Word: frauds
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...could such an illustrious institution come to such an ignominious end? Was it mismanagement or conspiracy? Was it fraud or simply more proof of the treacherousness of those chimerical financial instruments called derivatives? At the moment Leeson, detained in Germany after a week on the run, is the only one who knows the answer to those questions, and last week he wasn't talking. Still, what is already known of his strategy and what could be teased out through interviews with far-flung friends and colleagues suggest a tale of arrogance and greed on a grand scale...
...bank continued to ponder its commitment to derivatives, he focused on them. By 1992 he had moved from that job to a position as a roving troubleshooter, jetting off to Indonesia to help set up an office or to Tokyo as part of a team investigating allegations of internal fraud. At the time the Singapore International Monetary Exchange was trying to set itself up as Asia's hot new trading floors. Barings wanted a presence-and Leeson was put on the team assigned to help get it. At first he did settlements as he had done in London. Then, because...
...loser's obligation at 25 percent of the winner's legal costs, and another proposal to award attorney fees to the defendant only in cases ruled to be "frivolous." Two additional legal reform bills that would limit damage payments and make it harder for plaintiffs to win securities fraud cases remain on the House agenda for this week...
...crime in Silicon Valley for a couple of decades. But the focus and nature of the crimes have changed dramatically. When the Department of Justice set up a computer-crimes unit in September 1991, it was intended to cope primarily with threats to computer security posed by hackers, toll-fraud artists and electronic intruders. But the new crimes, says Jim Thomas, a criminology professor at Northern Illinois University, ``aren't simply the esoteric type they were five years ago.'' They are ``computer crimes,'' he adds, ``only in the sense that a bank robbery with a getaway car is an `automobile...
...Copyright Act, which covers software as well as tangible commodities like books, records, tapes and film, did not specifically criminalize LaMacchia's alleged conduct because he did not benefit from the venture. Instead, the feds chose to indict him on a charge of conspiracy to commit wire fraud. That was not a particularly good fit either, but government officials felt they had to charge him with something. ``If the government did not respond when someone gave away a million dollars in software,'' says Scott Charney, who heads the U.S. Justice Department's computer-crimes unit, ``we'd essentially be saying...