Fraud – Page 2 – Financial Treason & Crime

Ryan Vanzo, 23 April 2019

Village Farms International (TSX:VFF)(NASDAQ:VFF) stock is riding high from all the cannabis hype. Since 2019 began, shares have exploded higher by more than 300%. The run could be over, however. At least that’s what one famous investor is saying. While you may not have heard of Andrew Left, he is one of the most respected short-sellers today. His firm Citron Research has uncovered countless frauds and scams, profiting handsomely after the stocks take a dip. Recently, Left has set his targets on Village Farms. Here’s what he discovered.
Continue reading “Article: Village Farms International Inc (TSX:VFF): This Famous Investor Thinks it’s a Giant Fraud”

02/27/201902/22/2021

Article: COLUMBIA SPORTSWEAR SUES RIVAL OVER FRAUD, RACKETEERING

Article - Media, Publications

COLUMBIA SPORTSWEAR SUES RIVAL OVER FRAUD, RACKETEERING

Oregon Small Business Association, 27 February 2019

Portland-based Columbia Sportswear has filed a $20 million lawsuit against a competitor, accusing Seirus Innovative Accessories of San Diego and its leaders of wire fraud, perjury, and racketeering.

Columbia’s lawsuit, filed in U.S. District Court in Portland, is just the latest volley in six-year intellectual property fight rife with accusations of perjury, fraud, and destruction of evidence.

Columbia accused Seirus of violating its two patents by copying its heat-reflective Omni-Heat technology, according to The Oregonian. Columbia uses the profitable technology introduced in 2010 in its clothing, including shirts, gloves, socks and jackets. Seirus uses a similar reflective fabric in its products.
Continue reading “Article: COLUMBIA SPORTSWEAR SUES RIVAL OVER FRAUD, RACKETEERING”

09/21/201702/25/2021

Article: TTC suing Manulife for alleged negligence related to benefits fraud scheme

Article - Media, Publications

TTC suing Manulife for alleged negligence related to benefits fraud scheme

The Canadian Press, 21 September 2017

TORONTO — The Toronto Transit Commission is suing Manulife Financial for alleged negligence in connection with a benefits fraud scheme that first came to light three years ago. To date, 170 TTC employees have been dismissed, retired or have resigned to avoid dismissal, and 10 former employees are facing criminal charges for their part in the alleged fraud. In a statement of claim — filed in the Ontario Superior Court of Justice — the TTC alleges Manulife Financial did not have appropriate fraud management controls in place nor were there systems in place to detect and analyze unusual trends or patterns that might indicate fraud or abuse.
Continue reading “Article: TTC suing Manulife for alleged negligence related to benefits fraud scheme”

09/21/201702/25/2021

Article: TTC suing Manulife for up to $5M over failure to spot employee fraud

Article - Media, Publications

TTC suing Manulife for up to $5M over failure to spot employee fraud

NEWS STAFF, 21 September 2017

The TTC is suing Manulife Financial for up to $5 million for failing to spot and stop a large-scale scheme that saw employees allegedly bilk the transit agency with phony benefits claims. An investigation into the allegations of mass fraud are ongoing, but the TTC says so far 170 employees have been fired or resigned. Ten former employees are facing criminal charges in connection with the probe.

The TTC has filed a statement of claim in the Ontario Superior Court of Justice against Manulife. (Read full document below.) The claim alleges Manulife, which provided group benefits for the TTC, represented itself as an industry leader in combating fraud and benefits abuse. It also claimed to have systems in place to detect irregularities and weed out employee fraud.
Continue reading “Article: TTC suing Manulife for up to $5M over failure to spot employee fraud”

12/20/201302/24/2021

Article: Canada watchdog accuses Silvercorp short seller of fraud

Article - Media, Publications

Canada watchdog accuses Silvercorp short seller of fraud

Cecilia Jamasmie, 20 December 2013

Canada’s British Columbia’s provincial securities regulator has accused hedge fund manager Jon Richard Carnes of fraud committed by writing a false negative report in 2011 about Silvercorp Metals Inc. (TSX, NYSE: SVM) to profit from its falling share price. According to BC Securities Commission, Carnes —who operates the Alfred Little financial blog— began writing negative reports about companies that traded on a North American exchange and operated in China in 2010. The body alleges he sought to profit from his negative reports by shorting—or betting against—the issuer’s securities before publishing the reports, and then covering his short position after the share price dropped in response.
Continue reading “Article: Canada watchdog accuses Silvercorp short seller of fraud”

11/26/201302/20/2021

Article: Man jailed for computer fraud of over €300,000

Article - Media, Publications

Man jailed for computer fraud of over €300,000

Barry Roche, 26 November 2013

A man has been jailed for five years after he pleaded guilty to computer fraud offences involving the theft of more than €300,000 from a multinational company within months of starting work for the firm.

Dadibaku Ngkupumu (47), McWilliam Green, Fortunestown, Tallaght, Dublin, a Congolese national, pleaded guilty to 17 fraud offences from Avery Dennison at Cork Airport Business Park between November 2012 and January 2013.

At Cork Circuit Criminal Court yesterday, Judge David Riordan described it as “classic case of white-collar crime” by Ngkupumu.

Det Garda Aonghus Cotter told how Ngkupumu had diverted €336,819.27 from Avery Dennison to fake bank accounts set up in Belgium, Luxembourg and Germany.

He also attempted to transfer a further €304,188.04 to the same fake bank accounts in another series of transactions while working in Avery Dennison’s financial payments section.
Continue reading “Article: Man jailed for computer fraud of over €300,000”

03/13/201202/24/2021

Article: Short selling and fraud: The case of Silvercorp Metals

Article - Media, Publications

Short selling and fraud: The case of Silvercorp Metals

Michael McCullough, 13 March 2012

The letter arrived at the Vancouver office of Ernst & Young on Aug. 31 in an envelope bearing $6 in U.S. postage. There was no return address and instead of salutations, it began with a headline: “Potential $1.3 billion accounting fraud at Silvercorp.”

Rui Feng, the founder and chair of Vancouver-based Silvercorp Metals Inc., was in Beijing at the time. He heard about the letter over the phone from Bob Gayton, head of the audit committee, who’d been alerted by Ernst & Young, auditor to the mining company, which at the time had a $1.5-billion market value, thanks to its two operating lead-zinc-silver mines in China and undeveloped properties in China and B.C. But Feng had an inkling something like this was coming.
Continue reading “Article: Short selling and fraud: The case of Silvercorp Metals”

02/03/201002/20/2021

Article: AtriCure, Inc. to Pay U.S. $3.76 Million to Resolve Medicare Fraud Allegations

Article - Media, Publications

AtriCure, Inc. to Pay U.S. $3.76 Million to Resolve Medicare Fraud Allegations

Biospace, 03 February 2010

WASHINGTON, Feb. 2 /PRNewswire-USNewswire/ — Atricure Inc., a medical device manufacturer, has agreed to pay the United States $3.76 million to resolve civil claims in connection with the alleged promotion of its surgical ablation devices, the Justice Department announced today. Surgical ablation devices use focused energy to create controlled lesions or scar tissue on a patient’s heart or other organs.

“This settlement reflects our commitment to enforce the Food, Drug, and Cosmetic Act and protect Medicare from the improper marketing practices of Atricure and other medical device manufacturers,” said Tony West, Assistant Attorney General for the Civil Division of the Department of Justice. “We will continue to work with our partners at the Department of Health and Human Services Inspector General’s Office and the FDA Office of Chief Counsel to preserve the integrity of our public health programs.”
Continue reading “Article: AtriCure, Inc. to Pay U.S. $3.76 Million to Resolve Medicare Fraud Allegations”