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fraud

March 7, 2016

A longtime employee of Michigan family office EDP Management Company has agreed to plead guilty to swindling its matriarch out of $16 million through money laundering and wire fraud.

A longtime employee of Michigan family office EDP Management Company has agreed to plead guilty to swindling its matriarch out of $16 million through money laundering and wire fraud.

Robert Allen Haveman was charged with two felonies at the US District Court in Grand Rapids and faces a 20-year sentence on the fraud charge and 10 years for the money laundering charge.

Haveman, who had worked for EDP since 1999, has signed a plea agreement to plead guilty to the charges.

May 22, 2015

A man who conned a family office investment adviser out of $11 million of client money for Facebook shares has been convicted of wire fraud and money laundering in a California court.

A man who conned a family office investment adviser out of $11 million of client money for Facebook shares has been convicted of wire fraud and money laundering in a California court.

Troy Stratos, 49, convinced Tim Burns, head of ESG Family Services, that he had access to Facebook shares ahead of its 2012 IPO.

Burns, who left Morgan Stanley in 2005 to set up his company, is currently awaiting sentencing in a separate fraud case taking place in Pennsylvania.

November 15, 2013

The billionaire owner and president of one of Serbia’s most profitable companies, Delta Holdings, has gone on trial this week, alongside his son and nine others, for fraud and tax evasion.

The billionaire owner and president of one of Serbia’s most profitable companies, Delta Holdings, has gone on trial this week, alongside his son and nine others, for fraud and tax evasion.

Miroslav Miskovic, 68, is accused of siphoning millions of euros from a now bankrupt road repair company between 2005 and 2010. He faces 10 years in prison if found guilty.

According to Reuters, Miskovic told the court he was not guilty at the first day of his trial on Thursday, along with his son, Marko.

August 16, 2013

The US Securities and Exchange Commission has barred a former media baron from holding a directorship in any US company following his conviction for fraud.
 

The US Securities and Exchange Commission has barred a former media baron from holding a directorship in any US company following his conviction for fraud.

The decision against Canadian-born Conrad Black, the former chief executive of the now-defunct Hollinger International, was announced yesterday.

He must also pay $4.1 million (€3.1 million) compensation to Chicago Newspaper Liquidation Corp – a company formed of many of Hollinger's divested assets.

August 15, 2013

The fraudulent actions of Taiwanese family business Rebar Group have landed five next-gens with prison sentences, while their father remains on the run.

The fraudulent actions of Taiwanese family business Rebar Group have landed five next-gens with prison sentences, while their father remains on the run.

On Wednesday, Taiwan’s Supreme Court upheld the verdicts of a lower court, which handed out sentences between five and a half and 30 years to the children of Wang You-theng for violations of the Securities and Exchange Act.

May 24, 2013

Despite the Madoff scandal being an increasingly distant memory, concern about financial fraud is still uppermost in the minds of the wealthiest investors, particularly when it comes to hedge funds, according to a recent study.

Despite the Madoff scandal being an increasingly distant memory, concern about financial fraud is still uppermost in the minds of the wealthiest investors, particularly when it comes to hedge funds, according to a recent study.

Corgentum, an operational due diligence consultancy, found that family offices across the US, Europe and Asia are doing much more due diligence on their hedge fund holdings as a result of concerns.

May 25, 2011

Antique fakes are almost as old as the antiques themselves. Christopher Owen, who helped expose one of the greatest frauds in the history of the market, tells the tale – and the lessons that buyers should draw from it.

Michael Smith, one of America’s top interior designers who was commissioned by the Obamas to redo the interiors of the White House, was taken aback when a friend called from London in early 2008 with some disturbing news.

According to a prominent London newspaper, John Hobbs, one of London’s premier antiques dealers, specialising in the most expensive English and Continental furniture, had been publicly accused by his restorer of selling fakes.

April 30, 2010

The number of hedge funds suing family-controlled automaker Porsche for market manipulation and fraud in 2008 has risen to 35.

The number of hedge funds suing family-controlled automaker Porsche for market manipulation and fraud in 2008 has risen to 35.

The plaintiffs released a joint statement yesterday stating 18 new hedge funds had joined the litigation against Porsche Automobile Holding SE and two former executives, Wendelin Wiedeking and Holger Haerter, accusing them of lying over their intentions towards Volkswagen. 

October 21, 2008

Parmalat, the Italian food and dairy company formally owned by the Tanzi family, has lost its fraud case against Citigroup and been ordered to pay $364.2 million in damages.

Parmalat, the Italian food and dairy company formally owned by the Tanzi family, has lost its fraud case against Citigroup and been ordered to pay $364.2 million in damages.
 
Parmalat went bankrupt in 2003 after revealing that a $5.34 billion account at Bank of America didn't exist and stating that documents certifying the account were falsified.
 

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