Word: fraud
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...most controversial charge against her is securities fraud, legal experts say. When the investigation came to light last June, Stewart made several public statements defending her ImClone trade. She denied that she had received any inside information and said she was simply following the $60 sell arrangement she and Bacanovic had discussed. Comey, the U.S. Attorney, said Stewart made these statements "to stop the slide of the stock price" of Martha Stewart Living Omnimedia and deceived shareholders who otherwise would be worried that insider-trading allegations would damage a company built entirely around the image of its namesake. (The stock...
...attempted sale--he had been told that the Food and Drug Administration was about to reject an application for approval of ImClone's key drug, Erbitux--she sold her shares and avoided losses of $45,673, the indictment says. Waksal pleaded guilty in October to six counts of securities fraud and obstruction of justice related to his attempted sale. He is scheduled for sentencing this week. In March he partly settled insider-trading charges brought...
...fraud on shareholders is entirely novel," because it refers to the personal conduct of a corporate officer, rather than company-related conduct, says John K. Carroll, a former securities prosecutor and now managing partner at the law firm Clifford Chance in New York City. While unusual, this charge connects the case to something more than a single stock trade. "It's not just about Martha Stewart's personal fortune," says Robert Mintz of McCarter & English in Newark, N.J. "It's about manipulating the marketplace." The fraud charge also increases the potential prison time; the maximum sentence is 10 years, twice...
...private detective was hired to stake out his mother's house. Carmack was finally caught running from his car to the front door and was served with a complaint. Now out on bail, he has been found liable in a $16.4 million civil lawsuit by EarthLink. Charges of criminal fraud filed by state attorney general Eliot Spitzer are still pending. "There are many more like Carmack," Spitzer warns. "This sends a message that we are pursuing them." Spitzer, a man who knows how to put himself in the spotlight, was the avenging angel of Wall Street last year...
Insurance companies are offering a new way to protect your good name. Last year more than 160,000 people notified the Federal Trade Commission that they had been victims of identity theft, a crime in which fraud artists hijack personal details like your Social Security number to get loans and credit cards in your name. Identity-theft insurance covers the expenditures you would incur to re-establish your identity, from small charges (paying for a notary, having documents sent overnight) to bigger ones (lost wages while dealing with the paperwork). Chubb Group includes all these expenses...