Word: fraud
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...Cheever's troubled nature was his fear of being "a small and dirty fraud," an impostor in his social pretensions and, especially, his sexuality. The suburban squire was just a shopkeeper's son. And though he took a sincere, even intense, sexual interest in women, it was impossible to superintend his wayward libido, which kept pointing him toward...
...make it appear he was executing trades in European markets, as he told federal regulators. Madoff made no trades at all with his Chase account, but rather just collected investor monies, wrote checks to investors, and took money for himself. In court, Madoff pleaded guilty to 11 counts of fraud, from wire transfer to money-laundering...
When it comes to technology that scans for fraud, today's detection systems are largely focused on identity theft, hackers and account anomalies, according to Don Jackson, director of threat intelligence for Atlanta-based SecureWorks, information-security experts on financial cyberthreat. "The problem with financial-fraud technology is that it's only as good as how it's set up," Jackson says. "If it's set up for a high-volume and multiple-wire-transfers account, then it won't reveal anything strange when there's lots of activity, like Madoff's account. The only way to stop this kind...
...International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001 makes it illegal for a bank to accept funds it knows, or has reason to believe, were derived from fraud. In addition, it's obliged to report its suspicions to authorities. A tangle of federal and state agencies could investigate such potential banking duplicity, but for national banks like JPMorgan Chase the first overseer is the Department of the Treasury's Office of the Comptroller of Currency. OCC examiners conduct on-site reviews of national banks and provide supervision of bank operations. For OCC to investigate, it must first...
...miscarriage of justice goes beyond the judges, Mark A. Ciavarella Jr. and Michael T. Conahan, who pleaded guilty on Feb. 12 to federal charges of wire and income tax fraud and face the prospect of more than seven years in prison. State and federal authorities are still investigating the case, and the owners of the detention center, PA Child Care, have not yet been charged. (The owner, Greg Zappala, says he didn't know anything improper was going on, while a former co-owner claims he was a victim of extortion by the judges.) What's more, many prosecutors, public...