Fraud & Scandals Subscribe to Fraud & Scandals

Chartered Institute of Stockbrokers expels member

The Chartered Institute of Stockbrokers says it has severely punished one of its members, found guilty of infamous conduct last year. The institute said in a statement that its Disciplinary… Read more »

Credit Suisse Agrees to Plead Guilty in Tax Case Says US

Credit Suisse AG representatives appeared in a Virginia federal court to plead guilty on behalf of the Swiss firm to helping Americans cheat on their taxes, making it the first… Read more »

SAC’s Steinberg gets 3-1/2 years prison for insider trading

Michael Steinberg, a portfolio manager at Steven A. Cohen’s SAC Capital Advisors hedge fund, was sentenced on Friday to 3-1/2 years in prison for insider trading. The sentence was imposed… Read more »

Money Laundering: Appeal Court Upturns Ibori’s Acquittal By Justice Awokulehin, Orders New Trial

Six years after Justice Marcel Awokulehin sensationally struck out all 170-count charge of money laundering preferred against former governor of Delta State, James Onanefe Ibori by the Economic and Financial… Read more »

Sanusi, CBN oppose Intercontinental Bank shareholders’ suit

The Central Bank of Nigeria and its suspended governor, Mallam Lamido Sanusi, have asked a Federal High Court in Abuja to dismiss a suit challenging the sale of the defunct… Read more »

Chinese police charge British former head of GSK in China with bribery

Chinese police on Wednesday said they had charged the former British boss of drugmaker GlaxoSmithKline PLC’s China business and other colleagues with corruption, after a probe found the firm made… Read more »

CIBN seeks passage of financial ombudsman bill

The Chartered Institute of Bankers of Nigeria has called on the National Assembly to fast -track the legislative process on the Financial Ombudsman Bill in order to ensure its speedy… Read more »

Sanusi floors Nigerian Government as court rules against FRCN

A Federal High Court in Lagos has barred the Financial Reporting Council of Nigeria, FRCN, from investigating Lamido Sanusi, the suspended governor of Central Bank of Nigeria, CBN. Delivering judgment… Read more »

Six dealing members to face NSE disciplinary committee

Six dealing members are to appear before the Disciplinary Committee of the National Council of the Nigerian Stock Exchange this week for having inactive licences. A notice by the Exchange… Read more »

Hacking: Nigerian banks reject foreign ATM cards

The Central Bank of Nigeria’s cash-less policy drive is facing threats as majority of the Automated Teller Machines in the country are rejecting ATM cards issued by foreign lenders for… Read more »