Anyone who has spent time dealing with compliance issues in China has come across the fapiao (发票). This four-part series will try to explain (1) what a fapiao is, (2) the different types of fapiaos and receipts in China, (3) how fapiaos can be misused for fraud, embezzlement, and corruption, and (4) ways to counter these schemes to minimize compliance risk.… Continue Reading
The Securities and Exchange Commission said Friday a federal court in Northern California approved a settlement with Steven Neil, the former chief financial officer of Diamond Foods, Inc.
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) imposed a $1 million civil penalty against the former chief compliance officer for MoneyGram International Inc.
The Sentencing Council in the UK has released new guidelines for how individuals convicted of fraud, money laundering and bribery offenses should be punished.
They will take effect on October 1, 2014.… Continue Reading
Citigroup said Wednesday it has fired a dozen employees in Mexico, including four senior executives, in connection with a $400 million fraud involving its Banamex unit.
An internal memo to employees from the bank’s chief executive, Michael Corbat, disclosed the terminations.… Continue Reading
A federal judge last week struck down Patton Bogg’s claims of bad faith against Chevron but let stand counter claims alleging the D.C. law firm joined a fraud and cover up related to a $9.5 billion pollution award in Ecuador, Petro Global News said.… Continue Reading
Russian opposition leader and anti-corruption blogger Alexei Navalny was convicted of libel Tuesday and could be sent to prison.
Navalny, 37, has been one of President Vladimir Putin’s most prominent critics.… Continue Reading
After RICO trial win, Chevron demands $32 million from plaintiffs lawyer Donziger for attorneys fees
Chevron Corporation asked a federal court Tuesday to award it $32 million for attorneys fees it incurred during a successful fraud and racketeering trial against U.S. lawyer Steven Donziger.
As first reported Thursday by Oil Patch Asia (and reprinted here with permission), Chevron said in a motion for attorney’s fees that Donziger used “a pattern of racketeering that included multiple frauds, extortion, [and] obstruction of justice” to win a multi-billion-dollar pollution judgment against Chevron in Ecuador.… Continue Reading
An Irvine, California woman was sentenced Friday to 37 months in federal prison for defrauding a group of Roman Catholic Sisters out of $285,000, which she spent on herself after promising to use the money to help the nuns buy a retirement home.… Continue Reading
Senator Ronald Calderon of the California State Assembly was indicted Thursday on two dozen counts of bribery, fraud, money laundering and other charges, and accused of accepting $100,000 in bribes from a hospital owner and undercover FBI agents.… Continue Reading
Two former CEOs of PetroTiger Ltd., a British Virgin Islands oil and gas company with operations in Colombia and offices in New Jersey, were charged with Foreign Corrupt Practices Act-related offenses, fraud and money laundering.… Continue Reading