fraud
New York (AFP) - Boeing has officially contested a Department of Justice determination that the passenger plane giant can be prosecuted for violating a criminal settlement following two fatal 737 MAX crashes, a person familiar with the matter told AFP Thursday. The embattled aviation giant disputed the Justice Department's determination of its compliance with a 2021 deferred prosecution agreement, meeting a deadline to file an official response by June 13, according to the person. Bloomberg News reported aspects of the Boeing response late Wednesday, citing unnamed sources. "We'll decline to c...
AFP
A jury in San Francisco on Thursday unanimously cleared Autonomy CEO Mike Lynch of 15 counts of wire fraud and conspiracy to commit wire fraud stemming from his company’s purchase by Hewlett-Packard in 2011 for $11.1 billion dollars. HP executives had maintained that Lynch fooled them when he sold Autonomy — HP subsequently had to write down the value of the acquisition by over $5 billion — whereas Lynch maintained that he had been truthful. Jurors on Thursday sided with him. The charges against Lynch were brought by the U.S. Attorney’s Office for the Northern District of California. He was ex...
CIO
Three people connected to Italian businesses allegedly made bogus claims more than €375,000 in EU agricultural funds between 2020 and 2023, of which €65,000 has already been drawn from Italy’s payment agency. The 368 hectares of farmland they claimed to own in order to receive the subsidies were not actually theirs, however, according to the authorities, belonging instead to the naval air station of Sigonella, for which the three suspects used to simply cut the grass. “That is why they were not allowed to use it for agricultural activities, but only to carry out the grass mowing service,” said...
Euronews (English)
New York (AFP) - The trial of Archegos founder Bill Hwang for alleged securities fraud and market manipulation opened in New York on Monday, focused on the fund's spectacular 2021 implosion that cost large banks billions of dollars. The family-owned hedge fund run by Hwang had taken huge bets on a few stocks with money borrowed from banks, and when several of those bets turned sour, the fund was unable to meet "margin calls" to cover the losses. The 2021 collapse of the fund sent shock waves through financial markets and caused $10 billion in losses for Credit Suisse, Nomura, Morgan Stanley an...
AFP
Chad’s military leader, Mahamat Deby Itno, was declared the winner of this week's presidential election, according to provisional results released Thursday. The national agency that manages Chad’s election released results of Monday's vote weeks earlier than planned. The figures showed Deby Itno won with just over 61 per cent of the vote, with the runner-up Masra falling far behind with over 18.5 per cent of the vote. Gunfire erupted in the capital following the announcement, though it was unclear if it was celebratory. Chad held its long-delayed presidential election following three years of ...
Euronews (English)
Fallen cryptocurrency exchange FTX says that nearly all of its customers will receive the money back that they are owed, two years after its spectacular implosion, and some will get more than that. FTX said in a court filing late on Tuesday that it owes about $11.2 billion (€10.4 billion) to its creditors. The exchange estimates that it has between $14.5 billion (€13.5 billion) and $16.3 billion (€15.1 billion) to distribute to them. The filing said that after paying claims in full, the plan provides for supplemental interest payments to creditors, to the extent that funds still remain. The in...
Euronews (English)
The iconic V-finger sign, commonly used to represent peace, is often a go-to gesture when people pose for pictures. However, a video being shared widely on WhatsApp and other social media networks warns people against using it. The clip claims fraudsters can use the images to take high-quality copies of their fingerprints, which they then use to hack into their phones and accounts to steal their money and data. But how well-founded are the claims? Simply put, it's technically possible but very unlikely in practice. Hackers could in theory extract copies of our fingerprints from the selfies we ...
Euronews (English)
Gold has recently reached record highs. Following the 2008 financial crisis, and amid the current commodity uncertainty, many people have turned to the precious metal as a safe investment. However, this has also created a hotbed for fraudsters who are looking to cash in on its value, but not in a good way and at your expense. There have been some 54,000 Google searches in the UK over in the past 12 months related to spotting fake gold, showing this is a clear concern for customers. Gold is typically considered fake when there is less than 37.5% or 9 carats. The first thing to do if you're unsu...
Euronews (English)
New York (AFP) - Donald Trump's $175 million bond to cover a possible civil penalty for fraud is inadequate because the company underwriting it is too small and opaque, New York's attorney general said in a filing Friday. The 77-year-old real estate magnate, the presumptive Republican nominee for president, is facing unprecedented legal headwinds in New York where he is also on criminal trial for allegedly covering up hush money payments to a porn star on the eve of his 2016 election victory. Trump was ordered to pay $355 million, rising to $454 million with interest, after being found liable ...
AFP
British music fans have lost more than a million euros in counterfeit money scams on social networks, according to Lloyds Bank. The British retail and commercial bank has issued a warning to fans after analysing reports of customers who have been scammed since tickets went on sale last year. More than 600 Lloyds Banking Group customers have reported being conned since Taylor Swift tickets went on sale in July 2023. Each victim lost £332 (€389) on average, though in some cases the loss was more than £1,000 (€1,170), according to Lloyds. With the figures based solely on its own customer data, th...
Euronews (English)
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