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3/31/2008
Opening Day
3/27/2008
AIG Sues Former CEO Hank Greenberg over $20 Billion in Stock
Did I Mention That it is a Bad Week for KMPG
Ethical Corporation Hosts Anti-Corruption Conference
Thanks for Lunch, Francine
Biovail Quick to Settle on SEC Action
Citigroup Coughs up $1.7 billion to Close Out Enron Liability
Update on the Chiquita / Terrorism Connection
Biovale Accounting Fraud Gets SEC Action
Did I Mention We'd Be Seeing More of This?
Operation Homewrecker - Feds Bust Up Mortgage Fraud Ring and Nab 19
The End of Milberg Weiss?
Churchgoers Make the Best Victims
Hedge Fund Dirty Tricks and the HBOS Implosion
Peregrine Systems Trial Reaches Second Hung Jury
Kerviel Watch Continues - Does Not Do Terpitude
Melvyn Weiss Pleads Guilty
The Iraq War - 5 Years and Counting, No End in Sight
3/19/2008
FBI Mortgage Fraud Probe Expandeth
Jerome Kerviel Walks
$80 Million Theft From GM Results in Indictment
Conrad Black Appeals Conviction 3/17/2008
Witness Location of a Somewhat Different Sort
Nacchio Gets a New Trial
So, Bear Stearns...
Strep Throat
Dickie Scruggs Makes Unexpected Guilty Plea 3/13/2008
The Woman Who Brought Down the Governor
Liechtenstein Announces International Arrest Warrant for Heinrich Kieber, Releases Photo.
The Software that Snagged Spitzer
Spitzer Investigation Timeline
Spitzer Resignation Expected Today
Another Arrest at Societe Generale
Enzyte Maker Lives On, Despite Fraud Prosecution
Top 25 Leaky Institutions
Crazy Eddie Makes Wired, Wales on Overstock.com
Who is Stealing from Kurt Cobain?
Spitzer Resignation Expected, Prosecution Possible
Heinrich Kieber Changing Identities Again, And Maybe Faces as Well
Eliot Spitzer! Prostitutes? --- OH MY!
Countrywide and the FBI Get Acquainted
Heinrich Kieber Checks In, Afraid For His Life Apparently
The Economist Handicaps Loscher's Chances of 'Stopping the Rot' at Siemens 3/06/2008
Fidelity Fined $8 Million on Inappropriate Gifts
Lehman Bros Suspends Two Traders
Hedge Fund Fraudsters Prey on the Faithful
Organizational Liability and Corporate Crime
Alleged Corporate Criminals on Your Client List?
Barclays Under Investigation for Violating Terrorist Blacklist
Spiegel Reports on a Second Whistleblower in the Fast Spreading International Tax Evasion Investigation
More Banks Named in Muni Bid Rigging Probe
Delaware's Loosey Goosey Corporate Standards Under Fire From Federal Law
Portfolio.com Runs Down Where Top White Collar Crooks are Doing Time
Big Banks Tagged in Municipal Bond Probe
Milberg Weiss Expert Witness, Torkelson, Pleads Guilty to Perjury
Heinrich Keiber Fears the Russian Mafia
From The Daily Caveat Society Pages - A Hanrahan Wedding
Did Heinrich Kieber Act Alone? FT Reports Authorities Seeking Accomplices
Opening Day
Please indulge a little bit of a distraction from the usual parade of crime, greed and corruption. We had the chance to take in the Nationals home opener against the Braves on Sunday - and the first official game in the new Nationals Park.
It was a chilly but clear night and a slow game bookended by an exiting first inning that saw the Nats up by two and an amazing 9th that saw the Braves tie things up. Everyone thought we were headed to extra innings but the Nat's third baseman, Ryan Zimmerman wrapped things up in style with a walk-off home run on the third strike of the second out. Amazing!
Also amazing is the new park - a really nice place to see a game with plenty of good sight lines fantastic open verandas overlooking the field. We were seated about five feet to the right of the left field foul marker for most of the game and later moved down to the third base line to sit with friends. Can't complain about either view.
-- MDT
It was a chilly but clear night and a slow game bookended by an exiting first inning that saw the Nats up by two and an amazing 9th that saw the Braves tie things up. Everyone thought we were headed to extra innings but the Nat's third baseman, Ryan Zimmerman wrapped things up in style with a walk-off home run on the third strike of the second out. Amazing!
Also amazing is the new park - a really nice place to see a game with plenty of good sight lines fantastic open verandas overlooking the field. We were seated about five feet to the right of the left field foul marker for most of the game and later moved down to the third base line to sit with friends. Can't complain about either view.
-- MDT
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AIG Sues Former CEO Hank Greenberg over $20 Billion in Stock
Is there no honor among thieves? At issue are shares of AIG subsid, Starr International Co. that Greenberg, along with six other AIG execs allegedly used as their personal money-pot.
-- MDT
-- MDT
Labels: AIG, Hank Greenberg, lawsuit
Did I Mention That it is a Bad Week for KMPG
In addition to their more immediate woes, there is also the small matter of the $80 million hit they'll pay to settle a class action lawsuit for their role in some decade-old questionable account at Xerox. Xerox itself will pay $670 million to bring an end of to the suit.
-- MDT
-- MDT
Labels: class action, KPMG, securities, Xerox
Ethical Corporation Hosts Anti-Corruption Conference
If you're going to be in Chicago in mid-April, this sounds like a very interesting event.
You can get a full run-down of the program and register right here.
A little irony that KPMG is one of the sponsors?
-- MDT
You can get a full run-down of the program and register right here.
A little irony that KPMG is one of the sponsors?
-- MDT
Labels: corporate ethics, corruption, Ethical Corporation
Thanks for Lunch, Francine
I had the pleasure of sharing lunch this week with the inimitable Francine McKenna of the fine RE: The Auditors blog. If you're not reading it on a regular basis you are missing out. For example, I could muddle my way through describing all the ins and outs of the New Century / KPMG shenanigans that have been thoroughly exposed over the last week, but I'd recommend that you just rely on Ms. McKenna to tell you how it is, which she will do with aplomb.
-- MDT
-- MDT
Labels: KPMG, New Century
Biovail Quick to Settle on SEC Action
Citigroup Coughs up $1.7 billion to Close Out Enron Liability
Ok, so it was 1.66 million but when the numbers get that high, who's counting.
-- MDT
3/25/2008
-- MDT
Labels: Citigroup, Enron, settlement
Update on the Chiquita / Terrorism Connection
Via our friends at Race to the Bottom, a blog that should be on your daily reading list. And for the background on how the banana kings got hooked up with enemies of the state, try our past coverage of the story here and here.
-- MDT
-- MDT
Labels: Chiquita, Freelance Security, RBDs, terrorism
Biovale Accounting Fraud Gets SEC Action
See our favorite muckracker, Gary Weiss for details. Also...a note to the folks at Reputrace - you might want to use a proxy server so that when your clients log in to review the articles from around the web you've collected for them, that it isn't, like, totally obvious who the client is and what reputational issues are of concern to them.
-- MDT
-- MDT
Labels: accounting fraud, Biovail, Gary Weiss, Gradient Analytics, SEC
1 Comments.
Michael,
Never let the watchers know that you are watching them - it discourages them.
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Never let the watchers know that you are watching them - it discourages them.
Did I Mention We'd Be Seeing More of This?
Mortgage fraud is the new black.
-- MDT
-- MDT
Labels: Argent Mortgage, Constance Golder, Orson Benn, scam, sub-prime mortgage
Operation Homewrecker - Feds Bust Up Mortgage Fraud Ring and Nab 19
Starting with this piece of work, Charles Head. Two separate indictments were filed based on a joint FBI / IRS investigation into Head and his numerous cohorts. They allegedly obtain false titles for more than 100 homes netting them millions in illicit loans, all the while promising homeowners that they could rescue their houses from foreclosure.
Nice guys....really.
In addition to the aforementioned Mr. Head, here are a few of the other folks involved in the scheme, as reported by My58 News:
-- MDT
3/24/2008
Nice guys....really.
In addition to the aforementioned Mr. Head, here are a few of the other folks involved in the scheme, as reported by My58 News:
- Jeremy Michael Head, 30, of Huntington Beach
- Elham Assadi, aka Elham Assadi Jouzani, aka Ely Assadi, 30, of Irvine
- Leonard Bernot, 51, of Laguna Hills
- Akemi Bottari, 28, of Los Angeles
- Joshua Coffman, 29, of North Hollywood
- John Corcoran, aka Jack Corcoran, 52, of Anaheim
- Sarah Mattson, 27, of Phoenix, Ariz.
- Domonic McCarns, 33, of Brea
- Anh Nguyen, 36, of Los Angeles
- Omar Sandoval, 32, of Rancho Cucamonga
- Xochitl Sandoval, 29, of Rancho Cucamonga
- Eduardo Vanegas, 28, of Phoenix
- Andrew Vu, 39, of Santa Ana
- Justin Wiley, 28, of Irvine
- Kou Yang, 32, of Corona
- Keith Brotemarkle, 42, of Johnstown, Pa.
- Benjamin Budoff, 41, of Colorado Springs, Colo
- Lisa Vang, 24, of Westminster
-- MDT
Labels: Charles Head, scam, sub-prime mortgage
The End of Milberg Weiss?
With the guilty plea from firm patriarch, Melvin Weiss you know the talk of Milberg's demise is going to make the rounds, never mind that they still top the lists of securities class action firms over the last year. Still, if you're interested in what various persons of interest from around the legal world have to say about Milberg's future, this Portfolio article is your huckleberry.
-- MDT
-- MDT
Labels: class action, Melvyn Weiss, Milberg, Milberg Weiss, securities
Churchgoers Make the Best Victims
At least that is what Hamilton Alan Bird had to be thinking when he used his religiously themed "hedge fund," XL Capital Partners swipe their money.
If these investors had done their homework they might have noted that Bird was previously convicted on criminal charges, had a 1991 bankruptcy to his credit and was once busted for practicing an insurance business without a license.
So not only was Bird a known criminal - he was a bad one that kept getting caught. No change to that pattern this time. He's been nicked again and this Friday plead guilty for his hedge funs shenanigans, small solace that might be to the trusting folks whose money he stole.
Already a Bird accomplice, the right reverend pastor pastor Doug Scott of Colorado Springs has been sentenced to 15 years probation and a sizable chunk of community service.
Let's hope that the recidivist, Mr Bird gets substantially more when he goes back before the judge in June.
For More on Bird's guilty plea, click here.
And for a little background on the XL mess, try this article.
-- MDT
3/23/2008
If these investors had done their homework they might have noted that Bird was previously convicted on criminal charges, had a 1991 bankruptcy to his credit and was once busted for practicing an insurance business without a license.
So not only was Bird a known criminal - he was a bad one that kept getting caught. No change to that pattern this time. He's been nicked again and this Friday plead guilty for his hedge funs shenanigans, small solace that might be to the trusting folks whose money he stole.
Already a Bird accomplice, the right reverend pastor pastor Doug Scott of Colorado Springs has been sentenced to 15 years probation and a sizable chunk of community service.
Let's hope that the recidivist, Mr Bird gets substantially more when he goes back before the judge in June.
For More on Bird's guilty plea, click here.
And for a little background on the XL mess, try this article.
-- MDT
Labels: Doug Scott, Fraud, Hamilton Alan Bird, hedge fund, XL Capital Partners
Hedge Fund Dirty Tricks and the HBOS Implosion
You'll love this article from The Daily Telegraph - an inside look at the "dirty-tricks unit" of a London-based hedge fund. This story has all the good stuff - PIs, hacking, the obligatory sub-prime mortgage crisis connection, rogue traders, market manipulation - it's one stop shopping.
-- MDT
-- MDT
Labels: Halifax Bank of Scotland, HBOS, hedge fund, private investigator, rogue trading, sub-prime mortgage
1 Comments.
Condie and clan have laudered money in Aruba and Canada. Hope someone is looking?
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Peregrine Systems Trial Reaches Second Hung Jury
Maybe they ought to just go for the physical challenge at this point?
Details on the (second) Peregrine mistrial right here.
-- MDT
Details on the (second) Peregrine mistrial right here.
-- MDT
Labels: backdating, mistrial, Peregrine Systems
Kerviel Watch Continues - Does Not Do Terpitude
Lets get one thing straight - rogue trader or no, Jerome Kerviel does not accept responsibility for "all the turpitude of Société Générale." So says clarifies his lawyer, Guillaume Selnet.
Not that Kerviel has ever mollified his situation by claiming any accomplices to his activities - quite the opposite. Nor has he ever stated that there was any involvement from the bank at large.
So how then does Kerviel hope to, lets face it, shirk responsibility for his misdeeds? The key, his counsel claims is not complicity, but rather complacency at the bank.
Uh-huh. Good luck with that. But at least he's out of prison, right?
-- MDT
3/20/2008
Not that Kerviel has ever mollified his situation by claiming any accomplices to his activities - quite the opposite. Nor has he ever stated that there was any involvement from the bank at large.
So how then does Kerviel hope to, lets face it, shirk responsibility for his misdeeds? The key, his counsel claims is not complicity, but rather complacency at the bank.
Uh-huh. Good luck with that. But at least he's out of prison, right?
-- MDT
Labels: Jerome Kerviel, Societe Generale
Melvyn Weiss Pleads Guilty
This has been a long road - a prosecution almost a decade in the making...
Melvyn Weiss, patriarch of securities class action powerhouse, Milberg Weiss, has plead guilty to one count of racketeering in connection with the government investigation into kickbacks meted out to lead plaintiffs in Milberg cases.
Weiss had been scheduled to go to trial in August. According to the terms of his deal with prosecutors, the 72 year old Weiss is expected to serve between 18 and 33 months and pay approximately $10 million in fines and forfeitures. More here, via the WSJ.
Through his legal representatives at Brafman & Associates, Weiss released this statement:
It is just a shame that Milberg, if in a slightly different context, became exactly the kind of entity they are supposed to protect clients against.
-- MDT
Melvyn Weiss, patriarch of securities class action powerhouse, Milberg Weiss, has plead guilty to one count of racketeering in connection with the government investigation into kickbacks meted out to lead plaintiffs in Milberg cases.
Weiss had been scheduled to go to trial in August. According to the terms of his deal with prosecutors, the 72 year old Weiss is expected to serve between 18 and 33 months and pay approximately $10 million in fines and forfeitures. More here, via the WSJ.
Through his legal representatives at Brafman & Associates, Weiss released this statement:
"I deeply regret my conduct and apologize to all those who have been affected, including all of the wonderful and extremely talented lawyers and other employees of the Firm, none of whom had any involvement in any wrongdoing. I believe that it is very important to preserve this unique legal resource for the benefit of victims of wrongdoing affecting the masses, who historically have been under-served in so many ways."I cut my teeth as an investigator locating witnesses for Milberg cases and despite their obvious and at this point, clearly illegal, overreaching I retain a great deal of sympathy for their role - representing aggrieved shareholders. I've simply see too much of what companies will try to get away with to feel differently.
It is just a shame that Milberg, if in a slightly different context, became exactly the kind of entity they are supposed to protect clients against.
-- MDT
Labels: guilty, Melvyn Weiss, Milberg, Milberg Weiss, plea agreement
The Iraq War - 5 Years and Counting, No End in Sight
Labels: regret
FBI Mortgage Fraud Probe Expandeth
Seventeen firms are now in the line up for further scrutiny from Langley. Meanwhile, California also busts some mortgage fraud heads.
-- MDT
3/18/2008
-- MDT
Labels: Fraud, investigation, sub-prime mortgage
Jerome Kerviel Walks
His prison stay over along with his 15 minutes of fame, SocGen rogue trader, Jerome Kerviel was released from prison this week thanks to a favorable Appeals Court ruling. He was advised, though, not to leave town. Paris is not the worst place to pass your time, I'd imagine.
Released earlier in the week was the second additional figure to be arrested in connection with Kerviel's activities. Manuel Zabraniecki, of SG securities was questioned for 10 hours by police before being cut loose.
Kerviel continues to assist that he acted alone.
-- MDT
Released earlier in the week was the second additional figure to be arrested in connection with Kerviel's activities. Manuel Zabraniecki, of SG securities was questioned for 10 hours by police before being cut loose.
Kerviel continues to assist that he acted alone.
-- MDT
Labels: Jerome Kerviel, Manuel Zabraniecki, Societe Generale
$80 Million Theft From GM Results in Indictment
Daniel Bealko, a former commodities broker for GM and Anthony Brown, a metal dealer have been indicted by a Chicago grand jury for "diverting" $80 million from General Motors through an elaborate manipulation of the monies from the sale of aluminum owned by GM. Details at the Chicago Sun-Times.
-- MDT
-- MDT
Labels: Anthony Brown, Daniel Bealko, GM, tax evasion, wire fraud
Conrad Black Appeals Conviction 3/17/2008
Witness Location of a Somewhat Different Sort
I've seen the jungle in Singapore, first hand.
It pretty much looks like lots and lots of this:
Also, there are lots of monkeys exactly like this one who was completely un-intimidated by us and also quite adamant that we give him something tasty before entering his jungle:
So I have great sympathy for the life and work of a Singapore-based Private Investigator who makes his living tracking down foreign worker runaways across the border in Malaysian. For that story, click here.
- MDT
It pretty much looks like lots and lots of this:
Also, there are lots of monkeys exactly like this one who was completely un-intimidated by us and also quite adamant that we give him something tasty before entering his jungle:
So I have great sympathy for the life and work of a Singapore-based Private Investigator who makes his living tracking down foreign worker runaways across the border in Malaysian. For that story, click here.
- MDT
Labels: monkeys, private investigator, Singapore
Nacchio Gets a New Trial
This is a reprieve from a potential six years behind bars for former Quest CEO, Joe Nacchio. Whether his luck will hold is an open question. Details on the new trial here.
-- MDT
-- MDT
Labels: Joe Nacchio, Quest
So, Bear Stearns...
Strep Throat
Is an unholy beast! Wasn't I supposed to get this malady when I was 12 or something?
My head is two feet wide and stuffed with cotton; my throat feels like I've been intubated with a rusty chain; my saliva is a dangerous contagion.
This is an excellent state of affairs, no question. There will only be self pity blogging today. The real stuff continues tomorrow.
Bacterially yours,
-- MDT
3/15/2008
My head is two feet wide and stuffed with cotton; my throat feels like I've been intubated with a rusty chain; my saliva is a dangerous contagion.
This is an excellent state of affairs, no question. There will only be self pity blogging today. The real stuff continues tomorrow.
Bacterially yours,
-- MDT
Labels: antibiotics are good
Dickie Scruggs Makes Unexpected Guilty Plea 3/13/2008
The Woman Who Brought Down the Governor
Ten pages worth of pics of Eliot Spitzer's "friend" Kristen (real name: Ashley Alexandra Dupre) are right here, in case your curious.
And really, aren't we all just a little bit?
Also, here are two singles recorded by Dupre, apparently an aspiring R&B singer, among her other accomplishments.
May I recommend the track "Move Ya Body" - but only for the thought provoking lyrical content.
- MDT
And really, aren't we all just a little bit?
Also, here are two singles recorded by Dupre, apparently an aspiring R&B singer, among her other accomplishments.
May I recommend the track "Move Ya Body" - but only for the thought provoking lyrical content.
- MDT
Labels: Ashley Alexandra Dupre, Eliot Spitzer, prostitution
Liechtenstein Announces International Arrest Warrant for Heinrich Kieber, Releases Photo.
This apparent photo of international tax informant (and widely wanted man), Heinrich Kieber, had been floating around for some time.
But this week, along with an arrest warrant, authorities in Liechtenstein released this photo:
Obviously this is meant to raise the heat on Kieber, wherever he may be hiding. Some reports have suggested that Kieber has had plastic surgery, but that may just be bunk. In any case - RUN HEINRICH RUN!
-- MDT
But this week, along with an arrest warrant, authorities in Liechtenstein released this photo:
Obviously this is meant to raise the heat on Kieber, wherever he may be hiding. Some reports have suggested that Kieber has had plastic surgery, but that may just be bunk. In any case - RUN HEINRICH RUN!
-- MDT
Labels: BND, Heinrich Kieber, informer, Liechtenstein, tax evasion
The Software that Snagged Spitzer
Very cool look at the nuts and bolts of money laundering software.
--MDT
3/12/2008
--MDT
Labels: Eliot Spitzer, money laundering
Spitzer Investigation Timeline
Very interesting to see how the government closed in on Spitzer. Initially it seems they suspected blackmail or somesuch based on the outflow of suspicious payments. Later they seemed to zero in on the sex angle, indicated by an early January wiretap. Then they lay in wate for the fateful call. Good stuff from equal opportunity muckrackers, TPM.
-- MDT
-- MDT
Labels: Eliot Spitzer, prostitution
Spitzer Resignation Expected Today
Even though their seemed to be some hints yesterday that Spitzer might attempt to stay on assuming the public didn't turn against him, the prevailing notion is that we can expect a formal resignation from the New York governor before the end of the day.
Setting his monumental hypocrisy (and $80,000 in high-end whoring) aside, it might be worth taking a moment to remember the good times before the hammer drops.
- MDT
Setting his monumental hypocrisy (and $80,000 in high-end whoring) aside, it might be worth taking a moment to remember the good times before the hammer drops.
- MDT
Labels: Eliot Spitzer, prostitution
Another Arrest at Societe Generale
French authorities are busy hunting Jerome Kerviel's accomplices and it looks like they've stumbled upon someone of interest.
An unidentified employee from a Societe Generale subsidiary has been taken into custody and the bank's HQ has been subject to a search. This is the second such individual to be picked up.
The first, Moussa Bakir, arrested last month based on instant message exchanges he had with rogue trader, Jerome Kerviel. Bakir was promptly released after a day or so of sweating by French police.
We don't have a name yet for this new individual, but it is sure to come our in short order. Here's the latest update on SocGen via Bloomberg.
-- MDT
3/11/2008
An unidentified employee from a Societe Generale subsidiary has been taken into custody and the bank's HQ has been subject to a search. This is the second such individual to be picked up.
The first, Moussa Bakir, arrested last month based on instant message exchanges he had with rogue trader, Jerome Kerviel. Bakir was promptly released after a day or so of sweating by French police.
We don't have a name yet for this new individual, but it is sure to come our in short order. Here's the latest update on SocGen via Bloomberg.
-- MDT
Labels: Jerome Kerveil, Jerome Kerviel, Mousa, Societe Generale
Enzyte Maker Lives On, Despite Fraud Prosecution
I am sure you'll all be glad to hear that.
-- MDT
-- MDT
Labels: Berkeley Premium Nutraceuticals, Enzyte, Fraud
Top 25 Leaky Institutions
Interesting report from Chris Hoofnagle at Berkeley handicaps what institutions are most likely to bungle the handling of your private deets.
--MDT
--MDT
Labels: Chris Hoofnagle, identity theft
Crazy Eddie Makes Wired, Wales on Overstock.com
Friend of the blog, Sam "Crazy Eddie"Antar has got a piece going in Wired right now where he lays in to Overstock.com. He's got quite the feud going with the, lets charitably call him, outlandish Overstock CEO, Patrick Byrne. And he's not the only one - somebody page Gary Weiss.
-- MDT
-- MDT
Labels: Crazy Eddie, Gary Weiss, Overstock, Patrick Byrne
Who is Stealing from Kurt Cobain?
No, it's not Courtney Love. But it is an interesting story.
NME has the details.
-- MDT
NME has the details.
-- MDT
Labels: identity theft, Kurt Cobain, Nirvana
Spitzer Resignation Expected, Prosecution Possible
While nothing has been announced, there is reportedly movement to facilitate New York Lt. Governor, David Paterson taking the reins. Not sure, realistically, if there is any other expectation than Spitzer's departure at this point.
In the unlikely event that he try and tough it out, impeachment has already been broached. Also, prosecution on the structuring issue, remains a possibility.
for the point by point of what went down, you can't do much better than this NYT piece explicating the FBI's Emperor's Club affidavit. Good stuff. if you have a taste for the schadefreude.
I guess the Mayflower Hotel can add Room 871 to the tourists maps?
-- MDT
In the unlikely event that he try and tough it out, impeachment has already been broached. Also, prosecution on the structuring issue, remains a possibility.
for the point by point of what went down, you can't do much better than this NYT piece explicating the FBI's Emperor's Club affidavit. Good stuff. if you have a taste for the schadefreude.
I guess the Mayflower Hotel can add Room 871 to the tourists maps?
-- MDT
Labels: David Paterson, Eliot Spitzer, prostitution
Heinrich Kieber Changing Identities Again, And Maybe Faces as Well
You can either take this with a grain of salt, or ponder the lengths you'd go to to avoid detection after cheesing off about 1,000 of the world's wealthiest tax evaders, with the Russian mafia reportedly among them.
Hmmm....
Suddenly going under the knife doesn't seem so bad. Beats one in the back.
-- MDT
3/10/2008
Hmmm....
Suddenly going under the knife doesn't seem so bad. Beats one in the back.
-- MDT
Labels: Heinrich Kieber, tax evasion
Eliot Spitzer! Prostitutes? --- OH MY!
We've basically retired the SPITZER WATCH around these parts. Old Eliot just hasn't been as much fun since he became governor of New York. Enter this nuclear story in the from the New York Times that implicates Governor Spitzer in a high-end (if not high class) prostitution ring.
Say it aint so, Client 9!
An afternoon press conference from City Hall should be starting any minute!
POST PRESS-CON UPDATES:
The apology!
Resignation?
How he got snagged.
The suspicious money transfers.
A chat with his lady of the night (Kristen).
The FBI "Emperors Club" Affidavit.
-- MDT
3/09/2008
Say it aint so, Client 9!
An afternoon press conference from City Hall should be starting any minute!
POST PRESS-CON UPDATES:
The apology!
Resignation?
How he got snagged.
The suspicious money transfers.
A chat with his lady of the night (Kristen).
The FBI "Emperors Club" Affidavit.
-- MDT
Labels: Eliot Spitzer, moral lapses of political leaders, prostitution
Countrywide and the FBI Get Acquainted
A criminal probe of the sub-prime lender is officially under way.
-- MDT
-- MDT
Labels: Countrywide, FBI, sub-prime mortgage
Heinrich Kieber Checks In, Afraid For His Life Apparently
Apparently Heinrich Kieber, currently the world's most famouse police informant, has been keeping up a pen-pal relationship with his benefactors at the German BND. Their last letter from Kieber was received right about he time his information set loose a series of raids on tax evaders in Germany. His tone? Worried, according to Spiegel.
And more, from France24.com:
"You are putting my life in danger," Heinrich Kieber wrote to German intelligence services, according to German weekly Focus in an article released Saturday in advance of publication. The informant has blamed the intelligence services for not keeping his identity secret and asked them to provide him with a new identity so that he can relocate to South America. His request has been refused, Focus reported.
As far as we know, Kieber is in hiding and still among the living, with Australia being his most likely port of call. How long he stays that way remains to be seen. Amongst those who Kieber outed to the German government for tax evasion, are those who don't find such things amusing and might be prone to retaliation.
The Russian mob is one group that has been mentioned along with the odd royal family or petty dictator - any of whom could decide to make it difficult for Kieber to enjoy his new found wealth.
-- MDT
3/08/2008
And more, from France24.com:
"You are putting my life in danger," Heinrich Kieber wrote to German intelligence services, according to German weekly Focus in an article released Saturday in advance of publication. The informant has blamed the intelligence services for not keeping his identity secret and asked them to provide him with a new identity so that he can relocate to South America. His request has been refused, Focus reported.
As far as we know, Kieber is in hiding and still among the living, with Australia being his most likely port of call. How long he stays that way remains to be seen. Amongst those who Kieber outed to the German government for tax evasion, are those who don't find such things amusing and might be prone to retaliation.
The Russian mob is one group that has been mentioned along with the odd royal family or petty dictator - any of whom could decide to make it difficult for Kieber to enjoy his new found wealth.
-- MDT
Labels: BND, Heinrich Kieber, LGT, tax evasion
The Economist Handicaps Loscher's Chances of 'Stopping the Rot' at Siemens 3/06/2008
Fidelity Fined $8 Million on Inappropriate Gifts
And famous fund manager, Peter Lynch is caught in the middle?
-- MDT
-- MDT
Labels: Fidelity, Peter Lynch, Wall Street
Lehman Bros Suspends Two Traders
Apparently there were some issues with their trades. Can't be too careful these days...
-- MDT
3/04/2008
-- MDT
Labels: Lehman Brothers
Hedge Fund Fraudsters Prey on the Faithful
Uta-based Thompson Consulting, Inc. managed to lost $60 million dollars of investor money through its pathetic mismanagement of two hedge funds. Already down, deep in the red based on what the SEC has called "a strategy inconsistent with its representations to investors," Thompson's managers went all in on a complex options trade on the Chicago Board Options Exchange. Needless to say, that blew up in their faces, wiping out 100 well intentioned investors. A slew of civil charges are pending against Thompson and fund managers, Kyle Thompson, David Condie and Sherman Warner. We'll see how it goes from here.
Labels: David Condie, Fraud, hedge fund, Kyle Thompson, Sherman Warner, Thompson Consulting
Organizational Liability and Corporate Crime
Pretty interesting paper on this subject from the Business and Human Rights Resource Center. Their report on Corporate Culture as a Basis for the Criminal Liability of Corporations was prepared by the law firm Allens Arthur Robinson on behalf of the United Nations Special Representative of the Secretary General for Business and Human Rights. It is a fairly lengthy doc, but if you have an international bent, probably something worth reviewing.
-- MDT
-- MDT
Labels: Allens Arthur Robinson, corporate ethics, organizational liability, prosecution
Alleged Corporate Criminals on Your Client List?
Barclays Under Investigation for Violating Terrorist Blacklist
According to this article, with admittedly scant detail, Barclay is currently under investigation for dealing with state sponsors of terrorism.
-- MDT
3/03/2008
-- MDT
Labels: Barclays, investigation, terrorism
Spiegel Reports on a Second Whistleblower in the Fast Spreading International Tax Evasion Investigation
Meet whistleblower, Rudolf Elmer of Switzerland's Julius Baer bank. Unlike the now well known Heinrich Kieber, Elmer's not in it for the money - he just wants revenge against his former employer. Want to check out Elmer's info? Try Wikileaks. The embattled document sharing site is back online with a bank. While you're there, pay special attention to Elmer's reference to the private investigators purportedly on his tail.
-- MDT
-- MDT
Labels: Heinrich Kieber, Julius Baer, Rudolph Elmer, tax evasion, Wikileaks
More Banks Named in Muni Bid Rigging Probe
Add UBS and JPMorgan Chase to the list of those under scrutiny.
-- MDT
-- MDT
Labels: investigation, JPMorgan, municiple bonds, UBS
Delaware's Loosey Goosey Corporate Standards Under Fire From Federal Law
Portfolio.com Runs Down Where Top White Collar Crooks are Doing Time
This is exactly the kind of thing that makes me love Portfolio. And very appropriate, given that Lord Conrad Black himself reported to the slammer today.
Check out the U.S.A.'s white collar criminal geography, right here.
--MDT
3/02/2008
Check out the U.S.A.'s white collar criminal geography, right here.
--MDT
Labels: Conrad Black, corporate crime
Big Banks Tagged in Municipal Bond Probe
Frankly, just typing the phrase municipal bond probe makes me want to nap... But when the names Wachovia, Deutsche Bank, Goldman Sachs and Bear Stearns are being flagged by the Justice Department for possible bid rigging I feel honor bound to at least acknowledge that it is happening.
-- MDT
-- MDT
Labels: Bear Stearns, bid-rigging, Deutsche Bank, DOJ, Goldman Sachs, municiple bonds, Wachovia
Milberg Weiss Expert Witness, Torkelson, Pleads Guilty to Perjury
John B. Torkelson is already serving time, but the former star expert witness (he billed $60 million in expert fees between 1993 and 1996) still found himself pleading guilty this past week on perjury charges...
Essentially Torkelson like any other expert had to attest to his independence each time he served as an expert. To protect this independence law firms are forbidden from paying experts on a contingency basis: i.e. - if they win. But that is exactly the type of arrangement Torkelson had over possibly hundreds of cases, including very many with what this press release wimpily refers to as a law firm "with a principle office in New York."
Now, most people who'd bother to visit The Daily Caveat might recognize this as a probable reference to Milberg Weiss and the phrasing as how that firm was referred to in the government investigation of class action litigation kickbacks prior to being officially named in the ensuing indictment. But a relationship between Torkelson and Milberg isn't exactly news.
We wrote about the connection and Torkelson's significance to the brewing Milberg indictment three years ago. Torkelson, aside from whatever inappropriate payment arrangements that he may have had with Milberg, was also involved in the AHI Healthcare lawsuit, which presented a perfect storm of informants for the Feds including involved parties: Torkelson himself, fraudster Steven Cooperman and Milberg alum turned mortal enemy, Alan Schulman.
-- MDT
Essentially Torkelson like any other expert had to attest to his independence each time he served as an expert. To protect this independence law firms are forbidden from paying experts on a contingency basis: i.e. - if they win. But that is exactly the type of arrangement Torkelson had over possibly hundreds of cases, including very many with what this press release wimpily refers to as a law firm "with a principle office in New York."
Now, most people who'd bother to visit The Daily Caveat might recognize this as a probable reference to Milberg Weiss and the phrasing as how that firm was referred to in the government investigation of class action litigation kickbacks prior to being officially named in the ensuing indictment. But a relationship between Torkelson and Milberg isn't exactly news.
We wrote about the connection and Torkelson's significance to the brewing Milberg indictment three years ago. Torkelson, aside from whatever inappropriate payment arrangements that he may have had with Milberg, was also involved in the AHI Healthcare lawsuit, which presented a perfect storm of informants for the Feds including involved parties: Torkelson himself, fraudster Steven Cooperman and Milberg alum turned mortal enemy, Alan Schulman.
-- MDT
Labels: Alan Schulman, John Torkelson, Milberg, Milberg Weiss, Steven Cooperman
Heinrich Keiber Fears the Russian Mafia
One of many interesting anecdotes arising from this colorful account of the Liechtenstein bank data heist, via The Daily Mail. Also - who knew Liechtenstein was the world's leading exporter of false teeth? Fascinating stuff...
-- MDT
-- MDT
From The Daily Caveat Society Pages - A Hanrahan Wedding
A Hanrahan wedding! Father of the groom, John Hanrahan was a mentor of mine at the James Mintz Group and is one of the finest human beings you're every likely to meet.
Congratulations to the whole family!
-- MDT
Congratulations to the whole family!
-- MDT
Did Heinrich Kieber Act Alone? FT Reports Authorities Seeking Accomplices
I was inclined to let it slide the first time the FT mentioned that authorities in Liechtenstein are pursing potential accomplices of known informant, Heinrich "Henry" Kieber, but now they've gone and mentioned that word accomplices for a second time.
That gets my radar up...
-- MDT
That gets my radar up...
-- MDT
Labels: Germany, Heinrich Kieber, LGT, Liechtenstein, tax evasion
1 Comments.
Well said.
Heinrich Kieber might have acted alone, but he needed his bystanders.
Meanwhile there is an international search warrant for Heinrich Kieber. For more info, click here.
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Heinrich Kieber might have acted alone, but he needed his bystanders.
Meanwhile there is an international search warrant for Heinrich Kieber. For more info, click here.
