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TIAA-CREF CFO Receives Notice of Possible SEC Securities Charges
As expected (see earlier post here), the SEC has sent a Wells notice to another person connected to General Re’s side of the reinsurance transaction with AIG, which that company did not properly account for to inflate its insurance reserves. After the disclosure that General Re executive Richard Napier received a notice last week, now…
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Bristol-Myers Bumps Up Its Litigation Reserve for the Government Investigation of Channel Stuffing
Bristol-Myers Squibb Co. announced yesterday that it had increased the reserves related to the government’s investigation of the company’s accounting by $110 million, indicating that the matter may be coming to a head soon. The company’s press release (here) states rather cryptically: ""In today’s Form 10-Q, pre-tax earnings were reduced by $110 million, reflecting litigation…
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The Old Fake Doctor’s Note Trick
Everyone has heard about the kid in school with the fake doctor’s note to get out of class. The same type of note can have a rather unfortunate effect when it is submitted to a court by a person under indictment and out on bail when the fabrication comes to light. Michael Alcott was charged…
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Defendants Convicted in Philadelphia Corruption Trial
Former Philadelphia City Treasurer Corey Kemp and four other defendants were convicted on the 19th day of deliberations. Kemp and two Commerce Bank executives, Stephen Umbrell and Glenn Holck, were convicted of conspiracy charges related to corruption in the payment and receipt of gifts in connection with the placement of city funds in banks. Kemp…
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Opening Day of “Senator A’s” Fundraiser’s Trial
This trial will definitely be a "must watch" for those who enjoy media related trials. According to the New York Times, "David F. Rosen, the former fund-raising director for Senator Hillary Rodham Clinton, will go on trial on charges that he illegally underreported the cost of a fund-raiser held for Mrs. Clinton’s 2000 Senate campaign."…
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Who Stole the Cookie from the Cookie Jar?
Today’s round of American International Group revelations, courtesy of the New York Times (here), is that the company routinely used reserves from its Directors & Officers (D&O) insurance policies to prop up earnings. Reserves are cookie jars for most companies, available pots of money that can be dribbled out to prop up earnings because the…
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Lawyers May Be Next Targets for Giving Loans to Judge
Former Kansas City Municipal Court Judge Deborah Neal entered a guilty plea last Tuesday in which she admitted to soliciting $28,000 of loans from lawyers who appeared before her and a bonding company, and stated that she gave favorable treatment to the lawyers in some cases. Neal solicited the money because of an admitted gambling…
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21 Month Sentence for Computer Hacker
The U.S. Attorney’s Office for the Eastern District of Virginia (Alexandria) announced that Raymond Steigerwalt, a 21-year old former member of an international hacking group, received a 21-month sentence for conspiracy to commit computer fraud and possession of child pornography. According to a press release (here), Steigerwalt engaged in the following conduct: Between October 2002…
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“Control Fraud” Book
This book certainly sounds interesting. It is titled, "The Best Way to Rob a Bank is to Own One." It’s an April 2005 book published by University of Texas Press and is authored by William K. Black, the "Interim Executive Director of the University of Texas at Austin Institute of Fraud Studies and Assistant Professor…
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More Military Issues
In the post here, questioned was whether there was of a military compliance program to stop improper tactics by military recruiters or by supervisors who might be pressuring the recruiters. Now questioned is whether there is a corporate compliance program focused on possible fraud within the military. According to a DOJ Criminal Division Press Release…
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