April 16, 2013 |
Full Tilt Poker founder Raymond Bitar, accused of using online player funds to finance his company in what prosecutors called a Ponzi scheme, pleaded guilty but was spared from serving time in prison because he needs a heart transplant. U.S. District Judge Loretta Preska on Monday approved a plea agreement between Bitar, 41, and prosecutors, sentencing him to the seven days he served in jail last year, after saying a prison sentence would kill him. Bitar, who participated in a hearing in Manhattan federal court by video link from Los Angeles, near his home, pleaded guilty to two felonies that carry a maximum sentence of 35 years in prison.
January 30, 2013 |
WASHINGTON - Assistant Atty. Gen. Lanny A. Breuer, who boosted white-collar prosecutions and oversaw the investigation into the 2010 Gulf Coast oil spill, announced that he would resign as one of the longest-serving chiefs of the Justice Department's Criminal Division. Breuer, whose resignation is effective March 1, had been expected to leave after President Obama's first term. Rep. Darrell Issa (R-Vista), chairman of the House Oversight and Government Reform Committee, noted that Breuer was the third top Justice Department official to depart after the department's inspector general reviewed Fast and Furious, the program that allowed illegal gun sales along the Arizona-Mexico border in an effort to trace them to drug cartels.
January 30, 2013 |
For years Diane Hathaway sat behind the dais as a Michigan Supreme Court justice. This time, she was the defendant. Hathaway, who has resigned from the bench, pleaded guilty to bank fraud during a federal court hearing Tuesday in Ann Arbor. As part of her plea agreement with the U.S. attorney's office , Hathaway faces a year and a half in prison for concealing information from her bank. Sentencing was set for May 28. The case stems from 2010, when Hathaway entered into debt forgiveness negotiations with ING Bank for her home in Grosse Pointe, a Detroit suburb.
September 1, 2012 |
A well-known banking consultant has taken a dispute with CBRE Group Inc. to court, saying the Los Angeles real estate giant and Florida's Stonegate Bank defrauded him by rigging the bidding for a bank branch in an upscale Miami suburb. The case is a potential embarrassment for CBRE, the world's largest commercial real estate firm, and for the Federal Deposit Insurance Corp., which hired the company to sell off property it inherits from failed banks. CBRE violated FDIC rules by letting Stonegate pay less for the branch than consultant Kenneth H. Thomas bid for it, according to Thomas' lawsuit, filed in Miami-Dade County Circuit Court.
June 29, 2012 |
Former Citigroup Inc. Vice President Gary Foster was sentenced to 97 months in prison for embezzling almost $23 million from the bank, according to federal prosecutors in Brooklyn, New York. Foster pleaded guilty to bank fraud in September, admitting that he transferred money from various Citigroup accounts to his own at JPMorgan Chase & Co. He concealed his activities by making false accounting entries, according to the government. He used the money to buy real estate and luxury sports cars, including a Ferrari and a Maserati, prosecutors said.
February 13, 2012 |
Here is a roundup of alleged cons, frauds and schemes to watch out for. Counterfeit luxury items Bargain hunters should take extreme care when shopping for discounted brand-name merchandise on the Internet, the Better Business Bureau said in a recent bulletin. Websites such as Craigslist and EBay have been used to sell counterfeit items, the BBB said. Plus, some firms have set up their own websites to market knockoff luxury goods, which often are of poor quality and likely to disappoint buyers, the group said.