Word: frauds
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...their impact became the stuff of high drama last week when federal regulators gave Daiwa 90 days to pack up and leave the U.S. In a move coordinated with the regulators, a federal grand jury in New York City indicted the bank on 24 criminal counts of conspiracy and fraud connected with a cover-up of Iguchi's losses. That could lead to $1.3 billion in fines if the bank is convicted. Masahiro Tsuda, general manager of Daiwa's New York City office, was charged with taking part in a conspiracy with the bank and Iguchi, who last month pleaded...
...dealmaking record. Two former executives of Chaumet, which the bank took over in 1987, accuse it of engaging in accounting gimmickry. The elegant French jeweler, with headquarters in Paris' Place Vendome, was acquired for $45 million in a court-supervised sale after its previous owners were charged with fraud and forced into bankruptcy. Investcorp then sold chunks of the company to clients. Later, as part of a turnaround strategy, seasoned French jewelry executive Charles Lefevre was installed as chairman, working under Investcorp's close supervision...
Another little-noticed case involves even more serious charges. The complaint, filed in Manhattan federal court, accuses Investcorp and five of its board members, as well as other defendants, of fraud and extortion. According to the complaint, the defendants tried to loot the Saudi European Bank, an Arab-owned institution in Paris. The lawsuit was filed by the bank's former parent company, headed by Syrian-born banker Jamal Radwan. The complaint charges that several defendants concocted a scheme for Investcorp to take over Saudi European Bank. In addition, Kirdar allegedly threatened to persuade other banks to stop doing business...
Federal prosecutors are reported by Business Week to be looking into whether influential Wall Street columnist and broadcaster Dan Dorfman was involved in illegal insider trading, wire and mail fraud and securities-law violations through his friendship with a stock promoter. Dorfman, who denies the allegations, has taken a leave from MONEY magazine (which is owned by Time Inc.) pending resolution of the matter...
...general manager of futures trading for Britain's Barings bank in Singapore, wiped out some $1.38 billion of the bank's funds in Asian futures markets. The loss was more than the 232-year-old investment institution could cover. Leeson was charged with eleven counts of fraud and forgery. "One of the reasons for fleeing to Germany," says TIME's John Moody, "was an obvious fear of the kind of punishment he faced in Singapore. It must have been a very difficult decision to give up the extradition fight...