Word: fraud
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SENTENCED. SCOTT SULLIVAN, 43, former chief financial officer who admitted to engineering Worldcom's $11 billion accounting fraud; to five years in prison; in New York City. Sullivan, who had been facing a jail term five times as long, received leniency in return for his pivotal testimony against the telecom's former CEO, Bernie Ebbers, who was sentenced last month to 25 years in prison...
...settlement came more than a year after a judge in U.S. District Court found Shleifer and Hay liable for fraud, after they made personal investments in Russia while advising the program for the now-defunct Harvard Institute for International Development. Conflict-of-interest provisions in their contracts with the government strictly prohibited such investments, which totaled several hundred thousand dollars...
Harvard itself was cleared of the fraud allegations but still faced damages for breaching its contract with the U.S. Agency for International Development (USAID). In the agreement signed Wednesday, the University did not admit any liability but agreed to pay the full $26.5 million by Saturday. A Harvard spokesman said it was the largest settlement the University has ever paid...
...from the typically cocksure Mayor Richard M. Daley, the savvy Chicago ambassador courting CEOs and world-class architects, or the hard-knuckle retail politician pressing the flesh in his family's blue-collar neighborhoods. A week after two of Daley's top officials were charged with mail fraud in a widening federal corruption probe, the Cook County Republican Party had gone so far as to offer a $10,000 reward to anyone who could provide information leading to the conviction of the mayor himself, and suddenly he seemed a bit like a wounded animal, ready to lash out or, alternatively...
...Business As Usual German business has always had a spotless reputation for moral probity. Lately, however, a succession of corruption scandals has dented the country's corporate self-image. In June and July, fraud and bribery charges were leveled against top executives at carmaker Volkswagen and at Infineon, Europe's second largest computer-chip maker. Now another iconic national brand, BMW, is making unsavory headlines. Last week, one of the firm's sales managers was arrested on allegations of taking up to $100,000 in bribes from an east German supplier for funneling orders its way. So far, the executive...