APNewsBreak: CEO of defunct soft drink maker LeNature's, 4 others charged in $806M fraudSeptember 30th, 2009 Le-Nature's former CEO charged in $806M fraudPITTSBURGH — The former chief executive and four other employees of defunct soft-drink maker Le-Nature's Inc. have been indicted in what authorities say is an $806 million fraud.
'Chartered accountants safe from meltdown'September 19th, 2009 CHANDIGARH - At a time of pink slips, salary cuts and global economic gloom, what is the best job to have? Be a chartered accountant, that's what a top group of accountants says. "There is no impact of recession on Indian chartered accountants (CAs) because no company can manage without them.
Administration to end money market mutual fund guarantee program as scheduled on Sept. 18September 10th, 2009 Money market fund guarantee program to endWASHINGTON — The Obama administration said Thursday that a program used to guarantee as much as $3 trillion in money market mutual fund assets will end on schedule next week. The program, which will be closed down on Sept.
ICAI to form new accounting standard for insurance sectorAugust 30th, 2009 MUMBAI - The Institute of Chartered Accountants of India (ICAI) is all set to come out with insurance specific accounting standards in the next three months. Interacting with newsmen here on Sunday ICAI President, Uttam Prakash Agarwal, said: "We are likely to come out with a insurance sector accounting standards in the next two-three months."
Agarwal informed that ICAI has appointed a group of experts for the purpose, once the board approves the recommendations of the committee it will become mandatory.
Calif. hedge fund manager pleads guilty to investment fraud, cheating family out of $25MAugust 25th, 2009 Calif. hedge fund manager pleads guilty to fraudLOS ANGELES — The founder and manager of two Beverly Hills hedge funds has pleaded guilty to federal fraud charges. Bradley Ruderman pleaded guilty Monday to two counts of wire fraud, two counts of investment adviser fraud and a misdemeanor count of failing to file income taxes in 2007.
Feds charge 41 in Fla. mortgage fraud schemes involving $40 million in 6 different casesJuly 28th, 2009 Feds charge 41 in Fla. mortgage fraud schemesMIAMI — Federal prosecutors say 41 people have been charged in the latest round of South Florida mortgage fraud schemes.
USEC suspends work on Ohio uranium plant after the Dept. of Energy denies loan guaranteeJuly 28th, 2009 USEC denied loan guarantee to finish uranium plantBETHESDA, Md. — USEC says the Department of Energy has denied its application for a $2 billion loan guarantee to complete the construction of an Ohio uranium enrichment plant.
Feds: Fugitive in NY securities fraud case capturedJuly 15th, 2009 Feds: Fugitive NY broker caughtNEW YORK — Federal authorities say they have captured a former Wall Street broker who became a fugitive after being charged in a securities fraud case. Julian Tzolov (Zoh-LOHV') had been the subject of an international manhunt since he disappeared shortly before a trial scheduled in Brooklyn in June.
Federal prosecutors in file criminal fraud conspiracy charges against Beazer HomesJuly 1st, 2009 Criminal charges filed against Beazer HomesATLANTA — Federal prosecutors in North Carolina have filed criminal fraud conspiracy charges against Beazer Homes USA. The Atlanta-based homebuilder has been under scrutiny for certain business and financial practices.
Chartered accountants' panel to table Satyam report July 9June 28th, 2009 KOLKATA - The high-powered committee set up by the Institute of Chartered Accountants of India (ICAI) to probe the multi-crore Satyam Computer fraud would submit its report July 9. "We will submit the report to the ministry of corporate affairs on July 9 after we finalise it at the final internal meeting of the committee on July 4 in Agra," ICAI president U.P.
Former NJ mortgage executive admits $139 million fraud that bankrupted his companyJune 12th, 2009 NJ mortgage company president guilty in $139M scamNEWARK, N.J. — The former president of a New Jersey mortgage company has pleaded guilty in a $139 million fraud scheme that bankrupted his firm.
Fraud-hit Satyam has Rs.373 crore bank balanceJune 9th, 2009 MUMBAI - The fraud-tainted Satyam Computer Services has a bank balance of Rs.373 crore (about $75 million) as on March 31, the IT bellwether said Tuesday. In a regulatory statement, Satyam said it has posted standalone net profit of Rs.181 crore ($38 million) on revenue of Rs.2,290 crore in the December quarter.
Criminal charges added in first bank bailout fraud case; Lawyer says guilty plea plannedApril 22nd, 2009 Criminal charges added in bank bailout fraud caseNASHVILLE, Tenn. — A defense lawyer says a former financial adviser in Tennesee will plead guilty to criminal charges in the first fraud case related to the federal bank bailout program.
Post-Satyamgate, PWC-India to set up advisory boardMarch 6th, 2009 CHENNAI - Foreign audit firm PricewaterhouseCoopers (PwC) is cleaning up its Indian stables in the wake of the 'Satyamgate' scam. According to a statement issued by the audit firm, an advisory board is being set up to provide guidance to the PwC leadership on its strategy and actions.
Government sidesteps demand for JPC on Satyam scamFebruary 16th, 2009 NEW DELHI - The government Tuesday sidestepped a demand to appoint a Joint Parliamentary Committee (JPC) to probe the Satyam Computers scam, even as the issue rocked the Rajya Sabha and dominated the entire question hour. 'The question is not clear,' Company Affairs Minister Prem Chand Gupta replied when asked why a Central Bureau of Investigation (CBI) probe had been ordered into the scam when what was required, given the enormity and ramifications of the crime, was a JPC enquiry.
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