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3/28/2006 10:10:00 PM | Enron prosecutors conclude their case 
=(0) The prosecution finished presenting its case in the trial of Jeffrey Skilling and Kenneth Lay. The last day of testimony concerned some transactions that were troubling to the witness, Joanne Cortez, a credit manager at Enron. Mr. Lay was allegedly selling his stock back to the company in order to repay credit lines, and then borrowing again and re...
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3/28/2006 12:28:00 PM | Former networking execs indicted for securities fraud - =(0) Two Clarent Corp. executives were indicted for securities fraud in California. The charge is that they used improper accounting practices in order to artifically inflate the share price of the company. Information about side-deals was not disclosed to the company's independent auditors, the indictment says. The company lost most of its market value...
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3/28/2006 11:55:00 AM | Former Enron employees settle earnings manipulation charges - =(0) Two former Enron employees, a lawyer and an accountant, settled a lawsuit with the SEC by agreeing to pay a fine without admitting or denying guilt. Both are barred from practicing in a public company for a number of years. The total $60,000 fine will go into a fund for Enron shareholders. The fraud involved bookkeeping manipulations..........
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3/28/2006 6:01:00 AM | State warns retirees of scam techniques =(0) This article describes various schemes that are aimed at cheating baby boomers approaching retirement, and the elderly. Personal information scams try to harvest data by posing as consultants for things such as medicare paperwork; oil and gas investment frauds promise high profits; and prime bank schemes promise high returns from offshore investmen...
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3/28/2006 12:57:00 AM | US Says It Found Problems in Enron Bankruptcy Billing - =(0) The company in charge of administering Enron's bankruptcy is itself accused of overbilling the Justice Department for its services. The firm, Kroll Zolfo Cooper, has offered to cut its $25 million fee in half, but the judge in the bankrupcy court will ultimately determine the fee..........
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3/27/2006 10:02:00 PM | Lay Faces a Second Trial, Alone =(0) Enron's founder, Kenneth Lay, faces more criminal charges after his current trial wraps up. Once the jury in the present case begins deliberations, another trial will commence. This one concerns Lay's personal finances and allegedly fraudulent bank loan practices. The dual trials are a result of some legal manipulations that did not work out in fav...
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3/24/2006 5:20:00 AM | Scrushy loses bid =(0) The SEC lawsuit against HealthSouth founder Richard Scrushy will go on. Scrushy was acquitted of criminal charges related to the accounting scandal at HealthSouth but the SEC is attempting to recover hundreds of millions of dollars in the multi-billion dollar accounting fraud. The trial is expected to begin in 2007....
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3/23/2006 3:03:00 AM | WorldCom Wins Ruling by Federal Judge - =(0) If you're part of a class action, you can't sue on your own, or so ruled the US District Court in throwing out a decision that would have awarded $448,000 to two WorldCom investors in a suit against their brokers. The plaintiffs are also part of the class action suit against WorldCom over that company's bankruptcy..........
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3/22/2006 10:33:00 AM | OSC warns fraud victims against becoming repeat targets in double ... =(0) This article from Ontario, Canada warns about common scams that target investors. It describes different types of tactics used by the scammers to reassure their victims and squeeze more money out of them, such as high pressure sales pitches and illegal IPO offers....
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3/21/2006 11:43:00 AM | Kaplan Fox Seeks to Recover Losses for Investors Who Purchased H&R... =(0) The lawsuits are piling up against H&R Block. This one is a class action suit in federal court on behalf of H&R Block shareholders, specifically those who purchased the stock between June of 2002 and March of 2006. The allegation is that the share price was artifically inflated during that period by false and misleading statements on the part of th...
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3/21/2006 8:30:00 AM | Court Tosses Conviction of Internet Stock Boom King =(0) The obstruction of justice conviction of investment banker Frank Quattrone was overturned by a US Appeals Court in March 2006. The case centered around his underwriting of IPOs during the dot-com boom. Email evidence suggested that Quattrone had attempted to hinder the federal investigation into IPO procedures. The conviction was overturned on the ...
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3/18/2006 3:27:00 AM | HealthSouth plans to post bigger loss =(0) HealthSouth has delayed its annual report and claims increasing losses due to recent legal settlements and changes in government reimbursement rules. It also said that its internal financial controls were not yet where they should be, after the massive accounting fraud that almost bankrupted the company in 2003....
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3/18/2006 3:14:00 AM | Fla. Man Accuses H&R Block of Fraud in IRA Sales =(0) A Florida lawyer has filed a class action suit against H&R Block in US District court in Kansas City. This suit is similar to that filed by NY Attorney General Eliot Spitzer, but is a separate action. The allegation is that the IRA accounts were marketed fraudulently, misrepresenting the potential gain for clients, most of whom acutally lost money ...
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3/17/2006 3:39:00 PM | H&R Chopping Block - =(0) This articles examines the public relations problems encountered by H&R Block, due to the recent spate of lawsuits concerning their Express IRA accounts and additional issues. The result is that this company's stock is at a 52 week low.......
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3/15/2006 2:29:00 PM | New York's Spitzer Charges H&R Block with Fraud =(0) New York Attorney General Eliot Spitzer filed a civil lawsuit against tax preparer H&R Block, seeking $250 million in damages on behalf of clients who were allegedly defrauded by the Express IRA program. The charge is that H&R Block misrepresented the program as having good returns and did not disclose information about fees and tax consequences of...
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3/10/2006 2:51:00 PM | HealthSouth gets $3.55 bln financing,pays off debt - =(0) HealthSouth continues to try to rebuild its health care company after a crippling accounting scandal almost drove it to bankruptcy. It has settled some class action lawsuits, and its former Chief Executive has been acquitted of engineering the fraud. New financing allows the company to prepay its debt....
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2/23/2006 6:55:00 PM | HealthSouth agrees to $445 million settlement =(0) HealthSouth has agreed to a settlement with its investors. Without admitting wrongdoing, Healthsouth will provide $230 million in cash via its liability insurance, and $215 million in stock and warrants to investors. The settlement does not cover suits against the company's auditor or banker. Previously settled were claims by the SEC and by HealthS...
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