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Business Crimes Hotline
California
Foreign Exchange Expert Indicted for Fraud
A California foreign currency trader was indicted by a federal grand jury on wire fraud, mail fraud, and money laundering charges, according to the U.S. Attorney's office. The defendant, who is also a frequent commentator and seminar speaker on foreign- exchange transactions, is alleged to have run a complex foreign-currency exchange trading scam through his two companies. The indictment alleges that he induced investors to invest significant funds in his foreign exchange fund and provided them with false monthly statements purporting to show their profits. According to federal prosecutors, he confessed the scheme to an employee and some of his victims. (United States v. Ward, 07-00135, E.D. Cal.)
CEO and CFO of Medical Device Manufacturer Indicted for Securities Fraud
The former Chief Executive Officer of a company that manufactured a device used to treat cancerous tumors was indicted on federal securities fraud charges along with the company's former Chief Financial Officer, according to the U.S. Attorney for the Central District of California. The charges relate to allegations that the defendants inflated the company's revenues through a serious of sham transactions. It is also alleged that they fraudulently withheld important business information from the investing public, such as the true number of procedures performed with the device. It is estimated that investors lost over $200 million because of the fraud. (United States v. Mikus, 07-00060, C. D. Cal.)
In the Courts and Business Crimes Hotline were written by Thomas M. Craig, Associate at Williams & Connolly, LLP, Washington, DC, and Associate Editor of this newsletter.
California
Foreign Exchange Expert Indicted for Fraud
A California foreign currency trader was indicted by a federal grand jury on wire fraud, mail fraud, and money laundering charges, according to the U.S. Attorney's office. The defendant, who is also a frequent commentator and seminar speaker on foreign- exchange transactions, is alleged to have run a complex foreign-currency exchange trading scam through his two companies. The indictment alleges that he induced investors to invest significant funds in his foreign exchange fund and provided them with false monthly statements purporting to show their profits. According to federal prosecutors, he confessed the scheme to an employee and some of his victims. (United States v. Ward, 07-00135, E.D. Cal.)
CEO and CFO of Medical Device Manufacturer Indicted for Securities Fraud
The former Chief Executive Officer of a company that manufactured a device used to treat cancerous tumors was indicted on federal securities fraud charges along with the company's former Chief Financial Officer, according to the U.S. Attorney for the Central District of California. The charges relate to allegations that the defendants inflated the company's revenues through a serious of sham transactions. It is also alleged that they fraudulently withheld important business information from the investing public, such as the true number of procedures performed with the device. It is estimated that investors lost over $200 million because of the fraud. (United States v. Mikus, 07-00060, C. D. Cal.)
In the Courts and Business Crimes Hotline were written by Thomas M. Craig, Associate at
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