Friday, January 20, 2012

Another Link Dump

Here are a few more links to keep you up to date on the latest fraud-related news:

Trial Set for Financier Accused in Decades-Long Ponzi Scheme--Despite continuing excuses from his lawyers, Allen Stanford's trial is set to begin next week.  Amazingly, it has taken three years to get to this point.

Panel Clears Accounting Firms in Olympus Fraud--An unofficial panel of experts has declared KPMG and E&Y free from responsibility for the Olympus Fraud.  The firms aren't yet in the clear, as Japan's Financial Services Agency is conducting a separate investigation and the firm may be subject to sanctions by Japanese regulators.  However, investigations that absolve auditors of responsibility in a financial statement fraud seem to be extremely rare, so maybe this is a positive sign (or maybe the panel has some incentive to give audit firms a clean bill of health so Olympus can retain an audit firm and avoid delisted from the Tokyo Stock Exchange).

Mets Owners Can Look Forward to Trial During Spring Training--The case against the Mets owners continues to march toward trial and a settlement looks increasingly unlikely.  Looks like we'll be revisiting the issue in March, when we will likely see a jury scrutinize the Mets owners' dealings with Bernie Madoff.

Mozilo Tied to Loan to Top Lawmaker--The lack of investigations into improprieties related to the housing crisis has been surprising, to say the least.  Angelo Mozilo already agreed to a $67.5 million settlement with the SEC related to civil fraud and insider trading charges.  This latest report suggests that lawmakers may have received preferential treatment from Mozilo when obtaining loans from Countrywide.

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