• Former Wells Fargo CEO and senior exec hit with new SEC charges

    Former Wells Fargo CEO and senior exec hit with new SEC charges

    The feds slapped ex-Wells Fargo chief John Stumpf and the bank’s former community banking head Carrie Tolstedt with fresh civil charges and fines over their roles in the fraud scandal that
  • Nikola discloses subpoenas from DOJ, SEC and New York DA

    Nikola discloses subpoenas from DOJ, SEC and New York DA

    Electric truck maker Nikola revealed late Monday that it was hit with a grand jury subpoena from the Justice Department in September amid accusations that the company has lied about its
  • Former JPMorgan trader sentenced to prison for currency rigging

    Former JPMorgan trader sentenced to prison for currency rigging

    A former JPMorgan Chase foreign exchange trader was sentenced Thursday to eight months in prison, following his November 2019 conviction for conspiring with traders at other banks to rig currency trades. Akshay Aiyer, 37, was also sentenced to two years supervised release and fined $150,000 by Manhattan Federal Judge John Koeltl. Prosecutors had sought up …
  • NY charges Johnson & Johnson with fraud over opioid claims

    NY charges Johnson & Johnson with fraud over opioid claims

    New York state filed civil charges on Thursday accusing Johnson & Johnson of insurance fraud for downplaying the risks of opioid painkillers, including to doctors and elderly patients. Governor Cuomo said the charges by New York’s Department of Financial Services in that regulator’s opioid industry probe follow charges against Teva Pharmaceutical Industries, Allergan, Endo International …
  • Feds charge 57 with defrauding COVID-19 relief loan program

    Feds charge 57 with defrauding COVID-19 relief loan program

    Federal law enforcement authorities have charged 57 people with stealing $175 million from an aid program meant to help small businesses weather pandemic lockdowns, officials said on Thursday, adding that they are eyeing hundreds more suspected cases of fraud. Officials said they have identified 500 individuals who may have defrauded the $660 billion Paycheck Protection …
  • Former Volkswagen CEO to face charges of organized commercial fraud

    Former Volkswagen CEO to face charges of organized commercial fraud

    Former Volkswagen Chief Executive Martin Winterkorn will face charges of conspiracy to commit organized commercial fraud with a high likelihood of conviction, a court probing the carmaker’s diesel emissions scandal said on Wednesday. A court in Braunschweig, Germany, near where Volkswagen is headquartered, expanded the list of charges beyond fraud to include organized commercial fraud, …
  • COVID-19 relief loans reportedly went to dozens of ineligible businesses

    COVID-19 relief loans reportedly went to dozens of ineligible businesses

    Dozens of businesses raked in at least $20 million in federal coronavirus relief loans despite appearing ineligible to receive them, a new report says. More than 75 firms got Paycheck Protection Program loans worth at least $150,000 even though they didn’t exist before the spring or failed to meet other criteria for the program, the …
  • Theranos founder Elizabeth Holmes’ fraud trial has a new start date

    Theranos founder Elizabeth Holmes’ fraud trial has a new start date

    The long-awaited criminal fraud trial of Theranos founder Elizabeth Holmes finally has a start date. The disgraced former Silicon Valley wunderkind will appear before a jury in March of next year, US District Judge Edward Davila announced on Tuesday, to face charges that she and ex-Theranos president Ramesh “Sunny” Balwani are accused of peddling bogus …
  • Convicted felon with family mob ties accused of defrauding investors

    Convicted felon with family mob ties accused of defrauding investors

    Federal officials say a convicted felon with mob ties and his wife fraudulently raised more than half a billion dollars from investors for their company, which loaned cash to small businesses at interest rates as high as 400 percent. Convicted felon Joseph LaForte, who goes by the name Joe Mack, and his wife Lisa McElhone …
  • Small business loan program rife with potential fraud, watchdog says

    Small business loan program rife with potential fraud, watchdog says

    Suspected fraudsters have infiltrated a loan program meant to help small businesses weather the coronavirus crisis — and the feds are letting them slip through, a watchdog warned. The Small Business Administration’s inspector general has received more than 5,000 complaints from lenders about suspected fraud in the Economic Injury Disaster Loan program, which offers aid …