financial fraud

Multiple Arrests in Southern California Medicare Fraud

Gabriel Dorman — Wed, 21 Oct 2009 13:41:00 -0500

Authorities in California took another step forward in the fight against Medicare fraud as 18 people were arrested and indicted today in connection $25 million Southern California Medicare fraud scheme. Prosecutors allege the massive Southern California Medicare fraud scheme was the creation of 30-year-old Michael Martinez of Long Beach and involved individuals linked to the Santa Ana based Brook Street Gang.

Fraud alleged in 1 of 10 home buyer tax credit claims

Shelby Bateson — Tue, 20 Oct 2009 19:19:23 -0500

Of the just over one million first time home buyer tax credit claims that have already been filed, the IRS is already investigating one out of every ten claims for suspected fraud. Out of the 100,000 that are being investigated, the IRS is further investigating 167 for possible criminal schemes involved with those claims.

Financier Danny Pang Dies At 42

Armen Hareyan — Sat, 12 Sep 2009 19:56:03 -0500

The last thing we had heard of indicted financier Danny Pang was that his trial was delayed. Today Bloomberg reports that Pang died in California at the age of 42.

Former Credit Suisse Broker Guilty of 1 Billion Fraud

Armen Hareyan — Tue, 18 Aug 2009 07:23:23 -0500

Jury finds former Credit Suisse Broker guilty of huge securities fraud as investor losses total nearly $1 billion dollars.

Chicago Investor Pleads Not Guilty to $12 Million Ponzi Scheme

Armen Hareyan — Fri, 17 Jul 2009 07:36:11 -0500

A Chicago-area man has pleaded not guilty to four counts of mail fraud in connection with a two-year scheme that took nearly $12 million from up to 300 investors, according to a press release issued by the FBI.

Mortgage Fraud Increases In 2008

Armen Hareyan — Sat, 11 Jul 2009 10:25:11 -0500

The FBI's new mortgage fraud report shows an estimated increase of 36% in mortgage fraud during 2008.

Payment Fraud: What Are Your Rights?

Armen Hareyan — Fri, 26 Jun 2009 12:50:19 -0500

As payment methods continue to change, so will fraudsters find new ways to steal people’s money. So what are the guidelines for protecting oneself against fraud - do consumers have any rights in this regard?

Bernie Madoff Solicitors And Feeder Charged With Fraud

Armen Hareyan — Mon, 22 Jun 2009 16:18:51 -0500

The Securities and Exchange Commission today charged a New York-based broker-dealer and four individuals with securities fraud, alleging that they collectively raised billions of dollars from investors for Bernard L. Madoff's Ponzi scheme.

Business Credit Card Fraud Grows Due To Bank Loopholes

Armen Hareyan — Sat, 30 May 2009 22:09:21 -0500

Business credit card fraud is a prevalent problem that has cost companies millions of dollars each year. There have been many reported incidents when fraudsters were able to steal private financial information from companies. One of their common strategies is getting into business credit card accounts and using them for fraudulent transactions.

How Do Hackers Get Credit Card Numbers

Armen Hareyan — Wed, 20 May 2009 15:07:20 -0500

In July 2008, hackers broke into a computer at Wyndham Hotels. They stole tens of thousands of customer credit card records, including guest names, card numbers, expiration dates and highly sensitive data from the cards' magnetic stripe.

FTC Capital Markets Chairman Charged With Conspiracy, Fraud

Armen Hareyan — Wed, 20 May 2009 14:23:40 -0500

According to Reuters two executives from FTC Capital Markets Inc, including it's chairman are charged with with conspiracy, securities fraud and wire fraud.

Madoff Victims Complicit in Fraud?

Armen Hareyan — Mon, 18 May 2009 09:35:23 -0500

Bernie Madoff is back in the news, but this time from a different angle. The question is are his ponzi scheme vicitims complicit in the fraud?