All Fraud articles – Page 6
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Churchill Mining loses $1.3bn fraud claim against Indonesian government
Neil Hodge explores the case of London-based Churchill Mining, which lost its compensation claim against the Indonesian government, after alleging its Indonesian business partner had forged documents. An international tribunal ruled against Churchill, citing inadequate due diligence and other unheeded red flags.
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IMF’s Christine Lagarde convicted of financial negligence
French court says Lagarde was “negligent” for failing to appeal arbitration award to former Mitterrand-era minister, writes Neil Hodge.
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EY agrees to $11.8 million settlement with SEC on failed audits
EY has agreed to pay $11.8 million to settle more charges from the SEC. This time the firm and two auditors are accused of ignoring red flags, enabling fraud. Tammy Whitehouse reports.
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COSO issues new fraud risk management guide
COSO, author of the most widely accepted internal control framework in the United States has released a new guide meant to help companies beef up their fraud risk management. More from Tammy Whitehouse.
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All is not well at Wells
Stephen Davis and Jon Lukomnik examine the fallout from the Wells Fargo scandal, delving into what could have been done better by management and offering some tips for other companies, read: banks, to avoid the same fate.
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Wells Fargo CEO faces bipartisan furor
You know you are having a horrible week when complaints against your company unite Democrats and Republicans, but that’s exactly what Wells Fargo CEO John Stumpf faced
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SFO investigates Airbus for fraud, bribery, and corruption
Five years after the Bribery Act, the Serious Fraud Office has yet to produce a major conviction. Will Airbus—the latest aerospace company under investigation—be its first big collar? Neil Hodge reports.
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State Street to pay $382 million for foreign currency exchange fraud
State Street Bank and Trust Company has agreed to pay a total of $382.4 million to the United States to resolve allegations that it deceived some of its custody clients when providing them with indirect foreign currency exchange (FX) services. Jaclyn Jaeger reports.
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SFO conducting criminal probe into Unaoil
The U.K. Serious Fraud Office confirmed this week that it is conducting a criminal investigation into the activities of Unaoil, its officers, employees and agents in connection with suspected offences of bribery, corruption and money laundering. Jaclyn Jaeger reports.
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Fraudsters have tech edge over companies, KPMG study shows
A study from KPMG that looks at fraudster’s typical profile says perpetrators are gaining an edge over corporate anti-fraud controls by making better use of technology than the companies they route. The report says weak controls were a factor in 61 percent of frauds through 2016. More study details from ...
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How not to be sanctioned by the World Bank
Justice Dept. enforcement actions for anti-corruption law violations often garner the most attention, but multilateral development banks are also major players in the anti-corruption global arena, adding more compliance risk. CW’s Jaclyn Jaeger on how to avoid being sanctioned.
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How employee hotlines can improve organizational well-being
According to the CDC, in 1965 more than forty percent of the U.S. population smoked. After decades of persistent education, the general population has come to realize that best practices include healthy decisions; decisions that increase well-being and reduce expenses. Today, less than twenty percent of the population are smokers ...
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German World Cup bid now under FIFA scrutiny
The ongoing FIFA corruption scandal takes on new life as some of the top names in German soccer, as well as sports apparel manufacturer Adidas, appear to be implicated in the 2006 World Cup bid. CW’s Tom Fox reports on this latest ethics investigation.
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The Mast Brothers Meltdown
For years, Mast Brothers, a brand of high-end, artisanal bean-to-bar chocolate, has proven to be an unlikely success story, making small batches of expensive chocolate bars from its humble operation in the heart of the hipster world—the Williamsburg neighborhood of Brooklyn, New York. But when Dallas-based food writer Scott Craig ...
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U.S. and U.K. Treasury Revisit AML Risks
Image: For the first time in 10 years in the United States—and for the first time ever in the United Kingdom—financial institutions have some much-needed insight into how these two countries intend to prioritize money laundering and terrorist financing risks, enabling compliance officers to better allocate their limited resources. “These ...
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AML Regulations in NY Force CCOs to Rethink Everything
Earlier this month New York officials proposed new anti-money laundering regulations for financial institutions that fall under that state’s regulatory regime and supervision—which pretty much includes every major international bank in the world. Along with heightened demands for monitoring programs that detect money laundering red flags, the requirements seek to ...
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Connected Medical Systems, HIPAA Audits Coming in 2016
Image: Inspectors at the Department of Health & Human Services are going to spend 2016 studying the security protocols for medical devices and electronic health records, which means compliance officers in the healthcare field should make sure your policies and controls can pass muster. Also on deck are more HIPAA ...
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EU AML Directive Fires Starting Pistol on Beneficial Owners Reform
European financial firms are preparing to implement new anti-money laundering rules that will require reporting about the real owners of the businesses they work with. The rules, intended to help EU governments pursue tax crimes and terrorist financing, “will increase the level of transparency across all transactions,” says Ambrose Loughlin ...
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ITT Complaint Shows Off-Balance-Sheet Woes Aren’t Off-Stage Yet
An SEC lawsuit against ITT Educational Services could shape up to be another textbook case of what goes wrong when companies try to deal with problematic accounting away from the eye of investors. The problem this time: off-balance sheet vehicles that masked ITT’s defaulting student loans. Where were the auditors? ...
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Innocent Attorney Tries to Clear Name He Shares With Securities Fraudster
Itamar Cohen, age 52, of Thornhill in Ontario, Canada recently pleaded guilty in New Jersey to a $17 million stock fraud. This has created considerable stress and drama for Itamar Cohen, age 53, of Thornhill in Ontario, Canada -- an innocent attorney who is the victim of this unfortunate coincidence.