One day you’re labeled the “best health-insurance chief financial officer for each of the past four years” by Institutional Investor, the next you’re frantically texting “ABORT!!” to one of your many girlfriends/fiancees, hoping that your double life isn’t discovered. Such is the life of ex-Wellpoint CFO David Colby. Colby allegedly carried on relationships with over [...]

For several years, Ernesto Tapanes was a simple, ordinary “oceanography survey consultant,” doing contracting work for the treasure-hunting firm Odyssey Marine Exploration Inc. One spring day in 2007, however, his life abruptly changed when he discovered an anomaly off the coast of Gibraltar. Upon further investigation, it turned out to be a sunken

Two former sales representatives for Amgen have brought suit against the company, alleging it used questionable and illegal sales tactics to help push sales of its psoriasis-treating drug, Enbrel. The suit alleges that Amgen pressured its sales team to 1) obtain physician’s records for patients suffering from psoriasis and 2) encourage insurance companies to reimburse [...]

Bribery, according to the DOJ. Lucent technologies helped wrap up a DOJ investigation on Tuesday by agreeing to pay $1 million for FCPA violations. From 2000 to 2003 the company reportedly spent over $10 million on about 315 various trips for approximately 1,000 Chinese government officials. This included all expense paid trips to Disneyland, Universal [...]

Staples and HP have been sued by a California man, who accuses the two of price-fixing. Ranjit Bedi claims that HP approached Staples, asking that the company stop selling third party ink cartridges for HP printers. In turn, Bedi claims, Staples was given over $100 million in market development funds to only sell HP ink [...]

conradblack.jpgConvicted of defrauding Hollinger International last July, Canadian-turned-British media mogul Conrad Black was sentenced yesterday to six and a half years in prison, fined $125,000 and forced to forfeit $6.1 million dollars. Mr. Black, aka Lord Black of Crossharbour, was allowed to keep his Florida home despite prosecutors’ requests to the

William McGuire, former CEO of United Health, agreed to give back about $620 million to resolve a government investigation into whether or not he illegally backdated millions of stock options. Sure, this is a hefty sum, but the blow is softened when considering McGuire still floated home with a billion dollar golden parachute, even after [...]

Stolt-Nielsen’s amnesty has been reinstated and the company’s Chief Executive, Niels G. Stolt-Nielsen, is “pleased” that he doesn’t have to go to jail – a fate suffered by three top brass of the company’s co-conspirators in a 2002 antitrust case. This is the latest (and final?) development in an ongoing case of “he said, she [...]

David Brooks, the former CEO of DHB Industries, was recently indicted by the Department of Justice for insider trading, fraud, obstruction of justice and tax evasion. Even after all those charges, the most gripping piece of information is what Brooks allegedly spent company money on, including $101,500 on an armored vehicle for himself and his [...]

Cisco employees in Brazil got a surprise when over 600 federal police and tax officers, armed with over 90 different subpoenas, stormed Cisco System’s Brazilian operations earlier this week. Their target was any information regarding the company’s alleged tax evasion, dodging an estimated $826 million. The raid was the dramatic climax of a two-year investigation [...]

After investigating a former Enron employee’s high profile whistle-blower story, USA Today discovered she’s not everything she claims to be.

A federal judge sentenced four people today for administering unnecessary medical tests on elderly Vietnamese immigrants as part of a multimillion dollar Medicare scheme.

Oral arguments in the much anticipated Stoneridge Investment Partners v. Scientific Atlanta Inc. and Motorola Inc. case began before the Supreme Court today. The plaintiffs, shareholders of Charter Communications, allege that Scientific Atlanta and Motorola knowingly participated in a scheme with Charter to artificially inflate the company’s annual earnings.

The former chief financial officer of Safenet Inc. pleaded guilty on Friday to backdating stock options for herself and the former CEO.

Two men were charged in unrelated fraud cases yesterday.  The common denominator? Michael R. Bloomberg, the billionaire mayor of New York City.

The U.S. Securities and Exchange Commission (SEC) has been cracking down on General Counsels this year more than ever, according to an article released today by the National Law Journal. Experts say the increased prosecution comes from the SEC’s backlash after a proposed regulation in the Sarbanes-Oxley Act was revoked.

A federal grand jury has indicted seventeen people over conspiracy to defraud the Internal Revenue Service of $13.1 million in illegal tax refunds. The scheme involved stealing the identity of over 300 nursing home patients to file fake tax returns. The defendants used the information to file over 365 fraudulent federal tax returns in 27 [...]

A new study released by forensic accounting firm Kroll and the Economist Intelligence Unit revealed that a majority of companies around the world are exposed to fraud. The study says that companies with over $5 billion in revenue lost more than $20 million on average due to fraud-related damages over the past three years. One [...]

A British businessman and two Ikea managers pleaded guilty on Sept. 7 to charges dealing with bribery. Adam David Hauxwell-Smith, owner of Godfrey and Warner Ltd, a company that sold items such as potpourri, candles and picture frames to Ikea, admitted to giving £648,000 to John Brown, a purchaser for Ikea, and £243,437 to Paul [...]

A husband and wife couple accused of conspiracy and insider trading pleaded guilty in a Federal District Court in Manhattan yesterday. Jennifer Wang, a former finance vice president at Morgan Stanley, and Ruben Chen, a former hedge fund analyst at ING, were arrested on May 10 for trading securities based on insider information, which Wang [...]

The former director of San Telmo Energy was fined $20,000 and suspended from ‘trading and directorships’ after failing to report $3.4 million worth of insider trading. According to the British Columbia Securities Commission, Stubos neglected to file reports for 191 transactions of securities for San Telmo Energy. He was director of the company at the [...]

The SEC announced the settlement of a civil lawsuit against an employee of IBM for aiding Dollar General Corporation’s accounting fraud. The final judgment ordered Kevin B. Collins to pay $95,000 for his role in assisting Dollar General’s violations of various SEC codes. Collins allegedly proposed to Dollar General to push forward a $10 million [...]

As reported by local Denver media, Colorado’s top federal judge likes to party. Now the FBI is involved, and so are allegations of violations of the Judicial Code of Conduct. Without getting into the sordid details, recently filed court documents show Colorado’s top federal judge, Judge Edward Nottingham, was too drunk to remember how he [...]

The Crane Company, a manufacturer of products, such as valves and marine components, has agreed to pay the United States $7.5 million to resolve False Claims Act allegations, the Justice Department announced today. The government alleges the company did not comply with Defense Department Qualified Products List (QPL) regulations, which require that product suppliers submit [...]

A federal grand jury has indicted a Alan B. Fabian, a Baltimore corporate executive, over allegedly running a scheme that made $32 million in false purchases of computer equipment. According to prosecutors, Fabian’s alleged scheme defrauded his former employer, the government consulting company Maximus Inc., as well as an equipment leasing company called Solarcom. Fabian [...]