Word: fraud
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...service firm on the territory. Is it the Cayman Islands? Monaco? The Bahamas? No, it's the U.S. state of Delaware, and the services offered there are entirely legal. No wonder success is so elusive in the growing international effort to crack down on tax fraud: one man's shady haven is another man's low-tax financial-services center. Tax havens have been around almost as long as taxes. They have mushroomed in size and importance since the 1970s, when large corporations and international banks started developing sophisticated offshore financial markets out of the reach of national regulators...
When MARTHA STEWART arrived at her federal trial on obstruction-of-justice and securities-fraud charges last week, court watchers tittered that her pricey purse made her look elitist. Stewart carried an Hermes Birkin bag, which starts at $6,000. But really, shouldn't Stewart's jury pool be concerned with weightier questions, like how the brown Birkin pairs with an orange jumpsuit...
...Mannesmann by the U.K. 's Vodafone. He created a huge outcry about rich, arrogant executives. "Managers have lost contact with reality and live in an illusory world," railed Hans Leyendecker, a commentator for Süddeutsche Zeitung. Similarly, Italians have been wringing their hands since the discovery of massive fraud at Parmalat, wondering when the other wing tip would drop in what seems to be a corporate system with blind spots. Sure enough, seven top officials at software firm Finmatica are now under investigation for alleged market rigging and obstruction; founder Pierluigi Crudele faced his first round of questioning last...
...INDICATORS Number Crunching Richard Causey, former chief accountant at Enron, denied multiple charges of securities fraud after surrendering to U.S. authorities. Prosecutors allege Causey was "a principal architect" in manipulating the failed energy firm's financial results...
...wasn't such an amateurish fraud detected earlier? Grant Thornton, Parmalat's primary auditor for most of the 1990s and still auditor of some of its subsidiaries, initially said it too had been duped. But on New Year's Eve, Grant Thornton suspended the head of its Italian affiliate and another partner after the two were arrested as part of the investigation. The men have denied any wrongdoing...