Word: frauds
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Nick Leeson, the rogue trader whose freewheeling ways resulted in a $1.4 billion loss and brought down Britain's venerable Barings Bank, was extradited to Singapore, where his transactions occurred. Promptly arrested, he was charged with 11 counts of fraud and forgery. If convicted, he could face as much as 14 years in prison...
...just one more computer product that fails to live up to its hype; it's a hollow piece of Potemkin programming, devoid of the advanced, patent-pending compression technology touted in its packaging. In short, says Mark Russinovich, a University of Oregon computer scientist, "the thing is a fraud...
...POINT DURING THE DEFENSE summation in the U.S. District Court wire-fraud proceedings against boxing promoter Don King, his premier fighter, the convicted rapist Mike Tyson, could be seen dozing off on a bench in the back of the New York City courtroom, holding a book of essays by Leo Tolstoy: What Is Art? At the time, Dostoyevsky's Crime and Punishment seemed a better choice: the prosecution had called 18 witnesses to back up its claim that King falsified a contract to collect $350,000 from Lloyd's of London for a canceled fight in 1991, and the defense...
...problems with the original case was the confusing nature of the alleged insurance fraud, which centered on a fight that had to be canceled when Chavez cut his nose in training. The government's star witness, former Don King Productions accountant Joseph Maffia, testified that King told him to alter a contract to show that Chavez had received $350,000 in training fees, and Chavez testified through an interpreter that he had never been given that money. Maffia's careful, measured testimony was somewhat compromised when the defense played a tape of an angry Maffia telling King over the phone...
...good news for embattled boxing promoter Don King is that prosecutors will not appeal a mistrial ruling in his insurance fraud case. The bad news? Federal prosecutors immediately pushed for a retrial. A mistrial was declared Thursday when jurors remained deadlocked over whether King falsified a contract to collect $350,000 from Lloyd's of London if a 1991 fight was canceled. The defense maintains that King, who has survived three grand jury probes and was aquitted of tax evasion in 1985, was the innocent victim of his accountant, the implausibly named Joseph Maffia. King's defense contends that Maffia...