Word: defrauder
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...criminal cases, Justice must prove criminal intent. Legal experts say it's extremely tough to win a case without a whistle-blower to testify about conniving conversations. Internal memos or spreadsheets and charts tend to confuse jurors. "Were these mistakes, or were they done with intent to defraud the public?" asks Alan Bromberg, a securities-law professor at Southern Methodist University in Dallas. "It's a very elusive kind of distinction...
There is similar posturing in Congress but also some substantive proposals. An amendment introduced by Senator Patrick Leahy of Vermont would make it a felony to defraud shareholders--making it easier to prosecute executives--and also provide more protection to whistle-blowers. Another proposed law would make CEOs liable for the accuracy of their firm's financial statements, a measure supported by nearly 90% of those surveyed in a new TIME/CNN poll...
...kick in. Reliance nearly suffered a disastrous collapse in investor confidence in 1995, when the Bombay Stock Exchange raised questions over share duplications and other accounting anomalies that appeared to disadvantage minority shareholders. The company subsequently pleaded guilty to technical breaches and clerical errors but no intent to defraud was found. Confidence was ultimately restored and the share price rebounded...
...taint, the Harvard Corporation, in choosing Rubin, is adding to its Enron infection. Winokur, acting as the chair of the Enron Finance Committee, oversaw the suspension of the company’s ethical standards and the creation of a number of partnerships that Enron used to defraud its investors. Meanwhile, Citigroup, according to the complaint filed against it by Enron shareholders, allegedly “hid loans, set up false investments and facilitated phantom Enron sales” for the energy giant...
...Enron has already acknowledged that it overstated its income for more than four years. The question is whether this was the result of negligence or an intent to defraud. Securities fraud requires a willful intent to deceive. It doesn't look good, Coffee says, that key Enron executives were selling stock shortly before the company announced a restatement of earnings...