Word: fraud
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...they, everyone in this fraud, are all wiped out. Even Stanley says he's lost everything. It's the kind of news that's been known to cause shortness of breath, sudden cardiac arrest, revolvers pulled from bedside drawers. It harks back to December of 1929 and the image of bodies falling from buildings. But what can you do? (See the top 10 scared stock traders...
This ignominious group has had some high-profile recent entrants, including Democratic fundraiser Norman Hsu, who was charged in October with operating a $60 million Ponzi fraud, and former boy-band impresario Lou Pearlman, who in addition to foisting N'Sync on an unsuspecting public also stole $300 million in investor capital over two decades. Earlier this month, Minnesota businessman Tom Petters was indicted by a federal grand jury on 20 counts of fraud, conspiracy and money laundering stemming from his alleged role in a 13-year, $3.5 billion Ponzi ring. Still, the $50 billion fraud Madoff allegedly perpetrated...
...Harris, who served as a deputy police superintendent and city budget director, helped run the Hired Truck program under Daley. That investigation ultimately ensnared Daley's former patronage chief, Robert Sorich, who was convicted of mail fraud and rigging promotions and job fills at city hall. Harris, widely considered a tough, prickly boss, was not charged as part of the probe...
...Madoff for their money back. In the first week of December, according to the SEC suit, Madoff told a senior executive that there had been requests from clients for $7 billion in redemptions. On Wednesday, Madoff met with his two sons to tell them the advisory business was a fraud - "a giant Ponzi scheme," he reportedly told them - and was nearly bankrupt. The sons reportedly contacted their lawyer, who then alerted federal authorities to the fraud. Before being caught, Madoff was working on a scheme to dole out his funds' remaining $300 million to the firm's employees...
...Still, others fear a more gloomy result this month: a return to the way things were before. The aborted election two years ago saw some 12 million fake names on the voter roll, which, among other allegations of fraud, led to disputes and running street battles between the country's two main political parties, the Awami League (AL) and the Bangladesh Nationalist Party (BNP). The interim government rode into power on a tidal wave of popular anger and exasperation with the AL and the BNP and their demagogic, warring leaders, Sheikh Hasina and Khaleda Zia, who ran these behemoth parties...