Word: frauds
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GREENSBORO, North Carolina: "They did their jobs. They faked nothing. They committed no fraud, no trespass or breach of duty," ABC attorney Bill Jeffress told jurors in opening the trial of "Prime Time Live" producers Lynn Dale and Susan Burnette, whose November 1992 story on improper food handling at Food Lion supermarkets cost the chain billions. Attorneys question which jobs the defendants were doing: television news producers or supermarket employees. Food Lion is suing Dale, Burnette and ABC for $2.5 billion over a story that portrayed Food Barn stores in North and South Carolina selling contaminated meat in unsanitary conditions...
...vote. Rawlings, who first seized power in a 1979 coup, ruled over a single-party state until winning the 1992 elections with nearly 59 percent of the vote. Voter turnout was estimated at 65 percent to 70 percent of Ghana's 9.2 million eligible voters. Despite protests of election fraud by Kufuor supporters, international observers said there was no indication of manipulation of the vote. Rawlings has been praised for launching an austerity program in the early 1980s that gave Ghana one of the most stable economies in West Africa. According to one voter, a Rawlings vote...
Although Kott told TIME he was only a consultant to First Commerce, Dutch prosecutor Jan Koers says he found overwhelming evidence that Kott owned the company and played a major role in running it. He accused Kott of fraud, tax evasion and various other crimes. The criminal investigation stalled because Kott could not be extradited from Canada. Kott settled the case against him and other operators of the boiler room for about $4 million. This was pocket change in comparison with what First Commerce collected. Prosecutor Koers estimates that investors lost a bare minimum of $100 million. Jan van Apeldoorn...
Kott gets around. In 1976 he was convicted of stock fraud in Ontario and fined Can$500,000--believed to be the largest personal fine in Canadian history up to that time. In 1979 he was sentenced to four years in prison in another case, a conviction that was overturned on appeal. By the '80s, he had set out for Europe to help run an Amsterdam-based company called First Commerce Securities, which became mired in scandal. The operation was a classic boiler room--a brokerage firm that used high-pressure sales tactics to push dubious securities. Telemarketers dialed...
SENTENCED. ROBERT CITRON, 71, former Orange County, California, treasurer; to one year in prison and a $100,000 fine; for securities fraud and misuse of public funds that led to a $1.7 billion loss in 1994; in Santa Ana, California...