Word: frauds
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...Republicans accused White House aides of improperly obtaining information in 1993 from federal investigators probing the finances of David Hale, a former Arkansas judge and investment executive. Hale, who has said Bill Clinton pressured him into making a questionable loan when Clinton was Governor, has since pleaded guilty to fraud charges, and is cooperating with the Whitewater independent counsel...
GUILTY PLEA ENTERED. By NICHOLAS LEESON, 28, former futures trader whose billion dollar losses brought down Barings investment bank; to fraud and forgery with the intention to commit fraud; in Singapore. The sentence: 6 1/2 years in prison: a Singaporean prison...
That kind of betrayal is becoming widespread. Among the most popular and widely used government-sponsored retirement programs, 401(k) plans are surprisingly vulnerable to corporate fraud. So far, the Labor Department has launched investigations of 310 companies and recovered $3.5 million of plundered assets. While the probes involve a tiny fraction of the nation's 250,000 401(k) plans, they have revealed a disturbing pattern. "We have been surprised at both the number of complaints and the percentage that have been substantiated," Labor Secretary Robert Reich said last week. Investigators have found merit in 401(k) complaints...
...pledging company assets as collateral for loans that he pocketed. When he later ran into severe cash-flow problems, Cheek ransacked $254,000 from the 401(k) accounts in a last-ditch effort to cover his losses. Convicted last March, he is serving a nine-year prison term for fraud and embezzlement...
...help stem 401(k) thievery, the Labor Department is backing legislation that will require accountants who uncover fraud in a plan to notify federal authorities immediately. Regulations now allow seven months from the discovery until the time reports are due, by which time a troubled company may have declared bankruptcy. The department is also considering whether to shorten the 90-day grace period that firms have to turn over 401(k) funds to investment managers...