fraud
By Luc Cohen and Jonathan Stempel NEW YORK (Reuters) -Former billionaire investor Sung Kook “Bill” Hwang was sentenced to 18 years in prison on Wednesday over the collapse of Archegos Capital Management, which cost Wall Street banks more than $10 billion. Hwang was sentenced by U.S. District Judge Alvin Hellerstein…
By Luc Cohen NEW YORK (Reuters) -Former cryptocurrency executive Gary Wang, who unwittingly wrote the computer code that helped FTX founder Sam Bankman-Fried steal about $8 billion from customers of the now-bankrupt exchange, was spared prison time by a judge on Wednesday. U.S. District Judge Lewis (JO:) Kaplan announced he…
Car owners in California said a bear caused interior damage to their luxury vehicles.The California Department of Insurance said the “bear” was actually a person in a costume.They accused them of defrauding insurance companies out of more than $140,000. Four Californians said a bear damaged their luxury car, but insurers…
Investing.com — Super Micro Computer cut its guidance for the fiscal first and second quarter and the server equipment maker said an internal probe found no evidence of fraud from management or directors following concerns raised by its auditor. Super Micro Computer Inc (NASDAQ:) shares fell more than 20% in…
The CEO of Nigeria’s Air Peace airline has been charged with obstruction of justice.US prosecutors say Allen Onyema submitted false documents to the government to try to curtail a fraud investigation.Onyema was charged with bank fraud and money laundering in 2019. Allen Onyema, the CEO and founder of Nigeria’s Air…
The small fortune Donald Trump owes the state of New York has grown at breakneck speed, rising by another $1 million in interest every nine days as the former president appeals the $454 million civil fraud judgment set by a Manhattan judge back in February.On Thursday, as his lawyers challenge…
Caroline Ellison, the ex-executive who pleaded guilty to conspiring with disgraced crypto mogul Sam Bankman-Fried, has been sentenced to two years in prison for her role in an $11 billion fraud scheme.US District Judge Lewis Kaplan handed down the sentence in a Manhattan federal courtroom shortly after Ellison delivered a…
Former MoviePass CEO Mitch Lowe has pleaded guilty to securities fraud conspiracy.Lowe’s actions as CEO helped push MoviePass and its parent company into bankruptcy in 2020.Lowe faces up to five years in prison. Mitch Lowe, the former CEO of MoviePass, has pleaded guilty to securities fraud conspiracy, Variety reported on…
Stephen Chamberlain, the codefendant of tech tycoon Mike Lynch, died after being hit by a car on Saturday.Chamberlain worked alongside Lynch as Autonomy’s former finance vice president and was a codefendant in a US fraud trial also involving Lynch. Both were acquitted in the high-profile fraud case.Chamberlain, 52, was fatally…
Rudy Giuliani erupted during a bankruptcy hearing Wednesday morning, interrupting the proceedings to complain it was “defamatory” to suggest he would commit bankruptcy crimes by hiding his assets.His interruption came as Rachel Strickland, an attorney representing two Georgia election workers whom Giuliani defamed and owes $148 million, urged the judge…
