Word: frauds
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Dates: during 2000-2000
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...Colt, a third-year law student at prestigious Georgetown University in Washington. With his mother Joanne, who is a city-council member in Colorado Springs, and three law-school buddies, he scored profits of more than $345,000 in an online scam made public last week. "The migration of fraud from boiler rooms to the Internet is the most important new trend to hit U.S. markets in years," warns Richard H. Walker, top cop at the Securities and Exchange Commission...
...send the SEC up to 300 e-mails every day complaining of one scam or another. That's why the agency has bulked up its CyberForce to 250 investigators, who prowl tip sites, chat rooms and other back roads on the Web. Another crew of 50 electronically monitors Internet fraud on the tech-heavy NASDAQ as well as other over-the-counter markets...
...against their political enemies. For example, after Bill Bradley assailed George W. Bush for hustling votes at South Carolina's Bob Jones University, which still bans interracial dating, conservative pundit George F. Will homed in on Bradley's meetings with Sharpton. Noting that Sharpton "associated with a colossal fraud in the Tawana Brawley case," Will asked Bradley in a TV interview, "Are you comfortable around him? And why?" Bradley ducked the question...
Lloyd's denies any wrongdoing and will defend itself vigorously. The insurance behemoth "has never been found guilty of fraud," says spokesman Adrian Beeby. Lloyd's has already beaten back a welter of legal actions in Britain. But it faces more charges on this side of the Atlantic. The U.S. Attorney in New York City has made Lloyd's the target of an intensive criminal investigation. And in a pivotal case due for trial early next year before a California state court in Los Angeles, a father and two daughters who lost heavily in Lloyd's have brought allegations...
...disclosures of Lloyd's true financial condition set off a frenzy of lawsuits and government probes on both sides of the Atlantic. British police were swamped by reports of fraud. "We were hearing the same thing from every direction," a senior law-enforcement source told TIME. "There was worry that the whole insurance business of the U.K. could collapse." In Washington the Securities and Exchange Commission launched two separate investigations of Lloyd's in 1991, only to halt both a year later in what former chairman Richard Breeden describes as deference to British court actions...