Word: fraude
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Count Barry Minkow as one of the more unlikely people ever to be a law-enforcement lecturer. A felon, he was busted in his early 20s by the FBI for engineering one of the biggest frauds in U.S. history. His ZZZZ Best carpet-cleaning scam, a mid-1980s securities caper, was worth $300 million before it went up in smoke. That rap landed him in a federal pen on a 25-year sentence. After serving seven years and four months, he got out in 1995 and, like the con man portrayed in the hit movie Catch...
...born-again Christian and evangelical pastor, Minkow explains his religious devotion in one breath and in the next delves into the nitty-gritty of financial shakedowns. Though lately the press has focused attention on the crackdown on corporate fraud--with WorldCom executives finally coming to trial, for example--he says everyday Ponzi schemes are more prevalent than ever. According to the nonprofit National White Collar Crime Center, $40 billion is lost every year to such investor swindles. Current low interest rates are making matters worse, Minkow says, because retirees on fixed incomes are more vulnerable to shysters who promise higher...
...took yet another case to the office of New York attorney general Eliot Spitzer, who was in the midst of a spree of high-profile fraud prosecutions. Spitzer's experts contacted the FBI, and after Minkow agreed to wear a wire and record phone conversations with the purported scam artists as they solicited new money, the agency verified that the suspects were using an offshore shell company to bilk hundreds of millions of dollars from investors by pledging annual profits of more than 38% and an eight-year rate of return in excess of 1,000%. TIME has confirmed that...
ELECTED. VIKTOR YUSHCHENKO, 50, leader of November and December's "Orange Revolution"; as President of Ukraine, by more than 2.2 million votes over Prime Minister Viktor Yanukovych, after three rounds of voting; according to the Central Election Commission in Kiev. Western election monitors alleged widespread fraud in the Nov. 21 runoff?which named Yanukovych the winner?and the Supreme Court nullified the results...
ELECTED. VIKTOR YUSHCHENKO, 50, opposition leader; as President of Ukraine; with 52% of the vote, compared with 44% for Prime Minister Viktor Yanukovych. Western election monitors alleged widespread fraud in the Nov. 21 runoff--which was won by Yanukovych--and the Supreme Court nullified the results. Before resigning his post last week, Yanukovych vowed he would make a court challenge, but the revote has been praised as fair by Ukrainian and international leaders...