Reports: Italy's Berlusconi seeks to postpone reopening of his fraud trial in MilanNovember 3rd, 2009 Reports: Berlusconi seeks to postpone fraud trialROME — Italian news reports say Premier Silvio Berlusconi is seeking to postpone the resumption of his fraud trial in Milan. Berlusconi is accused of tax fraud in a trial over his broadcaster Mediaset's purchase of TV rights.
At Petters trial, whistleblower and secret recordings paint picture of money problemsNovember 2nd, 2009 Whistleblower recounts money problems at PettersST. PAUL, Minn. — A longtime aide to a Minnesota businessman accused of operating a $3.65 billion Ponzi scheme said Monday that he was struggling to find new money and hold off nervous investors by the time she went to federal prosecutors to report the alleged scheme.
Iowa kosher slaughterhouse worker testifies manager accused of fraud was in over his headNovember 2nd, 2009 Slaughterhouse worker: Manager was incompetentSIOUX FALLS, S.D. — A former Iowa kosher slaughterhouse manager accused of defrauding a bank was incompetent and in over his head, a plant employee testified Monday.
Investor details how $60M evaporated in alleged Ponzi scheme run by Tom PettersOctober 30th, 2009 Investor details $60M lost in alleged Petters scamST. PAUL, Minn. — Jurors in a Minnesota businessman's fraud trial heard Friday how one hedge fund was fooled into losing $60 million in what prosecutors call one of the largest Ponzi schemes ever uncovered.
Prosecution outlines how Minn. businessman allegedly engineered multibillion Ponzi schemeOctober 28th, 2009 Prosecutor: Bogus orders at heart of Ponzi schemeST. PAUL, Minn. — Businessman Tom Petters wanted to "live the life of a corporate tycoon," so he engineered a Ponzi scheme that bilked investors out of billions of dollars, prosecutors said at the start of his fraud trial Wednesday.
North Carolina man facing 14 years in prison for part in multimillion-dollar investment schemeOctober 27th, 2009 NC man facing prison for investor fraud schemeCHARLOTTE, N.C. — A 53-year-old North Carolina man is facing 14 years in prison for his part in a scheme which led investors to hand over more than $11 million to his company.
His empire in ruins, Minn. businessman Tom Petters faces trial in alleged $3.65B Ponzi schemeOctober 25th, 2009 Federal trial looms in alleged $3.65B Ponzi scheme
MINNEAPOLIS — Until the Bernard Madoff scandal broke, it was a Minnesota businessman who stood accused of orchestrating the largest Ponzi scheme authorities could ever recall. Tom Petters, 52, who seemed to have a golden touch as he built a small merchandise liquidation company into a diversified empire that owned well-known businesses such as Polaroid, goes on trial this week.
Former kosher slaughterhouse manager: Predecessor admitted diverting money meant for bank loanOctober 21st, 2009 Ex-manager testifies in slaughterhouse trialSIOUX FALLS, S.D. — The man who replaced an Iowa kosher slaughterhouse manager accused of financial fraud testified Wednesday that his predecessor told him he intentionally diverted money meant to pay off a bank loan back into the plant's operating budget.
Former friend testifies against South Africa's ex-top cop at corruption trialOctober 6th, 2009 Ex-friend testifies against SAfrica's ex-top copJOHANNESBURG — A convicted drug dealer says he paid hefty bribes to South Africa's ex-top cop in testimony at an explosive corruption trial. Estranged friend Glen Agliotti told the Johannesburg High Court Tuesday that he paid Jackie Selebi 1 million rands ($132,170) in bribes.
Madoff trustee seeks $7B from Fla. philanthropist, accuses him of trying to avoid blameOctober 1st, 2009 Madoff trustee seeks $7B from Fla. philanthropistNEW YORK — A trustee recovering Bernard Madoff's assets for jilted investors has labeled a Florida philanthropist as the biggest beneficiary of Madoff's multibillion-dollar fraud and demanded he return more than $7 billion in bogus profits, his lawyers say.
John Travolta employee says 2 accused in Bahamas threatened to release private info to mediaSeptember 30th, 2009 John Travolta employee testifies at Bahamas trialNASSAU, Bahamas — A paramedic who treated John Travolta's chronically ill son was ready to release private information to the media unless he was paid $25 million for a document he believed "detrimental" to the movie star, a lawyer testified Tuesday. Allyson Maynard-Gibson, an attorney for Travolta who is also the opposition leader in the archipelago's Senate, said ambulance driver Tarino Lightbourne's lawyer told her days after the autistic boy's death in January that the paramedic wanted to give the actor "first option" to buy the document.
Prosecutors: Illinois man pleads guilty to ID theft in case that ensnared Bernanke and wifeSeptember 21st, 2009 Man guilty in ID theft that ensnared Ben BernankeALEXANDRIA, Va. — Federal prosecutors say an Illinois man has pleaded guilty in an identity theft ring that ensnared Federal Reserve Chairman Ben Bernanke as a victim.
SEC going to trial against Bank of America in Merrill Lynch bonus caseSeptember 21st, 2009 SEC going to trial against BofA over bonusesWASHINGTON — The government has decided to go to trial against Bank of America Corp. a week after a judge's stinging rejection of its proposed $33 million civil settlement with the bank involving bonuses at Merrill Lynch.
Summary Box: SEC stung by judge's rejection of deal with Bank of America over Merrill bonusesSeptember 15th, 2009 Summary Box: SEC stung by judge rejecting dealSEC IN A TIGHT SPOT: Already disgraced for its failure to uncover Bernard Madoff's massive fraud scheme, the Securities and Exchange Commission has been stung by a judge's rejection of its $33 million settlement with Bank of America over executive bonuses paid at Merrill Lynch. WHAT THE JUDGE SAID: The federal judge in New York, in an unprecedented move, found the SEC was too gentle with Bank of America Corp.
SEC defends $33 million settlement with Bank of America over Merrill bonusesSeptember 9th, 2009 SEC defends $33M settlement with Bank of AmericaWASHINGTON — The federal government says its proposed settlement with Bank of America for misleading shareholders about bonuses for executives paid by Merrill Lynch is fair, reasonable and adequate. The Securities and Exchange Commission affirmed in a legal filing its defense of the proposed $33 million settlement over the bonus affair, which arose after Bank of America Corp.
