Word: frauded
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Dates: during 1990-1999
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Both Silverman and Cendant chairman Walter Forbes, (the former president of CUC) say they saw no hint of the fraud until very recently. Whether I believe them is less important than this: I had a chance to get out after the stock rallied on the first assurances, and I didn't. I wanted to be made whole--a costly impulse in these situations...
Despite the huge, multiyear nature of the fraud at Cendant, there were no criminal investigations through week's end. A number of class-action suits have been filed, but I doubt we will see much after the lawyers take their cuts. Looks as though the only winners here were the two top executives, who together sold more than $100 million worth of stock before we even smelled that first hint of trouble. The losers: those of us who believed that someone who once misled us wouldn't do it again...
...house and noticed that the suspicious Guerin was missing himself. A New York City detective who saw a sketch of him on television realized that he bore a striking resemblance to a Kenneth Kimes, who had been arrested just the previous day with his mother Sante on an outstanding fraud warrant from Utah. The detective had a good eye. "Manny Guerin" was apparently an alias for Kenneth Kimes...
Despite hearing that damning litany, District of Columbia superior court Judge George Mitchell last month ordered that Pixley be moved from a detention center--where she was serving time for killing her daughter and committing credit-card fraud--to a facility that allows children, so that she could take custody of her fourth child, Cornilous, 2. In an earlier, related action, Montgomery County (Md.) circuit court Judge Michael Mason had ruled that Pixley was free of the postpartum depression that had caused her to kill her daughter, and that it was in Cornilous' "best interest" that he be returned...
...just when Starr was tightening the screws, a higher power intervened to take away his screwdriver. Last Wednesday a federal judge threw out a 10-count indictment against Webb Hubbell, charged with tax fraud in April, after Starr failed to get the former First Friend to assist him in the Arkansas phase of his investigation. Starr had leaned on Hubbell, who had already spent time in jail for bilking clients and partners at the Rose Law Firm, to give up anything he may know about Mrs. Clinton's legal work in questionable Arkansas real estate deals. He was her former...