Leona Baldini and Edward Cheatam with using their power to extort money from an undercover government witness posing as a developer.

These two officials were among 44 other rabbis and local elected politicians that were involved in the huge corruption scandal. Three mayors including Peter Cammarano of Hoboken, Dennis Elwell of Secaucus, Anthony Suarez of Ridgefield were also arrested. We'll keep posting late breaking news about this corruption scandal as it comes right on this blog so stay tuned.

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Former Miami business owner charged with healthcare fraud

According to the South Florida Business Journal, Heriberto Camacho-Garcia, a former health care business owner, submitted fraudulent claims worth $8,266,267 for Medicare reimbursement. He was sentenced to 92 months in prison. Read the full article here.

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Regulators Were Told of Stanford Fraud, Investors Say

The New York Times reports today that investors who lost their savings in certificates of deposit issued by the Antiguan bank of R. Allen Stanford told a Congressional panel Monday that federal regulators had ignored warnings as early as 2003 that the bank’s finances were questionable.

The S.E.C. has been criticized for not acting quickly enough to halt Mr. Stanford’s fraud. The agency’s internal watchdog said last month that the agency’s efforts to pursue Mr. Stanford were hampered by a lack of cooperation by the Texas billionaire and the head of Antigua’s financial regulator.

Regulators Were Told of Stanford Fraud, Investors Say

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Money Laudering Case Gets a little more Complicated

This latest blog post in the NY Times discusses how Mr. Krane, a Hollywood tax lawyer, has recently been charged with money laundering in what was proved to be an illegal tax shelter that he helped setup for the investor Haim Saban and also a passport fraud charge. What's intersting about thsi case is that when Mr. Krane showed up Monday morning for a bail hearing, his lawyer explained in court that friends allowed him to use their identities “for the purpose of protecting Mr. Krane’s life.” The case for the passport fraud charge is scheduled for this fall, but this case has certainly taking a strange turn.

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AMLAC 2009 Speaker Profile: Jeffery A. Neiman

Jeffery A. Neiman
Assistant United States Attorney
United States Attorney’s Office Southern District of Florida

Jeffrey A. Neiman is an Assistant United States Attorney for the Southern District of Florida where he is assigned to the Economic Crimes Section in Fort Lauderdale. As an AUSA, Mr. Neiman has prosecuted numerous white collar cases involving securities, mortgage, and healthcare fraud, tax offenses, and other corporate crimes.

Following law school, Mr. Neiman joined the United States Department of Justice through the Attorney General’s Honors Program. At the Justice Department, Mr. Neiman worked as a Trial Attorney both in the Tax Division and in the Fraud Section of the Criminal Division in Washington, D.C.

Mr. Neiman has experience handling complex, high-profile fraud cases. Most recently, Mr. Neiman helped obtain the deferred prosecution agreement with Switzerland's largest bank, UBS AG, and he is involved with the prosecution of its managers, bankers, and clients. He has also prosecuted executives at large United States corporations, as well as other businessmen. He has represented the government in several federal jury trials, has directed numerous grand jury investigations, and has litigated countless evidentiary hearings.

Mr. Neiman is a member of the Florida Bar. He received his juris doctorate degree, with honors, from the University of Florida.

Don't miss Jeffery's session Q&A with the Department of Justice at the 2009 AMLAC Conference October 19-21st in NY. Hope to see you all there!

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Bribery and Kickback Charges in D.C. District Office

The Washington Post reports that Sarosh Mir, who worked for a technology contracting firm, pleaded guilty in U.S. District Court in Washington to one count of conspiring to commit wire fraud. He faces six months to a year in prison under federal sentencing guidelines.

In court papers, Mir admitted that he inflated invoices for contracts with the D.C. government and submitted bills for "ghost" employees who did no work.

Mir admitted in federal court Thursday that he participated in a bribery and kickback scheme that involved the District government's technology office.

Man Pleads Guilty in Tech Office Fraud

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Money Laundering Ring Crackdown in China

BusinessWeek reports that the Chinese government recently broke a money laundering ring that sent over $1.46 billion in illegal transfers to Vietnam. One of the major ring leaders, Ruan Zhizhong, opened up 77 accounts and illegally transferred over $1 billion through 10,000 transactions over a period of four years. Many Chinese investors have turned to the underground banks which were run by the alleged gang, in order to evade restrictions put on by the Chinese government.

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Straw Buying and Phantom Bank Balances Lead to $80M Long Island Mortgage Fraud

Former Suffolk Legis. George Guldi, 56, of Westhampton Beach, pleaded not guilty Tuesday in a Riverhead courtroom to 23 counts of a 130-count indictment against him and 16 others. The scheme involved the fraudulent purchase of 60 homes from Cold Spring Harbor to Bridgehampton by straw buyers using fake employer information and phantom bank balances.

According to Newsday, the others included in the scheme include a dominatrix, her male personal assistant, two employees at her Manhattan sexual fantasy club and her 65-year-old mother.

Prosecutors say that some of the straw buyers have pleaded not guilty in the fraud scheme.

DA: Guldi mortgage fraud scheme 'more expansive'

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"Operation Rain Check" Nabs Michigan Fraudsters

The Chicago Tribune reports that in Western Michigan, authorities have nabbed more than 200 Muskegon-area residents that are accused of cashing duplicated Social Security disability checks and defrauding the federal government of more than $400,000. The suspects were identified during a 10-month investigation code-named "Operation Rain Check." Investigators say many cashed duplicate Social Security checks after claiming the originals were stolen or lost. Some were collecting checks for other people as "representative payees."

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AMLAC 2009 Speaker Profile: Michael Rufino

Michael Rufino
Senior Vice President, Member Regulation, Sales Practice Review, FINRA

Michael Rufino is Senior Vice President and Deputy of FINRA Member Regulation. Prior to the 2007 merger of NASD and NYSE Member Regulation, he was with the New York Stock Exchange for over 18 years. He spent 10 years working in the Financial/Operational Department in the Division of Member Firm Regulation conducting in-field examinations at the New York Stock Exchange before moving to the Sales Practice Review Unit as an Examination Director. In 2002, Mr. Rufino took over the Sales Practice Review Unit as its Managing Director and has since been promoted to Vice President and Senior Vice President. Mr. Rufino has taken part in many regulatory panels and seminars for the industry on Anti-Money Laundering and played a key role in creating the NYSE’s AML Examination Module and educating the NYSE examination staff on various aspects of the BSA, including the USA PATRIOT Act. Mr. Rufino was the NYSE’s representative on the Bank Secrecy Act Advisory Group (BSAAG) and continues to be an active participant in the BSAAG Securities/Futures and BSAAG SAR subcommittees. He has recently participated in the Financial Action Task Force’s (FATF) initiative on creating guidance on the risk based approach to the prevention of money laundering and terrorist financing as part of the working group undertaking this initiative. Mr. Rufino graduated, magna cum laude, from Iona College with a degree in Finance. In addition, he received his M.B.A. with honors in Management Information Systems from Iona.

Bio courtesy of FINRA.

Don't miss Michael's sessions Managing Compliance Requirements for Clearing and Introducing Firms in an Era of Increased Scrutiny and Reduced Resources and REGULATOR INSIGHTS — Avoid Penalties and Optimize Your Firm’s Defenses by Complying with the Latest AML and Fraud Regulations at the 2009 AMLAC Conference October 19-21st in NY. Hope to see you all there!

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FTC Prohibits Oil Market Fraud

Today the the Federal Trade Commission approved a rule prohibiting fraud in wholesale petroleum markets, a regulation that will take effect on Nov. 4. According to MarketWatch.com,
the rule prohibits actions such as false public announcements of planned output expectations, false statistical or data reporting and false information about certain types of sale intended to disguise the actual liquidity of a market. The regulation also prohibits misleading omissions from company statements.

FTC OKs rule prohibiting oil market fraud

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Follow us on Twitter!

Financial Integrity now has a twitter page! Make sure to follow us here for your Fraud, Compliance, and Risk Management Source for Maintaining the Integrity of Global Financial Institutions.

Follow us on twitter

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GE Pays fine

According to the Dow Jones Newswire, GE is paying a fine of $50 million due to misleading investors on financial statements. They used accounting methods that altered the reported earnings and revenue to avoid showing investors negative results. Read the full report here.

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AMLAC 2009 Speaker Profile: John Wagner

John Wagner
Director for Bank Secrecy Act and Anti-Money Laundering Compliance

John Wagner is the Director for Bank Secrecy Act and Anti-Money Laundering Compliance at the Office of the Comptroller of the Currency (OCC).

Mr. Wagner directs the development of Bank Secrecy Act (BSA) and anti-money laundering examination policy and procedures. He also provides policy interpretations and guidance to field staff, represents the OCC and the U.S. Department of the Treasury on interagency task forces, and develops training programs.

Mr. Wagner began his OCC career 27 years ago as a financial intern and an Assistant National Bank Examiner in Dallas, Texas. He subsequently served as Problem Bank Analyst, a Large Bank Compliance Examiner in San Francisco, and as a BSA Policy Specialist in Washington, D.C. Mr. Wagner is a commissioned National Bank Examiner and a certified Anti-Money Laundering Specialist.

A native of New York state, Mr. Wagner earned his bachelor of science in business administration (finance and international business) in 1981 from Northeastern University, Boston.

Bio courtesy of the OCC Press room


John will be speaking:

REGULATOR INSIGHTS — Avoid Penalties and Optimize
Your Firm’s Defenses by Complying with the Latest AML and Fraud Regulations
Monday, October 19, 2009 from 2:15-3:15
http://iirusa.com/amlac

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Fomer Accountant Admits to Money Laundering

According to this article in philly.com Phillip D'Hedouville, a former financial account manager, has admitted to stealign roughly $1.2 million by keeping clients' money that were promised to be invested in the stock market.

Prosecutors said that the scheme operated from August 2006 to January 2008, and Phillip now faces up to 30 years in prison as he pleaded guilty in federal court to charges of mail fraud and money laundering.

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Madoff Says He Pulled Off Fraud Scheme Because Feds Weren't Watching

Fox News and the NYPost report that imprisioned fraudster Bernie Madoff said during a 4½-hour interview from behind bars, to San Francisco trial lawyer, Joseph Cotchett yesterday that he got away with his $65 billion scam because regulators weren't paying attention that the feds weren't watching so he was able to pull of his infamous ponzi scheme.

As we continue to see more and more mini-ponzi schemers coming to light; how many others have the feds overlooked?

Madoff Says He Pulled Off Fraud Scheme Because Feds Weren't Watching

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The One Man Truth Serum in Between NJ's Political Scandal

This post in The Business Insider details how Solomon Dwek, a NJ rabbi's son, became an FBI informant that helped unearth a web of corruption that included rabbis and many politicians from the state of NJ.

Solomon Dwek once deposited $25 million into an account, drawing on another PNC account that he controlled, which had insufficient funds. He assured the bank that he would be back the next day to cover it and the bank credited him the money. Solomon was a very trusted individual in NJ, and so the FBI were able to install taps and uncover and listen to conversations of detailed money laundering and fraud schemes.

Do you think wire taps is an effective way of combating money laundering schemes?

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Long Island Hedge Fund Manager Investigated for Fraud

The Wall Street Journal reports that Federal criminal authorities are investigating whether Corey Ribotsky, a Long Island, N.Y., hedge-fund manager who has said he has $770 million under management, lied to investors about their returns and the holdings of his various funds, according to people familiar with the matter.

Prosecutors from the U.S. attorney's office in Brooklyn and investigators from the Federal Bureau of Investigation and the Securities and Exchange Commission are looking at whether the 38-year-old Mr. Ribotsky and his firm defrauded investors as the stock market fell amid the credit crisis, these people said.

Hedge-Fund Manager Investigated for Fraud

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U.S. charges 12 in Israel-based lottery fraud

Forbes reports that twelve people have been indicted on charges of running an Israel-based telemarketing fraud that bilked elderly victims in the United States out of more than $25 million, authorities said.

The defendants are accused of calling victims in the United States and falsely declaring that they had won an international lottery, according to criminal indictments unsealed in U.S. District Court in Manhattan Tuesday.

The 12 were charged with conspiracy to commit fraud through telemarketing. Several also were charged with mail fraud and wire fraud.

The Jerusalem Post also reports that, following a joint investigation by the FBI and the Israel Police, Israeli officers on Tuesday arrested Avi Ayache, Michelle Yuval, Yaron Bar, Gillian Rosenberg, Toshin Charles Samuels, Oshrat Portolyoni, Naor Green, Yulia Rayz, Limore Cohen, Ian Kaye and Avi Perov. A 12th suspect, Matthew Getto, was arrested on July 4 at Newark International Airport in New Jersey just before catching a flight to Israel.

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Ex-Broker Set to Plead in Fraud Case

The Wall Street Journal reports that, former Credit Suisse Group broker Julian Tzolov, who returned to the U.S. last week after being a fugitive for more than a month, is expected to plead guilty Wednesday to fraud charges tied to the sale of auction-rate securities, according to people familiar with the matter.

A hearing, described as a "criminal cause for pleading," has been set for 9 a.m. Wednesday before U.S. District Judge Jack Weinstein in Brooklyn, N.Y.

Mr. Tzolov is expected to plead guilty to charges related to an alleged scheme to obtain higher commissions by selling clients higher-risk auction-rate securities backed by mortgages, when those clients wanted to buy lower-risk securities backed by student loans, according to a person familiar with the matter. It is not clear whether the expected guilty plea will be part of a deal with prosecutors.

Ex-Broker Set to Plead in Fraud Case

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Fugitive NY Broker Charged with Multiple Counts of Fraud

This article in novinite.com discusses how the collection of information about the activities, property and assets in Bulgaria owned by former former Credit Suisse Group broker Julian Tzolov has been ordered by DANS which is Bulgaria's State Agency for National Security. Tzolov was a fugitive that pursued an auction-rate securities scheme. Julian was recently caught by Spanish authorities, and is now being charged with conspiracy, securities fraud and multiple counts of wire fraud.

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Cuomo Says Schwab Faces Fraud Suit

Liz Rappaport of The Wall Street Journal reports that New York State Attorney General, Andrew Cuomo "warned that his office plans to sue the largest online brokerage firm for civil fraud over its marketing and sales of auction-rate securities to clients. Emails and testimony cited in the letter show Schwab's brokers had little idea of what they were selling and later failed to tell clients that the market was collapsing."

The attorney general's investigation of Schwab found that brokers were unaware of and misleading about the risks of the securities -- promoting them to customers as cash-like investments, according to the letter. It also found that some traders and executives knew the market was cracking as early as the autumn of 2007 and took steps to protect the company, but didn't disclose those problems to customers.

Cuomo Says Schwab Faces Fraud Suit

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NY Councilman Admits to Fraud and Money Laundering

The NY Times reports that NY councilman Miguel Martinez has pleaded guilty on three counts of money laundering which involved him misusing funds that were intended for nonprofit organizations.

Each count carries a maximum of 20 years in prison, but prosecutors have brought that number down to 57 to 71 months of prison time. Miguel Martinez admitted to stealing about $106,000 which was intended for several city projects.

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Dreier sentenced to 20 years in prison

According to the New York Times, Marc S. Dreier, former New York City lawyer, was sentenced to 20 years in prison for defrauding hedge funds and investors of $700 million. Read the full story here.

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MetaBank Sued Over Fraudulent Certificate of Deposits

This article in DesMoinesRegister.com discusses how a former MetaBank employee, Charlene Marie Pickhinke, recently pleaded guilty of stealing $4.2 million, and now the bank is being sued by over 8 different groups that were affected by the fraudulent certificate of deposits.

Between the years of 1995 and 2008, Pickhinke sold fraudulent CDs to about 50 credit unions and banks. She faces an $8 million fine and up to 82 years in prison. MetaBank has since been cooperating with authorities on the case.

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20 arrested in Medi-Cal fraud targeting disabled patients

The LATimes reports that, "Twenty people were arrested yesterday in a $4.6-million Medi-Cal fraud scheme that law enforcement officials allege used unlicensed individuals to provide in-home nursing care for disabled patients. United States Attorney Thomas O'Brien said, "We believe that this is the largest single case alleging Medi-Cal fraud ever filed in the state of California."

About 75 patients, many of them children with cerebral palsy or developmental disabilities, were treated at home or at school by the unlicensed individuals who stole identities to pose as licensed nurses, according to the United States Attorney’s office.

According to the LATimes report, the operation was run by Priscilla Villabroza, who pocketed about $4M dollars in Med-Cal funding from the California government. Villabroza pleaded guilty to five counts of healthcare fraud last year. She is awaiting sentencing and faces up to 50 years in prison.

No reports of deaths relating to the "care" given by Villabroza's team have been reported.

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Sky Captial Charged for Fraud

According to the New York Times, Sky Capital employees were charged after involving themselves in a $140 million in a fraud scheme taking place between the US and Britain. Other charges included securities, wire and mail fraud. There was $61 million raised from investors between 2002 and 2006. Charges were filed against founder and chief executive Ross Mandell and five others. Read the full story here.

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Ex-Johnson Employee Faces Additional Money Laundering Charges

This article in timesnews.net reports that a former ex-Johnson city employee used a fake alleged company to contract with the city on projects that he personally profited from. Danny Lynn Davis was re-indicted on Monday on 83 additional counts of forgery in an extended money laundering case.

Davis used Gray Home Improvements, a non-existent company, to submit low bids on projects that he was in charge of reviewing.

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Missouri Fraudster Pleads Guilty to Wire Fraud

According to Infozine.com, Lindsey D. Crawford, 23, of Kansas City, waived her right to a grand jury and pleaded guilty before U.S. District Judge Ortrie D. Smith yesterday to a federal information that charges her with conspiracy to commit wire fraud. Crawford pleaded guilty in federal court to her role in a wire fraud conspiracy involving a scheme between two women to hire a man to assault them. Crawford was hoping to force a higher settlement of her sexual harassment lawsuit against a former employer.

The purpose of the conspiracy was to fraudulently increase damages in the sexual harassment lawsuit filed by Crawford against her former employer, Mercedes-Benz of Kansas City, as well as Soave Automotive Group, Inc., T.E.N. Investments, Inc., and Soave Enterprises, LLC.

Under federal statutes, Crawford is subject to a sentence of up to five years in federal prison without parole, plus a fine up to $250,000.

Kansas City Woman Pleads Guilty to Wire Fraud in Staged Rape, Assault

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SEC wants to do a better job of looking for fraud

According to the Times Call of Colorado, the SEC had received a tip to instigate Madoff a few years before his ponzi scheme failed. Now, they're trying to find better ways to detect fraud in advance. The article looks at several things they are doing to monitor and detect fraud better.

- The SEC is trying to improve the handling of tips and complaints that they receive
- Improve the examiners abilities to detect fraud and their knowledge of complex financial productions
- Making sure that a third party can verify all assets

What are other things the SEC can do to improve it's detection of fraud?

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Ruth Madoff, No Fraud Charges--Yet

Amir Efrati of the Wall Street Journal reports that, Federal investigators have concluded for now there is no physical evidence that Ruth Madoff, the wife of convicted swindler Bernard Madoff, actively participated in or concealed her husband's fraud, according to two people familiar with the matter. Ruth Madoff, who has been left with $2.5M from the fraudlent fortune that she built up with her husband has been blacklisted from all social events and even her hair salon. Pictures of Madoff riding the subway isntead of her towncar have flooded the internet. But it looks like Madoff will not join her husband in prision, left to, what some may seem a worst fate but being completely shunned by the world.

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Former TV Personality Pleads Guilty to Money Laundering

According to this latest article in KansasCity.com Ally Francis has been sentenced to 3 years of probation after being part of a group that defrauded Associated Wholesale Grocers. Ally and co-defendants Aponte Gomez, William Morrison, and Crystal Hall submitted fraudulent invoices requesting payments for services that the wholesale grocer never received. The group obtained more than $652, 549.

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Coupon fraud on the rise

According to Dow Jones, coupon fraud has increased significantly over the past year. With the jump of 7 cases of coupon fraud in 2007 to 93 cases in 2008, companies are loosing over $3 million a year due to counterfeit coupons. Some techniques used to make fraudulent coupons: reprinting in-store coupons, smudging bar codes and extending expiration dates. Read the full report here.

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Madoff Gets Maximum Sentence for Huge Ponzi Scheme

Jack Healy of The New York Times reports that, a federal judge on Monday turned aside Bernard L. Madoff’s assertions of remorse, calling his investment fraud “extraordinarily evil.” The sentencing came at the end of a 90-minute hearing in which victims of the $65 billion fraud told a packed courtroom that the judge should show no mercy and Mr. Madoff himself stood up from the defense table to acknowledge the damage he had inflicted and express regret.

Madoff's lawyers had asked for only a 12 year sentence, due to the age of Mr. Madoff, claiming that they may only have, statistically, 13 years left to live.

The ruling by judge Denny Chin may feel only like a bandage to the deep wounds that Mr. Madoff has inflicted on his victims.

Madoff Sentenced to 150 Years for Ponzi Scheme

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Former Health Club Owners Found Guilty of Credit Card Fraud

According to this latest article in Fitness Business Pro, Sean Corriveau, former manager and president of Elite Fitness Inc. has pleaded guilty to fraudulent credit card use, in which he will be forced to pay a $14,000 restitution and serve a 30-day jail sentence.

Corriveau used an unauthorized credit card to purchase $14,000 worth of carpeting for his gym and also accepted prepaid memberships, which was another violation.

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Madoff's Attorney Requests a 12 Year Prison Sentence

According to this article in CNN Money, Madoff's lawyer has requested a 12-year prison sentence for Bernard. His attorney, Ira Lee Snorkin, stated in his request that Madoff is currently 71 years old and has a life expectancy of only 13 more years. Snorkin believes that a sentence of 12 years for a non-violent crime is sufficient. There is much criticism though coming from the families affected. Many of those families believe that Madoff should serve the remainder of his years in prison.

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Texan Ponzi Fraudster Indicted

According to the New York Times, R. Allen Stanford, the Texas billionaire accused of running a multibillion-dollar Ponzi scheme, and at least four others, including an Antiguan official, have been indicted in the fraud case, a federal prosecutor said Friday morning.

In February, the Securities and Exchange Commission shut down Mr. Stanford’s financial operations, while filing a civil suit accusing him and two other senior executives of committing a fraud it characterized as a “massive Ponzi scheme.”

The suspected fraud involved billions of dollars of certificates of deposit issued by Stanford International Bank on Antigua. The instruments paid unusually high returns and were marketed around the world, particularly in the United States and Latin America.

For more information, visit the original article referenced.

Texas Financier, 4 Others Said to Face Indictment

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Madoff's sons sued

According to the Wall Street Journal, Richard I. Stahl and Reed Abend, two former employees who worked on with Madoff, sued his sons for over $1.7 million. They charge that the sons, Mark and Andrew Madoff, knew about the Ponzi scheme for a long period of time. Read the full article here.

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Legal Money Laundering

This article in the Huffington Post highlights how Republican Jim Bunning might have found a "legal" way to launder money. It is not legal to accept money for signing baseballs, but Jim Bunning, ex-baseball pitcher, has set up a foundation that pays himself a total of $155,000 a year in profits from signing baseballs. His foundation donates less than $20,000 a year to charities. The post gives us this definition of money laundering:

a financial transaction scheme that aims to conceal the identity, source, and destination of illicitly-obtained money.

Even though technically it is legal, do you think the government should step in to regulate this?

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Fraud Hits NYTimes Your Money Columnist

Matthew Weitzman, a U.S. money manager who ran a financial planning firm, has been arrested on charges of defrauding clients of more than $6 million by stealing from their accounts, authorities said Wednesday, Reuters reported.

According to Ron Lieber of the New York Times (his financial advisor was Matthew Weitzman), The Securities and Exchange Commission accused him (Weitzman) of looting client accounts of at least $6 million and using them “as his personal piggy bank.” It accused him of spending the money he took on a multimillion-dollar home, luxury cars and a share in a horse. Mr. Weitzman agreed to settle the claims without admitting or denying the accusations, though the S.E.C. is unsure about how much money his clients will get back.

For an interesting read, check out Lieber's piece on what its like to be defrauded by a financial advisor--sadly, Lieber is not alone.


An Adviser (Mine) Is Charged With Fraud

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Man Convicted for Using Trojan Virus for Money Laundering

This article in About highlights how Alex Mineev of New Hampshire has pleaded guilty to charges of money laundering after his scheme of using trojans to steal victims' assets. After credentials and logins were stored in the trojans, he used this information to wire the funds into a separate account in Russia. He faces a possible two year prison sentence and restitution that ranges from $40,000 to $120,000 USD.

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Nine Accused in NY $92M Mortgage Fraud

Last week, USA Today reported that nine people we indicted on charges of conspiring to defraud Washington Mutual Bank and DLJ Mortgage Capital, a unit of Credit Suisse Group, in a $92 million mortgage fraud, prosecutors said Thursday.

To finance the projects, the defendants are accused of staging sales of the properties financed by mortgage loans...Entities controlled by (the group) made monthly payments on the mortgages, ensuring that none became delinquent, until payments ceased in 2007 with about $92 million in principal outstanding on the fraudulent loans, prosecutors say.

This may be one of the biggest mortgage fraud schemes on record; so how will it ultimately play out? With the dwindling economy and lower home prices, we may see many fraudsters following suit. What are your thoughts?

Nine Accused in NY $92M Mortgage Fraud

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Two in Houston plead guilty to Medicare fraud

According to the Houston Chronicle, two have pleaded guilty to a $5 million healthcare fraud. Ashley Colin Walkes and Kristi Rose were working for a pain management facility and pleaded guilty to misprision of health care fraud. The facility closed in January. Read the full story here.

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F.B.I. Watching for TARP and Stimulus Fraud

The New York Times reports that the FBI and other government agencies are working to prevent fraud and corruption related to government bailout money and the economic stimulus package, in what could be the “next wave” of cases in the financial crisis, the F.B.I. director, Robert S. Mueller III, said Tuesday.

“With billions of dollars at stake — from the purchase of troubled assets to improvements in infrastructure, health care, energy and education — even a small percentage of fraud would result in substantial taxpayer losses,” Mr. Mueller said, according to Reuters.

F.B.I. Watching for TARP and Stimulus Fraud

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Foreign Exchange fraud scheme investigated

According to the Dow Jones News Wire, Commodity Futures Trading Commission has filed a lawsuit against two individuals who were involved in a foreign-exchange fraud scheme.

Charged was Robert D. Watson, an executive professor in the Finance Department, Houston lawyer and accountant Daniel J. Petroski and two companies, PrivateFX Global One Ltd. and 36 Holdings Ltd. The CFTC accused the two men of urging potential investors to purchase shares in PrivateFX Global One by touting their supposed quarterly trading returns of 6% to 10% from January 2000 through June 30, 2006.

About 60 investors purchased $19.5 million in Global One shares since it began operations in 2006, according to the CFTC. The defendants reported returns of 1.5% to 3% a month and claimed to never have had a losing month, the agency noted.

Read the full story here.

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Arkansas Credit-Repair Fraudsters Lose Big

According to the Northwest Arkansas News, Sherrye Mance and Tiffany Morris have not responded to a federal judge's order that they pay nearly $700,000 in penalties for defrauding at least 139 Arkansans through a credit-repair scam.

According to the lawsuit, the women had been defrauding consumers in Arkansas and some surrounding states for about four years, using unincorporated business names such as Financial Services Unlimited, Service Unlimited Inc., and Credit Counseling Service.

The lawsuit alleged that the women "have offered for sale to consumers services purported to improve a customer's credit history, credit record, and credit ratings." But, the lawsuit also notes, "It is unlikely that any services were actually performed," or at least performed in such a way as to benefit any customers.

State wins credit-repair fraud case
BY LINDA SATTER

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FBI has a new mortgage fraud team

According to the AP, the FBI has set up a new team to combat mortgage fraud. They're using undercover operations, wiretaps and computer technology for electronic evidence in crimes. The National Mortgage Fraud Team helps conduct these investigations at different field investigations.

FBI Director Robert Mueller commented:
"In addition, sophisticated investigative techniques, such as undercover operations and wiretaps, not only result in the collection of valuable evidence, they provide an opportunity to apprehend criminals in the commission of their crimes, thus reducing loss to individuals and financial institutions."

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Another hedge fund manager questioned

Bradley L. Ruderman, the founder and manager of Ruderman Capital Partners, who took as much as $44 million from investors, was taken into custody, and could be charged with wire fraud. His assets were frozen on April 29. Read the full article at the New York Times here.

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KeyCorp Liquidates Fund Linked to Madoff

According to this article in Reuters, KeyCorp will be liquidating an investment fund that is tied to the Madoff scheme, after its investors suffered losses of up to $186 million.

It plans to close its Safe Harbor Fund and return clients' money according to a statement they released on Wednesday. What are some other funds that are returning clients' money that were lost due to Madoff's scheme?

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Archived Web Seminar - Casinos at Risk: Best Practices for Title 31 and AML Compliance Programs in a Volatile Business Climate

For those of you who didn't get a chance to see last week's live seminar, or for those who want a refresher or want to share with colleagues, here's your chance to view it at your own leisure. Enjoy!

View the archived web seminar

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Free Web Seminar: Before the RFP – Getting the Data Right, Right Now

Before the RFP – Getting the Data Right, Right Now
Thursday, May 14, 2009
2:00 PM - 3:30 PM EDT

Register here: https://www1.gotomeeting.com/register/214764784
Mention priority code: G1U2169W1LIBLOG

About the web seminar:
In these days of increased scrutiny and tougher regulations, you need to know how to properly interpret and present your firm’s data to investors, consultants, third party databases and to your management. This lively discussion will focus on the tools and techniques that can help your marketing teams streamline the daunting task of delivering more data, more often, to a wider audience.

What you will learn:
•What are the key data elements required in all databases and proposals?
•Every data field, every proposal question – how to complete them all
•How to ensure consistency between database profiles and RFPs
•How to answer the tough data questions: gained/lost client charts
•Discussion of financial data and how to present it best

Presenters:
Lauren Cola, President & CEO
Lauren Cola is the President and CEO at A.S.A.P. Advisor Services, Inc. She has over 24 years of investment marketing and technical project management experience. Lauren began her career in investment management at Citibank Asset Management and continued for the next decade with several sales and marketing positions at Bankers Trust Company, HSBC Asset Management and Chase Asset Management. In 1998, she founded A.S.A.P. Advisor Services, Inc., a marketing and data management firm, dedicated to the investment management industry.

Melanie Horvath, EVP, Director of Global Sales & Marketing
A.S.A.P. Advisor Services, Inc.
Melanie Horvath is the Executive Vice President and Director of Global Sales and Marketing at A.S.A.P. Advisor Services, Inc. She has over 18 years of investment marketing, product management, and database / RFP management experience.

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Obama looking to curb fraud in social programs

According to the Wall Street Journal, a new detailed budget that is due out Thursday will reveal that Obama plans to clamp down on fraud and error in politically sensitive social programs. They plan to add 1,000 filed officers to the Social Security Administration. They also plan to add an additional 2,300 officers to Medicaid and Medicare. It is estimated that the government could save almost $35 billion by taking these new measures. Read the full article here.

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FATF Report on Casino Vulnerabilities

If you haven't registered for our upcoming Casino Webinar (Thursday, May 7, 1:00pm EDT), I'd encourage you to do so now.

In case you haven't reviewed it, the Financial Action Task Force released this report highlighting the vulnerabilities of casinos and the gaming sector in March 2009.

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AMLAC April Newsletter

Here's the April edition of the newsletter we regularly send out to our AMLAC LinkedIn group members. Remember to join our LinkedIn Group if you haven't so already in order to receive these announcements on a monthly basis. Enjoy!

Read the Newsletter

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NYC Attorney Pleads Guilty to Money Laundering Charges

According to this article in Forbes that New York City attorney Marc Dreier will plead guilty to charges of securities fraud, wire fraud, and money laundering. Dreier led a law firm that had many prominent celebrity clients, but he was arrested after hedge funds complained that he was stealing funds from them. He faces up to 30 years to life in prison.

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Cosmo Indicted

As we covered last week, fraudster Nicolas Cosmo was indicted yesterday. Authorities unsealed a 32-count indictment against Cosmo that includes 10 counts of wire fraud and 22 counts of mail fraud. Cosmo claimed Agape solicited investor funds that were used to make short-term bridge loans. Agape received about $413 million from investors, while only about $30 million in loans were made, prosecutors said. According to Bloomberg.com, prosecutors said they are seeking about $413 million in assets which they say are the proceeds of Cosmo’s illegal enterprise, including property on Long Island and accounts in his name at Bank of America Corp.

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Bank Execs Indicted in Ramsey Town Center Scam

The StarTribune reports that according to an indictment handed out on Wednesday, millions of dollars that lenders thought were going into the Ramsey Town Center project actually went to bank executives who used the money for their own use.

The original project was started nearly a decade ago, and it seems as if the project is nowhere near finished yet. The three defendants named in the indictment face charges of conspiracy, bank fraud, mail fraud, misapplication of bank funds, and money laundering.

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Scott Luster sentenced for fraud

Scott Luster, owner of Rate Search Inc, was sentenced six years in prison for mail fraud charges. In addition to defrauding his customers, he failed to pay taxes on $800,000. Read the full story at Fox News Kansas City.

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US Mortgage Fraud Calls for Action

Here's an interesting piece in the editorial section I came across today in The NY Times. This post highlights that although Washington is spending billions to help boost our financial system, it is doing little or nothing to strengthen the government's ability to investigate and prosecute the mortgage frauds that helped cause our economic collapse.

There is though a bipartisan measure which was newly approved by the Senate Judiciary Committee and is now being brought before the full senate. The Fraud Enforcement and Recovery Act of 2009 would expand the number of officials and agents devoted to pursuing financial crimes. The measure involves spending $490 million over the next two years.

Does this warrant the nation's spending?

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Cosmo fraud amounts increase

According to Bloomberg, Nicholas Cosmo swindled investors out of more money than originally believed. Up from $370 million, investigators found out that he defrauded investors around the world from $413 million. Investors came from many countries such as Hong Kong, Germany and Brazil. He has been in jail since January 26, when he was arrested on federal mail charges.

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NYC Prosecutors Slow to Stop Foreclosure Fraud

According to Jennifer 8. Lee of the New York Times, since 2000, foreclosure fraud in NYC has "surged" but prosecutions of the fraudsters has been slow, at best.

Although mortgage and deed fraud are among the most economically destructive crimes prosecuted by their offices, many potential deed-theft and mortgage-fraud cases are not prosecuted since they are typically complex and time consuming — taking upward of a year.

With the large amount of real estate in New York, this inevitably would be a prime market for housing fraud. It does seem that the amount of fraud could be overwhelming for the city's prosecutors, so what should be done? What systems should be implemented to combat this type of fraud?

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DiNapoli Defends Practice Despite Recent Investigations

There has been recent investigations about former state employees receiving kickbacks in exchange for access to pension fund money. This post on WNYC.org discusses how State Comptroller Thomas DiNapoli is defending his current practices by stating that his office has improved its disclosure practices of its placement agents. DiNapoli has mentioned that all deals made are investigated to monitor how much money is being paid and if there is a relationship that can possibly compromise the deal. Another State Comptroller Alan Hevesi has already been indicted on charges that include enterprise corruption, securities fraud, grand larceny, bribery and money laundering.Will this be enough to defend hisDiNapoli's practice?

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Late night informercial hosts charged with fraud

David Genger and Linda Woolf of Utah, two hosts from a late night infomercial about how to make a profit from stock trading were charged with fraud. They are accused of defrauding vicitims of millions of dollars as well as persuading seminar participants to buy Teach Me To Trade products. Read the full story here.

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Tech Mahindra Set to Acquire Satyam

Continuing our ongoing coverage of the Satyam fraud case, Tech Mahindra set to acquire controlling stake in the troubled Indian outsourcer. According to vnunet.com, Tech Mahindra, a mid-tier Indian outsourcing firm and the IT arm of congolomerate Mahindra & Mahindra, will have to pay around $600 to gain a controlling stake in troubled Satyam, according to reports.

Read the full story on our recent blogs here:

Satyam Fraud Should Have Been Detected

CBI Files Charges in the Satyam Fraud Case

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China Finance Minister Imposes Executive Pay Cap

The debate about capping executive pay moves to China.

The Ministry announced yesterday that executives' pretax pay of 2008 should be "no more than 90% of the previous year's level"; for those firms whose performance declined during 2008, their executives should expect a big pay cut of 20%."

A sign of changing economic times? China following America's lead? Or America following China's lead before China had a chance to do it?

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Two Men Indicted for Medicare Fraud and Money-Laudering Scheme

This recent article in Tennessean.com discusses how the FBI have recently indicted two men connected to a health care fraud and money-laundering scheme that totaled nearly $20 million in fraudulent Medicare claims.

According to the FBI, Roberto Sanchez and Javier Sarduy used shell medical-equipment companies to illegally claim and receive payment for Medicare benefits. If convicted, these two men face up to 10 years imprisonment for the healthcare charges and up to 20 years for the money-laundering offenses.

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CBI files charges in Satyam fraud case

According to Reuters India, the Central Bureau of Investigation has made charges against 9 people involved in the Satyam fraud case. In a Madoff-esque scheme brothers chairman Ramalinga Raju and Rama Raju, who served at the founder and managing director, respectively and the and ex-chief financial officer Vadlamani Srinivas were arrested in January after founder Raju resigned, saying profits had been overstated for years and assets falsified. What will be come of the brothers Raju and their accomplices? We'd like to hear your thoughts.

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Free Web Seminar: Casinos at Risk: Best Practices for Title 31 and AML Compliance Programs in a Volatile Business Climate

AMLAC in conjunction with KPMG will be hosting a hour long free web seminar on Thursday, May 7,2009 from 1:00PM - 2:00PM EDT. Here's a brief description of the web seminar.

Today’s volatile business climate and the enhanced regulatory environment for casinos has become increasingly difficult for compliance personnel, internal auditors and security personnel. Casinos are finding themselves challenged to stay compliant in an economy conducive to unprecedented levels of risk for internal and external misconduct. How can you be sure your casino is implementing the proper strategy to protect itself from the risks associated with money laundering, terrorist financing, fraud and other financial crimes?

KPMG ForensicSM and IIR’s AMLAC & Fraud Forum have arranged for you to learn how to best prepare your casino for Title 31 examinations straight from the Department of Justice and the IRS.

What You Can Learn By Attending:

• Are your Title 31 and AML Programs suitable for today’s regulatory environment?
• What are the expectations of the DOJ and the IRS relative to a Title 31 program?
• What are your internal and external threats for fraud and misconduct?
• Considering the future direction of gaming industry regulations, how do you keep your casino pointed in the right direction.

Featured Speakers
Donna Mayer, BSA Technical Advisor (Casinos), IRS
Lester Joseph, Principal Deputy Chief, US Department of Justice
Karen Brown-Wichman, Director of Internal Audit, American Casino and Entertainment Properties (ACEP)
James Dowling, Managing Director, KPMG ForensicSM


Register for the web seminar
Mention priority code G1U2402W1BLOG



© 2009 KPMG LLP, a U.S. limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 25119BOS

KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.

KPMG Forensic is a service mark of KPMG International.

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