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18 Sep 2011 10:51

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Biz: UBS: Losses from rogue trader much higher than originally reported

  • $2.3 billion estimated trading loss, up by $300 million source
  • » And the CEO won’t resign: Despite the black mark on his company’s record, Oswald Gruebel says he won’t resign due to the actions of rogue trader Kweku Adoboli. “I’m responsible for everything that happens at the bank,” Gruebel said. “if you ask me whether I feel guilty, then I would say no.” So how did Adoboli manage to hide his unauthorized trades? Well, before he became a trader, he worked in the back office, giving him knowledge of both sides of the coin. Authorities charged Adoboli in a London court on Friday.
Posted by Ernie Smith • 0 Comments • Permalink

15 Sep 2011 20:35

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Biz: Rogue UBS investor showed signs of nervousness prior to arrest

  • last week UBS trader Kweku Adoboli had a weird plea on his Facebook page: “Need a miracle.” The plea came on the same day as Switzerland’s central bank put a limit on how quickly the Swiss franc can grow against the Euro. Wonder if they’re connected … yeah, we’re gonna assume probably.
  • this week After the bank realized it lost $2 billion on a series of unauthorized trades, Adoboli was arrested today. As one analyst, Fred Ponzo of Greyspark partners, put it: “The only way to dig a hole this big is by design.” In other words, UBS looks like it’s got some serious risk assessment problems. source
Posted by Ernie Smith • 0 Comments • Permalink

15 Sep 2011 09:28

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Biz: UBS loses a ton of money thanks to one sketchy employee

  • one dude the number of people involved in rogue trading at UBS; Kweku Adoboli was arrested in London, and “suspicion of fraud by abuse of position” is to blame
  • $2 billion the amount of money said unauthorized trading will cost UBS; that’s, like, a major loss for the company, one that could wipe out the company’s quarterly profits source
Posted by Ernie Smith • 0 Comments • Permalink

07 Sep 2011 17:24

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U.S.: Government files charges over millions in Medicare fraud

  • 91
    people     charged with Medicare fraud by the U.S. Justice Department, doctors and nurses among them
  • $255 million the value reaped from the alleged frauds — another crackdown in the hundreds of millions this year source
Posted by Chris Tognotti • 0 Comments • Permalink

30 May 2011 15:43

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Politics: ABC reports on fraudulent service claims, medal fakeries

  • They’re going to come out of the woodwork. This is like Christmas for a phony.
  • Former U.S. Navy SEAL Don Shipley • Speaking to ABC News about fraudulent “war heroes” seizing the opportunity of Memorial Day for a little beginning-of-summer fakery. A couple of ABC reporters, Lee Ferran and Vic Walter, have reported that the incidence of people lying about serving in the military has gotten much worse since the death of Osama bin Laden at the hands of SEAL Team 6. It’s also reported that five people have been charged with claiming to be medal winners, or illegally wearing military service medals in 2011. We’ll admit, we had no clue it was illegal to wear a service medal that you didn’t earn, but beyond the legality of it, we think we can all agree — this is a disgustingly manipulative, lowly brand of fraud to be perpetrating. source
Posted by Chris Tognotti • 0 Comments • Permalink

27 Apr 2011 14:46

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Tech: Sony in hotter water as stolen debits begin to surface

  • breach In a much publicized incident, hackers crippled the Playstation Network and made off with personal info for 77 million gamers; Sony admitted credit card numbers may have been stolen, but said they saw no certain evidence of it.
  • swipe The reports are beginning to flow in about fraudulent charges being racked up; two users have claimed fraudulent debits of a few hundred dollars (that they’re using debit card numbers to draw directly from accounts is significant). source
Posted by Chris Tognotti • 0 Comments • Permalink

04 Apr 2011 13:42

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World: Kazahkstan’s incumbent President decimates opposition

  • 95% of the vote for Kazakhstan’s President Nazarbayev source
  • » An electoral red flag: International elections monitors are crying foul over what took place in Kazakhstan yesterday, as incumbent President Nursultan Nazarbayev (who’s been in power since the 1980s) soared to this startling vote tally. It’s being reported (albeit from an unnamed source) that students were threatened with expulsion if they didn’t head to the polls. We’re reminded of a point about show elections made by Christopher Hitchens; why do these leaders always desire such a staggering percentage of the vote? It all but screams a corrupt, undemocratic, strong-armed process- the leaders in question could lay much more claim to credibility if they tried to manipulate themselves to, say, a 55-45 win instead.
Posted by Chris Tognotti • 0 Comments • Permalink
 

17 Feb 2011 15:31

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U.S.: Justice Department nabs Medicare fraud suspects in sweep

  • 111 people were charged with defrauding Medicare, a record bust
  • $225 million the amount defendants reportedly attempted to defraud source
Posted by Chris Tognotti • 0 Comments • Permalink

25 Jan 2011 13:02

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U.S.: U.S. government recovers record Medicare fraud dollars in 2010

  • $4 billion worth of Medicare fraud recovered by the government source
  • » Who do we thank? The Affordable Care Act (which you may know under its other name, somebody hissing “Obamacare”). The health care reform law institutes harsher penalties for Medicare billing fraud, and those penalties came to bear in 2010 as the Justice Department filed charges against almost 300 defendants, yielding this record-setting recoup of fraudulent claims.
Posted by Chris Tognotti • 0 Comments • Permalink

05 Jan 2011 20:06

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World: Report: Retracted autism/vaccine study “elaborate fraud”

  • It’s one thing to have a bad study, a study full of error, and for the authors then to admit that they made errors. But in this case, we have a very different picture of what seems to be a deliberate attempt to create an impression that there was a link by falsifying the data.
  • British Medical Journal editor-in-chief Fiona Godlee • Explaining that the findings in an infamously retracted autism study in 1998 were not only false, but fraudulently made-up. BMJ claims that the Lancet study’s author, Andrew Wakefield, misrepresented or altered the histories of the twelve people used in the study. The result was a sharp drop in vaccinations, leading to a significant increase in measles cases in the ensuing years. Wakefield’s medical license was revoked las year as a result. He apparently received over $674,000 from a law firm that wanted to sue vaccine-makers, which was not made public until years after the study first came out. He does have some supporters who question the allegations, but if this is true, he’s an evil mother(#&@)!#. source
Posted by Ernie Smith • 0 Comments • Permalink
 
 
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