Word: fraud
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...Securities and Exchange Commission (SEC) filed charges today against high-flying Houston-based financier R. Allen Stanford for orchestrating what it calls a multibillion-dollar investment fraud of "shocking magnitude...
...complaint says Stanford perpetrated a "massive fraud based on false promises and fabricated historical return data to prey on investors." The alleged fraud centers on an $8 billion certificate-of-deposit (CD) program. (Read about Stanford's love of cricket...
...spent $2.1 trillion between 1991 and 1995, yet the economy stagnated. Politicians built roads to nowhere, starving businesses of capital and workers of jobs. Washington should fund some infrastructure repairs, but such projects should undergo cost-benefit analyses. Lacking such oversight, the bill recently rushed through Congress will breed fraud and waste...
...deal with Madoff, settling a civil case against him where he accepted a permanent asset freeze and agreed to the SEC's complaints against him were "established" and could not be contested. Madoff consented without "admitting or denying the allegations" that he allegedly ran the decades-long fraud under the nose...
...potentially devastating consequences of getting laid off in Asia puts pressure on companies and governments to minimize pink slips. In India, the central government took control of IT outsourcing firm Satyam Computer Services in January after the revelation of a $1.6 billion fraud, in part to maintain the company's 53,000-strong workforce. A government-appointed board of directors is looking to sell the company. "Our top priority is to protect the jobs of the software professionals," announced Y.S. Rajasekhara Reddy, chief minister of the state of Andhra Pradesh, where Satyam is based. In October, Indian airline Jet Airways...