Guite says he arranged dummy contracts
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OTTAWA -- Ad agencies were set up with federally financed slush funds to cut through red tape and speed up the awarding of grants, says the former head of the federal sponsorship program.
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Three Army Reserve officers and a U.S. contractor were indicted Wednesday as part of a bid-rigging scam that steered millions of dollars of Iraq reconstruction projects to a contractor in exchange for cash, luxury cars, jewelry and other pricey goods.
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The practice of manipulating stock options grants to make them more favorable has come back to haunt yet another round of high-tech executives. A former Monster Worldwide Inc. executive is expected to agree to a plea deal in New York Thursday, just a day after the founder of Take-Two Interactive Software Inc. pleaded guilty to a state felony related to backdating.
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The action signaled a major snag in negotiations that had appeared to be heading toward a new contract.
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Defense department contractor initiates partial rollout to show other companies how it's done.
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State regulators filed an administrative complaint against a Scituate man who is accused of selling securities without being registered. Massachusetts Secretary of State William F. Galvin's office said Thomas John McKenna, 52, operated as an unregistered broker-dealer, soliciting investors for companies he represented through his own firm, Sales Fusion Inc., of Norwell.
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A contract employee at a nuclear material cleanup site pleaded not guilty Thursday to charges that he stole classified equipment used in enriching uranium and sold it to an undercover FBI agent posing as an official for the French government.
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The trader at the centre of a massive trading scandal reportedly says Societe Generale must have known of his risk taking.
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A junior trader blamed for causing a $7 billion loss at French bank Societe Generale has handed himself into the police and is cooperating with their investigation, a prosecution official said on Saturday.
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By JAY FITZGERALD  Attorney General Martha Coakley is cracking down on a New York man who allegedly set up a dummy Registry of Motor Vehicles site on the Internet and charged people $10 to download documents that were available for free on the Web.
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The 9/11 commission gives more details on the plot and its financing
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A second trader suspected of involvement in the multi-billion dollar losses at Societe Generale bank was taken Saturday for questioning by judges.
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Nigeria's president is accused by his deputy of awarding contracts to his favourite aides and ministers.
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Federal authorities say that an antiquities dealer in California participated in the illegal importation and sale of antiquities.
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(InfoWorld) - Three U.S. men and one man living in France have pleaded guilty to charges related to a stock manipulation scheme that included sending out tens of millions of spam messages to pump up the stock value of 15 companies, the U.S. Department of Justice said Thursday. The four men cost investors more than $20 million in their so-called pump-and-dump scheme, the DOJ said. Michael Saquella, also known as Michael Paloma, 47, of Mesa, Arizona., pleaded guilty in U.S. District Court for the Eastern District of Virginia in Alexandria on Aug. 20. Lawrence J. Kaplan, 63, of Scottsdale, Arizona, pleaded guilty on July 25, in Alexandria to similar charges. Henry "Hank" J. Zemla, 38, of Harris Township, Michigan, also pleaded guilty in federal court in Alexandria on July 20. The three defendants are scheduled to be sentenced between late November and early February. Saquella pleaded guilty to a criminal information charging him with one count of conspiracy to commit securities fraud and one count of electronic mail fraud involving 15 publicly traded companies. Kaplan pleaded guilty to a criminal information charging him with one count of conspiracy to commit securities fraud involving 14 of these companies, and Zemla pleaded guilty to a criminal information charging him with one count of conspiracy to commit securities fraud involving one of the companies. The plea agreements for all three defendants were unsealed Thursday. The scheme involved stocks from companies including eDollars, Xtreme Technologies, and PokerBook Gaming. Justin Medlin, 26, of Paris, also pleaded guilty in federal court in Alexandria on Aug. 20 to a criminal information charging him with one count of electronic mail fraud and one count of conspiracy to commit securities fraud and electronic mail fraud involving seven of the companies. Medlin's plea agreement was unsealed Thursday. He will be sentenced on Nov. 30. The maximum penalties for each of the fraud charges is five years in prison and a $250,000 fine. The stock manipulation schemes generally followed a similar pattern, the DOJ said. The defendants generally solicited small, privately held companies that needed to raise money. One of the defendants would offer to help the company raise significant money through the sale of the company's stock, and then the defendants would list the company's shares on the Pink Sheets, a price quotation system primarily used for trading small companies' stocks. The group of defendants would then gain control of a majority of the stock of the company, the DOJ said. The co-conspirators then engaged in deceptive and manipulative trading practices to boost the price and volume of the company's stock, the DOJ said. In some cases, members of the conspiracy encouraged investors to purchase companies' stock by giving the investors free-trading shares in return for buying blocks of shares at agreed-upon prices, thereby creating the illusion of trading volume and active investor interest. In other instances, members of the conspiracy bought and sold shares of the companies' stock between and among themselves to give the appearance of investor interest, the DOJ said. The co-conspirators also falsely manipulated the price and volume of each company's stock by making materially false and misleading statements in news releases and in spam e-mails distributed by Medlin and other spammers to tens of millions of U.S. e-mail addresses, in an effort to create artificial demand for the companies' stock, the DOJ said. In related actions, the U.S. Securities and Exchange Commission has filed civil charges against Saquella and Kaplan for their part in the schemes to manipulate the price and volume of the companies' securities. Three other defendants, Steven P. Luscko, Gregory A. Neu, and Brian G. Brunette, have pleaded guilty and have been sentenced in federal court in Alexandria for their roles in related stock manipulation schemes. Luscko and Neu were each sentenced to five years in prison and Brunette was sentenced to one year in prison.
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French banking giant Societe Generale said Thursday a single trader who fooled his bosses carried out a massive 4.9 billion euro (7.15 billion dollar) fraud -- one of the biggest in financial history.
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The dummy defense worked for the head of CUC International, and the era of the former chief executive who remembers doing nothing to earn his millions is upon us.