Since employees' bonuses, and ultimately yours, were based on these fraudulent profits, my questions are these: 1.
Federal prosecutors charged six men yesterday, including a New York corporate lawyer, three former executives and two Israeli investors, with making $55 million in fraudulent profits via private stock sales.
But its real importance may come from whether it establishes a principle that seems obvious to anyone but an auditor: It is material information for investors if a company is trying to report fraudulent profits, regardless of the amount.
That is one powerful reason why the disclosure, last night in the FT, that the Serious Fraud Office is probing whether so-called liquidity auctions held by the Bank of England in 2007-08 weriggedged to generate fraudulent profits is as shocking as any of the revelations about alleged City wrongdoing over the past few years.
Investors have exited mortgage markets since 2008, and Frey said validating the banks' fraudulent profit-making could prompt them to forswear trading in those areas long-term.
Education Secretary Betsy DeVos, formerly an investor in for-profit colleges and student debt collectors, now hamstrings oversight of predatory and fraudulent for-profit colleges like Trump University that cheat unwary students ― including veterans ― of millions in federal aid dollars while unleashing student debt collectors to harass them.
While some FBI agents may be enrolling at troubled for-profit colleges based on the Bureau's referral, agents also have been involved in raiding fraudulent for-profits and aiding in the criminal prosecution of college operators. .
But that dream dissolved for thousands of students when Corinthian Colleges and other fraudulent for-profit colleges suddenly collapsed in 2015.
The dimwitted plutocrat Betsy DeVos ― the first secretary of education hostile to public education ― protects fraudulent for-profit colleges that rip off struggling veterans.
After a series of problems in the 1980s involving fraudulent for-profit trade colleges, Congress banned schools from making "any commission, bonus or other incentive payment based directly or indirectly on success in securing enrollments or financial aid to any persons or entities engaged in any student recruiting or admission activities".
