Former Italian Prime Minister Silvio Berlusconi has been convicted of tax fraud and sentenced to a year in prison. A Milan court Friday found the 76-year-old media magnate guilty in a case linked to the purchase of U.S. film and television rights on behalf of Mediaset, Italy’s largest private television company that he controls. Prosecutors […]
Italy’s Berlusconi Guilty of Tax Fraud
Posted October 26th, 2012 at 12:10 pm (UTC-5)
Former Italian Prime Minister Silvio Berlusconi has been convicted of tax fraud and sentenced to four years in prison. A Milan court Friday found the 76-year-old media magnate guilty in a case linked to the purchase of U.S. film and television rights on behalf of Mediaset, Italy’s largest private television company that he controls. Prosecutors […]
Investors Reimbursed $2.5 Billion in US Fraud Case
Posted September 20th, 2012 at 2:00 pm (UTC-5)
Nearly $2.5 billion has been sent this week to victims of a massive fraud case in the U.S. Court authorities said Thursday they mailed checks averaging about $2 million to 1,230 investors who were defrauded by one-time financial manager Bernard Madoff. The investors were victims of Madoff’s long-running Ponzi scheme in which he collected more […]
US Indicts Seven from Zimbabwe in Tax Fraud Case
Posted September 7th, 2012 at 8:00 pm (UTC-5)
The United States has indicted seven men from Zimbabwe on charges of filing hundreds of false U.S. income tax returns, netting them up to $10 million in illegal refunds. Prosecutors in Cincinnati say the seven operated a storefront tax preparation service and used the names and information from hundreds of customers to send in fake […]
US Indictment for Fraud, Bribery in Afghanistan
Posted August 22nd, 2012 at 5:50 pm (UTC-5)
The U.S. Department of Justice has indicted three people and a corporation on charges of fraud and bribery, accusing them of conspiring to use protected contract information to get an unfair advantage over other companies seeking government contract work in Afghanistan. The department Wednesday said one of the men was an active military reservist who […]
FBI Smashes Global Credit Card Fraud Ring
Posted June 26th, 2012 at 4:40 pm (UTC-5)
The U.S. Federal Bureau of Investigation says it has smashed a global Internet credit card fraud ring. The FBI’s New York office calls it the biggest such operation in history, lasting more than two years and involving undercover law enforcement agents in 13 countries. Officials said Tuesday the operation protected 400,000 people from falling victim […]
US Accuses 2 Swiss Financial Advisers of Tax Fraud
Posted March 14th, 2012 at 1:25 pm (UTC-5)
The U.S. is accusing two Swiss financial advisers of assisting wealthy Americans to hide more than $260 million in overseas bank accounts to avoid taxation. U.S. prosecutors on Wednesday alleged that the advisers, Hans Thomann and Josef Beck, working independently of each other, acted as “full service tax evasion advisers.” The prosecutors accused Beck of […]
Iran Widens Probe Into Bank Fraud Case
Posted October 25th, 2011 at 9:10 am (UTC-5)
Iranian authorities have widened an investigation into a bank fraud case believed to be the largest in the country’s history. Iran’s State Prosecutor Gholam Hossein Mohseni Ejei told state television that 67 people have been summoned for questioning and 31 detained in the $2.6 billion case. He said the main suspect, Iranian businessman Amir Mansour […]
Trading Scandal Chases Swiss Banking Executive
Posted September 24th, 2011 at 9:30 am (UTC-5)
The chief executive of Switzerland’s biggest bank is stepping down after a trading scandal cost the financial institution $2.3 billion. UBS announced Oswald Gruebel’s resignation Saturday. Bank Chairman of the Board of Directors Kaspar Villiger said in a statement that the bank had wanted Gruebel to stay on but that the chief executive felt he […]
UBS Chief Resigns Amid Scandal
Posted September 24th, 2011 at 6:55 am (UTC-5)
The chief executive of Swiss banking giant UBS resigned Saturday to take responsibility for a multi-billion-dollar rogue trading loss. Oswald Gruebel handed in his resignation, which was accepted by the UBS board of directors in Zurich. A bank statement said UBS Europe chief Sergio Ermottie has been named as interim CEO effective immediately. London-based trader […]
