Word: fraud
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...crawling with shady real estate investors like Neil Husani during this decade's housing boom. According to the U.S. Attorney's office in Tampa, Husani and three co-conspirators working with his Sarasota-based Capital Force, Inc., bilked seven area banks out of $83 million in a mortgage fraud scheme. Between 2003 and 2006, they bought up dozens of properties, used false information to secure mortgages far in excess of the actual property values, then pocketed the difference, which amounted to more than $40 million. The properties went into foreclosure and the banks, as well as the surrounding communities, were...
...Capital Force case is one of the largest mortgage frauds to date in Florida, but it's just the tip of an iceberg of scams that have wrecked broad swaths of the state's reeling housing and commercial real estate market. The situation is worst along the I-4 Corridor between the Tampa and Orlando areas, where almost 30,000 homes are in foreclosure. (Lee County, in fact, has one of the nation's highest foreclosure rates, at about 12%.) In recent years, fraud - involving either property purchases like Capital Force's, or schemes that falsely promise to help desperate...
...part of the "Euro-Palestine" list of candidates running for the European Parliament. In June, he's fronting an "anti-Zionism" group that also includes a former Le Pen speech writer, a radical black supremacist, and an author whose 2002 book The Horrifying Fraud became a bestseller in France by alleging that 9/11 was an inside job carried out by the U.S. government...
...charges themselves are, if anything, more damning. The indictment against Blagojevich, his older brother Robert and four associates, which includes charges of racketeering conspiracy, extortion conspiracy, attempted extortion, making false statements and wire fraud, effectively paints the impeached ex-governor as the head of a vast criminal enterprise. "With RICO, these defendants are seen as no better than a street gang, common thugs," says Ronald Smith, a former prosecutor and current law professor at John Marshall Law School who has taught federal criminal law for 15 years...
...Tech Mahindra, which is joint venture between Indian Mahindra & Mahindra and British Telecom. Accountants are still trying to unravel years of fraudulent accounting; bidders had little access to reliable financial data, and there is additional risk of class-action suits and litigation in the U.S. relating to the fraud. Other interested buyers, including IBM and India's Spice Group, withdrew because of the uncertainties. "It's a very risky bet," says New Delhi-based equities analyst Dhirendra Kumar. "The reward or penalization could match the risk." Tech Mahindra has yet to issue a comment, but Satyam has said...