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White Collar Crimes Archives

Swiss citizen accused of Libor rate manipulation

On Aug. 3, it was reported that a U.S. district judge ruled that a Swiss citizen who was accused of being involved in Libor rate manipulation would not have his case dismissed. The judge stated that the citizen was flouting the United States judicial process by having his lawyers ask for a dismissal while he remained in Switzerland.

Tax fraud in New York

To many New Yorkers, the IRS is scary, and some people worry that when they make mistakes on their taxes, the IRS will prosecute them criminally for doing so. Since tax forms are complicated, the IRS doesn't consider simple errors that might cause someone to underpay on their taxes to be tax fraud, however. While the person who has made such an error will have to pay what they should have paid to the IRS, mistakes are not a crime.

Mail carrier allegedly stole $1 million in tax refunds

A New York mail carrier is accused of participating in the theft of more than $1 million in tax refunds from the Internal Revenue Service. The 36-year-old Brooklyn man was arrested on July 2 at a Bronx post office and charged with theft of government funds and conspiracy.

New York man pleads guilty to health care fraud at club

According to court documents, a New York health club owner pleaded guilty to health care fraud in federal court on April 20. The man is now facing a fine of up to $250,000, 10 years in federal prison and restitution.

Investor charged with embezzlement

A New York financial advisor is facing charges that he embezzled $20 million from customers, according to the Securities and Exchange Commission. The man is accused of stealing from his customers to provide funds for trading in unprofitable options. The SEC states that the man persuaded some customers to withdraw millions from their own accounts in order to buy municipal bonds. However, once the money was in his hands, he began risky trading practices involving stocks of major companies. When he did make money on his trades, he immediately wired the money to a separate account, which he used for his own personal benefit.

DOJ objects to white collar crime sentencing reform

New York residents may have seen media reports concerning a number of proposals made by a federal panel that would change the way penalties are calculated for white collar crimes such as fraud and embezzlement. While defense attorneys have criticized the proposed reforms for not going far enough, the U.S. Department of Justice has come out against the measures. The department made its views known by releasing a letter during a March 12 U.S. Sentencing Commission hearing.

Identity theft cases in New York

Most people have probably heard of identity theft in New York, but they may not be completely aware of what it involves. Generally, identity theft involves a person obtaining and using another person's identifying information in order to gain a benefit. Normally, the benefit received is a financial one.

New York official bringing fraud cases against banks

A New York attorney general announced on Jan. 15 that he planned to bring fraud cases against large banks that were accused of selling securities that were mortgage-backed prior to the United States' 2008 financial crisis. Some of the targeted banks include Bank of America Corporation, Citigroup Inc. and JP Morgan Chase & Co.

Former Madoff employee gets sentence of 2.5 years

On Dec. 10, a 48-year-old man was the fourth former employee of Bernard L. Madoff Investment Securities LLC. to be convicted and sentenced on securities fraud charges and conspiracy. The man worked as a computer programmer from 1991 to 2008, an era of Madoff's Ponzi scheme that cost investors billions.