Word: fraud
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...Milk Turns Sour Italian dairy giant Parmalat teetered on the brink of insolvency as prosecutors opened an investigation into a €4 billion hole in its accounts. Authorities seeking evidence of fraud raided the office of a Parmalat subsidiary's auditors...
There is also a more nefarious possibility: label fraud, something the industry's umbrella group, Cashmere & Camel Hair Manufacturers Institute, takes very seriously. Karl Spilhaus, the group's president, approaches the task of uncovering ersatz cashmere as soberly as an old-master specialist does in debunking fake Rembrandts. He has brought suit against stores for selling products labeled "100% cashmere" that he claims are in fact mere blends...
...kind of gives me the creeps.” Publisher Arthur Sulzberger Jr. also warned the Pulitzer Board against evoking such a “Stalinist practice.” (Neither he nor Keller specified how the board’s rescinding a journalism prize on account of documented fraud was at all comparable to a Stalinist purge...
...growing list of mutual funds under investigation. "Here you had the founders themselves manipulating the system," Spitzer told TIME. "There's an extra level of insidiousness to it." Complaints filed last week by Spitzer and the Securities and Exchange Commission charged Gary Pilgrim and Harold Baxter with civil fraud. They are accused of allowing an outside hedge fund (in which Pilgrim held a major stake) to make rapid trades in Pilgrim Baxter funds, a practice forbidden by the company. Baxter is also accused of giving details about the firm's holdings to a friend, a broker whose clients traded...
...current campaign-financing investigation is different from past scandals, however, because it is the first to take aim at a sitting President. Touched off this year when auditors looking into possible accounting fraud at SK's trading arm, SK Global, uncovered a multimillion-dollar political slush fund and bank accounts linked to both Roh's campaign and those of the opposition Grand National Party (GNP), the probe is unprecedented in scope and scale. Political pundits are comparing the dragnet to Italy's "Clean Hands" crackdown of the early 1990s, when reform-minded investigators sent hundreds of businessmen, bureaucrats and prominent...